§ 1202. Procedures with respect to continued compliance with Internal Revenue requirements relating to participation, vesting, and funding standards

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1974

   Employee Retirement Income Security Act of 1974

   Pub. L. 93–406 title III § 3002 · 88 Stat. 829

   Enacted · 29 U.S.C. § 1202

   Pub. L. 93–406, title III, § 3002, Sept. 2, 1974, 88 Stat. 996

   Source evidence

   Code source credit
   Pub. L. 93–406, title III, § 3002, Sept. 2, 1974, 88 Stat. 996

   Enacted provision · exact public law section
   Sec. 3002. procedures with respect to continued compliance with requirements relating to participation, vesting, and funding standards (a) In carrying out the provisions of part I of subchapter 29 USC 1202. D of chapter 1 of the Internal Revenue Code of 1954 with respect to whether a plan or a trust meets the requirements of section 410 (a) or 411 of such Code (relating to minimum participation standards and Ante, p. 901. minimum vesting standards, respectively), the Secretary of the Treasury shall notify the Secretary of Labor when the Secretary of the Treasury issues a preliminary notice of intent to disqualify related to the plan or trust or, if earlier, at the time of commencing any proceeding to determine whether the plan or trust satisfies such requirements. Unless the Secretary of the Treasury finds that the collection of a tax imposed under the Internal Revenue Code of 1954 is in jeopardy, the 26 USC 1 et seq. Secretary of the Treasury shall not issue a determination that the plan or trust does not satisfy the requirements of such section until the expiration of a period of 60 days after the date on which he notifies the Secretary of Labor of such review. The Secretary of the Treasury, in his discretion, may extend the 60-day period referred to in the preceding sentence if he determines that such an extension would enable the Secretary of Labor to obtain compliance with such requirements by the plan within the extension period. Except as otherwise provided in this Act, the Secretary of Labor shall not generally apply part 2 of title I of this Act to any plan or trust subject to sections Ante, p. 852. Ante, pp. 898, 901. 410(a) and 411 of such Code, but shall refer alleged general violations of the vesting or participation standards to the Secretary of the Treasury. (The preceding sentence shall not apply to matters relating to individuals benefits.) (b) Unless the Secretary of the Treasury finds that the collection of Notice of deficiency. a tax is in jeopardy, in carrying out the provisions of section 4971 of the Internal Revenue Code of 1954 (relating to taxes on the failure to Ante, p. 920. meet minimum funding standards), the Secretary of the Treasury shall notify the Secretary of Labor before sending a notice of deficiency with respect to any tax imposed under that section on an employer. and, in accordance with the provisions of subsection (d) of that section, afford the Secretary of Labor an opportunity to comment on the imposition of the tax in the case. The Secretary of the Treasury may Waiver. waive the imposition of the tax imposed under section 4971(b) of such Code in appropriate cases. Upon receiving a written request from the Secretary of Labor or from the Pension Benefit Guaranty Corporation, the Secretary of the Treasury shall cause an investigation to be commenced expeditiously with respect to whether the tax imposed under section 4971 of such Code should be applied with respect to any employer to which the request relates. The Secretary of the Treasury and the Secretary of Labor shall consult with each other from time to time with respect to the provisions of section 412 of the Internal Revenue Code of 1954 (relating to minimum funding standards) and Ante, p. 914. with respect to the funding standards applicable under title I of this Act in order to coordinate the rules applicable under such standards. (c) Regulations prescribed by the Secretary of the Treasury under sections 410(a), 411, and 412 of the Internal Revenue Code of 1954 (relating to minimum participation standards, minimum vesting standards, and minimum funding standards, respectively) shall also apply to the minimum participation, vesting, and funding standards set forth in parts 2 and 3 of subtitle B of title I of this Act. Except Ante, pp. 852, 868. as otherwise expressly provided in this Act, the Secretary of Labor shall not prescribe other regulations under such parts, or apply the regulations prescribed by the Secretary of the Treasury under sections 410(a), 411, 412 of the Internal Revenue Code of 1954 and applicable to the minimum participation, vesting, and funding standards under such parts in a manner inconsistent with the way such regulations apply under sections 410(a), 411, and 412 of such Code. (d) The Secretary of Labor and the Pension Benefit Guaranty Review of briefs. Corporation, before filing briefs in any case involving the construction or application of minimum participation standards, minimum vesting standards, or minimum funding standards under title I of this Act, shall afford the Secretary of the Treasury a reasonable Ante, p. 832. opportunity to review any such brief. The Secretary of the Treasury shall have the right to intervene in any such case.

2. 1980

   Multiemployer Pension Plan Amendments Act of 1980

   Pub. L. 96–364 title IV § 402(b)(3) · 94 Stat. 1208

   Added · 29 U.S.C. § 1202(e)

   Pub. L. 96–364 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 96–364 added subsec. (e).

   Enacted provision · exact public law section
   (3) Section 3002 is amended by adding at the end thereof the 29 USC 1202. following new subsection: “(e) The Secretary of the Treasury shall consult with the Pension Consultation. Benefit Guaranty Corporation with respect to any proposed or final regulation authorized by subpart C of part I of subchapter D of Ante, p. 1271. Ante, p. 1249. chapter 1 of the Internal Revenue Code of 1954, or by sections 4241 through 4245 of this Act, before publishing any such proposed or final regulation.”.

3. 1989

   Revenue Reconciliation Act of 1989

   Pub. L. 101–239 title VII § 7891(a)(1) · 103 Stat. 2106

   Substituted · 29 U.S.C. § 1202(a)(c)(e)

   Pub. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26”

   Source evidence

   Code amendment note
   Subsecs. (a) to (c), (e). Pub. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing, which for purposes of codification was translated as “title 26”.

   Enacted provision · exact public law section
   (1) Titles I, III, and IV of ERISA (other than sections 3(37)(E), 29 USC 1001 et seq. 301(a)(7), and 308, the last sentence of section 408(d), and sections 414(c), 4001(a)(3)(ii), and 4303) are each amended by striking “Internal Revenue Code of 1954” each place it appears and inserting “Internal Revenue Code of 1986”.

   Effective date note
   Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 7891(f) of Pub. L. 101–239, set out as a note under section 1002 of this title.

3 of 3 references resolved to an enrolled provision