Title 29 — Labor
Chapter 18 — Employee Retirement Income Security Program
§ 1202a. Employee plans compliance resolution system
Statutory text
In general
The Secretary of the Treasury shall have full authority to establish and implement the Employee Plans Compliance Resolution System (or any successor program) and any other employee plans correction policies, including the authority to waive income, excise, or other taxes to ensure that any tax, penalty, or sanction is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure.
Improvements
The Secretary of the Treasury shall continue to update and improve the Employee Plans Compliance Resolution System (or any successor program), giving special attention to—
increasing the awareness and knowledge of small employers concerning the availability and use of the program;
taking into account special concerns and circumstances that small employers face with respect to compliance and correction of compliance failures;
extending the duration of the self-correction period under the Self-Correction Program for significant compliance failures;
expanding the availability to correct insignificant compliance failures under the Self-Correction Program during audit; and
assuring that any tax, penalty, or sanction that is imposed by reason of a compliance failure is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure.
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.
Pub. L. 109–280 title XI § 1101 · 120 Stat. 780
Enacted · 29 U.S.C. § 1202a
(Pub. L. 109–280, title XI, § 1101, Aug. 17, 2006, 120 Stat. 1055.)
Source evidence
Code source credit
(Pub. L. 109–280, title XI, § 1101, Aug. 17, 2006, 120 Stat. 1055.)Enacted provision · exact public law section
SEC. 1101. EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM. (a) In General.— The Secretary of the Treasury shall have full authority to establish and implement the Employee Plans Compliance Resolution System (or any successor program) and any other employee plans correction policies, including the authority to waive income, excise, or other taxes to ensure that any tax, penalty, or sanction is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure. (b) Improvements.— The Secretary of the Treasury shall continue to update and improve the Employee Plans Compliance Resolution System (or any successor program), giving special attention to— (1) increasing the awareness and knowledge of small employers concerning the availability and use of the program; (2) taking into account special concerns and circumstances that small employers face with respect to compliance and correction of compliance failures; (3) extending the duration of the self-correction period under the Self-Correction Program for significant compliance failures; (4) expanding the availability to correct insignificant compliance failures under the Self-Correction Program during audit; and (5) assuring that any tax, penalty, or sanction that is imposed by reason of a compliance failure is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Section was enacted as part of the Pension Protection Act of 2006, and not as part of the Employee Retirement Income Security Act of 1974 which comprises this chapter.