§ 1302. Pension Benefit Guaranty Corporation

Footnotes

1. 1 So in original. The word “of” probably should not appear.
2. 2 So in original. Probably should be “advisory committee”.

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 IV § 4002 · 88 Stat. 829

   Enacted · 29 U.S.C. § 1302

   Pub. L. 93–406, title IV, § 4002, Sept. 2, 1974, 88 Stat. 1004

   Source evidence

   Code source credit
   Pub. L. 93–406, title IV, § 4002, Sept. 2, 1974, 88 Stat. 1004

   Enacted provision · exact public law section
   Sec. 4002. pension benefit guaranty corporation (a) There is established within the Department of Labor Establishment. 29 USC 1302. a body corporate to be known as the Pension Benefit Guaranty Corporation. In carrying out its functions under this title, the corporation shall be administered by the chairman of the board of directors in accordance with policies established by the board. The purposes of this title, which are to be carried out by the corporation, are— (1) to encourage the continuation and maintenance of voluntary private pension plans for the benefit of their participants, (2) to provide for the timely and uninterrupted payment of pension benefits to participants and beneficiaries under plans to which this title applies, and (3) to maintain premiums established by the corporation under section 4006 at the lowest level consistent with carrying out its Post, p. 1010. obligations under this title. (b) To carry out the purposes of this title, the corporation has the Functions. D.C. Code 29–1001. powers conferred on a nonprofit corporation under the District of Columbia Nonprofit Corporation Act and, in addition to any specific power granted to the corporation elsewhere in this title or under that Act, the corporation has the power— (1) to sue and be sued, complain and defend, in its corporate name and through its own counsel, in any court, State or Federal; (2) to adopt, alter, and use a corporate seal, which shall be judicially noticed; (3) to adopt, amend, and repeal, by the board of directors, bylaws, rules, and regulations relating to the conduct of its business and the exercise of all other rights and powers granted to it by this Act; (4) to conduct its business (including the carrying on of operations and the maintenance of offices) and to exercise all other rights and powers granted to it by this Act in any State or other jurisdiction without regard to qualification, licensing, or other requirements imposed by law in such State or other jurisdiction; (5) to lease, purchase, accept gifts or donations of, or otherwise to acquire, to own, hold, improve, use, or otherwise deal in or with, and to sell, convey, mortgage, pledge, lease, exchange, or otherwise dispose of, any property, real, personal, or mixed, or any interest therein wherever situated; (6) to appoint and fix the compensation of such officers, attorneys, employees, and agents as may be required, to determine their qualifications, to define their duties, and, to the extent desired by the corporation, require bonds for them and fix the penalty thereof, and to appoint and fix the compensation of experts and consultants in accordance with the provisions of section 3109 of title 5, United States Code; (7) to utilize the personnel and facilities of any other agency or department of the United States Government, with or without reimbursement, with the consent of the head of such agency or department; and (8) to enter into contracts, to execute instruments, to incur liabilities, and to do any and all other acts and things as may be necessary or incidental to the conduct of its business and the exercise of all other rights and powers granted to the corporation by this Act. (c) Section 5108 of title 5, United States Code, is amended by adding at the end thereof the following new subsection: “(g) In addition to the number of positions authorized by subsection (a), the Pension Benefit Guaranty Corporation is authorized, without regard to any other provision of this section, to place one position in the corporation at GS–18 and a total of 10 positions in the corporation at GS–16 and 17.”. (d) The board of directors of the corporation consists of the Secretary Membership. of the Treasury, the Secretary of Labor, and the Secretary of Commerce. Members of the board shall serve without compensation, but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as members of the board. The Secretary of Labor is the chairman of the board of directors. (e) The board of directors shall meet at the call of its chairman, or as otherwise provided by the bylaws of the corporation. (f) As soon as practicable, but not later than 180 days after the Bylaws and rules. date of enactment of this Act, the board of directors shall adopt initial bylaws and rules relating to the conduct of the business of the corporation. Thereafter, the board of directors may alter, supplement, or repeal any existing bylaw or rule, and may adopt additional bylaws and rules from time to time as may be necessary. The chairman of the board shall cause a copy of the bylaws of the corporation to be published in the Federal Register not less often than once each year. (g) (1) The corporation, its property, its franchise, capital, reserves, Tax exemption surplus, and its income (including, but not limited to, any income of any fund established under section 4005), shall be exempt from all taxation now or hereafter imposed by any State or local taxing authority, except that any real property and any tangible personal property (other than cash and securities) of the corporation shall be subject to State and local taxation to the same extent according to its value as other real and tangible personal property is taxed. (2) The receipts and disbursements of the corporation in the discharge of its functions shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitations imposed by statute on budget outlays of the United States. Except as explicitly provided in this title, the United States is not liable for any obligation or liability incurred by the corporation. (3) Section 101 of the Government Corporation Control Act (31 U.S.C. 846) is amended by inserting before the period a semicolon and the following: “and Pension Benefit Guaranty Corporation”. (h) (1) There is established an advisory committee to the corporation, Advisory committee. Establishment. for the purpose of advising the corporation as to its policies and procedures relating to (A) the appointment of trustees in termination proceedings, (B) investment of moneys, (C) whether plans being terminated should be liquidated immediately or continued in operation under a trustee, and (D) such other issues as the corporation may request from time to time. The advisory committee may also recommend persons for appointment as trustees in termination proceedings, make recommendations with respect to the investment of moneys in the funds, and advise the corporation as to whether a plan subject to being terminated should be liquidated immediately or continued in operation under a trustee. (2) The advisory committee consists of seven members appointed, Memberships. from among individuals recommended by the board of directors, by the President. Of the seven members, two shall represent the interests of employee organizations, two shall represent the interests of employers who maintain pension plans, and three shall represent the interests of the general public. The President shall designate one member as chairman at the time of the appointment of that member. (3) Members shall serve for terms of 3 years each, except that, of Terms. the members first appointed, one of the members representing the interests of employee organizations, one of the members representing the interests of employers, and one of the members representing the interests of the general public shall be appointed for terms of 2 years each, one of the members representing the interests of the general public shall be appointed for a term of 1 year, and the other members shall be appointed to full 3-year terms. The advisory committee shall meet at least six times each year and at such other times as may be determined by the chairman or requested by any three members of the advisory committee. (4) Members shall be chosen on the basis of their experience with employee organizations, with employers who maintain pension plans, with the administration of pension plans, or otherwise on account of outstanding demonstrated ability in related fields. Of the members serving on the advisory committee at any time, no more than four shall be affiliated with the same political party. (5) An individual appointed to fill a vacancy occurring other than by the expiration of a term of office shall be appointed only for the unexpired term of the member he succeeds. Any vacancy occurring in the office of a member of the advisory committee shall be filled in the manner in which that office was originally filled. (6) The advisory committee shall appoint and fix the compensation Compensation. of such employees as it determines necessary to discharge its duties, including experts and consultants in accordance with the provisions of section 3109 of title 5, United States Code. The corporation shall furnish to the advisory committee such professional, secretarial, and other services as the committee may request. (7) Members of the advisory committee shall, for each day (including traveltime) during which they are attending meetings or conferences of the committee or otherwise engaged in the business of the committee, be compensated at a rate fixed by the corporation which is not in excess of the daily equivalent of the annual rate of basic pay in effect for grade GS–18 of the General Schedule, and while away 5 USC 5332 note. from their homes or regular places of business they may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by section 5703 of title 5, United States Code. (8) The Federal Advisory Committee Act does not apply to the 5 USC app. 1. advisory committee established by this subsection.

2. 1976

   Pub. L. 94–455 title XV § 1510(a) · 90 Stat. 1520

   Changed · 29 U.S.C. § 1302(g)(1)

   Pub. L. 94–455 exempted corporation from all taxation now or hereafter imposed by United States (other than taxes imposed under chapter 21 of title 26, relating to Federal Insurance Contributions Act, and chapter 23 of title 26, relating to Federal Unemployment Tax Act)

   Source evidence

   Code amendment note
   Subsec. (g)(1). Pub. L. 94–455 exempted corporation from all taxation now or hereafter imposed by United States (other than taxes imposed under chapter 21 of title 26, relating to Federal Insurance Contributions Act, and chapter 23 of title 26, relating to Federal Unemployment Tax Act).

   Enacted provision · exact public law section
   (a) In General.— Section 4002(g)(1) of the Employee. Retirement Income Security Act of 1974 (29 U.S.C. 1302(f)(1)) is amended by inserting “by the United States (other than taxes imposed under chapter 21 of the Internal Revenue Code of 1954, relating to Federal Insurance Contributions Act, and chapter 23 of such Code, relating to Federal 26 USC 3101. 26 USC 3301. Unemployment Tax Act), or” immediately after “imposed”.

3. 1980

   Multiemployer Pension Plan Amendments Act of 1980

   Pub. L. 96–364 § 403 · 94 Stat. 1208

   Inserted · 29 U.S.C. § 1302(b)(3)

   Pub. L. 96–364, § 403(l), inserted provisions respecting bylaws, etc., to carry out this subchapter

   Source evidence

   Code amendment note
   Subsec. (b)(3). Pub. L. 96–364, § 403(l), inserted provisions respecting bylaws, etc., to carry out this subchapter.

   Enacted provision · exact public law section
   SEC. 403. CONFORMING AMENDMENTS. (a) Section 4005 is amended— (1) by striking out the second sentence of subsection (a) and inserting in lieu thereof the following: “One of the funds shall be used with respect to basic benefits guaranteed under section 29 USC 1322. Ante, p. 1210. 4022, one of the funds shall be used with respect to basic benefits guaranteed under section 4022A, one of the funds shall be used with respect to nonbasic benefits guaranteed under section 4022 (if any), and the remaining fund shall be used with respect to nonbasic benefits guaranteed under section 4022A (if any), other than subsection (g)(2) thereof (if any).”; (2) in subsection (b)(2)(A), by inserting “or 4022A” after “4022”; (3) by striking out subparagraph (B) of subsection (b)(2) and redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively; and (4) by adding at the end thereof the following new subsections: “(d) (1) A fifth fund shall be established for the reimbursement of uncollectible withdrawal liability under section 4222, and shall be credited with the appropriate— “(A) premiums, penalties, and interest charges collected under this title, and “(B) earnings on investments of the fund or on assets credited to the fund. The fund shall be available to make payments pursuant to the supplemental program established under section 4222, including those expenses and other charges determined to be appropriate by the corporation. “(2) The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. “(e) (1) A sixth fund shall be established for the supplemental benefit guarantee program provided under section 4022A(g)(2). “(2) Such fund shall be credited with the appropriate— “(A) premiums, penalties, and interest charges collected under section 4022A(g)(2), and “(B) earnings on investments of the fund or on assets credited to the fund. The fund shall be available for making payments pursuant to the supplemental benefit guarantee program established under section 4022A(g)(2), including those expenses and other charges determined to be appropriate by the corporation. “(3) The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. “(f) (1) Amounts in any fund established under this section may be used only for the purposes for which such fund was established and may not be used to make loans to (or on behalf of) any other fund or to finance any other activity of the corporation. “(2) None of the funds borrowed under subsection (c) may be used to make loans to (or on behalf of) any fund other than a fund described in the second sentence of subsection (a). “(3) Any repayment to the corporation of any amount paid out of any fund in connection with a multiemployer plan shall be deposited in such fund.”. (b) Section 4007(a) is amended by striking out the second sentence. (c) Section 4022 is amended— 29 USC 1322. (1) in the section heading, by inserting “SINGLE-EMPLOYER PLAN” before “BENEFITS GUARANTEED”; (2) in subsection (a)— (A) by inserting “, in accordance with this section,” after “guarantee”; and (B) by inserting “single-employer” before “plan which terminates”; and (C) by striking out the words “the terms of”; (3) in subsection (b)(1), by striking out “(8)” and inserting in lieu thereof “(7)”; and (4) by striking out paragraph (5) of subsection (b) and redesignating paragraphs (6), (7), and (8) of such subsection as paragraphs (5), (6), and (7), respectively. (d) Section 4041 is amended— 29 USC 1341. (1) in the section heading, by striking out “TERMINATION BY PLAN ADMINISTRATOR” and inserting in lieu thereof “TERMINATION OF SINGLE-EMPLOYER PLANS”; (2) in subsection (a), by inserting “single-employer” after “termination of a”; and (3) by striking out subsection (g). (e) Section 4046 is amended— 29 USC 1346. (1) in paragraphs (2) and (3)— (A) by inserting “or 4022A” after “4022”; and (B) by inserting “basic” before “benefits”; and (2) in paragraph (3), by striking out “4022(b)(5)” and inserting in lieu thereof “4022B”. (f) Section 4061 is amended to read as follows: “Sec. 4061. “amounts payable by the corporation The corporation shall pay benefits under a single-employer 29 USC 1361. plan terminated under this title subject to the limitations and requirements of subtitle B of this title. The corporation shall 29 USC 1321. provide financial assistance to pay benefits under a multiemployer plan which is insolvent under section 4245 or 4281(d)(2)(A), subject to Ante, pp. 1259, 1261. 29 USC 1321, 1341, ante, p. 1217. Ante, p. 1210. the limitations and requirements of subtitles B, C, and E of this title. Amounts guaranteed by the corporation under sections 4022 and 4022A shall be paid by the corporation only out of the appropriate fund. The corporation shall make payments under the supplemental program to reimburse multiemployer plans for uncollectible withdrawal liability only out of the fund established under section 4005(e).”. Ante, p. 1300. 29 USC 1362. (g) Section 4062(a) is amended by striking out “plan (other than a multiemployer plan)” and inserting in lieu thereof “single-employer plan”. (h) Section 4063 is amended— 29 USC 1363. (1) in the first sentence of subsection (a), by inserting “(other than a multiemployer plan)” after “makes contributions”; and (2) in the second sentence of subsection (d), by inserting “(other than a multiemployer plan)” after “of a plan”. (i) Section 4064(a) is amended by inserting “(other than a multiemployer 29 USC 1364. plan)” after “plan under which more than one employer makes contributions”. (j) Section 4066 is amended by inserting “(other than a multiemployer 29 USC 1366. plan)” after “more than one employer”. (k) Subsection (f) of section 4003 is amended by striking out “Any” and inserting in lieu thereof “Except as provided in section 4301(a)(2), any”. (l) Section 4002(b)(3) is amended by inserting “and such other bylaws, rules, and regulations as may be necessary to carry out the purposes of this title” after “Act”.

4. 1980

   Multiemployer Pension Plan Amendments Act of 1980

   Pub. L. 96–364 § 406(a) · 94 Stat. 1208

   Substituted · 29 U.S.C. § 1302(g)(2)

   Pub. L. 96–364, § 406(a), substituted provisions relating to inclusion of receipts and disbursements in United States budget totals and nonliability of United States for obligation or liability of corporation, for provisions relating to noninclusion of receipts and disbursements in United States budget totals, exemption from limitations with respect to budget outlays, and restrictions on liability for obligation or liability incurred by the corporation

   Source evidence

   Code amendment note
   Subsec. (g)(2). Pub. L. 96–364, § 406(a), substituted provisions relating to inclusion of receipts and disbursements in United States budget totals and nonliability of United States for obligation or liability of corporation, for provisions relating to noninclusion of receipts and disbursements in United States budget totals, exemption from limitations with respect to budget outlays, and restrictions on liability for obligation or liability incurred by the corporation.

   Enacted provision · exact public law section
   (a) Paragraph (2) of section 4002(g) is amended to read as follows: 29 USC 1302. “(2) The receipts and disbursements of the corporation in the discharge of its functions shall be included in the totals of the budget of the United States Government. The United States is not liable for any obligation or liability incurred by the corporation.”.

5. 1989

   Revenue Reconciliation Act of 1989

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

   Substituted · 29 U.S.C. § 1302(g)(1)

   Pub. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text

   Source evidence

   Code amendment note
   Subsec. (g)(1). Pub. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

   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”.

6. 2002

   Victims of Terrorism Tax Relief Act of 2001

   Pub. L. 107–134 title I § 112(c)(2) · 115 Stat. 2427

   Added · 29 U.S.C. § 1302(i)

   Pub. L. 107–134 added subsec. (i)

   Source evidence

   Code amendment note
   Subsec. (i). Pub. L. 107–134 added subsec. (i).

   Enacted provision · exact public law section
   (2) Section 4002 of Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302) is amended by adding at the end the following new subsection: “(i) Special Rules Regarding Disasters, Etc.— In the case of a pension or other employee benefit plan, or any sponsor, administrator, participant, beneficiary, or other person with respect to such plan, affected by a Presidentially declared disaster (as defined in section 1033(h)(3) of the Internal Revenue Code of 1986) or a terroristic or military action (as defined in section 692(c)(2) of such Code), the corporation may, notwithstanding any other provision of law, prescribe, by notice or otherwise, a period of up to 1 year which may be disregarded in determining the date by which any action is required or permitted to be completed under this Act. No plan shall be treated as failing to be operated in accordance with the terms of the plan solely as the result of disregarding any period by reason of the preceding sentence.”.

   Effective date note
   Amendment by Pub. L. 107–134 applicable to disasters and terroristic or military actions occurring on or after Sept. 11, 2001, with respect to any action of the Secretary of the Treasury, the Secretary of Labor, or the Pension Benefit Guaranty Corporation occurring on or after Jan. 23, 2002, see section 112(f) of Pub. L. 107–134, set out as a note under section 6081 of Title 26, Internal Revenue Code.

7. 2006

   Pub. L. 109–280 title IV § 411(a)(1) · 120 Stat. 780

   Substituted · 29 U.S.C. § 1302(a)

   Pub. L. 109–280 in introductory provisions substituted “In carrying out its functions under this subchapter, the corporation shall be administered by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall act in accordance with the policies established by the board” for “In carrying out its functions under this subchapter, the corporation shall be administered by the chairman of the board of directors in accordance with policies established by the board”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 109–280 in introductory provisions substituted “In carrying out its functions under this subchapter, the corporation shall be administered by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall act in accordance with the policies established by the board” for “In carrying out its functions under this subchapter, the corporation shall be administered by the chairman of the board of directors in accordance with policies established by the board”.

   Enacted provision · exact public law section
   (1) by striking the second sentence of section 4002(a) 29 USC 1302. and inserting the following: “In carrying out its functions under this title, the corporation shall be administered by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall act in accordance with the policies established by the board.”; and

8. 2012

   Highway Investment, Job Creation, and Economic Growth Act of 2012

   Pub. L. 112–141 § 40231(d) · 126 Stat. 405

   Amended · 29 U.S.C. § 1302(c)

   Pub. L. 112–141, § 40231(d), amended subsec. (c) generally. See Codification note above

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 112–141, § 40231(d), amended subsec. (c) generally. See Codification note above.

   Enacted provision · exact public law section
   (d) Director.— Section 4002(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302(c)) is amended to read as follows: “(c) The Director shall be accountable to the board of directors. The Director shall serve for a term of 5 years unless removed by the President or the board of directors before the expiration of such 5-year term.” .

9. 2012

   Highway Investment, Job Creation, and Economic Growth Act of 2012

   Pub. L. 112–141 § 40231(a)(1) · 126 Stat. 405

   1. Amended · 29 U.S.C. § 1302(d)

      Pub. L. 112–141, § 40231(a)(1), designated existing provisions as par. (1)

   2. Added · 29 U.S.C. § 1302(d)

      Pub. L. 112–141, § 40231(a)(1), added pars. (2) to (7)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 112–141, § 40231(a)(1), designated existing provisions as par. (1) and added pars. (2) to (7).

   Enacted provision · exact public law section
   (1) In general.— Section 4002(d) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302(d)) is amended— (A) by striking “(d) The board of directors” and inserting “(d)(1) The board of directors”; and (B) by adding at the end the following: “(2) A majority of the members of the board of directors in office shall constitute a quorum for the transaction of business. The vote of the majority of the members present and voting at a meeting at which a quorum is present shall be the act of the board of directors. “(3) Each member of the board of directors shall designate in writing an official, not below the level of Assistant Secretary, to serve as the voting representative of such member on the board. Such designation shall be effective until revoked or until a date or event specified therein. Any such representative may refer for board action any matter under consideration by the designating board member, but such representative shall not count toward establishment of a quorum as described under paragraph (2). “(4) T Reports. he Inspector General of the corporation shall report to the board of directors, and not less than twice a year, shall attend a meeting of the board of directors to provide a report on the activities and findings of the Inspector General, including with respect to monitoring and review of the operations of the corporation. “(5) The General Counsel of the corporation shall— “(A) serve as the secretary to the board of directors, and advise such board as needed; and “(B) have overall responsibility for all legal matters affecting the corporation and provide the corporation with legal advice and opinions on all matters of law affecting the corporation, except that the authority of the General Counsel shall not extend to the Office of Inspector General and the independent legal counsel of such Office. “(6) Notwithstanding any other provision of this Act, the Office of Inspector General and the legal counsel of such Office are independent of the management of the corporation and the General Counsel of the corporation. “(7) The board of directors may appoint and fix the compensation of employees as may be required to enable the board of directors to perform its duties. Determination. The board of directors shall determine the qualifications and duties of such employees and may appoint and fix the compensation of experts and consultants in accordance with the provisions of section 3109 of title 5, United States Code.” .

10. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40231(a)(2) · 126 Stat. 405

    1. Amended · 29 U.S.C. § 1302(e)

       Pub. L. 112–141, § 40231(a)(2), designated existing provisions as par. (1)

    2. Substituted · 29 U.S.C. § 1302(e)

       Pub. L. 112–141, § 40231(a)(2), substituted “the corporation, but in no case less than 4 times a year with not fewer than 2 members present. Not less than 1 meeting of the board of directors during each year shall be a joint meeting with the advisory committee under subsection (h).” for “the corporation.” in par. (1)

    3. Added · 29 U.S.C. § 1302(e)

       Pub. L. 112–141, § 40231(a)(2), added par. (2)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 112–141, § 40231(a)(2), designated existing provisions as par. (1), substituted “the corporation, but in no case less than 4 times a year with not fewer than 2 members present. Not less than 1 meeting of the board of directors during each year shall be a joint meeting with the advisory committee under subsection (h).” for “the corporation.” in par. (1), and added par. (2).

    Enacted provision · exact public law section
    (2) Number of meetings; public availability.— Section 4002(e) of such Act (29 U.S.C. 1302(e)) is amended— (A) by striking “The board” and inserting “(1) The board”; (B) by striking “the corporation.” and inserting “the corporation, but in no case less than 4 times a year with not fewer than 2 members present. Not less than 1 meeting of the board of directors during each year shall be a joint meeting with the advisory committee under subsection (h).”; and (C) by adding at the end the following: “(2) (A) Except as provided in subparagraph (B), the chairman of the board of directors shall make available to the public the minutes from each meeting of the board of directors. “(B) The minutes of a meeting of the board of directors, or a portion thereof, shall not be subject to disclosure under subparagraph (A) if the chairman reasonably determines that such minutes, or portion thereof, contain confidential employer information including information obtained under section 4010, information about the investment activities of the corporation, or information regarding personnel decisions of the corporation. “(C) The minutes of a meeting, or portion of thereof, exempt from disclosure pursuant to subparagraph (B) shall be exempt from disclosure under section 552(b) of title 5, United States Code. For purposes of such section 552, this subparagraph shall be considered a statute described in subsection (b)(3) of such section 552.” .

11. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40232(b) · 126 Stat. 405

    Inserted · 29 U.S.C. § 1302(h)(1)

    Pub. L. 112–141, § 40232(b), inserted at end “In the event of a vacancy or impending vacancy in the office of the Participant and Plan Sponsor Advocate established under section 1304 of this title, the Advisory Committee shall, in consultation with the Director of the corporation and participant and plan sponsor advocacy groups, nominate at least two but no more than three individuals to serve as the Participant and Plan Sponsor Advocate.”

    Source evidence

    Code amendment note
    Subsec. (h)(1). Pub. L. 112–141, § 40232(b), inserted at end “In the event of a vacancy or impending vacancy in the office of the Participant and Plan Sponsor Advocate established under section 1304 of this title, the Advisory Committee shall, in consultation with the Director of the corporation and participant and plan sponsor advocacy groups, nominate at least two but no more than three individuals to serve as the Participant and Plan Sponsor Advocate.”

    Enacted provision · exact public law section
    (b) Advisory Committee Nominations.— Section 4002(h)(1) of the Employee Retirement Income Security Act of 1974 (29 U.S.C.1302(h)(1)) is amended by adding at the end the following new sentence: “In the event of a vacancy or impending vacancy in the office of the Participant and Plan Sponsor Advocate established under section 4004, the Advisory Committee shall, in consultation with the Director of the corporation and participant and plan sponsor advocacy groups, nominate at least two but no more than three individuals to serve as the Participant and Plan Sponsor Advocate.”.

12. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40231(a)(3)(A) · 126 Stat. 405

    1. Substituted · 29 U.S.C. § 1302(h)(1)

       Pub. L. 112–141, § 40231(a)(3)(A), substituted “, (D)” for “, and (D)”

    2. Substituted · 29 U.S.C. § 1302(h)(1)

       Pub. L. 112–141, § 40231(a)(3)(A), substituted “time to time, and (E) other issues as determined appropriate by the advisory committee.” for “time to time.”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 112–141, § 40231(a)(3)(A), substituted “, (D)” for “, and (D)” and “time to time, and (E) other issues as determined appropriate by the advisory committee.” for “time to time.”

    Enacted provision · exact public law section
    (A) Issues considered by the committee.— Section 4002(h)(1) of such Act (29 U.S.C. 1302(h)(1)) is amended— (i) by striking “, and (D)” and inserting “, (D)”; and (ii) by striking “time to time.” and inserting “time to time, and (E) other issues as determined appropriate by the advisory committee.”.

13. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40231(a)(3)(B) · 126 Stat. 405

    Inserted · 29 U.S.C. § 1302(h)(3)

    Pub. L. 112–141, § 40231(a)(3)(B), inserted at end “Not less than 1 meeting of the advisory committee during each year shall be a joint meeting with the board of directors under subsection (e).”

    Source evidence

    Code amendment note
    Subsec. (h)(3). Pub. L. 112–141, § 40231(a)(3)(B), inserted at end “Not less than 1 meeting of the advisory committee during each year shall be a joint meeting with the board of directors under subsection (e).”

    Enacted provision · exact public law section
    (B) Joint meeting.— Section 4002(h)(3) of such Act (29 U.S.C. 1302(h)(3)) is amended by adding at the end the following: “Not less than 1 meeting of the advisory committee during each year shall be a joint meeting with the board of directors under subsection (e).”.

14. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40231(b) · 126 Stat. 405

    Added · 29 U.S.C. § 1302(j)

    Pub. L. 112–141, § 40231(b), added subsec. (j)

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 112–141, § 40231(b), added subsec. (j).

    Enacted provision · exact public law section
    (b) Avoiding Conflicts of Interest.— Section 4002 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302) is amended by adding at the end the following: “(j) Conflicts of Interest.— “(1) In general.— The Director of the corporation and each member of the board of directors shall not participate in a decision of the corporation in which the Director or such member has a direct financial interest. The Director of the corporation shall not participate in any activities that would present a potential conflict of interest or appearance of a conflict of interest without approval of the board of directors. “(2) Establishment of policy.— The board of directors shall establish a policy that will inform the identification of potential conflicts of interests of the members of the board of directors and mitigate perceived conflicts of interest of such members and the Director of the corporation.” .

15. 2012

    Highway Investment, Job Creation, and Economic Growth Act of 2012

    Pub. L. 112–141 § 40231(c) · 126 Stat. 405

    Added · 29 U.S.C. § 1302(k)

    Pub. L. 112–141, § 40231(c), added subsec. (k)

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 112–141, § 40231(c), added subsec. (k).

    Enacted provision · exact public law section
    (c) Risk Mitigation.— Section 4002 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302), as amended by subsection (b), is further amended by adding at the end the following: “(k) Risk Management Officer.— The corporation shall have a risk management officer whose duties include evaluating and mitigating the risk that the corporation might experience. Recommenda- tions. The individual in such position shall coordinate the risk management efforts of the corporation, explain risks and controls to senior management and the board of directors of the corporation, and make recommendations.” .

16. 2022

    Pub. L. 117–286 § 4(a)(191) · 136 Stat. 4196

    Substituted · 29 U.S.C. § 1302(h)(8)

    Pub. L. 117–286 substituted “Chapter 10 of title 5” for “The Federal Advisory Committee Act”

    Source evidence

    Code amendment note
    Subsec. (h)(8). Pub. L. 117–286 substituted “Chapter 10 of title 5” for “The Federal Advisory Committee Act”.

    Enacted provision · exact public law section
    (191) Section 4002(h)(8) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302(h)(8)) is amended by striking “The Federal Advisory Committee Act” and inserting “Chapter 10 of title 5, United States Code,”.

20 of 20 references resolved to an enrolled provision