Title 29 — Labor
Chapter 18 — Employee Retirement Income Security Program
§ 1304. Participant and Plan Sponsor Advocate
Statutory text
In general
The board of directors of the corporation shall select a Participant and Plan Sponsor Advocate from the candidates nominated by the advisory committee to the corporation under section 1302(h)(1) of this title and without regard to the provisions of title 5 relating to appointments in the competitive service or Senior Executive Service.
Duties
The Participant and Plan Sponsor Advocate shall—
act as a liaison between the corporation, sponsors of defined benefit pension plans insured by the corporation, and participants in pension plans trusteed by the corporation;
advocate for the full attainment of the rights of participants in plans trusteed by the corporation;
assist pension plan sponsors and participants in resolving disputes with the corporation;
identify areas in which participants and plan sponsors have persistent problems in dealings with the corporation;
to the extent possible, propose changes in the administrative practices of the corporation to mitigate problems;
identify potential legislative changes which may be appropriate to mitigate problems; and
refer instances of fraud, waste, and abuse, and violations of law to the Office of the Inspector General of the corporation.
Removal
If the Participant and Plan Sponsor Advocate is removed from office or is transferred to another position or location within the corporation or the Department of Labor, the board of the 1 directors of the corporation shall communicate in writing the reasons for any such removal or transfer to Congress not less than 30 days before the removal or transfer. Nothing in this subsection shall prohibit a personnel action otherwise authorized by law, other than transfer or removal.
Compensation
The annual rate of basic pay for the Participant and Plan Sponsor Advocate shall be the same rate as the highest rate of basic pay established for the Senior Executive Service under section 5382 of title 5 or, if the board of directors of the corporation so determines, at a rate fixed under section 9503 of such title.
Annual report
In general
Not later than December 31 of each calendar year, the Participant and Plan Sponsor Advocate shall report to the Health, Education, Labor, and Pensions Committee of the Senate, the Committee on Finance of the Senate, the Committee on Education and the Workforce of the House of Representatives, and the Committee on Ways and Means of the House of Representatives on the activities of the Office of the Participant and Plan Sponsor Advocate during the fiscal year ending during such calendar year.
Content
Each report submitted under paragraph (1) shall—
summarize the assistance requests received from participants and plan sponsors and describe the activities, and evaluate the effectiveness, of the Participant and Plan Sponsor Advocate during the preceding year;
identify significant problems the Participant and Plan Sponsor Advocate has identified;
include specific legislative and regulatory changes to address the problems; and
identify any actions taken to correct problems identified in any previous report.
Concurrent submission
The Participant and Plan Sponsor Advocate shall submit a copy of each report to the Secretary of Labor, the Director of the corporation, and any other appropriate official at the same time such report is submitted to the committees of Congress under paragraph (1).
Footnotes
- 1 So in original. The word “the” probably should not appear.
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.
Employee Retirement Income Security Act of 1974
Pub. L. 93–406 title IV § 4004 · 88 Stat. 829
Enacted · 29 U.S.C. § 1304
(Pub. L. 93–406, title IV, § 4004, as added Pub. L. 112–141, div. D, title II, § 40232(a), July 6, 2012, 126 Stat. 856.)
Source evidence
Code source credit
(Pub. L. 93–406, title IV, § 4004, as added Pub. L. 112–141, div. D, title II, § 40232(a), July 6, 2012, 126 Stat. 856.)Enacted provision · exact public law section
Sec. 4004. temporary authority for initial period (a) Notwithstanding anything to the contrary in this 29 USC 1304. title, the corporation may, upon receipt of notice that a plan is to be terminated or upon making a determination described in section 4042, appoint a receiver whose powers shall take effect immediately. The receiver shall assume control of such plan and its assets, protecting the interests of all interested persons during subsequent proceedings. (b) (1) Within a reasonable time, not exceeding 20 days, after the appointment of a receiver under subsection (a), the corporation shall apply to an appropriate United States district court for a decree approving such appointment. The court to which application is made shall issue a decree approving such appointment unless it determines that such approval would not be in the best interests of the participants and beneficiaries of the plan. (2) If the court to which application is made under paragraph (1) dismisses the application with prejudice, or if the corporation fails to apply for a decree under paragraph (1) within 20 days after the appointment of the receiver, the receiver shall transfer all assets and records of the plan held by him to the plan administrator within 3 business days after such dismissal or the expiration of the 20 day period. The receiver shall not be liable to the plan or to any other person for his acts as receiver other than for willful misconduct, or for conduct in violation of the provisions of part 4 of subpart B of title I of this Act (except to the extent that the provisions of section Ante, p. 874. 4042(d)(1)(A) provide otherwise). (c) The corporation is authorized, as an alternative to appointing a receiver under subsection (a), to direct a plan administrator to apply to a district court of the United States for the appointment of a receiver to assume control of the plan and its assets for the purpose of protecting the interests of all interested persons until the plan can be terminated under the provisions of this title. (d) A receiver appointed under this section has the powers of a trustee under section 4042(d)(1)(A) and (B), and shall report to the corporation and the court on the plan from time to time as required by either the corporation or the court. As soon as practicable after his appointment, a receiver appointed under this section shall determine whether the assets of the plan are sufficient to discharge when due all obligations of the plan with respect to benefits guaranteed under this title in accordance with the requirements of section 4044. Post, p. 1025. If the determination of the receiver is approved by the corporation and the court, the receiver shall proceed as if he were a trustee appointed under section 4042. (e) A receiver may not be appointed under this section more than 270 days after the date of enactment of this Act. (f) In addition to its other powers under this title, for only the first 270 days after the date of enactment of this Act the corporation may— (1) contract for printing without regard to the provisions of chapter 5 of title 44, United States Code, 44 USC 501. (2) waive any notice required under this title if the corporation finds that a waiver is necessary or appropriate, (3) extend the 90-day period referred to in section 4041(a) for Post, p. 1020. an additional 90 days without the agreement of the plan administrator and without application to a court as required under section 4041(d), and (4) waive the application of the provisions of sections 4062, 4063, and 4064 to, or reduce the liability imposed under such sections Post, pp. 1029, 1030, 1031. on, any employer with respect to a plan terminating during that 270 day period if the corporation determines that such waiver or reduction is necessary to avoid unreasonable hardship in any case in which the employer was not able, as a practical matter, to continue the plan.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 1304, Pub. L. 93–406, title IV, § 4004, , 88 Stat. 1008, related to appointment, within 270 days after , and powers and functions of a receiver to assume control of terminated plan and its assets, prior to repeal by Pub. L. 99–272, title XI, § 11016(c)(6), , 100 Stat. 274, effective , with certain exceptions. See section 11019 of Pub. L. 99–272, set out as an Effective Date of 1986 Amendment note under section 1341 of this title.
Credits
(Pub. L. 93–406, title IV, § 4004, as added Pub. L. 112–141, div. D, title II, § 40232(a), , 126 Stat. 856.)