Employee Retirement Income Security Act of 1974


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

. SHORT TITLE AND TABLE OF CONTENTS.

 * This Act may be cited as the ``Employee Retirement Income Security Act of 1974´´.

TABLE OF CONTENTS
 * Section 1. Short Title and Table of Contents.

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Subtitle A — General Provisions
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 * Sec. 2. Findings and declaration of policy.
 * Sec. 3. Definitions.
 * Sec. 4. Coverage.

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Subtitle B — Regulatory Provisions
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 * Sec. 101. Duty of disclosure and reporting.
 * Sec. 102. Plan description and summary plan description.
 * Sec. 103. Annual reports.
 * Sec. 104. Filing with Secretary and furnishing information to participants.
 * Sec. 105. Reporting of participant's benefit rights.
 * Sec. 106. Reports made public information.
 * Sec. 107. Retention of records.
 * Sec. 108. Reliance on administrative interpretations.
 * Sec. 109. Forms.
 * Sec. 110. Alternative methods of compliance.
 * Sec. 111. Repeal and effective date.


 * Sec. 201. Coverage.
 * Sec. 202. Minimum participation standards.
 * Sec. 203. Minimum vesting standards.
 * Sec. 204. Benefit accrual requirements.
 * Sec. 205. Joint and survivor annuity requirement.
 * Sec. 206. Other provisions relating to form and payment of benefits.
 * Sec. 207. Temporary variances from certain vesting requirements.
 * Sec. 208. Mergers and consolidations of plans or transfers of plan assets.
 * Sec. 209. Record keeping and reporting requirements.
 * Sec. 210. Plans maintained by more than one employer, predecessor plans, and employer groups.
 * Sec. 211. Effective dates.


 * Sec. 301. Coverage.
 * Sec. 302. Minimum funding standards.
 * Sec. 303. Variance from minimum funding standard.
 * Sec. 304. Extension of amortization periods.
 * Sec. 305. Alternative minimum funding standard.
 * Sec. 306. Effective dates.


 * Sec. 401. Coverage.
 * Sec. 402. Establishment of plan.
 * Sec. 403. Establishment of trust.
 * Sec. 404. Fiduciary duties.
 * Sec. 405. Liability for breach by co-fiduciary.
 * Sec. 406. Prohibited transactions.
 * Sec. 407. 10 percent limitation with respect to acquisition and holding of employer securities and employer real property by certain plans.
 * Sec. 408. Exemptions from prohibited transactions.
 * Sec. 409. Liability for breach of fiduciary duty.
 * Sec. 410. Exculpatory provisions; insurance.
 * Sec. 411. Prohibition against certain persons holding certain positions.
 * Sec. 412. Bonding.
 * Sec. 413. Limitation on actions.
 * Sec. 414. Effective date.


 * Sec. 501. Criminal penalties.
 * Sec. 502. Civil enforcement.
 * Sec. 503. Claims procedure.
 * Sec. 504. Investigative authority.
 * Sec. 505. Regulations.
 * Sec. 506. Other agencies and departments.
 * Sec. 507. Administration.
 * Sec. 508. Appropriations.
 * Sec. 509. Separability provisions.
 * Sec. 510. Interference with rights protected under Act.
 * Sec. 511. Coercive interference.
 * Sec. 512. Advisory Council.
 * Sec. 513. Research, studies, and annual report.
 * Sec. 514. Effect on other laws.

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TITLE II — AMENDMENTS TO THE INTERNAL REVENUE CODE RELATING TO RETIREMENT PLANS
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 * Sec. 1001. Amendment of Internal Revenue Code of 1954.

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Subtitle A — Participation, Vesting, Funding, Administration, Etc.
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 * Sec. 1011. Minimum participation standards.
 * Sec. 1012. Minimum vesting standards.
 * Sec. 1013. Minimum funding standards.
 * Sec. 1014. Collectively bargained plans.
 * Sec. 1015. Definitions and special rules.
 * Sec. 1016. Conforming and clerical amendments.
 * Sec. 1017. Effective dates and transitional rules.


 * Sec. 1021. Additional plan requirements.
 * Sec. 1022. Miscellaneous provisions.
 * Sec. 1023. Retroactive changes in plan.
 * Sec. 1024. Effective dates.


 * Sec. 1031. Registration and information.
 * Sec. 1032. Duties of Secretary of Health, Education, and Welfare.
 * Sec. 1033. Reports by actuaries.
 * Sec. 1034. Effective dates.


 * Sec. 1041. Tax Court procedure.


 * Sec. 1051. Establishment of Office.
 * Sec. 1052. Authorization of appropriations.

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Subtitle B — Other Amendments to the Internal Revenue Code Relating to Retirement Plans
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 * Sec. 2001. Contributions on behalf of self-employed individuals and shareholder-employees.
 * Sec. 2002. Deduction for retirement savings.
 * Sec. 2003. Prohibited transactions.
 * Sec. 2004. Limitations on benefits and contributions.
 * Sec. 2005. Taxation of certain lump sum distributions.
 * Sec. 2006. Salary reduction regulations.
 * Sec. 2007. Rules for certain negotiated plans.
 * Sec. 2008. Certain armed forces survivor annuities.

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Subtitle A — Jurisdiction, Administration, and Enforcement
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 * Sec. 3001. Procedures in connection with the issuance of certain determination letters by the Secretary of the Treasury.
 * Sec. 3002. Procedures with respect to continued compliance with requirements relating to participation, vesting, and funding standards.
 * Sec. 3003. Procedures in connection with prohibited transactions.
 * Sec. 3004. Coordination between the Department of the Treasury and the Department of Labor.

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Subtitle B — Joint Pension Task Force; Studies
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 * Sec. 3021. Establishment.
 * Sec. 3022. Duties.


 * Sec. 3031. Congressional study.
 * Sec. 3032. Protection for employees under Federal procurement, construction, and research contracts and grants.

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Subtitle C — Enrollment of Actuaries
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 * Sec. 3041. Establishment of Joint Board for the enrollment of actuaries.
 * Sec. 3042. Enrollment by Joint Board.
 * Sec. 3043. Amendment of Internal Revenue Code.

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Subtitle A — Pension Benefit Guaranty Corporation
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 * Sec. 4001. Definitions.
 * Sec. 4002. Pension Benefit Guaranty Corporation.
 * Sec. 4003. Investigatory authority; cooperation with other agencies; civil actions.
 * Sec. 4004. Temporary authority for initial period.
 * Sec. 4005. Establishment of pension benefit guaranty funds.
 * Sec. 4006. Premium rates.
 * Sec. 4007. Payment of premiums.
 * Sec. 4008. Report by the corporation.
 * Sec. 4009. Portability assistance.

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Subtitle B — Coverage
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 * Sec. 4021. Plans covered
 * Sec. 4022. Benefits guaranteed.
 * Sec. 4023. Contingent liability coverage.

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Subtitle C — Terminations
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 * Sec. 4041. Termination by plan administrator.
 * Sec. 4042. Termination by corporation.
 * Sec. 4043. Reportable events.
 * Sec. 4044. Allocation of assets.
 * Sec. 4045. Recapture of certain payments.
 * Sec. 4046. Reports to trustee.
 * Sec. 4047. Restoration of plans.
 * Sec. 4048. Date of termination.

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Subtitle D — Liability
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 * Sec. 4061. Amounts payable by the corporation.
 * Sec. 4062. Liability of employer.
 * Sec. 4063. Liability of substantial employer for withdrawal.
 * Sec. 4064. Liability of employers on termination of plan maintained by more than one employer.
 * Sec. 4065. Annual report of plan administrator.
 * Sec. 4066. Annual notification of substantial employers.
 * Sec. 4067. Recovery of employer liability for plan termination.
 * Sec. 4068. Lien for liability of employer.

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Subtitle E — Amendments to Internal Revenue Code of 1954; Effective Dates
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 * Sec. 4081. Amendments to Internal Revenue Code of 1954.
 * Sec. 4082. Effective date; special rules.

Approved September 2, 1974.

Legislative History

 * HOUSE REPORTS:
 * No. 93-533 (Comm. on Education and Labor )
 * No. 93-1280 (Comm. of Conference)
 * SENATE REPORTS:
 * No. 93-1090 (Comm. of Conference)
 * CONGRESSIONAL RECORD, Vol. 120 (1974):
 * Feb. 28, Measure passed House, amended.
 * Mar. 4, Measure passed Senate, amended (provisions of H.R. 4200 substituted).
 * Aug. 20, House agreed to conference report.
 * Aug. 22, Senate agreed to conference report.
 * Aug. 22, Senate agreed to conference report.