Page:United States Statutes at Large Volume 101 Part 2.djvu/1166

 101 STAT. 1330-372

PUBLIC LAW 100-203—DEC. 22, 1987

(c) PENALTY FOR FAILURE TO PROVIDE ANNUAL REPORT IN COM-

PLETE FORM.—Section 502(c) of ERISA (29 U.S.C. 1132(c)) is amended— (1) by inserting "(1)" after "(c)", and by striking "(1) who" and "(2) who" and inserting "(A) who" and "(B) who", respectively; and (2) by adding at the end the following new paragraph: "(2) The Secretary may assess a civil penalty of up to $1,000 a day from the date of a plan administrator's failure or refusal to file the f6*Me^.r;as- annual report required to be filed with the Secretary under section 101(b)(4). For purposes of this paragraph, an annual report that has been rejected under section 104(a)(4) for failure to provide material information shall not be treated as having been filed with the Secretary.". 29 USC 1132 note. Reports.

(d) EFFECTIVE DATE.—

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(1) IN GENERAL.—The amendments made by this section shall apply with respect to reports required to be filed after December 31, 1987. (2) REGULATIONS.—The Secretary of Labor shall issue the regulations required to carry out the amendments made by subsection (c) not later than January 1, 1989.

SEC. 9343. COORDINATION OF PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 WITH PROVISIONS OF THE EMPLOYEE RETIRE'fl^my MENT INCOME SECURITY ACT OF 1974."" 26 USC 401 note.

(a) INTERPRETATION OF INTERNAL REVENUE CODE.—Except to the

extent specifically provided in the Internal Revenue Code of 1986 or as determined by the Secretary of the Treasury, titles I and IV of the Employee Retirement Income Security Act of 1974 are not applicable in interpreting such Code. (b) CLARIFICATION REGARDING EFFECT OF DETERMINATION LETTER B THE INTERNAL REVENUE SERVICE ON ENFORCEMENT BY THE Y DEPARTMENT OF LABOR OF FIDUCIARY STANDARDS UNDER ^°^

ERISA.—Section 3001(d) of ERISA (29 U.S.C. 1201(d)) is amended by adding after the second sentence the following: "The determination of the Secretary of the Treasury shall not be prima facie evidence on issues relating solely to part 4 of subtitle B of title I.". (c) CLARIFICATION REGARDING RETURNS OF CONTRIBUTIONS UPON RECEIPT OF ADVERSE DETERMINATION LETTERS.—

(1) IN GENERAL.—Subparagraph (B) of section 403(c)(2) of ERISA (29 U.S.C. 1103(c)(2)(B)) is amended to read as follows: "(B) If a contribution is conditioned on initial qualification of the plan under section 401 or 403(a) of the Internal Revenue Code of 1986, and if the plan receives an adverse determination with respect to its initial qualification, then paragraph (1) shall not prohibit the return of such contribution to the employer within one year after such determination, but only if the application for the determination is made by the time prescribed by law for filing the employer's return for the taxable year in which such plan was adopted, or such later date as the Secretary of the Treasury may prescribe.". (2) CONFORMING AMENDMENT.—Paragraph (3) of section 403(c) of ERISA (29 U.S.C. 1103(c)(3)) is amended by striking out "49720^) of the Internal Revenue Code of 1954" and inserting in lieu thereof "4979(c) of the Internal Revenue Code of 1986" " " Copy read "1974". '"^ Copy read "UNDER".

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