Page:United States Statutes at Large Volume 108 Part 5.djvu/682

 108 STAT. 4172 PUBLIC LAW 103-401—OCT. 22, 1994 Public Law 103-401 103d Congress An Act Oct. 22, 1994 [S. 1312] Pension Annuitants Protection Act of 1994. 29 USC 1001 note. 29 USC 1132 note. To amend the Employee Retirement Income Security Act of 1974 in order to provide for the availability of remedies for certeiin former pension plan participants and beneficiaries. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Pension Annuitants Protection Act of 1994". SEC. 2. CIVIL ENFORCEMENT OF ERISA. Section 502(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1132(a)) is amended— (1) by striking the "or" after the semicolon at the end of paragraph (7), (2) by striking the period at the end of paragraph (8) and inserting "; or", and (3) by adding at the end the following new paragraph: "(9) in the event that the purchase of an insurance contract or insurance annuity in connection with termination of an individual's status as a participant covered under a pension plan with respect to all or any portion of the participant's pension benefit under such plan constitutes a violation of part 4. of this title or the terms of the plan, by the Secretary, by any individual who was a participant or beneficiary at the time of the alleged violation, or by a fiduciary, to obtain appropriate relief, including the posting of security if necessary, to assure receipt by the participant or beneficiary of the amounts provided or to be provided by such insurance contract or annuity, plus reasonable prejudgment interest on such amounts,". SEC. 3. WAIVER OR REDUCTION OF CIVIL PENALTY. Section 502(1)(3)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1132(1)(3)(B)) is amended by inserting "(or to provide the relief ordered pursuant to subsection (a)(9))" after "to restore all losses to the plan". SEC. 4. EFFECT ON OTHER PROVISIONS. Nothing in this Act shall be construed to limit the legal standing of individuals to bring a civil action as participants or beneficiaries under section 502(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1132(a)), and nothing in this Act shall affect the responsibilities, obligations, or duties imposed upon fidu-

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