Page:United States Statutes at Large Volume 116 Part 1.djvu/809

 PUBLIC LAW 107-204—JULY 30, 2002 116 STAT. 783 (as defined in section 206(d)(3)(K)), or any other beneficiary pursuant to a qualified domestic relations order (as defined in section 206(d)(3)(B)(i)). " (8) INDIVIDUAL ACCOUNT PLAN. — "(A) IN GENERAL.— For purposes of this subsection, the term 'individual account plan' shall have the meaning provided such term in section 3(34), except that such term shall not include a one-participant retirement plan. "(B) ONE-PARTICIPANT RETIREMENT PLAN.— For purposes of subparagraph (A), the term 'one-participant retirement plan' means a retirement plan that— "(i) on the first day of the plan year— "(I) covered only the employer (and the employer's spouse) and the employer owned the entire business (whether or not incorporated), or "(II) covered only one or more partners (and their spouses) in a business partnership (including partners in an S or C corporation (as defined in section 1361(a) of the Internal Revenue Code of 1986)), "(ii) meets the minimum coverage requirements of section 410(b) of the Internal Revenue Code of 1986 (as in effect on the date of the enactment of this paragraph) without being combined with any other plan of the business that covers the employees of the business, "(iii) does not provide benefits to anyone except the employer (and the employer's spouse) or the partners (and their spouses), "(iv) does not cover a business that is a member of an affiliated service group, a controlled group of corporations, or a group of businesses under common control, and "(v) does not cover a business that leases employees.". (2) ISSUANCE OF INITIAL GUIDANCE AND MODEL NOTICE.— Deadlines. The Secretary of Labor shall issue initial guidance and a model notice pursuant to section 101(i)(6) of the Employee Retirement Income Security Act of 1974 (as added by this subsection) not later than January 1, 2003. Not later than 75 days after Regulations. the date of the enactment of this Act, the Secretary shall promulgate interim final rules necessary to carry out the amendments made by this subsection. (3) CIVIL PENALTIES FOR FAILURE TO PROVIDE NOTICE. — Section 502 of such Act (29 U.S.C. 1132) is amended— (A) in subsection (a)(6), by striking "(5), or (6)" and inserting "(5), (6), or (7)"; (B) by redesignating paragraph (7) of subsection (c) as paragraph (8); and (C) by inserting after paragraph (6) of subsection (c) the following new paragraph: "(7) The Secretary may assess a civil penalty against a plan administrator of up to $100 a day from the date of the plan administrator's failure or refusal to provide notice to participants and beneficiaries in accordance with section lOl(i). For purposes of this paragraph, each violation with respect to any single participant or beneficiary shall be treated as a separate violation.".

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