Page:United States Statutes at Large Volume 88 Part 1.djvu/1058

 1014

26 USC 6601.

PUBLIC LAW 93-406-SEPT. 2, 1974

from the timely payment of the premium. The corporation is authorized to grant a waiver under this subsection upon application made by the plan administrator, but the corporation may not grant a waiver if it appears that the plan administrator will be unable to pay the premium within 60 days after the date on which it is due. If any premium is not paid by the last date prescribed for a payment, interest on the amount of such premium at the rate imposed under section 6601(a) of the Internal Revenue Code of 1954 (relating to interest on underpayment, nonpayment, or extensions of time for payment of tax) shall be paid for the period from such last date to the date paid. (c) If any plan administrator fails to pay a premium when due, the corporation is authorized to bring a civil action in any district court of the United States within the jurisdiction of which the plan assets are located, the plan is administered, or in which a defendant resides or is found for the recovery of the amount of the premium penalty, and interest, and process may be served in any other district. The district courts of the United States shall have jurisdiction over actions brought under this subsection by the corporation without regard to the amount in controversy. (d) The corporation shall not cease to guarantee basic benefits on account of the failure of a plan administrator to pay any premium when due. REPORT BY THE

29 USC 1308.

[88 STAT.

CORPORATION

gj,Q^ 4008. As soon as practicable after the close of each fiscal year the corporation shall transmit to the President and the Congress a report relative to the conduct of its business under this title for that fiscal year. The report shall include financial statements setting forth the finances of the corporation at the end of such fiscal year and the result of its operations (including the source and application of its funds) for the fiscal year and shall include an actuarial evaluation of the expected operations and status of the funds established under section 4005 for the next five years (including a detailed statement of the actuarial assumptions and methods used in making such evaluation). PORTABILITY ASSISTANCE

29 USC 1309.

Ante. p. 958.

gj,(^_ 4009. The corporation shall provide advice and assistance to individuals with respect to evaluating the economic desirability of establishing individual retirement accounts or other forms of individual retirement savings for which a deduction is allowable under section g^g ^^ ^^^^ Internal Revenue Code of 1954 and with respect to evaluating the desirability, in particular cases, of transferring amounts representing an employee's interest in a qualified plan to such an account upon the employee's separation from service with an employer.

Subtitle B—Coverage P L A N S COVERED 29 USC 1321,

Ante, p. 833.

SEC. 4021. (a) Except as provided in subsection (b), this section applies to any plan (including a successor plan) which, for a plan year— (1) is an employee pension benefit plan (as defined in paragraph (2) of section 3 of this Act) established or maintained— (A) by an employer engaged in commerce or in any industry or activity affecting commerce, or

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