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PUBLIC LAW 93-406-SEPT. 2, 1974

[88 STAT.

T A B L E O F CONTENTS—Continued TITLE IV—PLAN TERMINATION INSURANCE—Continued Subtitle Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

4041. 4042. 4043. 4044. 4045. 4046. 4047. 4048.

C—Terminations

Termination by plan administrator. Termination by corporation. Reportable events. Allocation of assets. Recapture of certain iiayments. Reports to trustee. Restoration of plans. Date of termination. Subtitle D—Liability

Sec. Sec. See. Sec.

4061. 4062. 4063. 4064.

Sec. Sec. Sec. Sec.

4065. 4066. 4067. 4068.

Amounts payable by the corporation. Liability of employer. Liability of substantial employer for withdrawal. Liability of employers on termination of plan maintained by more than one employer. Annual report of plan administrator. Annual notification to substantial employers. Recovery of employer liability for plan termination. Lien for liability of employer.

Subtitle E—Amendments to I n t e r n a l Revenue Code of 1954; Effective Dates Sec. 4081. Amendments to I n t e r n a l Revenue Code of 1954. Sec. 4082. Effective date; special rules.

TITLE I—PROTECTION OF EMPLOYEE BENEFIT RIGHTS SUBTITLE A—GENERAL ' PROVISIONS F I N D I N G S AND DECLARATION OF POLICY

29 USC 1001.

SEC. 2. (a) The Congress finds that the growth m size, scope, and numbers of employee benefit plans in recent years has been rapid and substantial; that the operational scope and economic impact of such plans is increasingly interstate; that the continued well-being and security of millions of employees and their dependents are directly a fleeted by these plans; that they are affected with a national public interest; that they have become an important factor affecting the stability of employment and the successful development of industrial relations; that they have become an important factor in commerce because of the interstate character of their activities, and of the activities of their participants, and the employers, employee organizations, and other entities by which they are established or maintained; that a large volume of the activities of such plans is carried on by means of the mails and instrumentalities of interstate commerce; that owing to the lack of employee information and adequate safeguards concerning their operation, it is desirable in the interests of employees and their beneficiaries, and to provide for the general welfare and the free flow of commerce, that disclosure be made and safeguards be provided with respect to the establishment, operation, and administration of such plans; that they substantially affect the revenues of the United States because they are afforded preferential Federal tax treatment; that despite the enormous growth in such plans many employees with long years of employment are losing anticipated retirement benefits owing to the lack of vesting provisions in such plans; that owing to the inadequacy of current minimum standards, the soundness and stability of plans with respect to adequate funds to pay promised benefits may be endangered; that owing to the termination of plans before

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