Page:United States Statutes at Large Volume 88 Part 1.djvu/883

 88 STAT. ]

PUBLIC LAW 93-406-SEPT. 2, 1974

(37)(A) The term "multiemployer plan'" means a plan— (i) to which more than one employer is required to contribute, (ii) which is maintained pursuant to one or more collectivebargaining agreements between an employee organization and more than one employer, (iii) under which the amount of contributions made under the plan for a plan year by each employer making such contributions is less than 50 percent of the aggregate amount of contributions made under the plan for that plan year by all employers making such contributions, (iv) under which benefits are payable with respect to each participant without regard to the cessation of contributions,by the employer who had employed that participant except to the extent that such benefits accrued as a result of service with the employer before such employer was required to contribute to such plan, and (v) which satisfies such other requirements as the Secretary may by regulations prescribe. (B) For purposes of this paragraph— (i) if a plan is a multiemployer plan within the meaning of subparagraph (A) for any plan year, clause (iii) of subparagraph (A) shall be applied by substituting "75 percent" for "50 percent" for each subsequent plan year until the first plan year following a plan year in which the plan had one employer who made contributions of 75 percent or more of the aggregate amount of contributions made under the plan for that plan year by all employers making such contributions, and (ii) all corporations which are members of a controlled group of corporations (within the meaning of section 1563(a) of the Internal Revenue Code of 1954, determined without regard to section 1563(e)(3)(C) of such Code) shall be deemed to be one employer. (38) The term "investment manager" means any fiduciary (other than a trustee or named fiduciary, as defined in section 402(a)(2)) — (A) who has the power to manage, acquire, or dispose of any asset of a plan; (B) who is (i) registered as an investment adviser under the Investment Advisers Act of 1940; (ii) is a bank, as defined in that Act; or (iii) is an insurance company qualified to perform services described in subparagraph (A) under the laws of more than one State; and (C) has acknowledged in writing that he is a fiduciary with respect to the plan. (39) The terms "plan year" and "fiscal year of the plan" mean with respect to a plan, calendar, policy, or fiscal year on which the records of the plan are kept.

839

^^ "^"^ ^^63.

Post,

p. 875.

15 USC 80b-20.

COVERAGE

SEC. 4. (a) Except as provided in subsection (b) and in sections ^^ ^^^ ^°°^201, 301, and 401, this title shall apply to any employee benefit plan ggg"^?/^' *^^' if it is established or maintained— (1) by any employer engaged in commerce or in any industry or activity affecting commerce; or (2) by any employee organization or organizations representing employees engaged in commerce or in any industry or activity affecting commerce; or (3) by both. (b) The provisions of this title shall not apply to any employee benefit plan if—

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