Page:United States Statutes at Large Volume 88 Part 1.djvu/992

 948

PUBLIC LAW 9 3 - 4 0 6 - S E P T. 2, 1974

^^i4nfe, pp. 925,

26 USC 7701.

[88 STAT.

4 1 4 (g) of each defined benefit p l a n to which section 412 applies, for the first p l a n year for which section 412 applies to the p l a n and for each t h i r d p l a n year the r e after ( o r more frequently if the Secretary or his delegate determines that more frequent report s a r e n e c e s s a r y). " (b) ACTUARIAL R E P O R T. — The a c t u a r i a l report of a p l a n required by subsection (a) shall be p r e p a r e d and signed by a n enrolled a c t u a r y ( w i t h i n the m e a n i n g of section 7701(a) ( 3 5)) and shall c o n t a i n — " (1) a description of the f u n d i n g m e t h o d and a c t u a r i a l a s s u m p t i o n s used to determine costs under the p l a n, " (2) a certification of the c o n t r i b u t i o n necessary to reduce the a c c u m u l a t e d f u n d i n g deficiency ( a s defined in section 4 1 2 (a)) to zero, " (3) a statement— " (A) that to the best of his knowledge the report is complete and accurate, and " (B) the requirements of section 412(c) ( r e l a t i n g to reasonable a c t u a r i a l a s s u m p t i o n s) have been complied with, " (4) such other information a s may b e necessary to fully and fairly disclose the a c t u a r i a l position of the p l a n, and " (5) such other information r e g a r d i n g the p l a n as the Secretary or h i s delegate may by regulations require. "(c)

TIME

AND M A N N E R

OF F I L I N G. — The

actuarial

report

and

statement required by t h i s section shall be filed a t the time and in the m a n n e r provided by r e g u l a t i o n s prescribed by the Secretary o r h i s delegate. "(d)

CROSS R E F E R E N C E. —

"For coordination between the Department of the Treasury and the Department of Labor with respect to the report required to be filed under this section, see section 3004 of title III of the Employee Retirement Income Security Act of 1974.". Ante,

p 946.

26 USC 6692. Ante, p 925. Ante, p 914. Ante, p. 947.

26 USC 6059 note.

Ante,

p. 8 4 1.

(b)

ASSESSABLE P E N A L T I E S. — Subchapter B of chapter 68 ( r e l a t i n g

to assessable penalties) is amended by a d d i n g a t the e n d thereof the following n e w section: "SEC. 6692. FAILURE TO FILE ACTUARIAL REPORT. " The p l a n a d m i n i s t r a to r ( a s defined i n section 4 1 4 (g)) of each defined benefit p l a n to which section 412 applies w h o fails to file the report required by section 6059 a t the t i m e and in the m a n n e r required by section 6059, shall p a y a p e n a l t y of $1,000 for each such failure unless i t is shown that such failure is due to reasonable cause." (c)

CONSOLIDATION o r ACT U A R I A L R E P O R T S. — The Secretary of the

Treasury and the Secretary of Labor shall t a k e such steps a s may be necessary to assure coordination to the maximum extent feasible between the a c t u a r i a l report s required by section 6059 of the I n t e r n a l Revenue Code of 1954 and by section 1 0 3 (d) of title I of the E m p l o y e e Retirement I n c o m e S e c u r i t y Act of 1974. (d)

CLERICAL AMENDMENT. — The t a b l e of sections for

subchapter

B of chapter 68 is amended by a d d i n g a t the e n d thereof the following new.item: notf use 605 7

Ante, p. 943.

"Sec. 6692. Failure to file actuarial report.", gEc. 1034. EFFECTIVE DATES. T h i s part shall t a k e effect upon the date of the enactment of t h i s Act; except that — (1) the requirements of section 6059 of the I n t e r n a l Revenue Code of 1954 shall a p p l y only w i t h respect to p l a n year s to which part I of t h i s title applies, (2) the requirements of section 6057 of such Code shall a p p l y only w i t h respect to p l a n year s b e g i n n i n g after December 31, 1975,

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