An Act
To provide for pension reform.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

This Act may be cited as the ``Employee Retirement Income Security Act of 1974´´.

Section 1. Short Title and Table of Contents.

Sec. 2. Findings and declaration of policy.

Sec. 3. Definitions.

Sec. 4. Coverage.

Sec. 101. Duty of disclosure and reporting.

Sec. 102. Plan description and summary plan description.

Sec. 103. Annual reports.

Sec. 104. Filing with Secretary and furnishing information to participants.

Sec. 105. Reporting of participant's benefit rights.

Sec. 106. Reports made public information.

Sec. 107. Retention of records.

Sec. 108. Reliance on administrative interpretations.

Sec. 109. Forms.

Sec. 110. Alternative methods of compliance.

Sec. 111. Repeal and effective date.

Sec. 201. Coverage.

Sec. 202. Minimum participation standards.

Sec. 203. Minimum vesting standards.

Sec. 204. Benefit accrual requirements.

Sec. 205. Joint and survivor annuity requirement.

Sec. 206. Other provisions relating to form and payment of benefits.

Sec. 207. Temporary variances from certain vesting requirements.

Sec. 208. Mergers and consolidations of plans or transfers of plan assets.

Sec. 209. Record keeping and reporting requirements.

Sec. 210. Plans maintained by more than one employer, predecessor plans, and employer groups.

Sec. 211. Effective dates.

Sec. 301. Coverage.

Sec. 302. Minimum funding standards.

Sec. 303. Variance from minimum funding standard.

Sec. 304. Extension of amortization periods.

Sec. 305. Alternative minimum funding standard.

Sec. 306. Effective dates.

Sec. 401. Coverage.

Sec. 402. Establishment of plan.

Sec. 403. Establishment of trust.

Sec. 404. Fiduciary duties.

Sec. 405. Liability for breach by co-fiduciary.

Sec. 406. Prohibited transactions.

Sec. 407. 10 percent limitation with respect to acquisition and holding of employer securities and employer real property by certain plans.

Sec. 408. Exemptions from prohibited transactions.

Sec. 409. Liability for breach of fiduciary duty.

Sec. 410. Exculpatory provisions; insurance.

Sec. 411. Prohibition against certain persons holding certain positions.

Sec. 412. Bonding.

Sec. 413. Limitation on actions.

Sec. 414. Effective date.

Sec. 501. Criminal penalties.

Sec. 502. Civil enforcement.

Sec. 503. Claims procedure.

Sec. 504. Investigative authority.

Sec. 505. Regulations.

Sec. 506. Other agencies and departments.

Sec. 507. Administration.

Sec. 508. Appropriations.

Sec. 509. Separability provisions.

Sec. 510. Interference with rights protected under Act.

Sec. 511. Coercive interference.

Sec. 512. Advisory Council.

Sec. 513. Research, studies, and annual report.

Sec. 514. Effect on other laws.

Sec. 1001. Amendment of Internal Revenue Code of 1954.

Sec. 1011. Minimum participation standards.

Sec. 1012. Minimum vesting standards.

Sec. 1013. Minimum funding standards.

Sec. 1014. Collectively bargained plans.

Sec. 1015. Definitions and special rules.

Sec. 1016. Conforming and clerical amendments.

Sec. 1017. Effective dates and transitional rules.

Sec. 1021. Additional plan requirements.

Sec. 1022. Miscellaneous provisions.

Sec. 1023. Retroactive changes in plan.

Sec. 1024. Effective dates.

Sec. 1031. Registration and information.

Sec. 1032. Duties of Secretary of Health, Education, and Welfare.

Sec. 1033. Reports by actuaries.

Sec. 1034. Effective dates.

Sec. 1041. Tax Court procedure.

Sec. 1051. Establishment of Office.

Sec. 1052. Authorization of appropriations.

Sec. 2001. Contributions on behalf of self-employed individuals and shareholder-employees.

Sec. 2002. Deduction for retirement savings.

Sec. 2003. Prohibited transactions.

Sec. 2004. Limitations on benefits and contributions.

Sec. 2005. Taxation of certain lump sum distributions.

Sec. 2006. Salary reduction regulations.

Sec. 2007. Rules for certain negotiated plans.

Sec. 2008. Certain armed forces survivor annuities.

Sec. 3001. Procedures in connection with the issuance of certain determination letters by the Secretary of the Treasury.

Sec. 3002. Procedures with respect to continued compliance with requirements relating to participation, vesting, and funding standards.

Sec. 3003. Procedures in connection with prohibited transactions.

Sec. 3004. Coordination between the Department of the Treasury and the Department of Labor.

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Sec. 3021. Establishment.

Sec. 3022. Duties.

Sec. 3031. Congressional study.

Sec. 3032. Protection for employees under Federal procurement, construction, and research contracts and grants.

Sec. 3041. Establishment of Joint Board for the enrollment of actuaries.

Sec. 3042. Enrollment by Joint Board.

Sec. 3043. Amendment of Internal Revenue Code.

Sec. 4001. Definitions.

Sec. 4002. Pension Benefit Guaranty Corporation.

Sec. 4003. Investigatory authority; cooperation with other agencies; civil actions.

Sec. 4004. Temporary authority for initial period.

Sec. 4005. Establishment of pension benefit guaranty funds.

Sec. 4006. Premium rates.

Sec. 4007. Payment of premiums.

Sec. 4008. Report by the corporation.

Sec. 4009. Portability assistance.

Sec. 4021. Plans covered

Sec. 4022. Benefits guaranteed.

Sec. 4023. Contingent liability coverage.

Sec. 4041. Termination by plan administrator.

Sec. 4042. Termination by corporation.

Sec. 4043. Reportable events.

Sec. 4044. Allocation of assets.

Sec. 4045. Recapture of certain payments.

Sec. 4046. Reports to trustee.

Sec. 4047. Restoration of plans.

Sec. 4048. Date of termination.

Sec. 4061. Amounts payable by the corporation.

Sec. 4062. Liability of employer.

Sec. 4063. Liability of substantial employer for withdrawal.

Sec. 4064. Liability of employers on termination of plan maintained by more than one employer.

Sec. 4065. Annual report of plan administrator.

Sec. 4066. Annual notification of substantial employers.

Sec. 4067. Recovery of employer liability for plan termination.

Sec. 4068. Lien for liability of employer.

Sec. 4081. Amendments to Internal Revenue Code of 1954.

Sec. 4082. Effective date; special rules.

Approved September 2, 1974.

Legislative History

• H.R. 2, (H.R. 4200)

• HOUSE REPORTS:
  • No. 93-533 (Comm. on Education and Labor )
  • No. 93-1280 (Comm. of Conference)
• SENATE REPORTS:
  • No. 93-1090 (Comm. of Conference)
• CONGRESSIONAL RECORD, Vol. 120 (1974):
  • Feb. 28, Measure passed House, amended.
  • Mar. 4, Measure passed Senate, amended (provisions of H.R. 4200 substituted).
  • Aug. 20, House agreed to conference report.
  • Aug. 22, Senate agreed to conference report.