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29 U.S.C. § 1114 — Effective date

Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1114 — Effective date

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Source file: Laws/federal/codes/united-states-code/title-29/section-1114-effective-date--5ef96e56ec.md
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Source location: Title 29, Chapter 18, § 1114; chapter-018-employee-retirement-income-security-program.md

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**(a)** Except as provided in subsections (b), (c), and (d), this part shall take effect on January 1, 1975. **(b)** (1) The provisions of this part authorizing the Secretary to promulgate regulations shall take effect on September 2, 1974. (2) Upon application of a plan, the Secretary may postpone until not later than January 1, 1976, the applicability of any provision of sections 1102, 1103 (other than 1103(c)), 1105 (other than 1105(a) and (d)), and 1110(a) of this title, as it applies to any plan in existence on September 2, 1974, if he determines such postponement is (A) necessary to amend the instrument establishing the plan under which the plan is maintained and (B) not adverse to the interest of participants and beneficiaries. (3) This part shall take effect on September 2, 1974, with respect to a plan which terminates after June 30, 1974, and before January 1, 1975, and to which at the time of termination [section 1321 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321&num=0&edition=prelim) applies. **(c)** Sections 1106 and 1107(a) of this title (relating to prohibited transactions) shall not apply— (1) until June 30, 1984, to a loan of money or other extension of credit between a plan and a party in interest under a binding contract in effect on July 1, 1974 (or pursuant to renewals of such a contract), if such loan or other extension of credit remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be, and if the execution of the contract, the making of the loan, or the extension of credit was not, at the time of such execution, making, or extension, a prohibited transaction (within the meaning of [section 503(b) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section503/b&num=0&edition=prelim) or the corresponding provisions of prior law); (2) until June 30, 1984, to a lease or joint use of property involving the plan and a party in interest pursuant to a binding contract in effect on July 1, 1974 (or pursuant to renewals of such a contract), if such lease or joint use remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if the execution of the contract was not, at the time of such execution, a prohibited transaction (within the meaning of [section 503(b) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section503/b&num=0&edition=prelim) or the corresponding provisions of prior law); (3) until June 30, 1984, to the sale, exchange or other disposition of property described in paragraph (2) between a plan and a party in interest if— (A) in the case of a sale, exchange, or other disposition of the property by the plan to the party in interest, the plan receives an amount which is not less than the fair market value of the property at the time of such disposition; and (B) in the case of the acquisition of the property by the plan, the plan pays an amount which is not in excess of the fair market value of the property at the time of such acquisition; (4) until June 30, 1977, to the provision of services, to which paragraphs (1), (2), and (3) do not apply between a plan and a party in interest— (A) under a binding contract in effect on July 1, 1974 (or pursuant to renewals of such contract), or (B) if the party in interest ordinarily and customarily furnished such services on June 30, 1974, if such provision of services remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if such provision of services was not, at the time of such provision, a prohibited transaction (within the meaning of [section 503(b) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section503/b&num=0&edition=prelim)) or the corresponding provisions of prior law; or (5) the sale, exchange, or other disposition of property which is owned by a plan on June 30, 1974, and all times thereafter, to a party in interest, if such plan is required to dispose of such property in order to comply with the provisions of [section 1107(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1107/a&num=0&edition=prelim) (relating to the prohibition against holding excess employer securities and employer real property), and if the plan receives not less than adequate consideration. **(d)** Any election, or failure to elect, by a disqualified person under section 2003(c)(1)(B) of this Act shall be treated for purposes of this part (but not for purposes of [section 1144 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1144&num=0&edition=prelim)) as an act or omission occurring before the effective date of this part. **(e)** The preceding provisions of this section shall not apply with respect to amendments made to this part in provisions enacted after September 2, 1974.

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1144 — Other laws

**(a) Supersedure; effective date** Except as provided in subsection (b) of this section, the provisions of this subchapter and subchapter III shall supersede any and all State laws insofar as they may now or hereafter relate to any employee benefit plan described in [section 1003(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1003/a&num=0&edition=prelim) and not exempt under [section 1003(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1003/b&num=0&edition=prelim). This section shall take effect on January 1, 1975. **(b) Construction and application** (1) This section shall not apply with respect to any cause of action which arose, or any act or omission which occurred, before January 1, 1975. (2) (A) Except as provided in subparagraph (B), nothing in this subchapter shall be construed to exempt or relieve any person from any law of any State which regulates insurance, banking, or securities. (B) Neither an employee benefit plan described in [section 1003(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1003/a&num=0&edition=prelim), which is not exempt under [section 1003(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1003/b&num=0&edition=prelim) (other than a plan established primarily for the purpose of providing death benefits), nor any trust established under such a plan, shall be deemed to be an insurance company or other insurer, bank, trust company, or investment company or to be engaged in the business of insurance or banking for purposes of any law of any State purporting to regulate insurance companies, insurance contracts, banks, trust companies, or investment compani

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1144

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1321 — Coverage

**(a) Plans covered** Except as provided in subsection (b), this subchapter 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 1002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002&num=0&edition=prelim)) established or maintained— (A) by an employer engaged in commerce or in any industry or activity affecting commerce, or (B) by any employee organization, or organization representing employees, engaged in commerce or in any industry or activity affecting commerce, or (C) by both, which has, in practice, met the requirements of part I of subchapter D of chapter 1 of title 26 (as in effect for the preceding 5 plan years of the plan) applicable to the plans described in paragraph (2) for the preceding 5 plan years; or (2) is, or has been determined by the Secretary of the Treasury to be, a plan described in [section 401(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section401/a&num=0&edition=prelim), or which meets, or has been determined by the Secretary of the Treasury to meet, the requirements of [section 404(a)(2) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section404/a/2&num=0&edition=prelim). For purposes of this subchapter, a successor plan is considered to be a continuation of a predecessor plan. For this purpose, unless otherwise specifically indicated in this subchapter, a successor plan is a plan which covers a group of employees which includes substantially the same employees as a previously established plan, and provides substantially the same benefits as that plan provided. **(b) Plans not covered** This section does not a

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1321

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 4975 — Tax on prohibited transactions

**(a) Initial taxes on disqualified person** There is hereby imposed a tax on each prohibited transaction. The rate of tax shall be equal to 15 percent of the amount involved with respect to the prohibited transaction for each year (or part thereof) in the taxable period. The tax imposed by this subsection shall be paid by any disqualified person who participates in the prohibited transaction (other than a fiduciary acting only as such). **(b) Additional taxes on disqualified person** In any case in which an initial tax is imposed by subsection (a) on a prohibited transaction and the transaction is not corrected within the taxable period, there is hereby imposed a tax equal to 100 percent of the amount involved. The tax imposed by this subsection shall be paid by any disqualified person who participated in the prohibited transaction (other than a fiduciary acting only as such). **(c) Prohibited transaction** (1) **General rule** — For purposes of this section, the term “prohibited transaction” means any direct or indirect— (A) sale or exchange, or leasing, of any property between a plan and a disqualified person; (B) lending of money or other extension of credit between a plan and a disqualified person; (C) furnishing of goods, services, or facilities between a plan and a disqualified person; (D) transfer to, or use by or for the benefit of, a disqualified person of the income or assets of a plan; (E) act by a disqualified person who is a fiduciary whereby he deals with the income or assets of a plan in his own interest or for his own account; or (F) receipt of any consideration for his own personal account by any disqualified person who is a fiduciary from any party dealing with the plan in connection with a transaction involving the income or asse

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4975

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29 U.S.C. § 1002 — Definitions

For purposes of this subchapter: (1) The terms “employee welfare benefit plan” and “welfare plan” mean any plan, fund, or program which was heretofore or is hereafter established or maintained by an employer or by an employee organization, or by both, to the extent that such plan, fund, or program was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, (A) medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs, or day care centers, scholarship funds, or prepaid legal services, or (B) any benefit described in [section 186(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section186/c&num=0&edition=prelim) (other than pensions on retirement or death, and insurance to provide such pensions). (2) (A) Except as provided in subparagraph (B), the terms “employee pension benefit plan” and “pension plan” mean any plan, fund, or program which was heretofore or is hereafter established or maintained by an employer or by an employee organization, or by both, to the extent that by its express terms or as a result of surrounding circumstances such plan, fund, or program— (i) provides retirement income to employees, or (ii) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond, regardless of the method of calculating the contributions made to the plan, the method of calculating the benefits under the plan or the method of distributing benefits from the plan. A distribution from a plan, fund, or program shall not be treated as made

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1002

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1107 — Limitation with respect to acquisition and holding of employer securities and employer real property by certain plans

**(a) Percentage limitation** Except as otherwise provided in this section and [section 1114 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1114&num=0&edition=prelim): (1) A plan may not acquire or hold— (A) any employer security which is not a qualifying employer security, or (B) any employer real property which is not qualifying employer real property. (2) A plan may not acquire any qualifying employer security or qualifying employer real property, if immediately after such acquisition the aggregate fair market value of employer securities and employer real property held by the plan exceeds 10 percent of the fair market value of the assets of the plan. (3) (A) After December 31, 1984, a plan may not hold any qualifying employer securities or qualifying employer real property (or both) to the extent that the aggregate fair market value of such securities and property determined on December 31, 1984, exceeds 10 percent of the greater of— (i) the fair market value of the assets of the plan, determined on December 31, 1984, or (ii) the fair market value of the assets of the plan determined on January 1, 1975. (B) Subparagraph (A) of this paragraph shall not apply to any plan which on any date after December 31, 1974; and before January 1, 1985, did not hold employer securities or employer real property (or both) the aggregate fair market value of which determined on such date exceeded 10 percent of the greater of 11 So in original. Probably should be followed by a dash. (i) the fair market value of the assets of the plan, determined on such date, or (ii) the fair market value of the assets of the plan determined on January 1, 1975. (4) (A) After December 31, 1979, a plan may not hold any em

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1107

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29 U.S.C. § 1114 — Effective date

Page 533 TITLE 29—LABOR § 1114 REGULATIONS Secretary authorized, effective Sept. 2, 1974, to pro- mulgate regulations wherever provisions of this part call for the promulgation of regulations, see sections 1031 and 1114 of this title. § 1113. Limitation of actions No action may be commenced under this sub- chapter with respect to a fiduciary’s breach of any responsibility, duty, or obligation under this part, or with respect to a violation of this part, after the earlier of— (1) six years after (A) the date of the last ac- tion which constituted a part of the breach or violation, or (B) in the case of an omission the latest date on which the fiduciary could have cured the breach or violation, or (2) three years after the earliest date on which the plaintiff had actual knowledge of the breach or violation; except that in the case of fraud or concealment, such action may be commenced not later than six years after the date of discovery of such breach or violation. (Pub. L. 93–406, title I, § 413, Sept. 2, 1974, 88 Stat. 889; Pub. L. 100–203, title IX, § 9342(b), Dec. 22, 1987, 101 Stat. 1330–371; Pub. L. 101–239, title VII, §§ 7881(j)(4), 7894(e)(5), Dec. 19, 1989, 103 Stat. 2443, 2450.) Editorial Notes AMENDMENTS 1989—Pub. L. 101–239, § 7894(e)(5), struck out ‘‘(a)’’ be- fore ‘‘No action’’. Par. (2). Pub. L. 101–239, § 7881(j)(4), struck out comma after ‘‘violation’’. 1987—Subsec. (a)(2). Pub. L. 100–203 struck out ‘‘(A)’’ after ‘‘date’’ and struck out ‘‘or (B) on which a report from which he could reasonably be expected to have ob- tained knowledge of such breach or violation was filed with the Secretary under this subchapter’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by section 7881(j)(4) of Pu

Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1114

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