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29 U.S.C. § 1051 — Coverage

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

29 U.S.C. § 1051 — Coverage

This part shall apply 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 exempted 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— (1) an employee welfare benefit plan; (2) a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees; (3) (A) a plan established and maintained by a society, order, or association described in section 501(c)(8) or (9) of title 26, if no part of the contributions to or under such plan are made by employers of participants in such plan, or (B) a trust described in [section 501(c)(18) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/18&num=0&edition=prelim); (4) a plan which is established and maintained by a labor organization described in [section 501(c)(5) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section501/c/5&num=0&edition=prelim) and which does not at any time after September 2, 1974, provide for employer contributions; (5) any agreement providing payments to a retired partner or a deceased partner’s successor in interest, as described in [section 736 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section736&num=0&edition=prelim); (6) an individual retirement account or annuity described in [section 408 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section408&num=0&edition=prelim), or a retirement bond describ

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Source location: Title 29, Chapter 18, § 1051; chapter-018-employee-retirement-income-security-program.md

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

29 U.S.C. § 1001 — Congressional findings and declaration of policy

**(a) Benefit plans as affecting interstate commerce and the Federal taxing power** The Congress finds that the growth in 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 affected 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 are 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 stabilit

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1001

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26 U.S.C. § 736 — Payments to a retiring partner or a deceased partner’s successor in interest

**(a) Payments considered as distributive share or guaranteed payment** Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in subsection (b), be considered— (1) as a distributive share to the recipient of partnership income if the amount thereof is determined with regard to the income of the partnership, or (2) as a guaranteed payment described in section 707(c) if the amount thereof is determined without regard to the income of the partnership. **(b) Payments for interest in partnership** (1) **General rule** — Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, to the extent such payments (other than payments described in paragraph (2)) are determined, under regulations prescribed by the Secretary, to be made in exchange for the interest of such partner in partnership property, be considered as a distribution by the partnership and not as a distributive share or guaranteed payment under subsection (a). (2) **Special rules** — For purposes of this subsection, payments in exchange for an interest in partnership property shall not include amounts paid for— (A) unrealized receivables of the partnership (as defined in section 751(c)), or (B) good will of the partnership, except to the extent that the partnership agreement provides for a payment with respect to good will. (3) **Limitation on application of paragraph (2)** — Paragraph (2) shall apply only if— (A) capital is not a material income-producing factor for the partnership, and (B) the retiring or deceased partner was a general partner in the partnership.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 736

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

26 U.S.C. § 409 — Qualifications for tax credit employee stock ownership plans

**(a) Tax credit employee stock ownership plan defined** Except as otherwise provided in this title, for purposes of this title, the term “tax credit employee stock ownership plan” means a defined contribution plan which— (1) meets the requirements of section 401(a), (2) is designed to invest primarily in employer securities, and (3) meets the requirements of subsections (b), (c), (d), (e), (f), (g), (h), and (o) of this section. **(b) Required allocation of employer securities** (1) **In general** — A plan meets the requirements of this subsection if— (A) the plan provides for the allocation for the plan year of all employer securities transferred to it or purchased by it (because of the requirements of section 41(c)(1)(B)) 11 See References in Text note below. to the accounts of all participants who are entitled to share in such allocation, and (B) for the plan year the allocation to each participant so entitled is an amount which bears substantially the same proportion to the amount of all such securities allocated to all such participants in the plan for that year as the amount of compensation paid to such participant during that year bears to the compensation paid to all such participants during that year. (2) **Compensation in excess of $100,000 disregarded** — For purposes of paragraph (1), compensation of any participant in excess of the first $100,000 per year shall be disregarded. (3) **Determination of compensation** — For purposes of this subsection, the amount of compensation paid to a participant for any period is the amount of such participant’s compensation (within the meaning of section 415(c)(3)) for such period. (4) **Suspension of allocation in certain cases** — Notwithstanding paragraph (1), the allocation to the account of any partici

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 409

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

26 U.S.C. § 408 — Individual retirement accounts

**(a) Individual retirement account** For purposes of this section, the term “individual retirement account” means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of a rollover contribution described in subsection (d)(3) or in section 402(c), 403(a)(4), 403(b)(8), or 457(e)(16), no contribution will be accepted unless it is in cash, and contributions will not be accepted for the taxable year on behalf of any individual in excess of the amount in effect for such taxable year under section 219(b)(1)(A). (2) The trustee is a bank (as defined in subsection (n)) or such other person who demonstrates to the satisfaction of the Secretary that the manner in which such other person will administer the trust will be consistent with the requirements of this section. (3) No part of the trust funds will be invested in life insurance contracts. (4) The interest of an individual in the balance in his account is nonforfeitable. (5) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (6) Under regulations prescribed by the Secretary, rules similar to the rules of section 401(a)(9) and the incidental death benefit requirements of section 401(a) shall apply to the distribution of the entire interest of an individual for whose benefit the trust is maintained. **(b) Individual retirement annuity** For purposes of this section, the term “individual retirement annuity” means an annuity contract, or an endowment contract (as determined under regulations prescribed by the Secretary), issued by an insurance company which meets the fo

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 408

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

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. § 1051 — Coverage

Page 404 TITLE 29—LABOR § 1051 including for information required under sub- paragraphs (C) through (F) of paragraph (1). (c) Notice to the Secretary and Pension Benefit Guaranty Corporation The notice required under subsection (a)(2) shall include the following: (1) The total number of participants and beneficiaries eligible for such lump sum op- tion. (2) The length of the limited period during which the lump sum is offered. (3) An explanation of how the lump sum was calculated, including the interest rate, mor- tality assumptions, and whether any addi- tional plan benefits were included in the lump sum, such as early retirement subsidies. (4) A sample of the notice provided to par- ticipants and beneficiaries under subsection (a)(1), if otherwise required. (d) Post-offer report to the Secretary and Pen- sion Benefit Guaranty Corporation Not later than 90 days after the conclusion of the limited period during which participants and beneficiaries in a plan may accept a plan’s offer of a lump sum, a plan sponsor shall submit a re- port to the Secretary and the Director of the Pension Benefit Guaranty Corporation that in- cludes the number of participants and bene- ficiaries who accepted the lump sum offer and such other information as the Secretary may re- quire. (e) Public availability The Secretary shall make the information provided in the notice to the Secretary required under subsection (a)(2) and in the post-offer re- ports submitted under subsection (d) publicly available in a form that protects the confiden- tiality of the information provided. (f) Biennial report Not later than the last day of the second cal- endar year after the calendar year including the applicability date of the final rules under sec- tion 342(e) of the SECURE 2.

Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1051

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