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29 U.S.C. § 1202 — Procedures with respect to continued compliance with Internal Revenue requirements relating to participation, vesting, and funding standards

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

29 U.S.C. § 1202 — Procedures with respect to continued compliance with Internal Revenue requirements relating to participation, vesting, and funding standards

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Source file: Laws/federal/codes/united-states-code/title-29/section-1202-procedures-with-respect-to-continued-compliance-with-internal-revenue-re--a4bf7cfa98.md
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Source location: Title 29, Chapter 18, § 1202; chapter-018-employee-retirement-income-security-program.md

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**(a) Notification by Secretary of the Treasury to Secretary of Labor of issuance of a preliminary notice of intent to disqualify or of commencement of proceedings to determine satisfaction of requirements** In carrying out the provisions of part I of subchapter D of chapter 1 of title 26 with respect to whether a plan or a trust meets the requirements of section 410(a) or 411 of title 26 (relating to minimum participation standards and minimum vesting standards, respectively), the Secretary of the Treasury shall notify the Secretary of Labor when the Secretary of the Treasury issues a preliminary notice of intent to disqualify related to the plan or trust or, if earlier, at the time of commencing any proceeding to determine whether the plan or trust satisfies such requirements. Unless the Secretary of the Treasury finds that the collection of a tax imposed under title 26 is in jeopardy, the Secretary of the Treasury shall not issue a determination that the plan or trust does not satisfy the requirements of such section until the expiration of a period of 60 days after the date on which he notifies the Secretary of Labor of such review. The Secretary of the Treasury, in his discretion, may extend the 60-day period referred to in the preceding sentence if he determines that such an extension would enable the Secretary of Labor to obtain compliance with such requirements by the plan within the extension period. Except as otherwise provided in this chapter, the Secretary of Labor shall not generally apply part 2 of subtitle B of subchapter I of this chapter to any plan or trust subject to sections 410(a) and 411 of title 26, but shall refer alleged general violations of the vesting or participation standards to the Secretary of the Treasury. (The preceding sentence shall not apply to matters relating to individuals benefits.) **(b) Notification to Secretary of Labor before Secretary of the Treasury sends notice of deficiency under [section 4971 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971&num=0&edition=prelim); waiver of imposition of tax; requests for investigation; consultation** Unless the Secretary of the Treasury finds that the collection of a tax is in jeopardy, in carrying out the provisions of [section 4971 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971&num=0&edition=prelim) (relating to taxes on the failure to meet minimum funding standards), the Secretary of the Treasury shall notify the Secretary of Labor before sending a notice of deficiency with respect to any tax imposed under that section on an employer, and, in accordance with the provisions of subsection (d) of that section, afford the Secretary of Labor an opportunity to comment on the imposition of the tax in the case. The Secretary of the Treasury may waive the imposition of the tax imposed under [section 4971(b) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971/b&num=0&edition=prelim) in appropriate cases. Upon receiving a written request from the Secretary of Labor or from the Pension Benefit Guaranty Corporation, the Secretary of the Treasury shall cause an investigation to be commenced expeditiously with respect to whether the tax imposed under [section 4971 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971&num=0&edition=prelim) should be applied with respect to any employer to which the request relates. The Secretary of the Treasury and the Secretary of Labor shall consult with each other from time to time with respect to the provisions of [section 412 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section412&num=0&edition=prelim) (relating to minimum funding standards) and with respect to the funding standards applicable under subchapter I of this chapter in order to coordinate the rules applicable under such standards. **(c) Extended application of regulations prescribed by Secretary of the Treasury relating to minimum participation standards, minimum vesting standards, and minimum funding standards** Regulations prescribed by the Secretary of the Treasury under sections 410(a), 411, and 412 of title 26 (relating to minimum participation standards, minimum vesting standards, and minimum funding standards, respectively) shall also apply to the minimum participation, vesting, and funding standards set forth in parts 2 and 3 of subtitle B of subchapter I of this chapter. Except as otherwise expressly provided in this chapter, the Secretary of Labor shall not prescribe other regulations under such parts, or apply the regulations prescribed by the Secretary of the Treasury under sections 410(a), 411, 412 of title 26 and applicable to the minimum participation, vesting, and funding standards under such parts in a manner inconsistent with the way such regulations apply under sections 410(a), 411, and 412 of title 26. **(d) Opportunity afforded Secretary of the Treasury to intervene in cases involving construction or application of minimum standards; review of briefs filed by Pension Benefit Guaranty Corporation or Secretary of Labor** The Secretary of Labor and the Pension Benefit Guaranty Corporation, before filing briefs in any case involving the construction or application of minimum participation standards, minimum vesting standards, or minimum funding standards under subchapter I of this chapter shall afford the Secretary of the Treasury a reasonable opportunity to review any such brief. The Secretary of the Treasury shall have the right to intervene in any such case. **(e) Consultative requirements respecting promulgation of proposed or final regulations** The Secretary of the Treasury shall consult with the Pension Benefit Guaranty Corporation with respect to any proposed or final regulation authorized by subpart C of part I of subchapter D of chapter 1 of title 26, or by sections 1421 through 1426 11 See References in Text note below. of this title, before publishing any such proposed or final regulation.

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

26 U.S.C. § 412 — Minimum funding standards

**(a) Requirement to meet minimum funding standard** (1) **In general** — A plan to which this section applies shall satisfy the minimum funding standard applicable to the plan for any plan year. (2) **Minimum funding standard** — For purposes of paragraph (1), a plan shall be treated as satisfying the minimum funding standard for a plan year if— (A) in the case of a defined benefit plan which is not a multiemployer plan or a CSEC plan, the employer makes contributions to or under the plan for the plan year which, in the aggregate, are not less than the minimum required contribution determined under section 430 for the plan for the plan year, (B) in the case of a money purchase plan which is not a multiemployer plan, the employer makes contributions to or under the plan for the plan year which are required under the terms of the plan, (C) in the case of a multiemployer plan, the employers make contributions to or under the plan for any plan year which, in the aggregate, are sufficient to ensure that the plan does not have an accumulated funding deficiency under section 431 as of the end of the plan year, and (D) in the case of a CSEC plan, the employers make contributions to or under the plan for any plan year which, in the aggregate, are sufficient to ensure that the plan does not have an accumulated funding deficiency under section 433 as of the end of the plan year. **(b) Liability for contributions** (1) **In general** — Except as provided in paragraph (2), the amount of any contribution required by this section (including any required installments under paragraphs (3) and (4) of section 430(j) or under section 433(f)) shall be paid by the employer responsible for making contributions to or under the plan. (2) **Joint and several liability where emp

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 412

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

26 U.S.C. § 4971 — Taxes on failure to meet minimum funding standards

**(a) Initial tax** If at any time during any taxable year an employer maintains a plan to which section 412 applies, there is hereby imposed for the taxable year a tax equal to— (1) in the case of a single-employer plan, 10 percent of the aggregate unpaid minimum required contributions for all plan years remaining unpaid as of the end of any plan year ending with or within the taxable year, (2) in the case of a multiemployer plan, 5 percent of the accumulated funding deficiency determined under section 431 as of the end of any plan year ending with or within the taxable year, and (3) in the case of a CSEC plan, 10 percent of the CSEC accumulated funding deficiency as of the end of the plan year ending with or within the taxable year. **(b) Additional tax** If— (1) a tax is imposed under subsection (a)(1) on any unpaid minimum required contribution and such amount remains unpaid as of the close of the taxable period, (2) a tax is imposed under subsection (a)(2) on any accumulated funding deficiency and the accumulated funding deficiency is not corrected within the taxable period, or (3) a tax is imposed under subsection (a)(3) on any CSEC accumulated funding deficiency and the CSEC accumulated funding deficiency is not corrected within the taxable period, there is hereby imposed a tax equal to 100 percent of the unpaid minimum required contribution, accumulated funding deficiency, or CSEC accumulated funding deficiency, whichever is applicable, to the extent not so paid or corrected. **(c) Definitions** For purposes of this section— (1) **Accumulated funding deficiency** — The term “accumulated funding deficiency” has the meaning given to such term by section 431. (2) **Correct** — The term “correct” means, with respect to an accumulated funding deficiency or

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4971

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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. § 1202 — Procedures with respect to continued

Page 620 TITLE 29—LABOR § 1202 (2) The Secretary of Labor may not request an opportunity to comment upon such an applica- tion unless he has been requested in writing to do so by the Pension Benefit Guaranty Corpora- tion or by the lesser of— (A) 10 employees, or (B) 10 percent of the employees who qualify as interested parties within the meaning of the regulations referred to in sub- section (a). Upon receiving such a request, the Secretary of Labor shall furnish a copy of the request to the Secretary of the Treasury within 5 days (excluding Saturdays, Sundays, and legal public holidays (as set forth in section 6103 of title 5)). (3) Upon receiving such a request from the Secretary of Labor, the Secretary of the Treas- ury shall furnish to the Secretary of Labor such information held by the Secretary of the Treas- ury relating to the application as the Secretary of Labor may request. (4) The Secretary of Labor shall, within 30 days after receiving a request from the Pension Benefit Guaranty Corporation or from the nec- essary number of employees who qualify as in- terested parties, notify the Secretary of the Treasury, the Pension Benefit Guaranty Cor- poration, and such employees with respect to whether he is going to comment on the applica- tion to which the request relates and with re- spect to any matters raised in such request on which he is not going to comment. If the Sec- retary of Labor indicates in the notice required under the preceding sentence that he is not going to comment on all or part of the matters raised in such request, the Secretary of the Treasury shall afford the corporation, and such employees, an opportunity to comment on the application with respect to any matter on which the Secretary of Labor has declined to com- m

Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1202

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