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 Pub. L. 101–239 ef- fective, except as otherwise provided, as if included in the provision of the Pension Protection Act, Pub. L. 100–203, §§ 9302–9346, to which such amendment relates, see section 7882 of Pub. L. 101–239, set out as a note under section 401 of Title 26, Internal Revenue Code. Amendment by section 7894(e)(5) of Pub. L. 101–239 ef- fective, except as otherwise provided, as if originally included in the provision of the Employee Retirement Income Security Act of 1974, Pub. L. 93–406, to which such amendment relates, see section 7894(i) of Pub. L. 101–239, set out as a note under section 1002 of this title. EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100–203 applicable with re- spect to reports required to be filed after Dec. 31, 1987, see section 9342(d)(1) of Pub. L. 100–203, set out as a note under section 1132 of this title. § 1114. Effective date (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 sec- tions 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 estab- lishing the plan under which the plan is main- tained and (B) not adverse to the interest of par- ticipants 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 applies. (c) Sections 1106 and 1107(a) of this title (relat- ing 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 ex- tension 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 or the cor- responding 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 ef- fect on July 1, 1974 (or pursuant to renewals of such a contract), if such lease or joint use re- mains 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 con- tract was not, at the time of such execution, a prohibited transaction (within the meaning of section 503(b) of title 26 or the cor- responding 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 in- terest 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 mar- ket 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 in- terest— (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 Page 534 TITLE 29—LABOR § 1131 would be and if such provision of services was not, at the time of such provision, a pro- hibited transaction (within the meaning of section 503(b) of title 26) or the cor- responding 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 in- terest, if such plan is required to dispose of such property in order to comply with the pro- visions of section 1107(a) of this title (relating to the prohibition against holding excess em- ployer securities and employer real property), and if the plan receives not less than adequate consideration. (d) Any election, or failure to elect, by a dis- qualified 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) 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. (Pub. L. 93–406, title I, § 414, Sept. 2, 1974, 88 Stat. 889; Pub. L. 101–239, title VII, § 7894(e)(6), (h)(4), Dec. 19, 1989, 103 Stat. 2450, 2451.) Editorial Notes REFERENCES IN TEXT Section 2003(c)(1)(B) of this Act, referred to in subsec. (d), is section 2003(c)(1)(B) of Pub. L. 93–406, which is set out as an Effective Date; Savings Provisions note under section 4975 of Title 26, Internal Revenue Code. AMENDMENTS 1989—Subsec. (c)(2). Pub. L. 101–239, § 7894(e)(6), sub- stituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Internal Revenue Code of 1954’’, which for purposes of codifica- tion was translated as ‘‘title 26’’ thus requiring no change in text, and substituted ‘‘or the corresponding provisions of prior law)’’ for ‘‘) or the corresponding provisions of prior law’’. Subsec. (e). Pub. L. 101–239, § 7894(h)(4), added subsec. (e). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if originally included in the pro- vision of the Employee Retirement Income Security Act of 1974, Pub. L. 93–406, to which such amendment relates, see section 7894(i) of Pub. L. 101–239, set out as a note under section 1002 of this title. PART 5—ADMINISTRATION AND ENFORCEMENT § 1131. Criminal penalties (a) Any person who willfully violates any pro- vision of part 1 of this subtitle, or any regula- tion or order issued under any such provision, shall upon conviction be fined not more than $100,000 or imprisoned not more than 10 years, or both; except that in the case of such violation by a person not an individual, the fine imposed upon such person shall be a fine not exceeding $500,000. (b) Any person that violates section 1149 of this title shall upon conviction be imprisoned not more than 10 years or fined under title 18, or both. (Pub. L. 93–406, title I, § 501, Sept. 2, 1974, 88 Stat. 891; Pub. L. 107–204, title IX, § 904, July 30, 2002, 116 Stat. 805; Pub. L. 111–148, title VI, § 6601(b), Mar. 23, 2010, 124 Stat. 779.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–148 designated existing provisions as subsec. (a) and added subsec. (b). 2002—Pub. L. 107–204 substituted ‘‘$100,000’’ for ‘‘$5,000’’, ‘‘10 years’’ for ‘‘one year’’, and ‘‘$500,000’’ for ‘‘$100,000’’. Statutory Notes and Related Subsidiaries REGULATIONS Secretary authorized, effective Sept. 2, 1974, to pro- mulgate regulations wherever provisions of this sub- chapter call for the promulgation of regulations, see section 1031 of this title. § 1132. Civil enforcement (a) Persons empowered to bring a civil action A civil action may be brought— (1) by a participant or beneficiary— (A) for the relief provided for in subsection (c) of this section, or (B) to recover benefits due to him under the terms of his plan, to enforce his rights under the terms of the plan, or to clarify his rights to future benefits under the terms of the plan; (2) by the Secretary, or by a participant, beneficiary or fiduciary for appropriate relief under section 1109 of this title; (3) by a participant, beneficiary, or fiduciary (A) to enjoin any act or practice which vio- lates any provision of this subchapter or the terms of the plan, or (B) to obtain other appro- priate equitable relief (i) to redress such viola- tions or (ii) to enforce any provisions of this subchapter or the terms of the plan; (4) by the Secretary, or by a participant, or beneficiary for appropriate relief in the case of a violation of section 1025(c) or 1032(a) of this title; (5) except as otherwise provided in sub- section (b), by the Secretary (A) to enjoin any act or practice which violates any provision of this subchapter, or (B) to obtain other appro- priate equitable relief (i) to redress such viola- tion or (ii) to enforce any provision of this subchapter; (6) by the Secretary to collect any civil pen- alty under paragraph (2), (4), (5), (6), (7), (8), or (9) of subsection (c) or under subsection (i) or (l); (7) by a State to enforce compliance with a qualified medical child support order (as de- fined in section 1169(a)(2)(A) of this title); (8) by the Secretary, or by an employer or other person referred to in section 1021(f)(1) of this title, (A) to enjoin any act or practice which violates subsection (f) of section 1021 of this title, or (B) to obtain appropriate equi- table relief (i) to redress such violation or (ii) to enforce such subsection;