Employee Retirement Income Security Act of 1974 (ERISA)

(Pension Reform Act of 1974)
P.L. 93-406
88 United States Statutes at Large 829
Signed by the President
September 2, 1974
 
SHORT TITLE AND TABLE OF CONTENTS
Act Section 1. This Act may be cited as the "Employee Retirement Income Security Act of 1974".

TABLE OF CONTENTS
Section 1. Short Title and table of contents.
TITLE I PROTECTION OF EMPLOYEE BENEFIT RIGHTS
Subtitle A General Provisions.
Section 2. Findings and declaration of policy.
Section 3. Definitions.
Section 4. Coverage.
Subtitle B Regulatory Provisions

 
Part 1 Reporting and Disclosure.
Section 101 Duty of disclosure and reporting.
Section 102 Plan description and summary plan description.
Section 103 Annual reports.
Section 104 Filing with Secretary and furnishing information to participants.
Section 105 Reporting of participant's benefit rights.
Section 106 Reports made public information.
Section 107 Retention of records.
Section 108 Reliance on administrative interpretations.
Section 109 Forms.
Section 110 Alternative methods of compliance.
Section 111 Repeal and effective date.
 
Part 2 Participation and Vesting.
Section 201 Coverage.
Section 202 Minimum participation standards.
Section 203 Minimum vesting standards.
Section 204 Benefit accrual requirements.
Section 205 Joint and survivor annuity requirement.
Section 206 Other provisions relating to form and payment of benefits.
Section 207 Temporary variances from certain vesting requirements.
Section 208 Mergers and consolidations of plans or transfers of plan assets.
Section 209 Record keeping and reporting requirements.
Section 210 Plans maintained by more than one employer, predecessor plans, and employer groups.
Section 211 Effective dates.
 
Part 3 Funding.
Section 301 Coverage.
Section 302 Minimum funding standards.
Section 303 Variance from minimum funding standard.
Section 304 Extension of amortization periods.
Section 305 Alternative minimum funding standard.
Section 306 Security for waivers of minimum funding standard and extensions of amortization period.
Section 307 Security required upon adoption of plan amendment resulting in significant under-funding.
Section 308 Effective dates.
 
Part 4 Fiduciary Responsibility
Section 401 Coverage.
Section 402 Establishment of plan.
Section 403 Establishment of trust.
Section 404 Fiduciary duties.
Section 405 Liability for breach by co-fiduciary.
Section 406 Prohibited transactions.
Section 407 10 percent limitation with respect to acquisition and holding of employer securities and employer real property by certain plans.
Section 408 Exemptions from prohibited transactions.
Section 409 Liability for breach of fiduciary duty.
Section 410 Exculpatory provisions; insurance.
Section 411 Prohibition against certain persons holding certain positions.
Section 412 Bonding.
Section 413 Limitation on actions.
Section 414 Effective date.
 
Part 5 Administration and Enforcement.
Section 501 Criminal penalties.
Section 502 Civil enforcement.
Section 503 Claims procedure.
Section 504 Investigative authority.
Section 505 Regulations.
Section 506 Other agencies and departments.
Section 507 Administration.
Section 508 Appropriations.
Section 509 Separability provisions.
Section 510 Interference with rights protected under Act.
Section 511 Coercive interference.
Section 512 Advisory Council.
Section 513 Research, studies, and annual report.
Section 514 Effect on other laws.
Section 515 Delinquent contributions.
 
Part 6 Group Health Plans.
Section 601 Plans must provide continuation coverage to certain individuals.
Section 602 Continuation coverage.
Section 603 Qualifying event.
Section 604 Applicable premium.
Section 605 Election.
Section 606 Notice requirements.
Section 607 Definitions and special rules.
Section 608 Regulations.
Section 609 Additional standards for group health plans.
 
TITLE II AMENDMENTS TO THE INTERNAL REVENUE CODE RELATING
TO RETIREMENT PLANS

Section 1001 Amendment of Internal Revenue Code of 1954.

Subtitle A Participation, Vesting, Funding, Administration, Etc.

Part 1 Participation, Vesting, and Funding.
Section 1011 Minimum participation standards.
Section 1012 Minimum vesting standards.
Section 1013 Minimum funding standards.
Section 1014 Collectively bargained plans.
Section 1015 Definitions and special rules.
Section 1016 Conforming and clerical amendments.
Section 1017 Effective dates and transitional rules.
 
Part 2 Certain Other Provisions Relating to Qualified Retirement Plans.
Section 1021 Additional plan requirements.
Section 1022 Miscellaneous provisions.
Section 1023 Retroactive changes in plan.
Section 1024 Effective dates.
 
Part 3 Registration and Information.
Section 1031 Registration and information.
Section 1032 Duties of Secretary of Health, Education, and Welfare.
Section 1033 Reports by actuaries.
Section 1034 Effective dates.
 
Part 4 Declaratory Judgments Relating to Qualification of Certain Retirement Plans.
Section 1041 Tax Court procedure.
 
Part 5 Internal Revenue Service
Section 1051 Establishment of Office.
Section 1052 Authorization of appropriations.

Subtitle B Other Amendments to the Internal Revenue Code Relating to Retirement Plans.

Section 2001 Contributions on behalf of self-employed individuals and shareholder-employees.
Section 2002 Deduction for retirement savings.
Section 2003 Prohibited transactions.
Section 2004 Limitations on benefits and contributions.
Section 2005 Taxation of certain lump sum distributions.
Section 2006 Salary reduction regulations.
Section 2007 Rules for certain negotiated plans.
Section 2008 Certain armed forces survivor annuities.
 
TITLE III JURISDICTION, ADMINISTRATION, ENFORCEMENT; JOINT PENSION, PROFIT-SHARING, AND EMPLOYEE STOCK OWNERSHIP PLAN TASK FORCE, ETC.
Subtitle A Jurisdiction, Administration, and Enforcement
 
Section 3001 Procedures in connection with the issuance of certain determination letters by the Secretary of the Treasury.
Section 3002 Procedures with respect to continued compliance with requirements relating to participation, vesting, and funding standards.
Section 3003 Procedures in connection with prohibited transactions.
Section 3004 Coordination between the Department of the Treasury and the Department of Labor.
 

Subtitle B Joint Pension, Profit Sharing, and Employee Stock Ownership Plan Task Force; Studies

Part 1 Joint Pension, Profit Sharing, and Employee Stock Ownership Plan Task Force.
Section 3021 Establishment.
Section 3022 Duties.
 
Part 2 Other Studies.
Section 3031 Congressional study.
Section 3032 Protection for employees under Federal procurement, construction, and research contracts and grants.

Subtitle C Enrollment of Actuaries

Section 3041 Establishment of Joint Board for the enrollment of actuaries.
Section 3042 Enrollment by Joint Board.
Section 3043 Amendment of Internal Revenue Code.

TITLE IV PLAN TERMINATION INSURANCE.
Subtitle A Pension Benefit Guaranty Corporation.

 
Section 4001 Definitions.
Section 4002 Pension Benefit Guaranty Corporation.
Section 4003 Investigatory authority; cooperation with other agencies; civil actions.
Section 4004 (Repealed).
Section 4005 Establishment of pension benefit guaranty funds.
Section 4006 Premium rates.
Section 4007 Payment of premiums.
Section 4008 Report by the corporation.
Section 4009 Portability assistance.
 

Subtitle B Coverage

 
Section 4021      Plans covered
Section 4022      Single-employer plan benefits guaranteed.
Section 4022A    Multi-employer plan benefits guaranteed.
Section 4022B    Aggregate limit on benefits guaranteed.
Section 4023      Plan fiduciaries.
 

Subtitle C Terminations

 
Section 4041      Termination of single-employer plans.
Section 4041A    Termination of multi-employer plans.
Section 4042      Institution of termination proceedings by the corporation.
Section 4043      Reportable events.
Section 4044      Allocation of assets.
Section 4045      Recapture of certain payments.
Section 4046      Reports to trustee.
Section 4047      Restoration of plans.
Section 4048      Date of termination.
Section 4049      (Repealed).
 

Subtitle D Liability

 
Section 4061      Amounts payable by the corporation.
Section 4062      Liability for termination of single-employer plans under a distress termination.
Section 4063      Liability of substantial employer for withdrawal from single-employer plans under multiple controlled groups.
Section 4064      Liability on termination of single-employer plans under multiple controlled groups.
Section 4065      Annual report for plan administrator.
Section 4066      Annual notification of substantial employers.
Section 4067      Recovery of liability for plan terminations.
Section 4068      Lien for liability.
Section 4069      Treatment of transactions to evade liability; effect of corporate reorganization.
Section 4070      Enforcement authority relating to terminations of single-employer plans.
 
Subtitle E Special Provisions for Multi-employer Plans.
 

Part I Employer Withdrawals.
Section 4201      Withdrawal liability established.
Section 4202      Determination and collection of liability; notification of employer.
Section 4203      Complete withdrawal.
Section 4204      Sale of assets.
Section 4205      Partial withdrawals.
Section 4206      Adjustment for partial withdrawal.
Section 4207      Reduction or waiver of complete withdrawal liability.
Section 4208      Reduction or abatement of partial withdrawal liability.
Section 4209      De minimis rule.
Section 4210      No withdrawal liability for certain temporary contribution obligation periods.
Section 4211      Methods for computing withdrawal liability.
Section 4212      Obligation to contribute; special rules.
Section 4213      Actuarial assumptions, etc.
Section 4214      Application of plan amendments.
Section 4215      Plan notification to corporation of potentially significant withdrawals.
Section 4216      Special rules for Section 404(c) plans.
Section 4217. Application of part in case of certain pre-1980 withdrawals.
Section 4218      Withdrawal not to occur merely because of change in business form or suspension of contributions during labor dispute.
Section 4219      Notice, collection, etc., of withdrawal liability.
Section 4220      Approval of amendments.
Section 4221      Resolution of disputes.
Section 4222      Reimbursements for uncollectible withdrawal liability.
Section 4223      Withdrawal liability payment fund.
Section 4224      Alternative method of withdrawal liability payments.
Section 4225      Limitation on withdrawal liability.
 
Part 2 Merger or Transfer of Plan Assets or Liabilities.
Section 4231      Mergers and transfers between multi-employer plans.
Section 4232      Transfers between a multi-employer plan and a single-employer plan.
Section 4233      Partition.
Section 4234      Asset transfer rules.
Section 4235      Transfers pursuant to change in bargaining representative.
 
Part 3 Reorganization; Minimum Contribution Requirement for Multi-employer Plans.
Section 4241      Reorganization status.
Section 4242      Notice of reorganization and finding requirements.
Section 4243      Minimum contribution requirement.
Section 4244      Overburden credit against minimum contribution requirement.
Section 4244A    Adjustments in accrued benefits.
Section 4245      Insolvent plans.
 
Part 4 Financial Assistance.
Section 4261      Financial assistance.
 
Part 5 Benefits After Termination.
Section 4281      Benefits under certain terminated plans.
 
Part 6 Enforcement.
Section 4301      Civil actions.
Section 4302      Penalty for failure to provide notice.
Section 4303      Election of plan status.
 
Subtitle F Transition Rules and Effective Dates.

Section 4401      Amendment to Internal Revenue Code of 1954.
Section 4402      Transition rules and effective dates.

TITLE I. PROTECTION OF EMPLOYEE BENEFIT RIGHTS

Section A

Section B

Last updated: 03-04