29 U.S.C. § 1002 — Definitions

Page 362 TITLE 29—LABOR § 1002 Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99–272, set out as an Effec- tive Date of 1986 Amendment note under section 1341 of this title. § 1002. Definitions For purposes of this subchapter: (1) The terms ‘‘employee welfare benefit plan’’ and ‘‘welfare plan’’ mean any plan, fund, or pro- gram which was heretofore or is hereafter estab- lished 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) med- ical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, dis- ability, death or unemployment, or vacation benefits, apprenticeship or other training pro- grams, or day care centers, scholarship funds, or prepaid legal services, or (B) any benefit de- scribed in section 186(c) of this title (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 em- ployee organization, or by both, to the extent that by its express terms or as a result of sur- rounding circumstances such plan, fund, or pro- gram— (i) provides retirement income to employees, or (ii) results in a deferral of income by em- ployees for periods extending to the termi- nation of covered employment or beyond, regardless of the method of calculating the con- tributions made to the plan, the method of cal- culating 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 in a form other than re- tirement income or as a distribution prior to termination of covered employment solely be- cause such distribution is made to an employee who has attained age 62 and who is not sepa- rated from employment at the time of such dis- tribution. (B) The Secretary may by regulation prescribe rules consistent with the standards and purposes of this chapter providing one or more exempt categories under which— (i) severance pay arrangements, and (ii) supplemental retirement income pay- ments, under which the pension benefits of re- tirees or their beneficiaries are supplemented to take into account some portion or all of the increases in the cost of living (as determined by the Secretary of Labor) since retirement, shall, for purposes of this subchapter, be treated as welfare plans rather than pension plans. In the case of any arrangement or payment a prin- cipal effect of which is the evasion of the stand- ards or purposes of this chapter applicable to pension plans, such arrangement or payment shall be treated as a pension plan. An applicable voluntary early retirement incentive plan (as defined in section 457(e)(11)(D)(ii) of title 26) making payments or supplements described in section 457(e)(11)(D)(i) of title 26, and an applica- ble employment retention plan (as defined in section 457(f)(4)(C) of title 26) making payments of benefits described in section 457(f)(4)(A) of title 26, shall, for purposes of this subchapter, be treated as a welfare plan (and not a pension plan) with respect to such payments and supple- ments. (C) A pooled employer plan shall be treated as— (i) a single employee pension benefit plan or single pension plan; and (ii) a plan to which section 1060(a) of this title applies. (3) The term ‘‘employee benefit plan’’ or ‘‘plan’’ means an employee welfare benefit plan or an employee pension benefit plan or a plan which is both an employee welfare benefit plan and an employee pension benefit plan. (4) The term ‘‘employee organization’’ means any labor union or any organization of any kind, or any agency or employee representation com- mittee, association, group, or plan, in which em- ployees participate and which exists for the pur- pose, in whole or in part, of dealing with em- ployers concerning an employee benefit plan, or other matters incidental to employment rela- tionships; or any employees’ beneficiary associa- tion organized for the purpose in whole or in part, of establishing such a plan. (5) The term ‘‘employer’’ means any person acting directly as an employer, or indirectly in the interest of an employer, in relation to an employee benefit plan; and includes a group or association of employers acting for an employer in such capacity. (6) The term ‘‘employee’’ means any individual employed by an employer. (7) The term ‘‘participant’’ means any em- ployee or former employee of an employer, or any member or former member of an employee organization, who is or may become eligible to receive a benefit of any type from an employee benefit plan which covers employees of such em- ployer or members of such organization, or whose beneficiaries may be eligible to receive any such benefit. (8) The term ‘‘beneficiary’’ means a person designated by a participant, or by the terms of an employee benefit plan, who is or may become entitled to a benefit thereunder. (9) The term ‘‘person’’ means an individual, partnership, joint venture, corporation, mutual company, joint-stock company, trust, estate, unincorporated organization, association, or em- ployee organization. (10) The term ‘‘State’’ includes any State of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, Wake Island, and the Canal Zone. The term ‘‘United States’’ when used in the geo- graphic sense means the States and the Outer Continental Shelf lands defined in the Outer Continental Shelf Lands Act (43 U.S.C. 1331–1343). (11) The term ‘‘commerce’’ means trade, traf- fic, commerce, transportation, or communica- Page 363 TITLE 29—LABOR § 1002 1 So in original. The period probably should be a comma. tion between any State and any place outside thereof. (12) The term ‘‘industry or activity affecting commerce’’ means any activity, business, or in- dustry in commerce or in which a labor dispute would hinder or obstruct commerce or the free flow of commerce, and includes any activity or industry ‘‘affecting commerce’’ within the meaning of the Labor Management Relations Act, 1947 [29 U.S.C. 141 et seq.], or the Railway Labor Act [45 U.S.C. 151 et seq.]. (13) The term ‘‘Secretary’’ means the Sec- retary of Labor. (14) The term ‘‘party in interest’’ means, as to an employee benefit plan— (A) any fiduciary (including, but not limited to, any administrator, officer, trustee, or cus- todian), counsel, or employee of such em- ployee benefit plan; (B) a person providing services to such plan; (C) an employer any of whose employees are covered by such plan; (D) an employee organization any of whose members are covered by such plan; (E) an owner, direct or indirect, of 50 percent or more of— (i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of a corpora- tion.1 (ii) the capital interest or the profits in- terest of a partnership, or (iii) the beneficial interest of a trust or un- incorporated enterprise, which is an employer or an employee organiza- tion described in subparagraph (C) or (D); (F) a relative (as defined in paragraph (15)) of any individual described in subparagraph (A), (B), (C), or (E); (G) a corporation, partnership, or trust or estate of which (or in which) 50 percent or more of— (i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corpora- tion, (ii) the capital interest or profits interest of such partnership, or (iii) the beneficial interest of such trust or estate, is owned directly or indirectly, or held by per- sons described in subparagraph (A), (B), (C), (D), or (E); (H) an employee, officer, director (or an indi- vidual having powers or responsibilities simi- lar to those of officers or directors), or a 10 percent or more shareholder directly or indi- rectly, of a person described in subparagraph (B), (C), (D), (E), or (G), or of the employee benefit plan; or (I) a 10 percent or more (directly or indi- rectly in capital or profits) partner or joint venturer of a person described in subparagraph (B), (C), (D), (E), or (G). The Secretary, after consultation and coordina- tion with the Secretary of the Treasury, may by regulation prescribe a percentage lower than 50 percent for subparagraph (E) and (G) and lower than 10 percent for subparagraph (H) or (I). The Secretary may prescribe regulations for deter- mining the ownership (direct or indirect) of profits and beneficial interests, and the manner in which indirect stockholdings are taken into account. Any person who is a party in interest with respect to a plan to which a trust described in section 501(c)(22) of title 26 is permitted to make payments under section 1403 of this title shall be treated as a party in interest with re- spect to such trust. (15) The term ‘‘relative’’ means a spouse, an- cestor, lineal descendant, or spouse of a lineal descendant. (16)(A) The term ‘‘administrator’’ means— (i) the person specifically so designated by the terms of the instrument under which the plan is operated; (ii) if an administrator is not so designated, the plan sponsor; or (iii) in the case of a plan for which an admin- istrator is not designated and a plan sponsor cannot be identified, such other person as the Secretary may by regulation prescribe. (B) The term ‘‘plan sponsor’’ means (i) the em- ployer in the case of an employee benefit plan established or maintained by a single employer, (ii) the employee organization in the case of a plan established or maintained by an employee organization, (iii) in the case of a plan estab- lished or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the plan, or (iv) in the case of a pooled employer plan, the pooled plan provider. (17) The term ‘‘separate account’’ means an account established or maintained by an insur- ance company under which income, gains, and losses, whether or not realized, from assets allo- cated to such account, are, in accordance with the applicable contract, credited to or charged against such account without regard to other in- come, gains, or losses of the insurance company. (18) The term ‘‘adequate consideration’’ when used in part 4 of subtitle B means (A) in the case of a security for which there is a generally rec- ognized market, either (i) the price of the secu- rity prevailing on a national securities exchange which is registered under section 78f of title 15, or (ii) if the security is not traded on such a na- tional securities exchange, a price not less fa- vorable to the plan than the offering price for the security as established by the current bid and asked prices quoted by persons independent of the issuer and of any party in interest; and (B) in the case of an asset other than a security for which there is a generally recognized mar- ket, the fair market value of the asset as deter- mined in good faith by the trustee or named fi- duciary pursuant to the terms of the plan and in accordance with regulations promulgated by the Secretary. (19) The term ‘‘nonforfeitable’’ when used with respect to a pension benefit or right means a claim obtained by a participant or his bene- ficiary to that part of an immediate or deferred benefit under a pension plan which arises from the participant’s service, which is uncondi- Page 364 TITLE 29—LABOR § 1002 2 See References in Text note below. tional, and which is legally enforceable against the plan. For purposes of this paragraph, a right to an accrued benefit derived from employer contributions shall not be treated as forfeitable merely because the plan contains a provision de- scribed in section 1053(a)(3) of this title. (20) The term ‘‘security’’ has the same mean- ing as such term has under section 77b(1) 2 of title 15. (21)(A) Except as otherwise provided in sub- paragraph (B), a person is a fiduciary with re- spect to a plan to the extent (i) he exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority or control respecting manage- ment or disposition of its assets, (ii) he renders investment advice for a fee or other compensa- tion, direct or indirect, with respect to any moneys or other property of such plan, or has any authority or responsibility to do so, or (iii) he has any discretionary authority or discre- tionary responsibility in the administration of such plan. Such term includes any person des- ignated under section 1105(c)(1)(B) of this title. (B) If any money or other property of an em- ployee benefit plan is invested in securities issued by an investment company registered under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], such investment shall not by itself cause such investment company or such investment company’s investment adviser or principal underwriter to be deemed to be a fi- duciary or a party in interest as those terms are defined in this subchapter, except insofar as such investment company or its investment ad- viser or principal underwriter acts in connection with an employee benefit plan covering employ- ees of the investment company, the investment adviser, or its principal underwriter. Nothing contained in this subparagraph shall limit the duties imposed on such investment company, in- vestment adviser, or principal underwriter by any other law. (22) The term ‘‘normal retirement benefit’’ means the greater of the early retirement ben- efit under the plan, or the benefit under the plan commencing at normal retirement age. The nor- mal retirement benefit shall be determined without regard to— (A) medical benefits, and (B) disability benefits not in excess of the qualified disability benefit. For purposes of this paragraph, a qualified dis- ability benefit is a disability benefit provided by a plan which does not exceed the benefit which would be provided for the participant if he sepa- rated from the service at normal retirement age. For purposes of this paragraph, the early retire- ment benefit under a plan shall be determined without regard to any benefit under the plan which the Secretary of the Treasury finds to be a benefit described in section 1054(b)(1)(G) of this title. (23) The term ‘‘accrued benefit’’ means— (A) in the case of a defined benefit plan, the individual’s accrued benefit determined under the plan and, except as provided in section 1054(c)(3) of this title, expressed in the form of an annual benefit commencing at normal re- tirement age, or (B) in the case of a plan which is an indi- vidual account plan, the balance of the indi- vidual’s account. The accrued benefit of an employee shall not be less than the amount determined under section 1054(c)(2)(B) of this title with respect to the em- ployee’s accumulated contribution. (24) The term ‘‘normal retirement age’’ means the earlier of— (A) the time a plan participant attains nor- mal retirement age under the plan, or (B) the later of— (i) the time a plan participant attains age 65, or (ii) the 5th anniversary of the time a plan participant commenced participation in the plan. (25) The term ‘‘vested liabilities’’ means the present value of the immediate or deferred bene- fits available at normal retirement age for par- ticipants and their beneficiaries which are non- forfeitable. (26) The term ‘‘current value’’ means fair mar- ket value where available and otherwise the fair value as determined in good faith by a trustee or a named fiduciary (as defined in section 1102(a)(2) of this title) pursuant to the terms of the plan and in accordance with regulations of the Secretary, assuming an orderly liquidation at the time of such determination. (27) The term ‘‘present value’’, with respect to a liability, means the value adjusted to reflect anticipated events. Such adjustments shall con- form to such regulations as the Secretary of the Treasury may prescribe. (28) The term ‘‘normal service cost’’ or ‘‘nor- mal cost’’ means the annual cost of future pen- sion benefits and administrative expenses as- signed, under an actuarial cost method, to years subsequent to a particular valuation date of a pension plan. The Secretary of the Treasury may prescribe regulations to carry out this paragraph. (29) The term ‘‘accrued liability’’ means the excess of the present value, as of a particular valuation date of a pension plan, of the pro- jected future benefit costs and administrative expenses for all plan participants and bene- ficiaries over the present value of future con- tributions for the normal cost of all applicable plan participants and beneficiaries. The Sec- retary of the Treasury may prescribe regula- tions to carry out this paragraph. (30) The term ‘‘unfunded accrued liability’’ means the excess of the accrued liability, under an actuarial cost method which so provides, over the present value of the assets of a pension plan. The Secretary of the Treasury may pre- scribe regulations to carry out this paragraph. (31) The term ‘‘advance funding actuarial cost method’’ or ‘‘actuarial cost method’’ means a recognized actuarial technique utilized for es- tablishing the amount and incidence of the an- nual actuarial cost of pension plan benefits and expenses. Acceptable actuarial cost methods shall include the accrued benefit cost method (unit credit method), the entry age normal cost method, the individual level premium cost Page 365 TITLE 29—LABOR § 1002 3 So in original. Probably should be followed by a period. method, the aggregate cost method, the at- tained age normal cost method, and the frozen initial liability cost method. The terminal fund- ing cost method and the current funding (pay- as-you-go) cost method are not acceptable actu- arial cost methods. The Secretary of the Treas- ury shall issue regulations to further define ac- ceptable actuarial cost methods. (32) The term ‘‘governmental plan’’ means a plan established or maintained for its employees by the Government of the United States, by the government of any State or political subdivision thereof, or by any agency or instrumentality of any of the foregoing. The term ‘‘governmental plan’’ also includes any plan to which the Rail- road Retirement Act of 1935, or 1937 [45 U.S.C. 231 et seq.] applies, and which is financed by contributions required under that Act and any plan of an international organization which is exempt from taxation under the provisions of the International Organizations Immunities Act [22 U.S.C. 288 et seq.]. The term ‘‘governmental plan’’ includes a plan which is established and maintained by an Indian tribal government (as defined in section 7701(a)(40) of title 26), a sub- division of an Indian tribal government (deter- mined in accordance with section 7871(d) of title 26), or an agency or instrumentality of either, and all of the participants of which are employ- ees of such entity substantially all of whose services as such an employee are in the perform- ance of essential governmental functions but not in the performance of commercial activities (whether or not an essential government func- tion) 3 (33)(A) The term ‘‘church plan’’ means a plan established and maintained (to the extent re- quired in clause (ii) of subparagraph (B)) for its employees (or their beneficiaries) by a church or by a convention or association of churches which is exempt from tax under section 501 of title 26. (B) The term ‘‘church plan’’ does not include a plan— (i) which is established and maintained pri- marily for the benefit of employees (or their beneficiaries) of such church or convention or association of churches who are employed in connection with one or more unrelated trades or businesses (within the meaning of section 513 of title 26), or (ii) if less than substantially all of the indi- viduals included in the plan are individuals de- scribed in subparagraph (A) or in clause (ii) of subparagraph (C) (or their beneficiaries). (C) For purposes of this paragraph— (i) A plan established and maintained for its employees (or their beneficiaries) by a church or by a convention or association of churches includes a plan maintained by an organiza- tion, whether a civil law corporation or other- wise, the principal purpose or function of which is the administration or funding of a plan or program for the provision of retire- ment benefits or welfare benefits, or both, for the employees of a church or a convention or association of churches, if such organization is controlled by or associated with a church or a convention or association of churches. (ii) The term employee of a church or a con- vention or association of churches includes— (I) a duly ordained, commissioned, or li- censed minister of a church in the exercise of his ministry, regardless of the source of his compensation; (II) an employee of an organization, whether a civil law corporation or other- wise, which is exempt from tax under sec- tion 501 of title 26 and which is controlled by or associated with a church or a convention or association of churches; and (III) an individual described in clause (v). (iii) A church or a convention or association of churches which is exempt from tax under section 501 of title 26 shall be deemed the em- ployer of any individual included as an em- ployee under clause (ii). (iv) An organization, whether a civil law cor- poration or otherwise, is associated with a church or a convention or association of churches if it shares common religious bonds and convictions with that church or conven- tion or association of churches. (v) If an employee who is included in a church plan separates from the service of a church or a convention or association of churches or an organization, whether a civil law corporation or otherwise, which is exempt from tax under section 501 of title 26 and which is controlled by or associated with a church or a convention or association of churches, the church plan shall not fail to meet the requirements of this paragraph mere- ly because the plan— (I) retains the employee’s accrued benefit or account for the payment of benefits to the employee or his beneficiaries pursuant to the terms of the plan; or (II) receives contributions on the employ- ee’s behalf after the employee’s separation from such service, but only for a period of 5 years after such separation, unless the em- ployee is disabled (within the meaning of the disability provisions of the church plan or, if there are no such provisions in the church plan, within the meaning of section 72(m)(7) of title 26) at the time of such separation from service. (D)(i) If a plan established and maintained for its employees (or their beneficiaries) by a church or by a convention or association of churches which is exempt from tax under sec- tion 501 of title 26 fails to meet one or more of the requirements of this paragraph and corrects its failure to meet such requirements within the correction period, the plan shall be deemed to meet the requirements of this paragraph for the year in which the correction was made and for all prior years. (ii) If a correction is not made within the cor- rection period, the plan shall be deemed not to meet the requirements of this paragraph begin- ning with the date on which the earliest failure to meet one or more of such requirements oc- curred. (iii) For purposes of this subparagraph, the term ‘‘correction period’’ means— (I) the period ending 270 days after the date of mailing by the Secretary of the Treasury of Page 366 TITLE 29—LABOR § 1002 a notice of default with respect to the plan’s failure to meet one or more of the require- ments of this paragraph; or (II) any period set by a court of competent jurisdiction after a final determination that the plan fails to meet such requirements, or, if the court does not specify such period, any reasonable period determined by the Secretary of the Treasury on the basis of all the facts and circumstances, but in any event not less than 270 days after the determination has be- come final; or (III) any additional period which the Sec- retary of the Treasury determines is reason- able or necessary for the correction of the de- fault, whichever has the latest ending date. (34) The term ‘‘individual account plan’’ or ‘‘defined contribution plan’’ means a pension plan which provides for an individual account for each participant and for benefits based solely upon the amount contributed to the partici- pant’s account, and any income, expenses, gains and losses, and any forfeitures of accounts of other participants which may be allocated to such participant’s account. (35) The term ‘‘defined benefit plan’’ means a pension plan other than an individual account plan; except that a pension plan which is not an individual account plan and which provides a benefit derived from employer contributions which is based partly on the balance of the sepa- rate account of a participant— (A) for the purposes of section 1052 of this title, shall be treated as an individual account plan, and (B) for the purposes of paragraph (23) of this section and section 1054 of this title, shall be treated as an individual account plan to the extent benefits are based upon the separate ac- count of a participant and as a defined benefit plan with respect to the remaining portion of benefits under the plan. (36) The term ‘‘excess benefit plan’’ means a plan maintained by an employer solely for the purpose of providing benefits for certain employ- ees in excess of the limitations on contributions and benefits imposed by section 415 of title 26 on plans to which that section applies without re- gard to whether the plan is funded. To the ex- tent that a separable part of a plan (as deter- mined by the Secretary of Labor) maintained by an employer is maintained for such purpose, that part shall be treated as a separate plan which is an excess benefit plan. (37)(A) The term ‘‘multiemployer plan’’ means a plan— (i) to which more than one employer is re- quired to contribute, (ii) which is maintained pursuant to one or more collective bargaining agreements be- tween one or more employee organizations and more than one employer, and (iii) which satisfies such other requirements as the Secretary may prescribe by regulation. (B) For purposes of this paragraph, all trades or businesses (whether or not incorporated) which are under common control within the meaning of section 1301(b)(1) of this title are considered a single employer. (C) Notwithstanding subparagraph (A), a plan is a multiemployer plan on and after its termi- nation date if the plan was a multiemployer plan under this paragraph for the plan year pre- ceding its termination date. (D) For purposes of this subchapter, notwith- standing the preceding provisions of this para- graph, for any plan year which began before Sep- tember 26, 1980, the term ‘‘multiemployer plan’’ means a plan described in this paragraph (37) as in effect immediately before such date. (E) Within one year after September 26, 1980, a multiemployer plan may irrevocably elect, pur- suant to procedures established by the corpora- tion and subject to the provisions of sections 1453(b) and (c) of this title, that the plan shall not be treated as a multiemployer plan for all purposes under this chapter or the Internal Rev- enue Code of 1954 if for each of the last 3 plan years ending prior to the effective date of the Multiemployer Pension Plan Amendments Act of 1980— (i) the plan was not a multiemployer plan because the plan was not a plan described in subparagraph (A)(iii) of this paragraph and section 414(f)(1)(C) of title 26 (as such provi- sions were in effect on the day before Sep- tember 26, 1980); and (ii) the plan had been identified as a plan that was not a multiemployer plan in substan- tially all its filings with the corporation, the Secretary of Labor and the Secretary of the Treasury. (F)(i) For purposes of this subchapter a quali- fied football coaches plan— (I) shall be treated as a multiemployer plan to the extent not inconsistent with the pur- poses of this subparagraph; and (II) notwithstanding section 401(k)(4)(B) of title 26, may include a qualified cash and de- ferred arrangement. (ii) For purposes of this subparagraph, the term ‘‘qualified football coaches plan’’ means any defined contribution plan which is estab- lished and maintained by an organization— (I) which is described in section 501(c) of title 26; (II) the membership of which consists en- tirely of individuals who primarily coach foot- ball as full-time employees of 4-year colleges or universities described in section 170(b)(1)(A)(ii) of title 26; and (III) which was in existence on September 18, 1986. (G)(i) Within 1 year after August 17, 2006— (I) an election under subparagraph (E) may be revoked, pursuant to procedures prescribed by the Pension Benefit Guaranty Corporation, if, for each of the 3 plan years prior to August 17, 2006, the plan would have been a multiem- ployer plan but for the election under subpara- graph (E), and (II) a plan that meets the criteria in clauses (i) and (ii) of subparagraph (A) of this para- graph or that is described in clause (vi) may, pursuant to procedures prescribed by the Pen- sion Benefit Guaranty Corporation, elect to be a multiemployer plan, if— (aa) for each of the 3 plan years imme- diately preceding the first plan year for Page 367 TITLE 29—LABOR § 1002 which the election under this paragraph is effective with respect to the plan, the plan has met those criteria or is so described, (bb) substantially all of the plan’s em- ployer contributions for each of those plan years were made or required to be made by organizations that were exempt from tax under section 501 of title 26, and (cc) the plan was established prior to Sep- tember 2, 1974. (ii) An election under this subparagraph shall be effective for all purposes under this chapter and under title 26, starting with any plan year beginning on or after January 1, 1999, and ending before January 1, 2008, as designated by the plan in the election made under clause (i)(II). (iii) Once made, an election under this sub- paragraph shall be irrevocable, except that a plan described in clause (i)(II) shall cease to be a multiemployer plan as of the plan year begin- ning immediately after the first plan year for which the majority of its employer contribu- tions were made or required to be made by orga- nizations that were not exempt from tax under section 501 of title 26. (iv) The fact that a plan makes an election under clause (i)(II) does not imply that the plan was not a multiemployer plan prior to the date of the election or would not be a multiemployer plan without regard to the election. (v)(I) No later than 30 days before an election is made under this subparagraph, the plan ad- ministrator shall provide notice of the pending election to each plan participant and bene- ficiary, each labor organization representing such participants or beneficiaries, and each em- ployer that has an obligation to contribute to the plan, describing the principal differences be- tween the guarantee programs under subchapter III and the benefit restrictions under this sub- chapter for single employer and multiemployer plans, along with such other information as the plan administrator chooses to include. (II) Within 180 days after August 17, 2006, the Secretary shall prescribe a model notice under this clause. (III) A plan administrator’s failure to provide the notice required under this subparagraph shall be treated for purposes of section 1132(c)(2) of this title as a failure or refusal by the plan administrator to file the annual report required to be filed with the Secretary under section 1021(b)(1) of this title. (vi) A plan is described in this clause if it is a plan sponsored by an organization which is de- scribed in section 501(c)(5) of title 26 and exempt from tax under section 501(a) of such title and which was established in Chicago, Illinois, on August 12, 1881. (vii) For purposes of this chapter and title 26, a plan making an election under this subpara- graph shall be treated as maintained pursuant to a collective bargaining agreement if a collec- tive bargaining agreement, expressly or other- wise, provides for or permits employer contribu- tions to the plan by one or more employers that are signatory to such agreement, or participa- tion in the plan by one or more employees of an employer that is signatory to such agreement, regardless of whether the plan was created, es- tablished, or maintained for such employees by virtue of another document that is not a collec- tive bargaining agreement. (38) The term ‘‘investment manager’’ means any fiduciary (other than a trustee or named fi- duciary, as defined in section 1102(a)(2) of this title)— (A) who has the power to manage, acquire, or dispose of any asset of a plan; (B) who (i) is registered as an investment ad- viser under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.]; (ii) is not reg- istered as an investment adviser under such Act by reason of paragraph (1) of section 203A(a) of such Act [15 U.S.C. 80b–3a(a)], is reg- istered as an investment adviser under the laws of the State (referred to in such para- graph (1)) in which it maintains its principal office and place of business, and, at the time the fiduciary last filed the registration form most recently filed by the fiduciary with such State in order to maintain the fiduciary’s reg- istration under the laws of such State, also filed a copy of such form with the Secretary; (iii) is a bank, as defined in that Act; or (iv) is an insurance company qualified to perform services described in subparagraph (A) under the laws of more than one State; and (C) has acknowledged in writing that he is a fiduciary with respect to the plan. (39) The terms ‘‘plan year’’ and ‘‘fiscal year of the plan’’ mean, with respect to a plan, the cal- endar, policy, or fiscal year on which the records of the plan are kept. (40)(A) The term ‘‘multiple employer welfare arrangement’’ means an employee welfare ben- efit plan, or any other arrangement (other than an employee welfare benefit plan), which is es- tablished or maintained for the purpose of offer- ing or providing any benefit described in para- graph (1) to the employees of two or more em- ployers (including one or more self-employed in- dividuals), or to their beneficiaries, except that such term does not include any such plan or other arrangement which is established or main- tained— (i) under or pursuant to one or more agree- ments which the Secretary finds to be collec- tive bargaining agreements, (ii) by a rural electric cooperative, or (iii) by a rural telephone cooperative asso- ciation. (B) For purposes of this paragraph— (i) two or more trades or businesses, whether or not incorporated, shall be deemed a single employer if such trades or businesses are with- in the same control group, (ii) the term ‘‘control group’’ means a group of trades or businesses under common control, (iii) the determination of whether a trade or business is under ‘‘common control’’ with an- other trade or business shall be determined under regulations of the Secretary applying principles similar to the principles applied in determining whether employees of two or more trades or businesses are treated as em- ployed by a single employer under section 1301(b) of this title, except that, for purposes of this paragraph, common control shall not be based on an interest of less than 25 percent, (iv) the term ‘‘rural electric cooperative’’ means— Page 368 TITLE 29—LABOR § 1002 4 So in original. Probably should be ‘‘The’’. 5 So in original. Probably should be ‘‘part 4 of subtitle B,’’. 6 So in original. Probably should be ‘‘(44)(C)(ii)(I);’’. (I) any organization which is exempt from tax under section 501(a) of title 26 and which is engaged primarily in providing electric service on a mutual or cooperative basis, and (II) any organization described in para- graph (4) or (6) of section 501(c) of title 26 which is exempt from tax under section 501(a) of title 26 and at least 80 percent of the members of which are organizations de- scribed in subclause (I), and (v) the term ‘‘rural telephone cooperative as- sociation’’ means an organization described in paragraph (4) or (6) of section 501(c) of title 26 which is exempt from tax under section 501(a) of title 26 and at least 80 percent of the mem- bers of which are organizations engaged pri- marily in providing telephone service to rural areas of the United States on a mutual, coop- erative, or other basis. (41) SINGLE-EMPLOYER PLAN.—The term ‘‘sin- gle-employer plan’’ means an employee benefit plan other than a multiemployer plan. (42) the 4 term ‘‘plan assets’’ means plan assets as defined by such regulations as the Secretary may prescribe, except that under such regula- tions the assets of any entity shall not be treat- ed as plan assets if, immediately after the most recent acquisition of any equity interest in the entity, less than 25 percent of the total value of each class of equity interest in the entity is held by benefit plan investors. For purposes of deter- minations pursuant to this paragraph, the value of any equity interest held by a person (other than such a benefit plan investor) who has dis- cretionary authority or control with respect to the assets of the entity or any person who pro- vides investment advice for a fee (direct or indi- rect) with respect to such assets, or any affiliate of such a person, shall be disregarded for pur- poses of calculating the 25 percent threshold. An entity shall be considered to hold plan assets only to the extent of the percentage of the eq- uity interest held by benefit plan investors. For purposes of this paragraph, the term ‘‘benefit plan investor’’ means an employee benefit plan subject to part 4,5 any plan to which section 4975 of title 26 applies, and any entity whose under- lying assets include plan assets by reason of a plan’s investment in such entity. (43) POOLED EMPLOYER PLAN.— (A) IN GENERAL.—The term ‘‘pooled employer plan’’ means a plan— (i) which is an individual account plan es- tablished or maintained for the purpose of providing benefits to the employees of 2 or more employers; (ii) which is a plan described in section 401(a) of title 26 which includes a trust ex- empt from tax under section 501(a) of title 26, a plan that consists of annuity contracts described in section 403(b) of title 26, or a plan that consists of individual retirement accounts described in section 408 of title 26 (including by reason of subsection (c) there- of); and (iii) the terms of which meet the require- ments of subparagraph (B). Such term shall not include a plan maintained by employers which have a common interest other than having adopted the plan, but such term shall include any plan (other than a plan excepted from the application of this title by section 1003(b)(2) of this title) maintained for the benefit of the employees of more than 1 employer that consists of annuity contracts described in section 403(b) of title 26 and that meets the requirements of subparagraph (B) of section 413(e)(1) of title 26. (B) REQUIREMENTS FOR PLAN TERMS.—The re- quirements of this subparagraph are met with respect to any plan if the terms of the plan— (i) designate a pooled plan provider and provide that the pooled plan provider is a named fiduciary of the plan; (ii) designate a named fiduciary (other than an employer in the plan) to be respon- sible for collecting contributions to the plan and require such fiduciary to implement written contribution collection procedures that are reasonable, diligent, and system- atic; (iii) provide that each employer in the plan retains fiduciary responsibility for— (I) the selection and monitoring in ac- cordance with section 1104(a) of this title of the person designated as the pooled plan provider and any other person who, in ad- dition to the pooled plan provider, is des- ignated as a named fiduciary of the plan; and (II) to the extent not otherwise dele- gated to another fiduciary by the pooled plan provider and subject to the provisions of section 1104(c) of this title, the invest- ment and management of the portion of the plan’s assets attributable to the em- ployees of the employer (or beneficiaries of such employees); (iv) provide that employers in the plan, and participants and beneficiaries, are not subject to unreasonable restrictions, fees, or penalties with regard to ceasing participa- tion, receipt of distributions, or otherwise transferring assets of the plan in accordance with section 1058 of this title or paragraph (44)(C)(i)(II); 6 (v) require— (I) the pooled plan provider to provide to employers in the plan any disclosures or other information which the Secretary may require, including any disclosures or other information to facilitate the selec- tion or any monitoring of the pooled plan provider by employers in the plan; and (II) each employer in the plan to take such actions as the Secretary or the pooled plan provider determines are necessary to administer the plan or for the plan to meet any requirement applicable under this chapter or title 26 to a plan described in section 401(a) of title 26, a plan that con- sists of annuity contracts described in sec- tion 403(b) of title 26, or to a plan that con- sists of individual retirement accounts de- scribed in section 408 of title 26 (including Page 369 TITLE 29—LABOR § 1002 by reason of subsection (c) thereof), which- ever is applicable, including providing any disclosures or other information which the Secretary may require or which the pooled plan provider otherwise determines are necessary to administer the plan or to allow the plan to meet such requirements; and (vi) provide that any disclosure or other information required to be provided under clause (v) may be provided in electronic form and will be designed to ensure only rea- sonable costs are imposed on pooled plan providers and employers in the plan. (C) EXCEPTIONS.—The term ‘‘pooled em- ployer plan’’ does not include— (i) a multiemployer plan; or (ii) a plan established before December 20, 2019, unless the plan administrator elects that the plan will be treated as a pooled em- ployer plan and the plan meets the require- ments of this subchapter applicable to a pooled employer plan established on or after such date. (D) TREATMENT OF EMPLOYERS AS PLAN SPON- SORS.—Except with respect to the administra- tive duties of the pooled plan provider de- scribed in paragraph (44)(A)(i), each employer in a pooled employer plan shall be treated as the plan sponsor with respect to the portion of the plan attributable to employees of such em- ployer (or beneficiaries of such employees). (44) POOLED PLAN PROVIDER.— (A) IN GENERAL.—The term ‘‘pooled plan pro- vider’’ means a person who— (i) is designated by the terms of a pooled employer plan as a named fiduciary, as the plan administrator, and as the person re- sponsible for the performance of all adminis- trative duties (including conducting proper testing with respect to the plan and the em- ployees of each employer in the plan) which are reasonably necessary to ensure that— (I) the plan meets any requirement ap- plicable under this chapter or title 26 to a plan described in section 401(a) of title 26, a plan that consists of annuity contracts described in section 403(b) of title 26, or to a plan that consists of individual retire- ment accounts described in section 408 of title 26 (including by reason of subsection (c) thereof), whichever is applicable; and (II) each employer in the plan takes such actions as the Secretary or pooled plan provider determines are necessary for the plan to meet the requirements described in subclause (I), including providing the dis- closures and information described in paragraph (43)(B)(v)(II); (ii) registers as a pooled plan provider with the Secretary, and provides to the Secretary such other information as the Secretary may require, before beginning operations as a pooled plan provider; (iii) acknowledges in writing that such person is a named fiduciary, and the plan ad- ministrator, with respect to the pooled em- ployer plan; and (iv) is responsible for ensuring that all per- sons who handle assets of, or who are fidu- ciaries of, the pooled employer plan are bonded in accordance with section 1112 of this title. (B) AUDITS, EXAMINATIONS AND INVESTIGA- TIONS.—The Secretary may perform audits, ex- aminations, and investigations of pooled plan providers as may be necessary to enforce and carry out the purposes of this paragraph and paragraph (43). (C) GUIDANCE.—The Secretary shall issue such guidance as the Secretary determines ap- propriate to carry out this paragraph and paragraph (43), including guidance— (i) to identify the administrative duties and other actions required to be performed by a pooled plan provider under either such paragraph; and (ii) which requires in appropriate cases that if an employer in the plan fails to take the actions required under subparagraph (A)(i)(II)— (I) the assets of the plan attributable to employees of such employer (or bene- ficiaries of such employees) are transferred to a plan maintained only by such em- ployer (or its successor), to an eligible re- tirement plan as defined in section 402(c)(8)(B) of title 26 for each individual whose account is transferred, or to any other arrangement that the Secretary de- termines is appropriate in such guidance; and (II) such employer (and not the plan with respect to which the failure occurred or any other employer in such plan) shall, ex- cept to the extent provided in such guid- ance, be liable for any liabilities with re- spect to such plan attributable to employ- ees of such employer (or beneficiaries of such employees). The Secretary shall take into account under clause (ii) whether the failure of an em- ployer or pooled plan provider to provide any disclosures or other information, or to take any other action, necessary to admin- ister a plan or to allow a plan to meet re- quirements described in subparagraph (A)(i)(II) has continued over a period of time that demonstrates a lack of commitment to compliance. The Secretary may waive the requirements of subclause (ii)(I) in appro- priate circumstances if the Secretary deter- mines it is in the best interests of the em- ployees of the employer referred to in such clause (and the beneficiaries of such employ- ees) to retain the assets in the plan with re- spect to which the employer’s failure oc- curred. (D) GOOD FAITH COMPLIANCE WITH LAW BEFORE GUIDANCE.—An employer or pooled plan pro- vider shall not be treated as failing to meet a requirement of guidance issued by the Sec- retary under subparagraph (C) if, before the issuance of such guidance, the employer or pooled plan provider complies in good faith with a reasonable interpretation of the provi- sions of this paragraph, or paragraph (43), to which such guidance relates. (E) AGGREGATION RULES.—For purposes of this paragraph, in determining whether a per- Page 370 TITLE 29—LABOR § 1002 son meets the requirements of this paragraph to be a pooled plan provider with respect to any plan, all persons who perform services for the plan and who are treated as a single em- ployer under subsection (b), (c), (m), or (o) of section 414 of title 26 shall be treated as one person. (45) PENSION-LINKED EMERGENCY SAVINGS AC- COUNT.—The term ‘‘pension-linked emergency savings account’’ means a short-term savings account established and maintained as part of an individual account plan, in accordance with section 1193 of this title, on behalf of an eligible participant (as such term is defined in section 1193(b) of this title) that— (A) is a designated Roth account (within the meaning of section 402A of title 26) and ac- cepts only participant contributions, as de- scribed in section 1193(d)(1)(A) of this title, which are designated Roth contributions sub- ject to the rules of section 402A(e) of title 26; and (B) meets the requirements of part 8 of sub- title B. (Pub. L. 93–406, title I, § 3, Sept. 2, 1974, 88 Stat. 833; Pub. L. 96–364, title III, §§ 302, 305, title IV, §§ 407(a), 409, Sept. 26, 1980, 94 Stat. 1291, 1294, 1303, 1307; Pub. L. 97–473, title III, § 302(a), Jan. 14, 1983, 96 Stat. 2612; Pub. L. 99–272, title XI, § 11016(c)(1), Apr. 7, 1986, 100 Stat. 273; Pub. L. 99–509, title IX, § 9203(b)(1), Oct. 21, 1986, 100 Stat. 1979; Pub. L. 99–514, title XVIII, § 1879(u)(3), Oct. 22, 1986, 100 Stat. 2913; Pub. L. 100–202, § 136(a), Dec. 22, 1987, 101 Stat. 1329–441; Pub. L. 101–239, title VII, §§ 7871(b)(2), 7881(m)(2)(D), 7891(a)(1), 7893(a), 7894(a)(1)(A), (2)(A), (3), (4), Dec. 19, 1989, 103 Stat. 2435, 2444, 2445, 2447, 2448; Pub. L. 101–508, title XII, § 12002(b)(2)(C), Nov. 5, 1990, 104 Stat. 1388–566; Pub. L. 102–89, § 2, Aug. 14, 1991, 105 Stat. 446; Pub. L. 104–290, title III, § 308(b)(1), Oct. 11, 1996, 110 Stat. 3440; Pub. L. 105–72, § 1(a), Nov. 10, 1997, 111 Stat. 1457; Pub. L. 109–280, title VI, § 611(f), title IX, §§ 905(a), 906(a)(2)(A), title XI, §§ 1104(c), 1106(a), Aug. 17, 2006, 120 Stat. 972, 1050, 1051, 1060; Pub. L. 110–28, title VI, § 6611(a)(1), (b)(1), May 25, 2007, 121 Stat. 179, 180; Pub. L. 110–458, title I, § 111(c), Dec. 23, 2008, 122 Stat. 5113; Pub. L. 116–94, div. O, title I, § 101(b), (c)(1), (3), Dec. 20, 2019, 133 Stat. 3141, 3144; Pub. L. 117–328, div. T, title I, §§ 105(a), 106(d), 127(a), Dec. 29, 2022, 136 Stat. 5286, 5287, 5317.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in pars. (2)(B), (37)(E), (G)(ii), (vii), (43)(B)(v)(II), and (44)(A)(i)(I), was in the original ‘‘this Act’’, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified prin- cipally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of this title and Tables. The Outer Continental Shelf Lands Act, referred to in par. (10), is act Aug. 7, 1953, ch. 345, 67 Stat. 462, which is classified generally to subchapter III (§ 1331 et seq.) of chapter 29 of Title 43, Public Lands. For complete clas- sification of this Act to the Code, see Short Title note set out under section 1301 of Title 43 and Tables. The Labor Management Relations Act, 1947, referred to in par. (12), is act June 23, 1947, ch. 120, 61 Stat. 136, which is classified principally to chapter 7 (§ 141 et seq.) of this title. For complete classification of this Act to the Code, see section 141 of this title and Tables. The Railway Labor Act, referred to in par. (12), is act May 20, 1926, ch. 347, 44 Stat. 577, which is classified principally to chapter 8 (§ 151 et seq.) of Title 45, Rail- roads. For complete classification of this Act to the Code, see section 151 of Title 45 and Tables. Section 77b(1) of title 15, referred to in par. (20), was redesignated section 77b(a)(1) of title 15 by Pub. L. 104–290, title I, § 106(a)(1), Oct. 11, 1996, 110 Stat. 3424. The Investment Company Act of 1940, referred to in par. (21)(B), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. The Railroad Retirement Act of 1935 or 1937, referred to in par. (32), means act Aug. 29, 1935, ch. 812, 49 Stat. 967, known as the Railroad Retirement Act of 1935. The Railroad Retirement Act of 1935 was amended generally by act June 24, 1937, ch. 382, part I, 50 Stat. 307, and was known as the Railroad Retirement Act of 1937. The Railroad Retirement Act of 1937 was amended generally and redesignated the Railroad Retirement Act of 1974 by Pub. L. 93–445, title I, Oct. 16, 1974, 88 Stat. 1305 and is classified generally to subchapter IV (§ 231 et seq.) of chapter 9 of Title 45, Railroads. For complete classi- fication of this Act to the Code, see Tables. The International Organizations Immunities Act, re- ferred to in par. (32), is title I of act Dec. 29, 1945, ch. 652, 59 Stat. 669, which is classified principally to sub- chapter XVIII (§ 288 et seq.) of chapter 7 of Title 22, For- eign Relations and Intercourse. For complete classi- fication of this Act to the Code, see Short Title note set out under section 288 of Title 22 and Tables. Sections 1453(b) and (c) of this title, referred to in par. (37)(E), was in the original ‘‘sections 4403(b) and (c)’’, meaning sections 4403(b) and (c) of the Employee Retirement Income Security Act of 1974, which was translated as section 1453(b) and (c) of this title as the probable intent of Congress, in view of the Employee Retirement Income Security Act of 1974 not containing a section 4403 and the subject matter of section 4303 of the Act which is classified to section 1453(b) and (c) of this title. The Internal Revenue Code of 1954, referred to in par. (37)(E), was redesignated the Internal Revenue Code of 1986 by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, and is classified to Title 26, Internal Revenue Code. For the effective date of the Multiemployer Pension Plan Amendments Act of 1980, referred to in par. (37)(E), see section 1461(e) of this title. The Investment Advisers Act of 1940, referred to in par. (38)(B), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80b–20 of Title 15 and Tables. AMENDMENTS 2022—Par. (43)(A). Pub. L. 117–328, § 106(d)(1)(B), sub- stituted ‘‘the plan, but such term shall include any plan (other than a plan excepted from the application of this title by section 1003(b)(2) of this title) main- tained for the benefit of the employees of more than 1 employer that consists of annuity contracts described in section 403(b) of title 26 and that meets the require- ments of subparagraph (B) of section 413(e)(1) of title 26.’’ for ‘‘the plan.’’ in concluding provisions. Par. (43)(A)(ii). Pub. L. 117–328, § 106(d)(1)(A), sub- stituted ‘‘section 501(a) of title 26, a plan that consists of annuity contracts described in section 403(b) of title 26, or’’ for ‘‘section 501(a) of title 26 or’’. Par. (43)(B)(ii). Pub. L. 117–328, § 105(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as fol- lows: ‘‘designate one or more trustees meeting the re- quirements of section 408(a)(2) of title 26 (other than an employer in the plan) to be responsible for collecting contributions to, and holding the assets of, the plan and require such trustees to implement written con- Page 371 TITLE 29—LABOR § 1002 tribution collection procedures that are reasonable, diligent, and systematic;’’. Par. (43)(B)(v)(II). Pub. L. 117–328, § 106(d)(2), sub- stituted ‘‘section 401(a) of title 26, a plan that consists of annuity contracts described in section 403(b) of title 26, or’’ for ‘‘section 401(a) of title 26 or’’. Par. (44)(A)(i)(I). Pub. L. 117–328, § 106(d)(2), sub- stituted ‘‘section 401(a) of title 26, a plan that consists of annuity contracts described in section 403(b) of title 26, or’’ for ‘‘section 401(a) of title 26 or’’. Par. (45). Pub. L. 117–328, § 127(a), added par. (45). 2019—Par. (2)(C). Pub. L. 116–94, § 101(b), added subpar. (C). Par. (16)(B)(iv). Pub. L. 116–94, § 101(c)(3)(A), added cl. (iv). Par. (41). Pub. L. 116–94, § 101(c)(3)(B), struck out sec- ond par. (41) which read as follows: ‘‘The term ‘single- employer plan’ means a plan which is not a multiem- ployer plan.’’ Pars. (43), (44). Pub. L. 116–94, § 101(c)(1), added pars. (43) and (44). 2008—Par. (37)(G). Pub. L. 110–458 substituted ‘‘sub- paragraph’’ for ‘‘paragraph’’ in cls. (ii), (iii), and (v)(I), ‘‘clause (i)(II)’’ for ‘‘subclause (i)(II)’’ in cl. (iii), ‘‘clause’’ for ‘‘subparagraph’’ in cl. (v)(II), and ‘‘section 1021(b)(1)’’ for ‘‘section 1021(b)(4)’’ in cl. (v)(III). 2007—Par. (37)(G)(i)(II)(aa). Pub. L. 110–28, § 6611(a)(1)(A), substituted ‘‘for each of the 3 plan years immediately preceding the first plan year for which the election under this paragraph is effective with respect to the plan,’’ for ‘‘for each of the 3 plan years imme- diately before August 17, 2006,’’. Par. (37)(G)(ii). Pub. L. 110–28, § 6611(a)(1)(B), sub- stituted ‘‘starting with any plan year beginning on or after January 1, 1999, and ending before January 1, 2008, as designated by the plan in the election made under clause (i)(II)’’ for ‘‘starting with the first plan year end- ing after August 17, 2006’’. Par. (37)(G)(vi). Pub. L. 110–28, § 6611(b)(1), substituted ‘‘if it is a plan sponsored by an organization which is described in section 501(c)(5) of title 26 and exempt from tax under section 501(a) of such title and which was es- tablished in Chicago, Illinois, on August 12, 1881.’’ for ‘‘if it is a plan— ‘‘(I) that was established in Chicago, Illinois, on August 12, 1881; and ‘‘(II) sponsored by an organization described in sec- tion 501(c)(5) of title 26 and exempt from tax under section 501(a) of title 26.’’ Par. (37)(G)(vii). Pub. L. 110–28, § 6611(a)(1)(C), added cl. (vii). 2006—Par. (2)(A). Pub. L. 109–280, § 905(a), inserted at end ‘‘A distribution from a plan, fund, or program shall not be treated as made in a form other than retirement income or as a distribution prior to termination of cov- ered employment solely because such distribution is made to an employee who has attained age 62 and who is not separated from employment at the time of such distribution.’’ Par. (2)(B). Pub. L. 109–280, § 1104(c), inserted at end ‘‘An applicable voluntary early retirement incentive plan (as defined in section 457(e)(11)(D)(ii) of title 26) making payments or supplements described in section 457(e)(11)(D)(i) of title 26, and an applicable employ- ment retention plan (as defined in section 457(f)(4)(C) of title 26) making payments of benefits described in sec- tion 457(f)(4)(A) of title 26, shall, for purposes of this subchapter, be treated as a welfare plan (and not a pen- sion plan) with respect to such payments and supple- ments.’’ Par. (32). Pub. L. 109–280, § 906(a)(2)(A), inserted at end ‘‘The term ‘governmental plan’ includes a plan which is established and maintained by an Indian tribal govern- ment (as defined in section 7701(a)(40) of title 26), a sub- division of an Indian tribal government (determined in accordance with section 7871(d) of title 26), or an agen- cy or instrumentality of either, and all of the partici- pants of which are employees of such entity substan- tially all of whose services as such an employee are in the performance of essential governmental functions but not in the performance of commercial activities (whether or not an essential government function)’’. Par. (37)(G). Pub. L. 109–280, § 1106(a), added subpar. (G). Par. (42). Pub. L. 109–280, § 611(f), added par. (42). 1997—Par. (38)(B). Pub. L. 105–72 added introductory provisions and cls. (i) and (ii), redesignated former cls. (ii) and (iii) as (iii) and (iv), respectively, and struck out former introductory provisions and cl. (i) which read as follows: ‘‘who is (i) registered as an investment adviser under the Investment Advisers Act of 1940 or under the laws of any State;’’. 1996—Par. (38)(B). Pub. L. 104–290 temporarily in- serted ‘‘or under the laws of any State’’ before ‘‘; (ii) is a bank,’’. See Effective and Termination Dates of 1996 Amendment note below. 1991—Par. (40)(A)(iii), (B)(v). Pub. L. 102–89 added cl. (iii) at end of subpar. (A) and cl. (v) at end of subpar. (B). 1990—Par. (41). Pub. L. 101–508 added par. (41) which read as follows: ‘‘The term ‘single-employer plan’ means a plan which is not a multiemployer plan.’’ 1989—Pars. (14), (33), (36), (40)(B)(iv). Pub. L. 101–239, § 7891(a)(1), substituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Internal Revenue Code of 1954’’, which for purposes of codification was translated as ‘‘title 26’’ thus requir- ing no change in text. Par. (23). Pub. L. 101–239, § 7881(m)(2)(D), inserted at end ‘‘The accrued benefit of an employee shall not be less than the amount determined under section 1054(c)(2)(B) of this title with respect to the employee’s accumulated contribution.’’ Par. (24)(B). Pub. L. 101–239, § 7871(b)(2), amended sub- par. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘the latest of— ‘‘(i) the time a plan participant attains age 65, ‘‘(ii) in the case of a plan participant who com- mences participation in the plan within 5 years be- fore attaining normal retirement age under the plan, the 5th anniversary of the time the plan participant commences participation in the plan, or ‘‘(iii) in the case of a plan participant not described in clause (ii), the 10th anniversary of the time the plan participant commences participation in the plan.’’ Par. (33)(D)(iii). Pub. L. 101–239, § 7894(a)(1)(A), sub- stituted ‘‘Secretary of the Treasury’’ for ‘‘Secretary’’ in subcls. (I) to (III). Par. (37)(B). Pub. L. 101–239, § 7893(a), substituted ‘‘section 1301(b)(1)’’ for ‘‘section 1301(c)(1)’’. Par. (37)(F)(i)(II). Pub. L. 101–239, § 7894(a)(2)(A)(i), substituted ‘‘the Internal Revenue Code of 1986’’ for ‘‘such Code’’, which for purposes of codification was translated as ‘‘title 26’’ thus requiring no change in text. Par. (37)(F)(ii). Pub. L. 101–239, § 7894(a)(2)(A)(ii), (iii), inserted ‘‘of such Code’’ after ‘‘section 501(c)’’ in subcl. (I) and after ‘‘section 170(b)(1)(A)(ii)’’ in subcl. (II), which for purposes of codification was translated as ‘‘of title 26’’ thus requiring no change in text. Par. (39). Pub. L. 101–239, § 7894(a)(3), substituted ‘‘mean, with respect to a plan, the calendar’’ for ‘‘mean with respect to a plan, calendar’’. Par. (41). Pub. L. 101–239, § 7894(a)(4), added par. (41). 1987—Par. (37)(F). Pub. L. 100–202 added subpar. (F). 1986—Par. (24)(B). Pub. L. 99–509 amended subpar. (B) generally. Prior to amendment, subpar. (B) read as fol- lows: ‘‘the later of— ‘‘(i) the time a plan participant attains age 65, or ‘‘(ii) the 10th anniversary of the time a plan partici- pant commenced participation in the plan.’’ Par. (37)(A). Pub. L. 99–514 repealed the amendment made by Pub. L. 99–272. See note below. Pub. L. 99–272, which, eff. Jan. 1, 1986, directed the substitution of ‘‘means a pension plan’’ for ‘‘means a plan’’ was repealed by Pub. L. 99–514, eff. Jan. 1, 1986. 1983—Par. (40). Pub. L. 97–473 added par. (40). 1980—Par. (2). Pub. L. 96–364, § 409, redesignated exist- ing provisions as subpar. (A), inserted exception for subpar. (B), substituted ‘‘(i)’’ for ‘‘(A)’’ and ‘‘(ii)’’ for ‘‘(B)’’, and added subpar. (B). Page 372 TITLE 29—LABOR § 1002 Par. (14). Pub. L. 96–364, § 305, inserted provisions re- specting a trust described in section 501(c)(22) of title 26. Par. (33). Pub. L. 96–364, § 407(a), substituted provi- sions defining ‘‘church plan’’ as a plan established and maintained (to the extent required in cl. (ii) of subpar. (B)) for employees or beneficiaries by a church, etc., ex- empt from tax under section 501 of title 26, for provi- sions defining ‘‘church plan’’ as a plan established and maintained for employees by a church, etc., exempt from tax under section 501 of title 26, or a plan in exist- ence on Jan. 1, 1974, established and maintained by a church, etc., for employees and employees of agencies of the church, etc. Par. (37). Pub. L. 96–364, § 302(a), substantially revised definition of term ‘‘multiemployer plan’’ by, among other changes, restructuring subpar. (A), resulting in elimination of provisions covering amount of contribu- tions and payment of benefits, and subpar. (B), result- ing in elimination of provisions reworking amount of contributions for subsequent plan years, and added sub- pars. (C) to (E). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2022 AMENDMENT Pub. L. 117–328, div. T, title I, § 105(b), Dec. 29, 2022, 136 Stat. 5286, provided that: ‘‘The amendments made by this section [amending this section] shall apply to plan years beginning after December 31, 2022.’’ Amendment by section 106(d) of Pub. L. 117–328 appli- cable to plan years beginning after Dec. 31, 2022, see section 106(h)(1) of Pub. L. 117–328, set out as a note under section 403 of Title 26, Internal Revenue Code. Amendment by section 127(a) of Pub. L. 117–328 appli- cable to plan years beginning after Dec. 31, 2023, see section 127(g) of Pub. L. 117–328, set out as a note under section 72 of Title 26, Internal Revenue Code. EFFECTIVE DATE OF 2019 AMENDMENT Amendment by Pub. L. 116–94 applicable to plan years beginning after Dec. 31, 2020, see section 101(e) of Pub. L. 116–94, set out as a note under section 408 of Title 26, Internal Revenue Code. EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110–458 effective as if included in the provisions of Pub. L. 109–280 to which the amend- ment relates, except as otherwise provided, see section 112 of Pub. L. 110–458, set out as a note under section 72 of Title 26, Internal Revenue Code. EFFECTIVE DATE OF 2007 AMENDMENT Amendment by Pub. L. 110–28 effective as if included in section 1106 of the Pension Protection Act of 2006, Pub. L. 109–280, see section 6611(c) of Pub. L. 110–28, set out as a note under section 414 of Title 26, Internal Rev- enue Code. EFFECTIVE DATE OF 2006 AMENDMENT Amendment by section 611(f) of Pub. L. 109–280 appli- cable to transactions occurring after Aug. 17, 2006, see section 611(h)(1) of Pub. L. 109–280, set out as a note under section 4975 of Title 26, Internal Revenue Code. Amendment by section 905(a) of Pub. L. 109–280 appli- cable to distributions in plan years beginning after Dec. 31, 2006, see section 905(c) of Pub. L. 109–280, set out as a note under section 401 of Title 26, Internal Revenue Code. Amendment by section 906(a)(2)(A) of Pub. L. 109–280 applicable to any year beginning on or after Aug. 17, 2006, see section 906(c) of Pub. L. 109–280, set out as a note under section 414 of Title 26, Internal Revenue Code. Amendment by section 1104(c) of Pub. L. 109–280 effec- tive Aug. 17, 2006, and applicable to plan years ending after such date, see section 1104(d)(1), (3) of Pub. L. 109–280, set out as a note under section 457 of Title 26, Internal Revenue Code. EFFECTIVE DATE OF 1997 AMENDMENT Pub. L. 105–72, § 1(c), Nov. 10, 1997, 111 Stat. 1457, pro- vided that: ‘‘The amendments made by subsection (a) [amending this section] shall take effect on July 8, 1997, except that the requirement of section 3(38)(B)(ii) of the Employee Retirement Income Security Act of 1974 [section 1002(38)(B)(ii) of this title] (as amended by this Act) for filing with the Secretary of Labor of a copy of a registration form which has been filed with a State before the date of the enactment of this Act [Nov. 10, 1997], or is to be filed with a State during the 1-year pe- riod beginning with such date, shall be treated as satis- fied upon the filing of such a copy with the Secretary at any time during such 1-year period. This section shall supersede section 308(b) of the National Securities Markets Improvement Act of 1996 [Pub. L. 104–290, amending this section and enacting provisions set out as an Effective and Termination Dates of 1996 Amend- ment note below] (and the amendment made thereby).’’ EFFECTIVE AND TERMINATION DATES OF 1996 AMENDMENT Amendment by Pub. L. 104–290 effective 270 days after Oct. 11, 1996, see section 308(a) of Pub. L. 104–290, as amended, set out as a note under section 80b–2 of Title 15, Commerce and Trade. Pub. L. 104–290, title III, § 308(b)(2), Oct. 11, 1996, 110 Stat. 3440, which provided that the amendment made by paragraph (1), amending this section, ceased to be effective 2 years after Oct. 11, 1996, was superseded by section 1(c) of Pub. L. 105–72, set out as an Effective Date of 1997 Amendment note above. EFFECTIVE DATE OF 1991 AMENDMENT Pub. L. 102–89, § 3, Aug. 14, 1991, 105 Stat. 446, provided that: ‘‘The amendments made by section 2 [amending this section] shall take effect on the date of the enact- ment of this Act [Aug. 14, 1991].’’ EFFECTIVE DATE OF 1990 AMENDMENT Amendment by Pub. L. 101–508 applicable to rever- sions occurring after Sept. 30, 1990, but not applicable to any reversion after Sept. 30, 1990, if (1) in the case of plans subject to subchapter III of this chapter, notice of intent to terminate under such subchapter was pro- vided to participants (or if no participants, to Pension Benefit Guaranty Corporation) before Oct. 1, 1990, (2) in the case of plans subject to subchapter I of this chapter (and not subchapter III), notice of intent to reduce fu- ture accruals under section 1054(h) of this title was pro- vided to participants in connection with termination before Oct. 1, 1990, (3) in the case of plans not subject to subchapter I or III of this chapter, a request for a de- termination letter with respect to termination was filed with Secretary of the Treasury or Secretary’s del- egate before Oct. 1, 1990, or (4) in the case of plans not subject to subchapter I or III of this chapter and having only one participant, a resolution terminating the plan was adopted by employer before Oct. 1, 1990, see section 12003 of Pub. L. 101–508, set out as a note under section 4980 of Title 26, Internal Revenue Code. EFFECTIVE DATE OF 1989 AMENDMENT Amendment by section 7871(b)(2) of Pub. L. 101–239 ef- fective as if included in the amendments made by sec- tion 9203 of Pub. L. 99–509, see section 7871(b)(3) of Pub. L. 101–239, set out as a note under section 411 of Title 26, Internal Revenue Code. Amendment by section 7881(m)(2)(D) of Pub. L. 101–239 effective, 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. Pub. L. 101–239, title VII, § 7891(f), Dec. 19, 1989, 103 Stat. 2447, provided that: ‘‘Except as otherwise provided in this section, any amendment made by this section [amending this section, sections 1003, 1025, 1051 to 1056, Page 373 TITLE 29—LABOR § 1003 1060, 1061, 1081 to 1084, 1085a, 1101, 1103, 1107, 1108, 1132, 1134, 1137, 1161, 1166, 1167, 1201 to 1203, 1222, 1301, 1302, 1307, 1309, 1321 to 1322a, 1342 to 1345, 1362, 1368, 1384, 1385, 1390, 1391, 1393, 1403, 1421, 1423, 1425, and 1453 of this title, and section 4980B of Title 26] shall take effect as if included in the provision of the Reform Act [probably means Tax Reform Act of 1986, Pub. L. 99–514] to which such amendment relates.’’ Pub. L. 101–239, title VII, § 7893(h), Dec. 19, 1989, 103 Stat. 2448, provided that: ‘‘Any amendment made by this section [amending this section and sections 1322a, 1341, 1342, 1347, 1366, 1367, and 1398 of this title] shall take effect as if included in the provision of the Single- Employer Pension Plan Amendments Act of 1986 [Pub. L. 99–272, title XI] to which such amendment relates.’’ Pub. L. 101–239, title VII, § 7894(a)(1)(B), Dec. 19, 1989, 103 Stat. 2448, provided that: ‘‘The amendments made by subparagraph (A) [amending this section] shall take effect as if included in section 407 of the Multiemployer Pension Plan Amendments Act of 1980 [Pub. L. 96–364].’’ Pub. L. 101–239, title VII, § 7894(a)(2)(B), Dec. 19, 1989, 103 Stat. 2448, provided that: ‘‘The amendment made by this paragraph [amending this section] shall take effect as if included in section 136 of Public Law 100–202.’’ Pub. L. 101–239, title VII, § 7894(i), Dec. 19, 1989, 103 Stat. 2452, provided that: ‘‘Except as otherwise provided in this section, any amendment made by this section [amending this section and sections 1021, 1024 to 1026, 1028, 1031, 1051 to 1056, 1060, 1061, 1081, 1082, 1084, 1086, 1103, 1107, 1108, 1113, 1114, 1132, 1144, 1321 to 1322a, 1344, 1368, and 1461 of this title] shall take effect as if origi- nally included in the provision of the Employee Retire- ment Income Security Act of 1974 [Pub. L. 93–406] to which such amendment relates.’’ EFFECTIVE DATE OF 1987 AMENDMENT Pub. L. 100–202, § 136(b), Dec. 22, 1987, 101 Stat. 1329–442, provided that: ‘‘The amendment made by this section [amending this section] shall apply to years be- ginning after the date of the enactment of this joint resolution [Dec. 22, 1987].’’ EFFECTIVE DATE OF 1986 AMENDMENTS Amendment by section 1879(u)(3) of Pub. L. 99–514 ef- fective as if such provisions were included in the enact- ment of the Single-Employer Pension Plan Amend- ments Act of 1986 [Pub. L. 99–272], see section 1879(u)(4)(A) of Pub. L. 99–514, set out as a note under section 1054 of this title. Amendment by Pub. L. 99–509 applicable only with re- spect to plan years beginning on or after Jan. 1, 1988, and only with respect to service performed on or after such date, see section 9204 of Pub. L. 99–509, set out as an Effective and Termination Dates of 1986 Amend- ments note under section 623 of this title. Amendment by Pub. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99–272, set out as a note under section 1341 of this title. EFFECTIVE DATE OF 1983 AMENDMENT Pub. L. 97–473, title III, § 302(c), Jan. 14, 1983, 96 Stat. 2612, provided that: ‘‘The amendments made by this section [amending this section and section 1144 of this title] shall take effect on the date of the enactment of this Act [Jan. 14, 1983].’’ EFFECTIVE DATE OF 1980 AMENDMENT Amendment of pars. (2), (14), and (37), by Pub. L. 96–364 effective Sept. 26, 1980, except as specifically pro- vided, see section 1461(e) of this title. Amendment of par. (33) by Pub. L. 96–364 effective Jan. 1, 1974, see section 407(c) of Pub. L. 96–364, set out as a note under section 414 of Title 26, Internal Revenue Code. REGULATIONS Secretary of Labor, Secretary of the Treasury, and Equal Employment Opportunity Commission each to issue before Feb. 1, 1988, final regulations to carry out amendments made by Pub. L. 99–509, see section 9204 of Pub. L. 99–509, set out as an Effective and Termination Dates of 1986 Amendment note under section 623 of this title. AVAILABILITY OF DOCUMENTS VIA FILING DEPOSITORY Pub. L. 105–72, § 1(b), Nov. 10, 1997, 111 Stat. 1457, pro- vided that: ‘‘A fiduciary shall be treated as meeting the requirements of section 3(38)(B)(ii) of the Employee Re- tirement Income Security Act of 1974 [29 U.S.C. 1002(38)(B)(ii)] (as amended by subsection (a)) relating to provision to the Secretary of Labor of a copy of the form referred to therein, if a copy of such form (or sub- stantially similar information) is available to the Sec- retary of Labor from a centralized electronic or other record-keeping database.’’ PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989 For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of Title 26, Internal Revenue Code. For provisions directing that if any amendments made by Pub. L. 99–509 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 9204 of Pub. L. 99–509, set out as an Effective and Termination Dates of 1986 Amendment note under section 623 of this title. § 1003. Coverage (a) In general Except as provided in subsection (b) or (c) and in sections 1051, 1081, and 1101 of this title, this subchapter shall apply to any employee benefit plan if it is established or maintained— (1) by any employer engaged in commerce or in any industry or activity affecting com- merce; or (2) by any employee organization or organi- zations representing employees engaged in commerce or in any industry or activity af- fecting commerce; or (3) by both. (b) Exceptions for certain plans The provisions of this subchapter shall not apply to any employee benefit plan if— (1) such plan is a governmental plan (as de- fined in section 1002(32) of this title); (2) such plan is a church plan (as defined in section 1002(33) of this title) with respect to which no election has been made under section 410(d) of title 26; (3) such plan is maintained solely for the purpose of complying with applicable work- men’s compensation laws or unemployment compensation or disability insurance laws; (4) such plan is maintained outside of the United States primarily for the benefit of per- sons substantially all of whom are nonresident aliens; or (5) such plan is an excess benefit plan (as de- fined in section 1002(36) of this title) and is un- funded. The provisions of part 7 of subtitle B of this sub- chapter shall not apply to a health insurance issuer (as defined in section 1191b(b)(2) of this