29 USC 1302 - Pension Benefit Guaranty Corporation

1 So in original. The word “of” probably should not appear.

thereof, exempt from disclosure pursuant to subparagraph (B) shall be exempt from disclosure under

2 So in original. Probably should be “advisory committee”.

shall, in consultation with the Director of the corporation and participant and plan sponsor advocacy groups, nominate at least two but no more than three individuals to serve as the Participant and Plan Sponsor Advocate.

Editorial Notes

References in Text

The District of Columbia Nonprofit Corporation Act, referred to in subsec. (span), is Puspan. L. 87–569, Aug. 6, 1962, 76 Stat. 265, which is not classified to the Code.

This chapter, referred to in subsecs. (span)(3), (4), (8), (d)(6), and (i), was in original “this Act”, meaning Puspan. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally 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 Federal Insurance Contributions Act, referred to in subsec. (g)(1), is act Aug. 16, 1954, ch. 736, §§ 3101, 3102, 3111, 3112, 3121 to 3128, 68A Stat. 415, which is classified generally to chapter 21 (§ 3101 et seq.) of Title 26, Internal Revenue Code. For complete classification of this Act to the Code, see section 3128 of Title 26 and Tables.

The Federal Unemployment Tax Act, referred to in subsec. (g)(1), is act Aug. 16, 1954, ch. 736, §§ 3301 to 3311, 68A Stat. 454, which is classified generally to chapter 23 (§ 3301 et seq.) of Title 26. For complete classification of this Act to the Code, see section 3311 of Title 26 and Tables.

Codification

A prior subsec. (c), as originally enacted by section 4002 of Puspan. L. 93–406, amended section 5108 of Title 5, Government Organization and Employees. Subsec. (g)(3) amended section 846 of former Title 31, Money and Finance.

Amendments

2022—Subsec. (h)(8). Puspan. L. 117–286 substituted “Chapter 10 of title 5” for “The Federal Advisory Committee Act”.

2012—Subsec. (c). Puspan. L. 112–141, § 40231(d), amended subsec. (c) generally. See Codification note above.

Subsec. (d). Puspan. L. 112–141, § 40231(a)(1), designated existing provisions as par. (1) and added pars. (2) to (7).

Subsec. (e). Puspan. L. 112–141, § 40231(a)(2), designated existing provisions as par. (1), substituted “the corporation, but in no case less than 4 times a year with not fewer than 2 members present. Not less than 1 meeting of the board of directors during each year shall be a joint meeting with the advisory committee under subsection (h).” for “the corporation.” in par. (1), and added par. (2).

Subsec. (h)(1). Puspan. L. 112–141, § 40232(span), inserted at end “In the event of a vacancy or impending vacancy in the office of the Participant and Plan Sponsor Advocate established under section 1304 of this title, the Advisory Committee shall, in consultation with the Director of the corporation and participant and plan sponsor advocacy groups, nominate at least two but no more than three individuals to serve as the Participant and Plan Sponsor Advocate.”

Puspan. L. 112–141, § 40231(a)(3)(A), substituted “, (D)” for “, and (D)” and “time to time, and (E) other issues as determined appropriate by the advisory committee.” for “time to time.”

Subsec. (h)(3). Puspan. L. 112–141, § 40231(a)(3)(B), inserted at end “Not less than 1 meeting of the advisory committee during each year shall be a joint meeting with the board of directors under subsection (e).”

Subsec. (j). Puspan. L. 112–141, § 40231(span), added subsec. (j).

Subsec. (k). Puspan. L. 112–141, § 40231(c), added subsec. (k).

2006—Subsec. (a). Puspan. L. 109–280 in introductory provisions substituted “In carrying out its functions under this subchapter, the corporation shall be administered by a Director, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall act in accordance with the policies established by the board” for “In carrying out its functions under this subchapter, the corporation shall be administered by the chairman of the board of directors in accordance with policies established by the board”.

2002—Subsec. (i). Puspan. L. 107–134 added subsec. (i).

1989—Subsec. (g)(1). Puspan. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

1980—Subsec. (span)(3). Puspan. L. 96–364, § 403(l), inserted provisions respecting bylaws, etc., to carry out this subchapter.

Subsec. (g)(2). Puspan. L. 96–364, § 406(a), substituted provisions relating to inclusion of receipts and disbursements in United States budget totals and nonliability of United States for obligation or liability of corporation, for provisions relating to noninclusion of receipts and disbursements in United States budget totals, exemption from limitations with respect to budget outlays, and restrictions on liability for obligation or liability incurred by the corporation.

1976—Subsec. (g)(1). Puspan. L. 94–455 exempted corporation from all taxation now or hereafter imposed by United States (other than taxes imposed under chapter 21 of title 26, relating to Federal Insurance Contributions Act, and chapter 23 of title 26, relating to Federal Unemployment Tax Act).

Statutory Notes and Related Subsidiaries

Effective Date of 2002 Amendment

Amendment by Puspan. L. 107–134 applicable to disasters and terroristic or military actions occurring on or after Sept. 11, 2001, with respect to any action of the Secretary of the Treasury, the Secretary of Labor, or the Pension Benefit Guaranty Corporation occurring on or after Jan. 23, 2002, see section 112(f) of Puspan. L. 107–134, set out as a note under section 6081 of Title 26, Internal Revenue Code.

Effective Date of 1989 Amendment

Amendment by Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 7891(f) of Puspan. L. 101–239, set out as a note under section 1002 of this title.

Effective Date of 1980 Amendment

Amendment by Puspan. L. 96–364 effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title.

Puspan. L. 96–364, title IV, § 406(span), Sept. 26, 1980, 94 Stat. 1303, provided that: “The amendment made by subsection (a) [amending this section] shall apply to fiscal years beginning after September 30, 1980.”

Effective Date of 1976 Amendment

Puspan. L. 94–455, title XV, § 1510(span), Oct. 4, 1976, 90 Stat. 1741, provided that: “The amendment made by subsection (a) [amending this section] shall take effect on September 2, 1974.”

Senses of Congress

Puspan. L. 112–141, div. D, title II, § 40231(e), July 6, 2012, 126 Stat. 855, provided that:

“(1)Formation of committees.—It is the sense of Congress that the board of directors of the Pension Benefit Guaranty Corporation established under section 4002 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302), as amended by this section, should form committees, including an audit committee and an investment committee composed of not less than 2 members, to enhance the overall effectiveness of the board of directors.

“(2)Advisory committee.—It is the sense of Congress that the advisory committee to the Pension Benefit Guaranty Corporation established under section 4002 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302), as amended by this section, should provide to the board of directors of such corporation policy recommendations regarding changes to the law that would be beneficial to the corporation or the voluntary private pension system.”

Quality Control Procedures for the Pension Benefit Guaranty Corporation

Puspan. L. 112–141, div. D, title II, § 40233(a), July 6, 2012, 126 Stat. 857, provided that:

“(a)Annual Peer Review of Insurance Modeling Systems.—The Pension Benefit Guaranty Corporation shall contract with a capable agency or organization that is independent from the Corporation, such as the Social Security Administration, to conduct an annual peer review of the Corporation’s Single-Employer Pension Insurance Modeling System and the Corporation’s Multiemployer Pension Insurance Modeling System. The board of directors of the Corporation shall designate the agency or organization with which any such contract is entered into. The first of such annual peer reviews shall be initiated no later than 3 months after the date of enactment of this Act [July 6, 2012].”

Policies and Procedures Relating to the Policy, Research, and Analysis Department

Puspan. L. 112–141, div. D, title II, § 40233(span), July 6, 2012, 126 Stat. 858, provided that: “The Pension Benefit Guaranty Corporation shall—

“(1) develop written quality review policies and procedures for all modeling and actuarial work performed by the Corporation’s Policy, Research, and Analysis Department; and

“(2) conduct a record management review of such Department to determine what records must be retained as Federal records.”

Transition

Puspan. L. 109–280, title IV, § 411(d), Aug. 17, 2006, 120 Stat. 936, provided that: “The term of the individual serving as Executive Director of the Pension Benefit Guaranty Corporation on the date of enactment of this Act [Aug. 17, 2006] shall expire on such date of enactment. Such individual, or any other individual, may serve as interim Director of such Corporation until an individual is appointed as Director of such Corporation under section 4002 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1302) (as amended by this Act).”

References in Other Laws to GS–16, 17, or 18 Pay Rates

References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Puspan. L. 101–509, set out in a note under section 5376 of Title 5.