|
|
|
Prepared by the President and transmitted to the Senate and the House of
Representatives in Congress assembled, August 10, 1978, pursuant to the
provisions of Chapter 9 of Title 5 of the United States Code.
|
 |
On
This Page |
 |
|
|
|
|
|
|
|
|
Except as otherwise provided in Sections 104 and 106 of this plan, all
authority of the Secretary of Labor to issue the following described
documents pursuant to the statutes hereinafter specified is hereby
transferred to the Secretary of the Treasury:
|
-
regulations, rulings, opinions,
variances and waivers under Parts 2 and 3 of Subtitle B of Title I and
subsection 1012(c) of Title II of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1001) (hereinafter referred to as “ERISA”),
except for sections and subsections 201, 203(a)(3)(B), 209, and 30
1(a) of ERISA;
-
such regulations, rulings, and
opinions which are granted to the Secretary of Labor under Sections
404, 410, 411, 412, and 413 of the Internal Revenue Code of 1986, as
amended (hereinafter referred to as the ‘Code), except for
subsections 4 11 (a)(3)(B) of the Code and the definitions of “collectively
bargained plan” and “collective bargaining agreement” contained
in subsections 404(a)(l)(B) and (a)(1)(C), 410(b)(2)(A) and (b)(2)(B),
and 4l3(a)(1) of the Code; and
-
regulations, rulings, and opinions
under subsections 3(19), 3(22), 3(23), 3(24), 3(25), 3(27), 3(28),
3(29), 3(30), and 3(31) of Subtitle A of Title I of ERISA.
|
|
|
|
|
|
Except as otherwise provided in Section 105 of this Plan, all authority of
the Secretary of the Treasury to issue the following described documents
pursuant to the statutes hereinafter specified is hereby transferred to the
Secretary of Labor:
|
-
regulations, rulings, opinions, and
exemptions under section 4975 of the Code, except for (i) subsections
4975(a), (b), (c)(3), (d)(3), (e)(1), and (e)(7) of the Code; (ii) to
the extent necessary for the continued enforcement of subsections
4975(a) and (b) by the Secretary of the Treasury, subsections
4975(f)(1), (f)(2), (f)(4), (f)(5) and (f)(6) of the Code; and (iii)
exemptions with respect to transactions that are exempt by subsection
404(c) of ERISA from the provisions of Part 4 of Subtitle B of Title I
of ERISA; and
-
regulations, rulings, and opinions
under subsection 2003(c) of ERISA, except for subsection
2003(c)(1)(B).
|
|
|
|
|
|
In the case of fiduciary actions which are subject to Part 4 of Subtitle B
of Title I of ERISA, the Secretary of the Treasury shall notify the
Secretary of Labor prior to the time of commencing any proceedings to
determine whether the action violates the exclusive benefit rule of
subsection 401(a) of the Code, but not later than prior to issuing a
preliminary notice of intent to disqualify under that rule, and the
Secretary of the Treasury shall not issue a determination that a plan or
trust does not satisfy the requirements of subsection 40 1(a) by reason of
the exclusive benefit rule of subsection 401(a), unless within 90 days after
the date on which the Secretary of the Treasury notifies the Secretary of
Labor of pending action, the Secretary of Labor certifies that he has no
objection to the disqualification or the Secretary of Labor fails to respond
to the Secretary of the Treasury. The requirements of this paragraph do not
apply to the case of any termination or jeopardy assessment under sections
6851 or 6861 of the Code that has been approved in advance by the
Commissioner of Internal Revenue, or, as delegated, the Assistant
Commissioner for Employee Plans and Exemption Organizations.
|
|
|
|
|
|
The transfers provided for in Section 101 of this Plan shall not affect the
ability of the Secretary of Labor, subject to the provisions of Title III of
ERISA relating to jurisdiction, administration, and enforcement, to engage
in enforcement under Section 502 of ERISA or to exercise the authority set
forth under Title III of ERISA, including the ability to make
interpretations necessary to engage in such enforcement or to exercise such
authority. However, in bringing such actions and in exercising such
authority with respect to Parts 2 and 3 of Subtitle B of Title I of ERISA
and any definitions for which the authority of the Secretary of Labor is
transferred to the Secretary of the Treasury as provided in Section 101 of
this Plan, the Secretary of Labor shall be bound by the regulations,
rulings, opinions, variances, and waivers issued by the Secretary of the
Treasury.
|
|
|
|
|
|
The transfers provided for in Section 102 of this Plan
shall not affect the ability of the Secretary of the Treasury, subject to
the provisions of Title III of ERISA relating to jurisdiction,
administration, and enforcement, (a) to audit plans and employers and to
enforce the excise tax provisions of subsections 4975(a) and 4975(b) of the
Code, to exercise the authority set forth in subsections 502(b)(1) and
502(h) of ERISA, or to exercise the authority set forth in Title III of
ERISA, including the ability to make interpretations necessary to audit, to
enforce such taxes, and to exercise such authority; and (b) consistent with
the coordination requirements under Section 103 of this Plan, to disqualify,
under section 401 of the Code, a plan subject to Part 4 of Subtitle B of
Title I of ERISA, including the ability to make the interpretations
necessary to make such disqualification. However, in enforcing such excise
taxes, and, to the extent applicable, in disqualifying such plans the
Secretary of the Treasury shall be bound by the regulations, rulings,
opinions, and exemptions issued by the Secretary of Labor pursuant to the
authority transferred to the Secretary of Labor as provided in Section 102
of this Plan.
|
|
|
|
|
-
The Secretary of the Treasury shall
not exercise the functions transferred pursuant to Section 101 of this
Plan to issue in proposed or final form any of the documents described
in subsection (b) of this Section in any case in which such documents
would significantly impact on or substantially affect collectively
bargained plans unless, within 100 calendar days after the Secretary
of the Treasury notifies the Secretary of Labor of such proposed
action, the Secretary of Labor certifies that he has no objection or
he fails to respond to the Secretary of the Treasury. The fact of such
notification, except for such notification for documents described in
subsection (b)(iv) of this Section, from the Secretary of the Treasury
to the Secretary of Labor shall be announced by the Secretary of Labor
to the public within ten days following the date of receipt of the
notification by the Secretary of Labor.
-
The documents to which this Section
applies are:
-
amendments to regulations issued
pursuant to subsections 202(a)(3), 203(b)(2) and (3)(A),
204(b)(3)(A), (C) and (E), and 210(a)(2) of ERISA, and subsections
410(a)(3) and 41 1(a)(5), (6)(A), and (b)(3)(A), (C), and (E),
413(b)(4) and (c)(3) and 414(0 of the Code;
-
regulations issued pursuant to
subsections 204(b)(3)(D), 302(c)(8), and 304(a) and (b)(2)(A) of
ERISA, and subsections 41 1(b)(3)(D), 412(c)(8), (e), and
(f)(2)(A) of the Code; and
-
revenue rulings (within the
meaning of 26 CFR Section 601.201(a)(6)), revenue procedures, and
similar publications if the rulings, procedures and publications
are issued under one of the statutory provisions listed in (1) and
(ii) of this subsection; and
-
rulings (within the meaning of
26 CFR Section 601 .201(a)(2)) issued prior to the issuance of a
published regulation under one of the statutory provisions listed
in (i) and (ii) of this subsection and not issued under a
published Revenue Ruling.
-
For those documents described in
subsections (b)(i), (b)(ii) and (b)(iii) of this Section, the
Secretary of Labor may request the Secretary of the Treasury to
initiate the actions described in this Section 106 of this Plan.
|
|
|
|
|
|
On or before April 30, 1980, the President will submit to
both Houses of the Congress an evaluation of the extent to which this
Reorganization Plan has alleviated the problems associated with the present
administrative structure under ERISA, accompanied by specific legislative
recommendations for a long-term administrative structure under ERISA.
|
|
|
|
|
|
So much of the personnel, property, records, and unexpended balances of
appropriations, allocations and other funds employed, used, held, available,
or to be made available in connection with the functions transferred under
this Plan, as the Director of the Office of Management and Budget shall
determine, shall be transferred to the appropriate agency, or component at
such time or times as the Director of the Office of Management and Budget
shall provide, except that no such expended balances transferred shall be
used for purposes other than those for which the appropriation was
originally made. The Director of the Office of Management and Budget shall
provide for terminating the affairs of any agencies abolished herein and for
such further measures and dispositions as such Director deems necessary to
effectuate the purpose of this Reorganization Plan.
|
|
|
|
|
|
The provisions of this Reorganization Plan shall become
effective at such time or times, on or before April 30, 1979, as the
President shall specify, but not sooner than the earliest time allowable
under Section 906 of Title 5, United States Code.
|
| |
|
