§ 1203 TITLE 29—LABOR Page 484

respect to whether the tax imposed under section 4971 of title 26 should be applied with respect to any employer to which the request relates. The Secretary of the Treasury and the

Secretary of Labor shall consult with each other

from time to time with respect to the provisions

of section 412 of title 26 (relating to minimum

funding standards) and with respect to the funding standards applicable under subchapter I of

this chapter in order to coordinate the rules applicable under such standards.

(c) Extended application of regulations prescribed by Secretary of the Treasury relating

to minimum participation standards, minimum vesting standards, and minimum funding standards

Regulations prescribed by the Secretary of the

Treasury under sections 410(a), 411, and 412 of

title 26 (relating to minimum participation

standards, minimum vesting standards, and

minimum funding standards, respectively) shall

also apply to the minimum participation, vesting, and funding standards set forth in parts 2

and 3 of subtitle B of subchapter I of this chapter. Except as otherwise expressly provided in

this chapter, the Secretary of Labor shall not

prescribe other regulations under such parts, or

apply the regulations prescribed by the Secretary of the Treasury under sections 410(a), 411,

412 of title 26 and applicable to the minimum

participation, vesting, and funding standards

under such parts in a manner inconsistent with

the way such regulations apply under sections

410(a), 411, and 412 of title 26.

(d) Opportunity afforded Secretary of the Treasury to intervene in cases involving construction or application of minimum standards;

review of briefs filed by Pension Benefit

Guaranty Corporation or Secretary of Labor

The Secretary of Labor and the Pension Benefit Guaranty Corporation, before filing briefs in

any case involving the construction or application of minimum participation standards, minimum vesting standards, or minimum funding

standards under subchapter I of this chapter

shall afford the Secretary of the Treasury a reasonable opportunity to review any such brief.

The Secretary of the Treasury shall have the

right to intervene in any such case.

(e) Consultative requirements respecting promulgation of proposed or final regulations

The Secretary of the Treasury shall consult

with the Pension Benefit Guaranty Corporation

with respect to any proposed or final regulation

authorized by subpart C of part I of subchapter

D of chapter 1 of title 26, or by sections 1421

through 1426 of this title, before publishing any

such proposed or final regulation.

(Pub. L. 93–406, title III, §3002, Sept. 2, 1974, 88

Stat. 996; Pub. L. 96–364, title IV, §402(b)(3), Sept.

26, 1980, 94 Stat. 1299; Pub. L. 101–239, title VII,

§7891(a)(1), Dec. 19, 1989, 103 Stat. 2445.)

REFERENCES IN TEXT

The Internal Revenue Code of 1986, referred to in subsec. (a), is classified generally to Title 26, Internal Revenue Code.

This chapter, referred to in subsecs. (a), (c), 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 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.

Subpart C of part I of subchapter D of chapter 1 of

title 26, referred to in subsec. (e), commences with section 418 of Title 26, Internal Revenue Code.

AMENDMENTS

1989—Subsec. (a). Pub. L. 101–239 substituted ‘‘tax imposed under the Internal Revenue Code of 1986’’ for ‘‘tax

imposed under the Internal Revenue Code of 1954’’ and

‘‘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.

Subsecs. (b), (c), (e). Pub. 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. (e). Pub. L. 96–364 added subsec. (e).

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101–239 effective, except as

otherwise provided, as if included in the provision of

the Tax Reform Act of 1986, Pub. L. 99–514, to which

such amendment relates, see section 7891(f) of Pub. L.

101–239, set out as a note under section 1002 of this title.

EFFECTIVE DATE OF 1980 AMENDMENT

Amendment by Pub. L. 96–364 effective Sept. 26, 1980,

except as specifically provided, see section 1461(e) of

this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 26 section 4971.

§ 1203. Procedures in connection with prohibited

transactions

(a) Notification to Secretary of Labor; opportunity to comment on imposition of tax

under section 4975 of title 26; waiver; requests for investigations

Unless the Secretary of the Treasury finds

that the collection of a tax is in jeopardy, in

carrying out the provisions of section 4975 of

title 26 (relating to tax on prohibited transactions) the Secretary of the Treasury shall, in

accordance with the provisions of subsection (h)

of such section, notify the Secretary of Labor

before sending a notice of deficiency with respect to the tax imposed by subsection (a) or (b)

of such section, and, in accordance with the provisions of subsection (h) of such section, afford

the Secretary an opportunity to comment on

the imposition of the tax in any case. The Secretary of the Treasury shall have authority to

waive the imposition of the tax imposed under

section 4975(b) in appropriate cases. Upon receiving a written request from the Secretary of

Labor or from the Pension Benefit Guaranty

Corporation, the Secretary of the Treasury shall

cause an investigation to be carried out with respect to whether the tax imposed by section 4975

of title 26 should be applied to any person referred to in the request.

(b) Consultation

The Secretary of the Treasury and the Secretary of Labor shall consult with each other

from time to time with respect to the provisions

of section 4975 of title 26 (relating to tax on pro-
Page 485 TITLE 29—LABOR § 1221

hibited transactions) and with respect to the

provisions of subchapter I of this chapter relating to prohibited transactions and exemptions

therefrom in order to coordinate the rules applicable under such standards.

(c) Transmission of information to Secretary of

the Treasury

Whenever the Secretary of Labor obtains information indicating that a party-in-interest or

disqualified person is violating section 1106 of

this title, he shall transmit such information to

the Secretary of the Treasury.

(Pub. L. 93–406, title III, §3003, Sept. 2, 1974, 88

Stat. 998; Pub. L. 101–239, title VII, §7891(a)(1),

Dec. 19, 1989, 103 Stat. 2445.)

AMENDMENTS

1989—Subsecs. (a), (b). Pub. 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.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101–239 effective, except as

otherwise provided, as if included in the provision of

the Tax Reform Act of 1986, Pub. L. 99–514, to which

such amendment relates, see section 7891(f) of Pub. L.

101–239, set out as a note under section 1002 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 26 section 4975.

§ 1204. Coordination between the Department of

the Treasury and the Department of Labor

(a) Whenever in this chapter or in any provision of law amended by this chapter the Secretary of the Treasury and the Secretary of

Labor are required to carry out provisions relating to the same subject matter (as determined

by them) they shall consult with each other and

shall develop rules, regulations, practices, and

forms which, to the extent appropriate for the

efficient administration of such provisions, are

designed to reduce duplication of effort, duplication of reporting, conflicting or overlapping requirements, and the burden of compliance with

such provisions by plan administrators, employers, and participants and beneficiaries.

(b) In order to avoid unnecessary expense and

duplication of functions among Government

agencies, the Secretary of the Treasury and the

Secretary of Labor may make such arrangements or agreements for cooperation or mutual

assistance in the performance of their functions

under this chapter, and the functions of any

such agencies as they find to be practicable and

consistent with law. The Secretary of the Treasury and the Secretary of Labor may utilize, on

a reimbursable or other basis, the facilities or

services, of any department, agency, or establishment of the United States or of any State or

political subdivision of a State, including the

services, of any of its employees, with the lawful

consent of such department, agency, or establishment; and each department, agency, or establishment of the United States is authorized

and directed to cooperate with the Secretary of

the Treasury and the Secretary of Labor and, to

the extent permitted by law, to provide such information and facilities as they may request for

their assistance in the performance of their

functions under this chapter. The Attorney General or his representative shall receive from the

Secretary of the Treasury and the Secretary of

Labor for appropriate action such evidence developed in the performance of their functions

under this chapter as may be found to warrant

consideration for criminal prosecution under the

provisions of this subchapter or other Federal

law.

(Pub. L. 93–406, title III, §3004, Sept. 2, 1974, 88

Stat. 998.)

REFERENCES IN TEXT

This chapter, referred to in text, 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 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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1021, 1024 of this

title; title 26 sections 6057, 6058, 6059.

SUBTITLE B—JOINT PENSION, PROFIT-SHARING,

AND EMPLOYEE STOCK OWNERSHIP PLAN TASK

FORCE; STUDIES

PART 1—JOINT PENSION, PROFIT-SHARING, AND

EMPLOYEE STOCK OWNERSHIP PLAN TASK FORCE

§ 1221. Establishment

The staffs of the Committee on Ways and

Means and the Committee on Education and

Labor of the House of Representatives, the Joint

Committee on Taxation, and the Committee on

Finance and the Committee on Labor and

Human Resources of the Senate shall carry out

the duties assigned under this subchapter to the

Joint Pension, Profit-Sharing, and Employee

Stock Ownership Plan Task Force. By agreement among the chairmen of such Committees,

the Joint Pension, Profit-Sharing, and Employee Stock Ownership Plan Task Force shall

be furnished with office space, clerical personnel, and such supplies and equipment as may be

necessary for the Joint Pension, Profit-Sharing,

and Employee Stock Ownership Plan Task Force

to carry out its duties under this subchapter.

(Pub. L. 93–406, title III, §3021, Sept. 2, 1974, 88

Stat. 999; Pub. L. 94–455, title VIII, §803(i)

(2)(A)(iii), title XIX, §1907(a)(5), Oct. 4, 1976, 90

Stat. 1591, 1836; S. Res. 4, Feb. 4, 1977; S. Res. 30,

Mar. 7, 1979.)

AMENDMENTS

1976—Pub. L. 94–455, §803(i)(2)(A)(iii), substituted

‘‘Joint Pension, Profit-Sharing, and Employee Stock

Ownership Plan Task Force’’ for ‘‘Joint Pension Task

Force’’ wherever appearing.

CHANGE OF NAME

Committee on Education and Labor of House of Representatives treated as referring to Committee on Economic and Educational Opportunities of House of Representatives by section 1(a) of Pub. L. 104–14, set out as

a note preceding section 21 of Title 2, The Congress.

Committee on Economic and Educational Opportunities of House of Representatives changed to Committee

on Education and the Workforce of House of Representatives by House Resolution No. 5, One Hundred Fifth

Congress, Jan. 7, 1997.