Page 441 TITLE 29—LABOR § 1111

1So in original. This part does not contain subparts.

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.

REGULATIONS

Secretary of the Treasury or his delegate to issue before Feb. 1, 1988, final regulations to carry out amendments made by section 1114 of Pub. L. 99–514, see section 1141 of Pub. L. 99–514, set out as a note under section 401 of Title 26, Internal Revenue Code.

Secretary authorized, effective Sept. 2, 1974, to promulgate regulations wherever provisions of this part

call for the promulgation of regulations, see sections

1031 and 1114 of this title.

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1101, 1106, 1107,

1403 of this title; title 5 section 8477; title 26 section

4975.

§ 1109. Liability for breach of fiduciary duty

(a) Any person who is a fiduciary with respect

to a plan who breaches any of the responsibilities, obligations, or duties imposed upon fiduciaries by this subchapter shall be personally

liable to make good to such plan any losses to

the plan resulting from each such breach, and to

restore to such plan any profits of such fiduciary

which have been made through use of assets of

the plan by the fiduciary, and shall be subject to

such other equitable or remedial relief as the

court may deem appropriate, including removal

of such fiduciary. A fiduciary may also be removed for a violation of section 1111 of this

title.

(b) No fiduciary shall be liable with respect to

a breach of fiduciary duty under this subchapter

if such breach was committed before he became

a fiduciary or after he ceased to be a fiduciary.

(Pub. L. 93–406, title I, §409, Sept. 2, 1974, 88 Stat.

886.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1132 of this title.

§ 1110. Exculpatory provisions; insurance

(a) Except as provided in sections 1105(b)(1)

and 1105(d) of this title, any provision in an

agreement or instrument which purports to relieve a fiduciary from responsibility or liability

for any responsibility, obligation, or duty under

this part shall be void as against public policy.

(b) Nothing in this subpart 1 shall preclude—

(1) a plan from purchasing insurance for its

fiduciaries or for itself to cover liability or

losses occurring by reason of the act or omission of a fiduciary, if such insurance permits

recourse by the insurer against the fiduciary

in the case of a breach of a fiduciary obligation by such fiduciary;

(2) a fiduciary from purchasing insurance to

cover liability under this part from and for his

own account; or

(3) an employer or an employee organization

from purchasing insurance to cover potential

liability of one or more persons who serve in a

fiduciary capacity with regard to an employee

benefit plan.

(Pub. L. 93–406, title I, §410, Sept. 2, 1974, 88 Stat.

886.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1114 of this title.

§ 1111. Persons prohibited from holding certain

positions

(a) Conviction or imprisonment

No person who has been convicted of, or has

been imprisoned as a result of his conviction of,

robbery, bribery, extortion, embezzlement,

fraud, grand larceny, burglary, arson, a felony

violation of Federal or State law involving substances defined in section 802(6) of title 21, murder, rape, kidnaping, perjury, assault with intent to kill, any crime described in section

80a–9(a)(1) of title 15, a violation of any provision of this chapter, a violation of section 186 of

this title, a violation of chapter 63 of title 18, a

violation of section 874, 1027, 1503, 1505, 1506, 1510,

1951, or 1954 of title 18, a violation of the LaborManagement Reporting and Disclosure Act of

1959 (29 U.S.C. 401), any felony involving abuse or

misuse of such person’s position or employment

in a labor organization or employee benefit plan

to seek or obtain an illegal gain at the expense

of the members of the labor organization or the

beneficiaries of the employee benefit plan, or

conspiracy to commit any such crimes or attempt to commit any such crimes, or a crime in

which any of the foregoing crimes is an element,

shall serve or be permitted to serve—

(1) as an administrator, fiduciary, officer,

trustee, custodian, counsel, agent, employee,

or representative in any capacity of any employee benefit plan,

(2) as a consultant or adviser to an employee

benefit plan, including but not limited to any

entity whose activities are in whole or substantial part devoted to providing goods or

services to any employee benefit plan, or

(3) in any capacity that involves decisionmaking authority or custody or control of the

moneys, funds, assets, or property of any employee benefit plan,

during or for the period of thirteen years after

such conviction or after the end of such imprisonment, whichever is later, unless the sentencing court on the motion of the person convicted

sets a lesser period of at least three years after

such conviction or after the end of such imprisonment, whichever is later, or unless prior to

the end of such period, in the case of a person so

convicted or imprisoned (A) his citizenship

rights, having been revoked as a result of such

conviction, have been fully restored, or (B) if the

offense is a Federal offense, the sentencing judge

or, if the offense is a State or local offense, the