§ 1113 TITLE 29—LABOR Page 444

(e) Regulations

The Secretary shall prescribe such regulations

as may be necessary to carry out the provisions

of this section including exempting a plan from

the requirements of this section where he finds

that (1) other bonding arrangements or (2) the

overall financial condition of the plan would be

adequate to protect the interests of the beneficiaries and participants. When, in the opinion

of the Secretary, the administrator of a plan offers adequate evidence of the financial responsibility of the plan, or that other bonding arrangements would provide adequate protection

of the beneficiaries and participants, he may exempt such plan from the requirements of this

section.

(Pub. L. 93–406, title I, §412, Sept. 2, 1974, 88 Stat.

888.)

CODIFICATION

In subsec. (a), ‘‘sections 9304–9308 of title 31’’ substituted for ‘‘sections 6 through 13 of title 6, United

States Code’’ on authority of Pub. L. 97–258, §4(b), Sept.

13, 1982, 96 Stat. 1067, the first section of which enacted

Title 31, Money and Finance.

REGULATIONS

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1028, 1085b, 1383,

1384 of this title; title 26 section 401.

§ 1113. Limitation of actions

No action may be commenced under this subchapter with respect to a fiduciary’s breach of

any responsibility, duty, or obligation under

this part, or with respect to a violation of this

part, after the earlier of—

(1) six years after (A) the date of the last action which constituted a part of the breach or

violation, or (B) in the case of an omission the

latest date on which the fiduciary could have

cured the breach or violation, or

(2) three years after the earliest date on

which the plaintiff had actual knowledge of

the breach or violation;

except that in the case of fraud or concealment,

such action may be commenced not later than

six years after the date of discovery of such

breach or violation.

(Pub. L. 93–406, title I, §413, Sept. 2, 1974, 88 Stat.

889; Pub. L. 100–203, title IX, §9342(b), Dec. 22,

1987, 101 Stat. 1330–371; Pub. L. 101–239, title VII,

§§7881(j)(4), 7894(e)(5), Dec. 19, 1989, 103 Stat. 2443,

2450.)

AMENDMENTS

1989—Pub. L. 101–239, §7894(e)(5), struck out ‘‘(a)’’ before ‘‘No action’’.

Par. (2). Pub. L. 101–239, §7881(j)(4), struck out comma

after ‘‘violation’’.

1987—Subsec. (a)(2). Pub. L. 100–203 struck out ‘‘(A)’’

after ‘‘date’’ and struck out ‘‘or (B) on which a report

from which he could reasonably be expected to have obtained knowledge of such breach or violation was filed

with the Secretary under this subchapter’’.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by section 7881(j)(4) 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, Internal Revenue Code.

Amendment by section 7894(e)(5) of Pub. L. 101–239 effective, except as otherwise provided, as if originally

included in the provision of the Employee Retirement

Income Security Act of 1974, Pub. L. 93–406, to which

such amendment relates, see section 7894(i) of Pub. L.

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

EFFECTIVE DATE OF 1987 AMENDMENT

Amendment by Pub. L. 100–203 applicable with respect to reports required to be filed after Dec. 31, 1987,

see section 9342(d)(1) of Pub. L. 100–203, set out as a note

under section 1132 of this title.

§ 1114. Effective date

(a) Except as provided in subsections (b), (c),

and (d) of this section, this part shall take effect

on January 1, 1975.

(b)(1) The provisions of this part authorizing

the Secretary to promulgate regulations shall

take effect on September 2, 1974.

(2) Upon application of a plan, the Secretary

may postpone until not later than January 1,

1976, the applicability of any provision of sections 1102, 1103 (other than 1103(c)), 1105 (other

than 1105(a) and (d)), and 1110(a) of this title, as

it applies to any plan in existence on September

2, 1974, if he determines such postponement is

(A) necessary to amend the instrument establishing the plan under which the plan is maintained and (B) not adverse to the interest of participants and beneficiaries.

(3) This part shall take effect on September 2,

1974, with respect to a plan which terminates

after June 30, 1974, and before January 1, 1975,

and to which at the time of termination section

1321 of this title applies.

(c) Sections 1106 and 1107(a) of this title (relating to prohibited transactions) shall not apply—

(1) until June 30, 1984, to a loan of money or

other extension of credit between a plan and a

party in interest under a binding contract in

effect on July 1, 1974 (or pursuant to renewals

of such a contract), if such loan or other extension of credit remains at least as favorable

to the plan as an arm’s-length transaction

with an unrelated party would be, and if the

execution of the contract, the making of the

loan, or the extension of credit was not, at the

time of such execution, making, or extension,

a prohibited transaction (within the meaning

of section 503(b) of title 26 or the corresponding provisions of prior law);

(2) until June 30, 1984, to a lease or joint use

of property involving the plan and a party in

interest pursuant to a binding contract in effect on July 1, 1974 (or pursuant to renewals of

such a contract), if such lease or joint use remains at least as favorable to the plan as an

arm’s-length transaction with an unrelated

party would be and if the execution of the contract was not, at the time of such execution,

a prohibited transaction (within the meaning

of section 503(b) of title 26 or the corresponding provisions of prior law);

(3) until June 30, 1984, to the sale, exchange

or other disposition of property described in

paragraph (2) between a plan and a party in interest if—