are fiduciaries of, the plan are bonded in 
accordance with section 412 of the Em-
ployee Retirement Income Security Act of 
1974. 
‘‘(B) AUDITS, EXAMINATIONS AND INVES-
TIGATIONS.—The Secretary may perform au-
dits, examinations, and investigations of pooled 
plan providers as may be necessary to enforce 
and carry out the purposes of this subsection. 
‘‘(C) AGGREGATION RULES.—For purposes 
of this paragraph, in determining whether a 
person meets the requirements of this para-
graph to be a pooled plan provider with respect 
to any plan, all persons who perform services 
for the plan and who are treated as a single 
employer under subsection (b), (c), (m), or (o) 
of section 414 shall be treated as one person. 
‘‘(D) TREATMENT OF EMPLOYERS AS PLAN 
SPONSORS.—Except with respect to the admin-
istrative duties of the pooled plan provider de-
scribed in subparagraph (A)(i), each employer 
in a plan which has a pooled plan provider shall 
be treated as the plan sponsor with respect to 
the portion of the plan attributable to employ-
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ees of such employer (or beneficiaries of such 
employees). 
‘‘(4) GUIDANCE.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
issue such guidance as the Secretary determines 
appropriate to carry out this subsection, includ-
ing guidance— 
‘‘(i) to identify the administrative du-
ties and other actions required to be per-
formed by a pooled plan provider under 
this subsection, 
‘‘(ii) which describes the procedures to 
be taken to terminate a plan which fails to 
meet the requirements to be a plan de-
scribed in paragraph (1), including the 
proper treatment of, and actions needed to 
be taken by, any employer in the plan and 
the assets and liabilities of the plan attrib-
utable to employees of such employer (or 
beneficiaries of such employees), and 
‘‘(iii) identifying appropriate cases to 
which the rules of paragraph (2)(A) will 
apply to employers in the plan failing to 
take the actions described in paragraph 
(1). 
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The Secretary shall take into account under 
clause (iii) whether the failure of an employer 
or pooled plan provider to provide any disclo-
sures or other information, or to take any other 
action, necessary to administer a plan or to 
allow a plan to meet requirements applicable to 
the plan under section 401(a) or 408, whichever 
is applicable, has continued over a period of 
time that demonstrates a lack of commitment 
to compliance. 
‘‘(B) GOOD FAITH COMPLIANCE WITH LAW 
BEFORE
GUIDANCE.—An employer or pooled 
plan provider shall not be treated as failing to 
meet a requirement of guidance issued by the 
Secretary under this paragraph if, before the 
issuance of such guidance, the employer or 
pooled plan provider complies in good faith with 
a reasonable interpretation of the provisions of 
this subsection to which such guidance relates. 
‘‘(5) MODEL PLAN.—The Secretary shall pub-
lish model plan language which meets the require-
ments of this subsection and of paragraphs (43) and 
(44) of section 3 of the Employee Retirement In-
come Security Act of 1974 and which may be adopt-
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ed in order for a plan to be treated as a plan de-
scribed in paragraph (1)(B).’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
413(c)(2) of such Code is amended by striking ‘‘sec-
tion 401(a)’’ and inserting ‘‘sections 401(a) and 
408(c)’’. 
(3) TECHNICAL AMENDMENT.—Section 408(c) 
of such Code is amended by inserting after para-
graph (2) the following new paragraph: 
‘‘(3) There is a separate accounting for any in-
terest of an employee or member (or spouse of an 
employee or member) in a Roth IRA.’’. 
(b) NO COMMON INTEREST REQUIRED FOR POOLED 
EMPLOYER PLANS.—Section 3(2) of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1002(2)) 
is amended by adding at the end the following: 
‘‘(C) A pooled employer plan shall be treat-
ed as— 
‘‘(i) a single employee pension benefit 
plan or single pension plan; and 
‘‘(ii) a plan to which section 210(a) 
applies.’’. 
(c) POOLED EMPLOYER PLAN AND PROVIDER DE-
FINED.— 
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(1) IN GENERAL.—Section 3 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1002) is amended by adding at the end the fol-
lowing: 
‘‘(43) POOLED EMPLOYER PLAN.— 
‘‘(A) IN GENERAL.—The term ‘pooled em-
ployer plan’ means a plan— 
‘‘(i) which is an individual account 
plan established or maintained for the pur-
pose of providing benefits to the employees 
of 2 or more employers; 
‘‘(ii) which is a plan described in sec-
tion 401(a) of the Internal Revenue Code 
of 1986 which includes a trust exempt 
from tax under section 501(a) of such 
Code or a plan that consists of individual 
retirement accounts described in section 
408 of such Code (including by reason of 
subsection (c) thereof); and 
‘‘(iii) the terms of which meet the re-
quirements of subparagraph (B). 
Such term shall not include a plan maintained 
by employers which have a common interest 
other than having adopted the plan. 
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‘‘(B) REQUIREMENTS FOR PLAN TERMS.— 
The requirements of this subparagraph are met 
with respect to any plan if the terms of the 
plan— 
‘‘(i) designate a pooled plan provider 
and provide that the pooled plan provider 
is a named fiduciary of the plan; 
‘‘(ii) designate one or more trustees 
meeting 
the 
requirements 
of 
section 
408(a)(2) of the Internal Revenue Code of 
1986 (other than an employer in the plan) 
to be responsible for collecting contribu-
tions to, and holding the assets of, the 
plan and require such trustees to imple-
ment written contribution collection proce-
dures that are reasonable, diligent, and 
systematic; 
‘‘(iii) provide that each employer in 
the plan retains fiduciary responsibility 
for— 
‘‘(I) the selection and monitoring 
in accordance with section 404(a) of 
the person designated as the pooled 
plan provider and any other person 
who, in addition to the pooled plan 
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provider, is designated as a named fi-
duciary of the plan; and 
‘‘(II) to the extent not otherwise 
delegated to another fiduciary by the 
pooled plan provider and subject to 
the provisions of section 404(c), the 
investment and management of the 
portion of the plan’s assets attrib-
utable to the employees of the em-
ployer (or beneficiaries of such em-
ployees); 
‘‘(iv) provide that employers in the 
plan, and participants and beneficiaries, 
are not subject to unreasonable restric-
tions, fees, or penalties with regard to 
ceasing participation, receipt of distribu-
tions, or otherwise transferring assets of 
the plan in accordance with section 208 or 
paragraph (44)(C)(i)(II); 
‘‘(v) require— 
‘‘(I) the pooled plan provider to 
provide to employers in the plan any 
disclosures or other information which 
the Secretary may require, including 
any disclosures or other information 
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to facilitate the selection or any moni-
toring of the pooled plan provider by 
employers in the plan; and 
‘‘(II) each employer in the plan 
to take such actions as the Secretary 
or the pooled plan provider determines 
are necessary to administer the plan 
or for the plan to meet any require-
ment applicable under this Act or the 
Internal Revenue Code of 1986 to a 
plan described in section 401(a) of 
such Code or to a plan that consists 
of individual retirement accounts de-
scribed in section 408 of such Code 
(including by reason of subsection (c) 
thereof), whichever is applicable, in-
cluding providing any disclosures or 
other information which the Secretary 
may require or which the pooled plan 
provider otherwise determines are nec-
essary to administer the plan or to 
allow the plan to meet such require-
ments; and 
‘‘(vi) provide that any disclosure or 
other information required to be provided 
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under clause (v) may be provided in elec-
tronic form and will be designed to ensure 
only reasonable costs are imposed on 
pooled plan providers and employers in the 
plan. 
‘‘(C) EXCEPTIONS.—The term ‘pooled em-
ployer plan’ does not include— 
‘‘(i) a multiemployer plan; or 
‘‘(ii) a plan established before the 
date of the enactment of the Setting Every 
Community Up for Retirement Enhance-
ment Act of 2019 unless the plan adminis-
trator elects that the plan will be treated 
as a pooled employer plan and the plan 
meets the requirements of this title appli-
cable to a pooled employer plan established 
on or after such date. 
‘‘(D) TREATMENT OF EMPLOYERS AS PLAN 
SPONSORS.—Except with respect to the admin-
istrative duties of the pooled plan provider de-
scribed in paragraph (44)(A)(i), each employer 
in a pooled employer plan shall be treated as 
the plan sponsor with respect to the portion of 
the plan attributable to employees of such em-
ployer (or beneficiaries of such employees). 
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‘‘(44) POOLED PLAN PROVIDER.— 
‘‘(A) IN GENERAL.—The term ‘pooled plan 
provider’ means a person who— 
‘‘(i) is designated by the terms of a 
pooled employer plan as a named fiduciary, 
as the plan administrator, and as the per-
son responsible for the performance of all 
administrative duties (including conducting 
proper testing with respect to the plan and 
the employees of each employer in the 
plan) which are reasonably necessary to 
ensure that— 
‘‘(I) the plan meets any require-
ment applicable under this Act or the 
Internal Revenue Code of 1986 to a 
plan described in section 401(a) of 
such Code or to a plan that consists 
of individual retirement accounts de-
scribed in section 408 of such Code 
(including by reason of subsection (c) 
thereof), whichever is applicable; and 
‘‘(II) each employer in the plan 
takes such actions as the Secretary or 
pooled plan provider determines are 
necessary for the plan to meet the re-
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quirements described in subclause (I), 
including providing the disclosures 
and information described in para-
graph (43)(B)(v)(II); 
‘‘(ii) registers as a pooled plan pro-
vider with the Secretary, and provides to 
the Secretary such other information as 
the Secretary may require, before begin-
ning operations as a pooled plan provider; 
‘‘(iii) acknowledges in writing that 
such person is a named fiduciary, and the 
plan administrator, with respect to the 
pooled employer plan; and 
‘‘(iv) is responsible for ensuring that 
all persons who handle assets of, or who 
are fiduciaries of, the pooled employer plan 
are bonded in accordance with section 412. 
‘‘(B) AUDITS, EXAMINATIONS AND INVES-
TIGATIONS.—The Secretary may perform au-
dits, examinations, and investigations of pooled 
plan providers as may be necessary to enforce 
and carry out the purposes of this paragraph 
and paragraph (43). 
‘‘(C) GUIDANCE.—The Secretary shall 
issue such guidance as the Secretary determines 
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appropriate to carry out this paragraph and 
paragraph (43), including guidance— 
‘‘(i) to identify the administrative du-
ties and other actions required to be per-
formed by a pooled plan provider under ei-
ther such paragraph; and 
‘‘(ii) which requires in appropriate 
cases that if an employer in the plan fails 
to take the actions required under sub-
paragraph (A)(i)(II)— 
‘‘(I) the assets of the plan attrib-
utable to employees of such employer 
(or beneficiaries of such employees) 
are transferred to a plan maintained 
only by such employer (or its suc-
cessor), to an eligible retirement plan 
as defined in section 402(c)(8)(B) of 
the Internal Revenue Code of 1986 
for each individual whose account is 
transferred, or to any other arrange-
ment that the Secretary determines is 
appropriate in such guidance; and 
‘‘(II) such employer (and not the 
plan with respect to which the failure 
occurred or any other employer in 
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such plan) shall, except to the extent 
provided in such guidance, be liable 
for any liabilities with respect to such 
plan attributable to employees of such 
employer (or beneficiaries of such em-
ployees). 
The Secretary shall take into account 
under clause (ii) whether the failure of an 
employer or pooled plan provider to provide 
any disclosures or other information, or to 
take any other action, necessary to admin-
ister a plan or to allow a plan to meet re-
quirements 
described 
in 
subparagraph 
(A)(i)(II) has continued over a period of 
time that demonstrates a lack of commit-
ment to compliance. The Secretary may 
waive the requirements of subclause (ii)(I) 
in appropriate circumstances if the Sec-
retary determines it is in the best interests 
of the employees of the employer referred 
to in such clause (and the beneficiaries of 
such employees) to retain the assets in the 
plan with respect to which the employer’s 
failure occurred. 
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‘‘(D) GOOD FAITH COMPLIANCE WITH LAW 
BEFORE
GUIDANCE.—An employer or pooled 
plan provider shall not be treated as failing to 
meet a requirement of guidance issued by the 
Secretary under subparagraph (C) if, before the 
issuance of such guidance, the employer or 
pooled plan provider complies in good faith with 
a reasonable interpretation of the provisions of 
this paragraph, or paragraph (43), to which 
such guidance relates. 
‘‘(E) AGGREGATION RULES.—For purposes 
of this paragraph, in determining whether a 
person meets the requirements of this para-
graph to be a pooled plan provider with respect 
to any plan, all persons who perform services 
for the plan and who are treated as a single 
employer under subsection (b), (c), (m), or (o) 
of section 414 of the Internal Revenue Code of 
1986 shall be treated as one person.’’. 
(2) BONDING REQUIREMENTS FOR POOLED EM-
PLOYER PLANS.—The last sentence of section 412(a) 
of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1112(a)) is amended by inserting 
‘‘or in the case of a pooled employer plan (as defined 
in section 3(43))’’ after ‘‘section 407(d)(1))’’. 
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(3) CONFORMING
AND
TECHNICAL
AMEND-
MENTS.—Section 3 of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1002) is 
amended— 
(A) in paragraph (16)(B)— 
(i) by striking ‘‘or’’ at the end of 
clause (ii); and 
(ii) by striking the period at the end 
and inserting ‘‘, or (iv) in the case of a 
pooled employer plan, the pooled plan pro-
vider.’’; and 
(B) by striking the second paragraph (41). 
(d) POOLED EMPLOYER AND MULTIPLE EMPLOYER 
PLAN REPORTING.— 
(1) ADDITIONAL
INFORMATION.—Section 103 
of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1023) is amended— 
(A) in subsection (a)(1)(B), by striking 
‘‘applicable subsections (d), (e), and (f)’’ and 
inserting ‘‘applicable subsections (d), (e), (f), 
and (g)’’; and 
(B) by amending subsection (g) to read as 
follows: 
‘‘(g) ADDITIONAL INFORMATION WITH RESPECT TO 
POOLED
EMPLOYER
AND
MULTIPLE
EMPLOYER 
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PLANS.—An annual report under this section for a plan 
year shall include— 
‘‘(1) with respect to any plan to which section 
210(a) applies (including a pooled employer plan), a 
list of employers in the plan and a good faith esti-
mate of the percentage of total contributions made 
by such employers during the plan year and the ag-
gregate account balances attributable to each em-
ployer in the plan (determined as the sum of the ac-
count balances of the employees of such employer 
(and the beneficiaries of such employees)); and 
‘‘(2) with respect to a pooled employer plan, the 
identifying information for the person designated 
under the terms of the plan as the pooled plan pro-
vider.’’. 
(2) SIMPLIFIED
ANNUAL
REPORTS.—Section 
104(a) of the Employee Retirement Income Security 
Act of 1974 (29 U.S.C. 1024(a)) is amended by 
striking paragraph (2)(A) and inserting the fol-
lowing: 
‘‘(2)(A) With respect to annual reports required 
to be filed with the Secretary under this part, the 
Secretary may by regulation prescribe simplified an-
nual reports for any pension plan that— 
‘‘(i) covers fewer than 100 participants; or 
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‘‘(ii) is a plan described in section 210(a) 
that covers fewer than 1,000 participants, but 
only if no single employer in the plan has 100 
or more participants covered by the plan.’’. 
(e) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply to plan years beginning after 
December 31, 2020. 
(2) RULE OF CONSTRUCTION.—Nothing in the 
amendments made by subsection (a) shall be con-
strued as limiting the authority of the Secretary of 
the Treasury or the Secretary’s delegate (determined 
without regard to such amendment) to provide for 
the proper treatment of a failure to meet any re-
quirement applicable under the Internal Revenue 
Code of 1986 with respect to one employer (and its 
employees) in a multiple employer plan. 
SEC. 3. MODIFICATION OF PBGC PREMIUMS FOR CSEC 
PLANS. 
(a) FLAT RATE PREMIUM.—Subparagraph (A) of 
section 4006(a)(3) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1306(a)(3)) is amend-
ed— 
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kjohnson on DSK79L0C42 with BILLS
(1) in clause (i), by striking ‘‘plan,’’ and insert-
ing ‘‘plan other than a CSEC plan (as defined in 
section 210(f)(1))’’; 
(2) in clause (v), by striking ‘‘or’’ at the end; 
(3) in clause (vi), by striking the period at the 
end and inserting ‘‘, or’’; and 
(4) by adding at the end the following new 
clause: 
‘‘(vii) in the case of a CSEC plan (as 
defined in section 210(f)(1)), for plan 
years beginning after December 31, 2018, 
for each individual who is a participant in 
such plan during the plan year an amount 
equal to the sum of— 
‘‘(I) the additional premium (if 
any) determined under subparagraph 
(E), and 
‘‘(II) $19.’’. 
(b) VARIABLE RATE PREMIUM.— 
(1) UNFUNDED VESTED BENEFITS.— 
(A) IN
GENERAL.—Subparagraph (E) of 
section 4006(a)(3) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 
1306(a)(3)) is amended by adding at the end 
the following new clause: 
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‘‘(v) For purposes of clause (ii), in the 
case of a CSEC plan (as defined in section 
210(f)(1)), the term ‘unfunded vested ben-
efits’ means, for plan years beginning after 
December 31, 2018, the excess (if any) 
of— 
‘‘(I) the funding liability of the 
plan as determined under section 
306(j)(5)(C) for the plan year by only 
taking into account vested benefits, 
over 
‘‘(II) the fair market value of 
plan assets for the plan year which 
are held by the plan on the valuation 
date.’’. 
(B) CONFORMING
AMENDMENT.—Clause 
(iii) of section 4006(a)(3)(E) of such Act (29 
U.S.C. 1306(a)(3)(E)) is amended by striking 
‘‘For purposes’’ and inserting ‘‘Except as pro-
vided in clause (v), for purposes’’. 
(2) APPLICABLE DOLLAR AMOUNT.— 
(A) IN GENERAL.—Paragraph (8) of sec-
tion 4006(a) of such Act (29 U.S.C. 1306(a)) 
is amended by adding at the end the following 
new subparagraph: 
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‘‘(E) CSEC PLANS.—In the case of a 
CSEC plan (as defined in section 210(f)(1)), 
the applicable dollar amount shall be $9.’’. 
(B) CONFORMING AMENDMENT.—Subpara-
graph (A) of section 4006(a)(8) of such Act (29 
U.S.C. 1306(a)(8)) is amended by striking ‘‘(B) 
and (C)’’ and inserting ‘‘(B), (C), and (E)’’. 
Æ 
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