Source: https://www.law.cornell.edu/uscode/text/29/1104
Timestamp: 2017-06-26 18:17:41
Document Index: 583226

Matched Legal Cases: ['§ 1104', '§\u202f404', '§\u202f309', '§\u202f12002', '§\u202f1421', '§\u202f657', '§\u202f411', '§\u202f621', '§\u202f106', '§\u202f621', '§\u202f621', '§\u202f624', '§\u202f411', '§\u202f411', '§\u202f12002', '§\u202f12002', '§\u202f621', '§\u202f624', '§\u202f625']

29 U.S. Code § 1104 - Fiduciary duties | US Law | LII / Legal Information Institute
In the case of an eligible individual account plan (as defined in section 1107(d)(3) of this title), the diversification requirement of paragraph (1)(C) and the prudence requirement (only to the extent that it requires diversification) of paragraph (1)(B) is not violated by acquisition or holding of qualifying employer real property or qualifying employer securities (as defined in section 1107(d)(4) and (5) of this title).
(A) In the case of a pension plan which provides for individual accounts and permits a participant or beneficiary to exercise control over the assets in his account, if a participant or beneficiary exercises control over the assets in his account (as determined under regulations of the Secretary)—
For purposes of this paragraph, the term “blackout period” has the meaning given such term by section 1021(i)(7) of this title.
For purposes of paragraph (1), a participant or beneficiary in an individual account plan meeting the notice requirements of subparagraph (B) shall be treated as exercising control over the assets in the account with respect to the amount of contributions and earnings which, in the absence of an investment election by the participant or beneficiary, are invested by the plan in accordance with regulations prescribed by the Secretary. The regulations under this subparagraph shall provide guidance on the appropriateness of designating default investments that include a mix of asset classes consistent with capital preservation or long-term capital appreciation, or a blend of both.
(i)In general.—The requirements of this subparagraph are met if each participant or beneficiary—
(ii)Form of notice.—
The requirements of clauses (i) and (ii) of section 401(k)(12)(D) of title 26 shall apply with respect to the notices described in this subparagraph.
(1) If, in connection with the termination of a pension plan which is a single-employer plan, there is an election to establish or maintain a qualified replacement plan, or to increase benefits, as provided under section 4980(d) of title 26, a fiduciary shall discharge the fiduciary’s duties under this subchapter and subchapter III in accordance with the following requirements:
under section 4980(d)(2)(B) of title 26 with respect to the transfer of assets from the terminated plan to a qualified replacement plan, and
under section 4980(d)(2)(B)(ii) or 4980(d)(3) of title 26with respect to any increase in benefits under the terminated plan.
under section 4980(d)(2)(A) of title 26 with respect to participation in the qualified replacement plan of active participants in the terminated plan,
under section 4980(d)(2)(B) of title 26 with respect to the receipt of assets from the terminated plan, and
under section 4980(d)(2)(C) of title 26 with respect to the allocation of assets to participants of the qualified replacement plan.
any term used in this subsection which is also used in section 4980(d) of title 26 shall have the same meaning as when used in such section, and
(Pub. L. 93–406, title I, § 404, Sept. 2, 1974, 88 Stat. 877; Pub. L. 96–364, title III, § 309, Sept. 26, 1980, 94 Stat. 1296; Pub. L. 101–508, title XII, § 12002(b)(1), (2)(A), Nov. 5, 1990, 104 Stat. 1388–565, 1388–566; Pub. L. 104–188, title I, § 1421(d)(2), Aug. 20, 1996, 110 Stat. 1799; Pub. L. 107–16, title VI, § 657(c)(1), June 7, 2001, 115 Stat. 136; Pub. L. 107–147, title IV, § 411(t), Mar. 9, 2002, 116 Stat. 51; Pub. L. 109–280, title VI, §§ 621(a), 624(a), Aug. 17, 2006, 120 Stat. 978, 980; Pub. L. 110–458, title I, § 106(d), Dec. 23, 2008, 122 Stat. 5107.)
2006—Subsec. (c)(1). Pub. L. 109–280, § 621(a)(1), designated existing provisions as subpar. (A), redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (A), in cl. (ii), inserted “, except that this clause shall not apply in connection with such participant or beneficiary for any blackout period during which the ability of such participant or beneficiary to direct the investment of the assets in his or her account is suspended by a plan sponsor or fiduciary” before period at end, and added subpars. (B) and (C).
Subsec. (c)(4). Pub. L. 109–280, § 621(a)(2), added par. (4).
Subsec. (c)(5). Pub. L. 109–280, § 624(a), added par. (5).
2002—Subsec. (c)(3)(A). Pub. L. 107–147, § 411(t)(1), struck out “the earlier of” after “the earlier of” in introductory provisions.
Subsec. (c)(3)(B). Pub. L. 107–147, § 411(t)(2), substituted “a transfer that” for “if the transfer”.
1990—Subsec. (a)(1)(D). Pub. L. 101–508, § 12002(b)(2)(A), substituted “and subchapter III” for “or subchapter III”.
Subsec. (d). Pub. L. 101–508, § 12002(b)(1), added subsec. (d).
Pub. L. 109–280, title VI, § 621(b), Aug. 17, 2006, 120 Stat. 979, provided that:
The amendments made by this section [amending this section] shall apply to plan years beginning after December 31, 2007.
“(2)Special rule for collectively bargained agreements.—In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified on or before the date of the enactment of this Act [Aug. 17, 2006], paragraph (1) shall be applied to benefits pursuant to, and individuals covered by, any such agreement by substituting for ‘December 31, 2007’ the earlier of—
December 31, 2008, or
the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after such date of enactment), or
December 31, 2009.”
Pub. L. 109–280, title VI, § 624(b), Aug. 17, 2006, 120 Stat. 980, provided that:
The amendments made by this section [amending this section] shall apply to plan years beginning after December 31, 2006.
Final regulations under section 404(c)(5)(A) of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1104(c)(5)(A)] (as added by this section) shall be issued no later than 6 months after the date of the enactment of this Act [Aug. 17, 2006].”
Pub. L. 109–280, title VI, § 625, Aug. 17, 2006, 120 Stat. 980, provided that:
“(a)In General.—Not later than 1 year after the date of the enactment of this Act [Aug. 17, 2006], the Secretary of Labor shall issue final regulations clarifying that the selection of an annuity contract as an optional form of distribution from an individual account plan to a participant or beneficiary—
is not subject to the safest available annuity standard under Interpretive Bulletin 95–1 (29 CFR 2509.95–1), and
is subject to all otherwise applicable fiduciary standards.
This section shall take effect on the date of enactment of this Act [Aug. 17, 2006].”