September 2, 1974 - 115 Pub. Law 93-406 within or outside the United States) for the purpose of funding the payments required by such law, then, in determining for purposes of paragraph (5) of section 404 (a) 88 STAT. 943 of the Internal Revenue Code of 1954 the taxable year in which any 26 USC 404. contribution to or under the plan is includible in the gross income of the nonresident alien employees of such employer, such paragraph (5) shall be treated as not requiring that separate accounts be maintained for such nonresident alien employees. (k) RECEIPTS FOR EMPLOYEES.-Section 6051 (relating to receipts 26 USC 6051. for employees) is amended by inserting after "exemption," in subsection (a) the following: "or every employer engaged in a trade or business who pays remuneration for services performed by an employee, including the cash value of such remuneration paid in any medium other than cash,". SEC. 1023. RETROACTIVE CHANGES IN PLAN. Section 401 (b) (relating to certain retroactive changes in plan) is amended to read as follows: "(b) CERTAIN RETROACTIVE CHANGES IN PLAN.-A stock bonus, pension, profit-sharing, or annuity plan shall be considered as satisfying the requirements of subsection (a) for the period beginning with the date on which it was put into effect, or for the period beginning with the earlier of the date on which there was adopted or put into effect any amendment which caused the plan to fail to satisfy such requirements, and ending with the time prescribed by law for filing the return of the employer for his taxable year in which such plan or amendment was adopted (including extensions thereof) or such later time as the Secretary or his delegate may designate, if all provisions of the plan which are necessary to satisfy such requirements are in effect by the end of such period and have been made effective for all purposes for the whole of such period." SEC. 1024. EFFECTIVE DATES. 26 USC 401. 26 USC 401 Except as otherwise provided in section 1021, the amendments made note. by section 1021 shall apply to plan years to which part I applies. Except as otherwise provided in section 1022, the amendments made by section 1022 shall apply to plan years to which part I applies. Section 1023 shall take effect on the date of the enactment of this Act. PART 3-REGISTRATION AND INFORMATION SEC. 1031. REGISTRATION AND INFORMATION. (a) ANNUAL REGISTRATION AND INFORMATION RETURNS.-Part III of subchapter A of chapter 61 (relating to information returns) is amended by adding at the end thereof the following new subpart: "SUBPART E-REGISTRATION OF AND INFORMATION CONCERNING PENSION, ETC., PLANS "Sec. 6057. Annual registration, etc. "Sec. 6058. Information required in connection with certain plans of deferred compensation. "Sec. 6059. Periodic report by actuary. "SEC. 6057. ANNUAL REGISTRATION, ETC. "(a) ANNUAL REGISTRATION. 26 USC 6031. "(1) GENERAL RULE.-Within such period after the end of a plan year as the Secretary or his delegate may by regulations prescribe, the plan administrator (within the meaning of section 414(g)) of each plan to which the vesting standards of section 203 of part 2 of subtitle B of title I of the. Employee Retirement Income Security Act of 1974 applies for such plan year shall file Ante, p. 854. a registration statement with the Secretary or his delegate. Ante, p. 925. Pub. Law 93-406 88 STAT. 944 116 September 2, 1974 Ante, p. 925. "(2) CONTENTS.-The registration statement required by paragraph (1) shall set forth "(A) the name of the plan, "(B) the name and address of the plan administrator, "(C) the name and taxpayer identifying number of each participant in the plan— (i) who, during such plan year, separated from the service covered by the plan, "(ii) who is entitled to a deferred vested benefit under the plan as of the end of such plan year, and 66 (iii) with respect to whom retirement benefits were not paid under the plan during such plan year, "(D) the nature, amount, and form of the deferred vested benefit to which such participant is entitled, and "(E) such other information as the Secretary or his delegate may require. At the time he files the registration statement under this subsection, the plan administrator shall furnish evidence satisfactory to the Secretary or his delegate that he has complied with the requirement contained in subsection (e). (b) NOTIFICATION OF CHANGE IN STATUS.-Any plan administrator required to register under subsection (a) shall also notify the Secretary or his delegate, at such time as may be prescribed by regulations, of "(1) any change in the name of the plan, 66/0 (2) any change in the name or address of the plan administrator, "(3) the termination of the plan, or "(4) the merger or consolidation of the plan with any other plan or its division into two or more plans. "(c) VOLUNTARY REPORTS.-To the extent provided in regulations prescribed by the Secretary or his delegate, the Secretary or his delegate may receive from— "(1) any plan to which subsection (a) applies, and "(2) any other plan (including any governmental plan or church plan (within the meaning of section 414)), such information (including information relating to plan years beginning before January 1, 1974) as the plan administrator may wish to file with respect to the deferred vested benefit rights of any participant separated from the service covered by the plan during any plan year. "(d) TRANSMISSION OF INFORMATION TO SECRETARY OF HEALTH, EDUCATION, AND WELFARE.-The Secretary or his delegate shall transmit copies of any statements, notifications, reports, or other information obtained by him under this section to the Secretary of Health, Education, and Welfare. "(e) INDIVIDUAL STATEMENT TO PARTICIPANT.-Each plan administrator required to file a registration statement under subsection (a) shall, before the expiration of the time prescribed for the filing of such registration statement, also furnish to each participant described in subsection (a)(2)(C) an individual statement setting forth the information with respect to such participant required to be contained in such registration statement. "(f) REGULATIONS.— "(1) IN GENERAL.-The Secretary, after consultation with the Secretary of Health, Education, and Welfare, may prescribe such regulations as may be necessary to carry out the provisions of this section. "(2) PLANS TO WHICH MORE THAN ONE EMPLOYER CONTRIBUTES.— This section shall apply to any plan to which more than one September 2, 1974 - 117 Pub. Law 93-406 88 STAT. 945 employer is required to contribute only to the extent provided in regulations prescribed under this subsection. "(g) CROSS REFERENCES.— "For provisions relating to penalties for failure to register or furnish statements required by this section, see section 6652(e) and section 6690. "For coordination between Department of the Treasury and the Department of Labor with regard to administration of this section, see section 3004 of the Employee Retirement Income Security Act of 1974. "SEC. 6058. INFORMATION REQUIRED IN CONNECTION WITH CERTAIN PLANS OF DEFERRED COMPENSATION. "(a) IN GENERAL.-Every employer who maintains a pension, annuity, stock bonus, profit-sharing, or other funded plan of deferred compensation described in part I of subchapter D of chapter 1, or the plan administrator (within the meaning of section 414(g)) of the plan, shall file an annual return stating such information as the Secretary or his delegate may by regulations prescribe with respect to the qualification, financial condition, and operations of the plan; except that, in the discretion of the Secretary or his delegate, the employer may be relieved from stating in its return any information which is reported in other returns. "(b) ACTUARIAL STATEMENT IN CASE OF MERGERS, ETC.-Not less than 30 days before a merger, consolidation, or transfer of assets or liabilities of a plan described in subsection (a) to another plan, the plan administrator (within the meaning of section 414(g)) shall file an actuarial statement of valuation evidencing compliance with the requirements of section 401 (a) (12). (c) EMPLOYER.-For purposes of this section, the term 'employer' includes a person described in section 401 (c) (4) and an individual who establishes an individual retirement account or annuity described in section 408. "(d) CROSS REFERENCES.— "For provisions relating to penalties for failure to file a return required by this section, see section 6652(f). "For coordination between the Department of the Treasury and the Department of Labor with respect to the information required under this section, see section 3004 of title III of the Employee Retirement Income Security Act of 1974.". (b) SANCTIONS.— (1) FAILURE TO FILE REGISTRATION STATEMENTS OR NOTIFICATION OF CHANGE IN STATUS. (A) Section 6652 (relating to failure to file certain information returns) is amended by redesignating subsection (e) as subsection (g) and by inserting after subsection (d) the following new subsections: "(e) ANNUAL REGISTRATION AND OTHER NOTIFICATION BY PENSION PLAN. 26 USC 401. Ante, p. 925. Ante, p. 937. 26 USC 401. 26 USC 6652. "(1) REGISTRATION. In the case of any failure to file a registration statement required under section 6057 (a) (relating to Ante, p. 943. annual registration of certain plans) which includes all participants required to be included in such statement, on the date prescribed therefor (determined without regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing so to file, an amount equal to $1 for each participant with respect to whom there is a failure to file, multiplied by the number of days during which such failure continues, but the total amount imposed under this paragraph on any person for any failure to file with respect to any plan year shall not exceed $5,000. 88 STAT. 946 Ante, p. 943. Ante, p. 945. 26 USC 6652. 26 USC 6671. 26 USC 3111. Pub. Law 93-406 . 118 September 2, 1974 "(2) NOTIFICATION OF CHANGE OF STATUS.-In the case of failure to file a notification required under section 6057(b) (relating to notification of change of status) on the date prescribed therefor (determined without regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing so to file, $1 for each day during which such failure continues, but the total amounts imposed under this paragraph on any person for failure to file any notification shall not exceed $1,000. "(f) INFORMATION REQUIRED IN CONNECTION WITH CERTAIN PLANS OF DEFERRED COMPENSATION.-In the case of failure to file a return or statement required under section 6058 (relating to information required in connection with certain plans of deferred compensation) or 6047 (relating to information relating to certain trusts and annuity and bond purchase plans) on the date and in the manner prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing so to file, $10 for each day during which such failure continues, but the total amount imposed under this subsection on any person for failure to file any return shall not exceed $5,000." (B) (i) The section heading for section 6652 is amended by adding", Registration Statements, etc." before the period at the end thereof. (ii) The item relating to section 6652 in the table of contents for subchapter A of chapter 68 is amended by adding ", registration statements, etc." before the period of the end thereof. (2) FAILURE TO FURNISH STATEMENT TO PARTICIPANT.— (A) Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end thereof the following new section : "SEC. 6690. FRAUDULENT STATEMENT OR FAILURE TO FURNIS!! STATEMENT TO PLAN PARTICIPANT. "Any person required under section 6057 (e) to furnish a statement to a participant who willfully furnishes a false or fraudulent statement, or who willfully fails to furnish a statement in the manner, at the time, and showing the information required under section 6057 (e), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty under this subchapter of $50, which shall be assessed and collected in the same manner as the tax on employers imposed by section 3111." (B) The table of sections for such subchapter B is amended by adding at the end thereof the following new item: "Sec. 6690. Fraudulent statement or failure to furnish statement to pian participant." (c) CLERICAL AMENDMENTS. (1) The table of subparts for such part III is amended by adding at the end thereof the following: "Subpart E. Registration of and information concerning pension, etc., plans." (2) Section 6033(c) (relating to cross references) is amended by adding at the end thereof the following: "For provisions relating to information required in connection with certain plans of deferred compensation, see section 6058." September 2, 1974 - 119 Pub. Law 93-406 88 STAT. 947 (3) Subsection (d) of section 6047 (relating to information with respect to certain trusts and annuity and bond purchase plans) is amended to read as follows: "(a) CROSS REFERENCES.— "(1) For provisions relating to penalties for failure to file a return required by this section, see section 6652(f). "(2) For criminal penalty for furnishing fraudulent information, see SEC. 1032. DUTIES OF SECRETARY OF HEALTH, EDUCATION, AND Title XI of the Social Security Act (relating to general provisions) is amended by adding at the end of part A thereof the following new section: "NOTIFICATION OF SOCIAL SECURITY CLAIMANT WITH RESPECT TO DEFERRED VESTED BENEFITS "SEC. 1131. (a) Whenever— "(1) the Secretary makes a finding of fact and decision as to "(A) the entitlement of any individual to monthly benefits under section 202, 223, or 228, 26 USC 6047. 42 USC 1320b. 42 USC 1320b-1. 42 USC 402, "(B) the entitlement of any individual to a lump-sum 423, 428. by blood, marriage, or adoption, or "(C) the entitlement under section 226 of any individual 42 USC 426. to hospital insurance benefits under part A of title XVIII, or "(2) the Secretary is requested to do so "(A) by any individual with respect to whom the Secretary holds information obtained under section 6057 of the Internal Revenue Code of 1954, or "(B) in the case of the death of the individual referred to in subparagraph (A), by the individual who would be entitled to payment under section 204 (d) of this Act. he shall transmit to the individual referred to in paragraph (1) or the individual making the request under paragraph (2) any information, as reported by the employer, regarding any deferred vested benefit transmitted to the Secretary pursuant to such section 6057 with respect to the individual referred to in paragraph (1) or (2) (A) or the person on whose wages and self-employment income entitlement (or claim of entitlement) is based. Ante, p. 943. 42 USC 404. "(b)(1) For purposes of section 201(g) (1), expenses incurred in 42 USC 401. the administration of subsection (a) shall be deemed to be expenses incurred for the administration of title II. "(2) There are hereby authorized to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund for each fiscal year (commencing with the fiscal year ending June 30, 1974) such sums as the Secretary deems necessary on account of additional administrative expenses resulting from the enactment of the provisions of subsection (a)." SEC. 1033. REPORTS BY ACTUARIES. (a) REPORTS BY ACTUARIES.-Subpart E of part III of subchapter A of chapter 61 (relating to registration of and information concern ing pension, etc., plans) as added by section 1031 (a) of this Act, is Ante, p. 943. amended by adding at the end thereof the following new section: "SEC. 6059. PERIODIC REPORT OF ACTUARY. "(a) GENERAL RULE.-The actuarial report described in subsection (b) shall be filed by the plan administrator (as defined in section |