September 2, 1974 - 171 Pub. Law 93-406 directed to cooperate with the Secretary of the Treasury and the Secretary of Labor and, to the extent permitted by law, to provide such information and facilities as they may request for their assistance in the performance of their functions under this Act. The Attorney General or his representative shall receive from the Secretary of the Treasury and the Secretary of Labor for appropriate action such evidence developed in the performance of their functions under this Act as may be found to warrant consideration for criminal prosecution under the provisions of this title or other Federal law. Subtitle B-Joint Pension Task Force; Studies PART 1-JOINT PENSION TASK FORCE ESTABLISHMENT 88 STAT 999 SEC. 3021. The staffs of the Committee on Ways and Means and the 29 USC 1221. Committee on Education and Labor of the House of Representatives, the Joint Committee on Internal Revenue Taxation, and the Committee on Finance and the Committee on Labor and Public Welfare of the Senate shall carry out the duties assigned under this title to the Joint Pension Task Force. By agreement among the chairmen of such Committees, the Joint Pension Task Force shall be furnished with office space, clerical personnel, and such supplies and equipment as may be necessary for the Joint Pension Task Force to carry out its duties under this title. DUTIES SEC. 3022. (a) The Joint Pension Task Force shall, within 24 months 29 USC 1222. after the date of enactment of this Act, make a full study and review of (1) the effect of the requirements of section 411 of the Internal Revenue Code of 1954 and of section 203 of this Act to determine Ante, pp. 901, age groups resulting from the application of such requirements; among different pension plans; (3) the appropriate treatment under title IV of this Act (relat- Ante, p. 1003. ing to termination insurance) of plans established and maintained by small employers; (4) the effects and desirability of the Federal preemption of State and local law with respect to matters relating to pension and similar plans; and (5) such other matter as any of the committees referred to in section 3021 may refer to it. (b) The Joint Pension Task Force shall report the results of its study and review to each of the committees referred to in section 3021. PART 2-OTHER STUDIES CONGRESSIONAL STUDY Supra. SEC. 3031. (a) The Committee on Education and Labor and the 29 USC 1231. Committee on Ways and Means of the House of Representatives and the Committee on Finance and the Committee on Labor and Public Welfare of the Senate shall study retirement plans established and maintained or financed (directly or indirectly) by the Government of 88 STAT 1000 Report to congressional committees. 29 USC 1232. Report to Regulations. Pub. Law 93-406 . 172. September 2, 1974 the United States, by any State (including the District of Columbia) or political subdivision thereof, or by any agency or instrumentality of any of the foregoing. Such study shall include an analysis of— (1) the adequacy of existing levels of participation, vesting, and financing arrangements, (2) existing fiduciary standards, and (3) the necessity for Federal legislation and standards with respect to such plans. In determining whether any such plan is adequately financed, each committee shall consider the necessity for minimum funding standards, as well as the taxing power of the government maintaining the plan. (b) Not later than December 31, 1976, the Committee on Education and Labor and the Committee on Ways and Means shall each submit to the House of Representatives the results of the studies conducted under this section, together with such recommendations as they deem appropriate. The Committee on Finance and the Committee on Labor and Public Welfare shall each submit to the Senate the results of the studies conducted under this section together with such recommendations as they deem appropriate not later than such date. PROTECTION FOR EMPLOYEES UNDER FEDERAL PROCUREMENT, SEC. 3032. (a) The Secretary of Labor shall, during the 2-year period beginning on the date of the enactment of this Act, conduct a full and complete study and investigation of the steps necessary to be taken to insure that professional, scientific, and technical personnel and others working in associated occupations employed under Federal procurement, construction, or research contracts or grants will, to the extent feasible, be protected against forfeitures of pension or retirement rights or benefits, otherwise provided, as a consequence of job transfers or loss of employment resulting from terminations or modifications of Federal contracts, grants, or procurement policies. The Secretary of Labor shall report the results of his study and investigation to the Congress within 2 years after the date of the enactment of this Act. The Secretary of Labor is authorized, to the extent provided by law, to obtain the services of private research institutions and such other persons by contract or other arrangement as he determines necessary in carrying out the provisions of this section. (b) In the course of conducting the study and investigation described in subsection (a), and in developing the regulations referred to in subsection (c), the Secretary of Labor shall consult (1) with appropriate professional societies, business organizations, and labor organizations, and (2) with the heads of interested Federal departments and agencies. (c) Within 1 year after the date on which he submits his report to the Congress under subsection (a), the Secretary of Labor shall, if he determines it to be feasible, develop regulations which will provide the protection of pension and retirement rights and benefits referred to in subsection (a). (d) (1) Any regulations developed pursuant to subsection (c) shall take effect if, and only if (A) the Secretary of Labor, not later than the day which is 3 years after the date of the enactment of this Act, delivers a copy of such regulations to the House of Representatives and a copy to the Senate, and September 2, 1974 - 173 Pub. Law 93-406 (B) before the close of the 120-day period which begins on the day on which the copies of such regulations are delivered to the House of Representatives and to the Senate, neither the House of Representatives nor the Senate adopts, by an affirmative vote of a majority of those present and voting in that House, a resolution of disapproval. 88 STAT 1001 (2) For purposes of this subsection, the term "resolution of disap- "Resolution of proval" means only a resolution of either House of Congress, the mat- disapproval." ter after the resolving clause of which is as follows: "That the does not favor the taking effect of the regulations transmitted to the (3) A resolution of disapproval in the House of Representatives shall be referred to the Committee on Education and Labor. A resolution of disapproval in the Senate shall be referred to the Committee on Labor and Public Welfare. (4) (A) If the committee to which a resolution of disapproval has been referred has not reported it at the end of 7 calendar days after its introduction, it is in order to move either to discharge the committee from further consideration of the resolution or to discharge the committee from further consideration of any other resolution of disapproval which has been referred to the committee. (B) A motion to discharge may be made only by an individual Motion to favoring the resolution, is highly privileged (except that it may not discharge. be made after the committee has reported a resolution of disapproval), and debate thereon shall be limited to not more than 1 hour, to be divided equally between those favoring and those opposing the resolution. An amendment to the motion is not in order, and it is not in order to move to reconsider the vote by which the motion is agreed to or disagreed to. (C) If the motion to discharge is agreed to or disagreed to, the motion may not be renewed, nor may another motion to discharge the committee be made with respect to any other resolution of disapproval. (5) (A) When the committee has reported, or has been discharged from further consideration of, a resolution of disapproval, it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the resolution. The motion is highly privileged and is not debatable. An amendment to the motion is not in order, and it is not in order to move to reconsider the vote by which the motion is agreed to or disagreed to. (B) Debate on the resolution of disapproval shall be limited to not limited debate. more than 10 hours, which shall be divided equally between those favoring and those opposing the resolution. A motion further to limit debate is not debatable. An amendment to, or motion to recommit, the resolution is not in order, and it is not in order to move to reconsider the vote by which the resolution is agreed to or disagreed to. (6) (A) Motions to postpone, made with respect to the discharge Motion to from committee or the consideration of a resolution of disapproval, postpone. and motions to proceed to the consideration of other business, shall be decided without debate. (B) Appeals from the decisions of the Chair relating to the appli- Appeals. cation of the rules of the House of Representatives or the Senate, as the case may be, to the procedure relating to any resolution of disapproval shall be decided without debate. (7) Whenever the Secretary of Labor transmits copies of the regu- Regulations lations to the Congress, a copy of such regulations shall be delivered to to congressional oommittees. 88 STAT 1002 29 USC 1241. Standards and 29 USC 1242. Pub. Law 93-406 · 174 September 2, 1974 each House of Congress on the same day and shall be delivered to the (A) the days on which either House is not in session because of an adjournment of more than 3 days to a day certain or an adjournment of the Congress sine die, and (B) any Saturday and Sunday, not excluded under subparagraph (A), when either House is not in session. (9) This subsection is enacted by the Congress (A) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such they are deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of resolutions of disapproval described in paragraph (2); and they supersede other rules only to the extent that they are inconsistent therewith; and (B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedures of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House. Subtitle C-Enrollment of Actuaries ESTABLISHMENT OF JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES SEC. 3041. The Secretary of Labor and the Secretary of the Treasury shall, not later than the last day of the first calendar month beginning after the date of the enactment of this Act, establish a Joint Board for the Enrollment of Actuaries (hereinafter in this part referred to as the "Joint Board"). ENROLLMENT BY JOINT BOARD SEC. 3042. (a) The Joint Board shall, by regulations, establish reaqualifications. sonable standards and qualifications for persons performing actuarial services with respect to plans in which this Act applies and, upon application by any individual, shall enroll such individual if the Joint Board finds that such individual satisfies such standards and qualifications. With respect to individuals applying for enrollment before January 1, 1976, such standards and qualifications shall include a requirement for an appropriate period of responsible actuarial experience relating to pension plans. With respect to individuals applying for enrollment on or after January 1, 1976, such standards and qualifications shall include (1) education and training in actuarial mathematics and methodology, as evidenced by (A) a degree in actuarial mathematics or its equivalent from an accredited college or university, (B) successful completion of an examination in actuarial mathematics and methodology to be given by the Joint Board, or (C) successful completion of other actuarial examinations deemed adequate by the Joint Board, and (2) an appropriate period of responsible actuarial experience. Notwithstanding the preceding provisions of this subsection, the Joint Board may provide for the temporary enrollment for the period end September 2, 1974 - 175 Pub. Law 93-406 ing on January 1, 1976, of actuaries under such interim standards as it deems adequate. 88 STAT 1003 (b) The Joint Board may, after notice and an opportunity for a Enrollment hearing, suspend or terminate the enrollment of an individual under termination. this section if the Joint Board finds that such individual (1) has failed to discharge his duties under this Act, or (2) does not satisfy the requirements for enrollment as in effect at the time of his enrollment. The Joint Board may also, after notice and opportunity for hearing, suspend or terminate the temporary enrollment of an individual who fails to discharge his duties under this Act or who does not satisfy the interim enrollment standards. AMENDMENT OF INTERNAL REVENUE CODE SEC. 3043. Section 7701 (a) of the Internal Revenue Code of 1954 26 USC 7701. (relating to definitions) is amended by adding at the end thereof the following new paragraph: "(35) ENROLLED ACTUARY.-The term 'enrolled actuary' means a person who is enrolled by the Joint Board for the Enrollment of Actuaries established under subtitle C of the title III of the Employee Retirement Income Security Act of 1974.” TITLE IV-PLAN TERMINATION INSURANCE Subtitle A-Pension Benefit Guaranty DEFINITIONS SEC. 4001. (a) For purposes of this title, the term (1) "administrator" means the person or persons described in paragraph (16) of section 3 of this Act; (2) "substantial employer" means for any plan year an employer (treating employers who are members of the same affiliated group, within the meaning of section 1563 (a) of the Internal Revenue Code of 1954, determined without regard to section 1563 (a) (4) and (e) (3) (C) of such Code, as one employer) who has made contributions to or under a plan under which more than one employer makes contributions for each of (A) the two immediately preceding plan years, or equaling or exceeding 10 percent of all employer contributions Ante, p. 1002. 29 USC 1301. Ante, p. 833. 26 USC 1563. (3) "multiemployer plan" means a multiemployer plan as defined in section 414(f) of the Internal Revenue Code of 1954 (as Ante, p. 925. added by this Act but without regard to whether such section is in effect on the date of enactment of this Act); (4) "corporation", except where the context clearly requires otherwise, means the Pension Benefit Guaranty Corporation established under section 4002; Post, p. 1004. (5) "fund" means the appropriate fund established under section 4005; Post, p. 1009. (6) "basic benefits" means benefits guaranteed under section 4022 other than under section 4022 (c); and Post, p. 1016. |