Sec. 3. Modification of ERISA rules relating to multiple employer defined contribution plans
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/bill/113/hr/4376/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 3(2) of the Employee Retirement Income Security Act of 1974 is amended by adding at the end the following: A qualified multiple employer plan shall not fail to be treated as an employee pension benefit plan or pension plan solely because the employers sponsoring the plan share no common interest. For purposes of this subparagraph, the term qualified multiple employer plan means a plan described in section 413(c) of the Internal Revenue Code of 1986 which— is an individual account plan with respect to which the requirements of clauses (iii), (iv), and
(v)are met, and includes in its annual report required to be filed under section 104(a) the name and identifying information of each participating employer. The requirements of this clause are met if, under the plan, each participating employer retains fiduciary responsibility for— the selection and monitoring of the named fiduciary, and the investment and management of the portion of the plan's assets attributable to employees of the employer to the extent not otherwise delegated to another fiduciary. The requirements of this clause are met if, under the plan, a participating employer is not subject to unreasonable restrictions, fees, or penalties by reason of ceasing participation in, or otherwise transferring assets from, the plan. The requirements of this clause are met if each participating employer in the plan is an eligible employer as defined in section 408(p)(2)(C)(i) of the Internal Revenue Code of 1986, applied— by substituting 500 for 100 in subclause
(I)thereof, by substituting 5 for 2 each place it appears in subclause
(II)thereof, and without regard to the last sentence of subclause
(II)thereof. . Section 104(a) of such Act ( 29 U.S.C. 1024(a) ) is amended by adding at the end the following: In the case of any eligible small multiple employer plan, the Secretary may by regulation— prescribe simplified summary plan descriptions, annual reports, and pension benefit statements for purposes of section 102, 103, or 105, respectively, and waive the requirement under section 103(a)(3) to engage an independent qualified public accountant in cases where the Secretary determines it appropriate. For purposes of this paragraph, the term eligible small multiple employer plan means, with respect to any plan year— a qualified multiple employer plan, as defined in section 3(2)(C)(ii), or any other plan described in section 413(c) of the Internal Revenue Code of 1986 that satisfies the requirements of clause
(v)of section 3(2)(C). . The amendments made by this section shall apply to years beginning after December 31, 2014.
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Sec. 3
Modification of ERISA rules relating to multiple employer defined contribution plans
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