Sec. 201. Pooled employer plans
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Section 3(2) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(2) ) is amended by adding at the end the following: A pooled employer plan shall be treated as a single employee pension benefit plan or single pension plan without regard to whether the participating employers share a common interest other than participation in the plan. . Section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 ) is amended by adding at the end the following:
The term pooled employer plan means a pension plan (without regard to whether any participating employers share a common interest other than participation in the plan) that is a single individual account plan established or maintained for the purpose of providing benefits to the employees of 2 or more employers but only if— the terms of the plan designate a pooled plan provider, under the plan each participating employer retains fiduciary responsibility for— the prudent selection and monitoring of the person designated as the pooled employer plan provider and, if different from the provider, the person designated as the plan’s named fiduciary, and to the extent not otherwise delegated to another fiduciary, the investment and management of that portion of the plan’s assets attributable to the employees of that participating employer, under the plan a participating employer is not subject to unreasonable restrictions, fees, or penalties with regard to ceasing participation or otherwise transferring assets of the plan in accordance with section 414(l) of the Internal Revenue Code of 1986, and the pooled employer plan provider provides to participating employers any disclosures or other information as the Secretary may require.
The term pooled employer plan does not include— a multiemployer plan, or a plan established before January 1, 2014, or any successor thereof. The term pooled plan provider means a person who— is designated by the terms of a pooled employer plan as a pooled plan provider; registers as a pooled plan provider with the Secretary and provides such other identifying information to the Secretary as the Secretary may require; and has such educational or professional qualifications as the Secretary may require.
The Secretary may perform examinations and investigations of pooled plan providers as may be necessary to enforce and carry out the purposes of the Act. For purposes of this section, the following shall be treated as a single pooled plan provider: All corporations that provide services to a plan and are members of a controlled group of corporations within the meaning of section 1563(a) of the Internal Revenue Code of 1986 (determined without regard to subsection (a)(4) of such section 1563).
All persons treated as a single employer under section 210(d). . Section 3 of such Act is amended by striking the second paragraph (41).
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Sec. 201
Pooled employer plans
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