Sec. 603. Composite plan transition fee
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Section 4006(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1306(a) ), as amended by this Act, is further is amended by adding at the end the following: Notwithstanding paragraph (9), in any year after 2024, a composite plan (as defined in section 801(a)) shall remit to the legacy plan (within the meaning of section 805) $15 per participant that is not also a participant in the legacy plan. The legacy plan shall remit such amount to the corporation in addition to its premiums otherwise required under this section. .
Section 4007(b)(4) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1307(b)(4) ), as added by section 601, is amended by inserting , and the transition fees required by section 4006(a)(12) before the period.
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