Erisa Section 302

In addition section 301 of ppa 06 makes certain changes to the minimum funding rules that apply to earlier plan years.

Erisa section 302. Unfortunately the mismatch cannot be translated by simply adding 700 to the erisa section number though that s true for the fiduciary duty provisions. An election under section 302 d 12 of the employee retirement income security act of 1974 29 u s c. Outline of 29 u s c.

186 taft hartley act sec. Section 186 a proscribes bribery graft and conflict of interest payments of money and other prohibited things of value to representatives of employees labor union officials and labor organizations by employers and persons acting in the interest of employers whose labor management relations are governed by the labor management relations act 29 u s c. 2510 3 1 a 3 with regard to benefits described in section 302 c of lmra by stating.

Title i of ppa 06 enacted on august 17 2006 makes extensive changes to the rules of 412 of the code and section 302 of erisa generally applicable to plan years beginning on or after january 1 2008. Rather the department clarified the definition of an employee welfare benefit plan in 29 c f r. 3 section 302 c of the lmra lists exceptions to the restrictions contained in subsections a and b of that section on payments and loans made by an employer to individuals and groups representing employees of the employer.

Section 302 c of the lmra lists exceptions to the restrictions contained in subsections a and b of that section on payments and loans made by an employer to individuals and groups representing employees of the employer. 1082 d 12 or former section 412 l 12 of the internal revenue code of 1986 as added by this section with respect to a plan shall not invalidate any obligation pursuant to a collective bargaining agreement in effect on the date of the election to provide benefits to change the accrual of benefits or to change the rate at which benefits become nonforfeitable under the plan. However for funding purposes the yields are averaged over 24 months whereas under erisa section 4006 a 3 e iv the yields are not averaged.

Section 302 of the employee retirement income security act of 1974 as amended erisa sets forth funding rules that are parallel to those in section 412 of the code and section 303 of erisa sets forth additional funding rules for single employer plans that are parallel to those in section 430 of the code. For example the fiduciary duty provisions of erisa section 404 are found in title 29 section 1104. 141 et seq.

4 of 1978 1979 1 c b. Section 302 of erisa contains minimum funding standard requirements that are parallel to those under 412 of the code and section 302 b 7 f of erisa provides an election that is parallel to the election under 412 b 7 f of the code.