§ 1001b. — Findings and declaration of policy.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 29USC1001b]
TITLE 29--LABOR
CHAPTER 18--EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
SUBCHAPTER I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS
Subtitle A--General Provisions
Sec. 1001b. Findings and declaration of policy
(a) Findings
The Congress finds that--
(1) single-employer defined benefit pension plans have a
substantial impact on interstate commerce and are affected with a
national interest;
(2) the continued well-being and retirement income security of
millions of workers, retirees, and their dependents are directly
affected by such plans;
(3) the existence of a sound termination insurance system is
fundamental to the retirement income security of participants and
beneficiaries of such plans; and
(4) the current termination insurance system in some instances
encourages employers to terminate pension plans, evade their
obligations to pay benefits, and shift unfunded pension liabilities
onto the termination insurance system and the other premium-payers.
(b) Additional findings
The Congress further finds that modification of the current
termination insurance system and an increase in the insurance premium
for single-employer defined benefit pension plans--
(1) is desirable to increase the likelihood that full benefits
will be paid to participants and beneficiaries of such plans;
(2) is desirable to provide for the transfer of liabilities to
the termination insurance system only in cases of severe hardship;
(3) is necessary to maintain the premium costs of such system at
a reasonable level; and
(4) is necessary to finance properly current funding
deficiencies and future obligations of the single-employer pension
plan termination insurance system.
(c) Declaration of policy
It is hereby declared to be the policy of this title--
(1) to foster and facilitate interstate commerce;
(2) to encourage the maintenance and growth of single-employer
defined benefit pension plans;
(3) to increase the likelihood that participants and
beneficiaries under single-employer defined benefit pension plans
will receive their full benefits;
(4) to provide for the transfer of unfunded pension liabilities
onto the single-employer pension plan termination insurance system
only in cases of severe hardship;
(5) to maintain the premium costs of such system at a reasonable
level; and
(6) to assure the prudent financing of current funding
deficiencies and future obligations of the single-employer pension
plan termination insurance system by increasing termination
insurance premiums.
(Pub. L. 99-272, title XI, Sec. 11002, Apr. 7, 1986, 100 Stat. 237.)
References in Text
This title, referred to in subsec. (c), is title XI of Pub. L. 99-
272, Apr. 7, 1986, 100 Stat. 237, known as the Single-Employer Pension
Plan Amendments Act of 1986. For complete classification of this Act to
the Code, see Short Title of 1986 Amendment note set out under section
1001 of this title and Tables.
Codification
Section was enacted as part of the Single-Employer Pension Plan
Amendments Act of 1986, and not as part of the Employee Retirement
Income Security Act of 1974 which comprises this chapter.
Effective Date
Section effective Jan. 1, 1986, with certain exceptions, see section
11019 of Pub. L. 99-272, set out as an Effective Date of 1986 Amendment
note under section 1341 of this title.
