29 U.S.C. § 1001 : US Code - Section 1001: Congressional findings and declaration of policy

Search 29 U.S.C. § 1001 : US Code - Section 1001: Congressional findings and declaration of policy

    (a) Benefit plans as affecting interstate commerce and the Federal
      taxing power
      The Congress finds that the growth in size, scope, and numbers of
    employee benefit plans in recent years has been rapid and
    substantial; that the operational scope and economic impact of such
    plans is increasingly interstate; that the continued well-being and
    security of millions of employees and their dependents are directly
    affected by these plans; that they are affected with a national
    public interest; that they have become an important factor
    affecting the stability of employment and the successful
    development of industrial relations; that they have become an
    important factor in commerce because of the interstate character of
    their activities, and of the activities of their participants, and
    the employers, employee organizations, and other entities by which
    they are established or maintained; that a large volume of the
    activities of such plans are carried on by means of the mails and
    instrumentalities of interstate commerce; that owing to the lack of
    employee information and adequate safeguards concerning their
    operation, it is desirable in the interests of employees and their
    beneficiaries, and to provide for the general welfare and the free
    flow of commerce, that disclosure be made and safeguards be
    provided with respect to the establishment, operation, and
    administration of such plans; that they substantially affect the
    revenues of the United States because they are afforded
    preferential Federal tax treatment; that despite the enormous
    growth in such plans many employees with long years of employment
    are losing anticipated retirement benefits owing to the lack of
    vesting provisions in such plans; that owing to the inadequacy of
    current minimum standards, the soundness and stability of plans
    with respect to adequate funds to pay promised benefits may be
    endangered; that owing to the termination of plans before requisite
    funds have been accumulated, employees and their beneficiaries have
    been deprived of anticipated benefits; and that it is therefore
    desirable in the interests of employees and their beneficiaries,
    for the protection of the revenue of the United States, and to
    provide for the free flow of commerce, that minimum standards be
    provided assuring the equitable character of such plans and their
    financial soundness.
    (b) Protection of interstate commerce and beneficiaries by
      requiring disclosure and reporting, setting standards of conduct,
      etc., for fiduciaries
      It is hereby declared to be the policy of this chapter to protect
    interstate commerce and the interests of participants in employee
    benefit plans and their beneficiaries, by requiring the disclosure
    and reporting to participants and beneficiaries of financial and
    other information with respect thereto, by establishing standards
    of conduct, responsibility, and obligation for fiduciaries of
    employee benefit plans, and by providing for appropriate remedies,
    sanctions, and ready access to the Federal courts.
    (c) Protection of interstate commerce, the Federal taxing power,
      and beneficiaries by vesting of accrued benefits, setting minimum
      standards of funding, requiring termination insurance
      It is hereby further declared to be the policy of this chapter to
    protect interstate commerce, the Federal taxing power, and the
    interests of participants in private pension plans and their
    beneficiaries by improving the equitable character and the
    soundness of such plans by requiring them to vest the accrued
    benefits of employees with significant periods of service, to meet
    minimum standards of funding, and by requiring plan termination
    insurance.