U.S. Code » Title 29 » Chapter CHAPTER 18— EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM › Subchapter SUBCHAPTER I— PROTECTION OF EMPLOYEE BENEFIT RIGHTS › Subtitle Subtitle B— Regulatory Provisions › Part part 4— fiduciary responsibility

29 U.S.C. § 1114

Effective date

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(a) Except as provided in subsections (b), (c), and (d), this part shall take effect on January 1, 1975.(b)(1) The provisions of this part authorizing the Secretary to promulgate regulations shall take effect on September 2, 1974.(2) Upon application of a plan, the Secretary may postpone until not later than January 1, 1976, the applicability of any provision of sections 1102, 1103 (other than 1103(c)), 1105 (other than 1105(a) and (d)), and 1110(a) of this title, as it applies to any plan in existence on September 2, 1974, if he determines such postponement is (A) necessary to amend the instrument establishing the plan under which the plan is maintained and (B) not adverse to the interest of participants and beneficiaries.(3) This part shall take effect on September 2, 1974, with respect to a plan which terminates after June 30, 1974, and before January 1, 1975, and to which at the time of termination section 1321 of this title applies.(c) Sections 1106 and 1107(a) of this title (relating to prohibited transactions) shall not apply—(1) until June 30, 1984, to a loan of money or other extension of credit between a plan and a party in interest under a binding contract in effect on July 1, 1974 (or pursuant to renewals of such a contract), if such loan or other extension of credit remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be, and if the execution of the contract, the making of the loan, or the extension of credit was not, at the time of such execution, making, or extension, a prohibited transaction (within the meaning of section 503(b) of title 26 or the corresponding provisions of prior law);(2) until June 30, 1984, to a lease or joint use of property involving the plan and a party in interest pursuant to a binding contract in effect on July 1, 1974 (or pursuant to renewals of such a contract), if such lease or joint use remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if the execution of the contract was not, at the time of such execution, a prohibited transaction (within the meaning of section 503(b) of title 26 or the corresponding provisions of prior law);(3) until June 30, 1984, to the sale, exchange or other disposition of property described in paragraph (2) between a plan and a party in interest if—(A) in the case of a sale, exchange, or other disposition of the property by the plan to the party in interest, the plan receives an amount which is not less than the fair market value of the property at the time of such disposition; and(B) in the case of the acquisition of the property by the plan, the plan pays an amount which is not in excess of the fair market value of the property at the time of such acquisition;(4) until June 30, 1977, to the provision of services, to which paragraphs (1), (2), and (3) do not apply between a plan and a party in interest—(A) under a binding contract in effect on July 1, 1974 (or pursuant to renewals of such contract), or(B) if the party in interest ordinarily and customarily furnished such services on June 30, 1974, if such provision of services remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if such provision of services was not, at the time of such provision, a prohibited transaction (within the meaning of section 503(b) of title 26) or the corresponding provisions of prior law; or(5) the sale, exchange, or other disposition of property which is owned by a plan on June 30, 1974, and all times thereafter, to a party in interest, if such plan is required to dispose of such property in order to comply with the provisions of section 1107(a) of this title (relating to the prohibition against holding excess employer securities and employer real property), and if the plan receives not less than adequate consideration.(d) Any election, or failure to elect, by a disqualified person under section 2003(c)(1)(B) of this Act shall be treated for purposes of this part (but not for purposes of section 1144 of this title) as an act or omission occurring before the effective date of this part.(e) The preceding provisions of this section shall not apply with respect to amendments made to this part in provisions enacted after September 2, 1974.(Pub. L. 93–406, title I, § 414, Sept. 2, 1974, 88 Stat. 889; Pub. L. 101–239, title VII, § 7894(e)(6), (h)(4), Dec. 19, 1989, 103 Stat. 2450, 2451.)Editorial NotesReferences in Text

Section 2003(c)(1)(B) of this Act, referred to in subsec. (d), is section 2003(c)(1)(B) of Pub. L. 93–406, which is set out as an Effective Date; Savings Provisions note under section 4975 of Title 26, Internal Revenue Code.

Amendments

1989—Subsec. (c)(2). Pub. L. 101–239, § 7894(e)(6), substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text, and substituted “or the corresponding provisions of prior law)” for “) or the corresponding provisions of prior law”.

Subsec. (e). Pub. L. 101–239, § 7894(h)(4), added subsec. (e).

Statutory Notes and Related SubsidiariesEffective Date of 1989 Amendment

Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if originally included in the provision of the Employee Retirement Income Security Act of 1974, Pub. L. 93–406, to which such amendment relates, see section 7894(i) of Pub. L. 101–239, set out as a note under section 1002 of this title.

Notes of Decisions
Cited in 45 cases (1 in the last 5 years), 1975–2021 · leading case: Pension Benefit Guar. Corp. v. Greene, 570 F. Supp. 1483 (W.D. Pa. 1983).
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Pension Benefit Guar. Corp. v. Greene, 570 F. Supp. 1483 (W.D. Pa. 1983). · cites it 3× “…$72,167.47. B. Post-ERISA Claims Plaintiff also asserts claims under ERI-SA. ERISA took effect on January 1,1975. 29 U.S.C. § 1114 . Under 29 U.S.C. § 1114 (b)(2), it was possible to postpone the effective date of ERISA, in connection with § 1102 (Establishment of plan); §…”
Donovan v. Bryans, 566 F. Supp. 1258 (E.D. Pa. 1983). · cites it 3× “29 U.S.C. § 1114 . Nevertheless, the Secretary contends, and the evidence overwhelmingly demonstrates, that Kelly and Bryans breached their obligations under § 404(a) of ERISA by failing to make reasonable efforts after January 1, 1975 to collect both the pre-ERISA loans to…”
Gilliam v. Edwards, 492 F. Supp. 1255 (D.N.J. 1980). · cites it 2× “29 U.S.C. §§ 1114 & 1144. Whether a patchwork of state and federal authorities will control the action’s outcome — state or other federal law filling any spaces left by ERISA’s self-confined application — hinges upon this penetration finding.”
Morgan v. Laborers Pension Trust Fund for N. Cal., 433 F. Supp. 518 (N.D. Cal. 1977). · cites it 2× “6 29 U.S.C. § 1114 (a) (Supp. IV 1974). After examining each *523 plaintiff’s Trust Fund record, the Court concludes that plaintiffs Morgan and Stone may challenge their pension denials under the fiduciary provisions of ERISA and that plaintiffs Brice and Dodson may not.”
Alan Halperin v. Mark Richards, 7 F.4th 534 (7th Cir. 2021). “Such liability rules would affect central matters of plan administration in a manner not consistent with ERISA, and would thus “relate to” an ERISA plan, 29 U.S.C. § 1114 (a). See, e.g., Egelhoff, 532 U.”
Marshall v. Craft, 463 F. Supp. 493 (N.D. Ga. 1978). · cites it 4× “In November, 1976, defendant Craft transferred legal title to the one-quarter interest to the trust directly, thus uniting the legal and equitable title.”
Freund v. Marshall & Ilsley Bank, 485 F. Supp. 629 (W.D. Wis. 1979). “The old trustees generally contend that their conduct with respect to the Plan’s loans to the companies is exempted by section 414(c)(1) of ERISA, 29 U.S.C. § 1114 (c)(1), which provides, in part (c) Section 406 .”
William J. Riley v. Meba Pension Trust, 570 F.2d 406 (2d Cir. 1977). “Section 414, 29 U.S.C. § 1114 , makes most of the general fiduciary provisions of Part 4 effective on January 1, 1975 and § 514(a), 29 U.”
Andrews-Clarke v. Lucent Tech., Inc., 157 F. Supp. 2d 93 (D. Mass. 2001). “See 29 U.S.C. § 1114 (b)(2)(A) (ERISA’s savings clause which states, “nothing in [ERISA] shall be construed to exempt or relieve any person from any law of any state which regulates insurance .”
M & R Inv. Co., Inc. v. Fitzsimmons, 484 F. Supp. 1041 (D. Nev. 1980). · cites it 2× “ERISA § 414(a), Title 29 U.S.C. § 1114 (a). The defendants, present Trustees, as trustees of an employee benefit plan covered by ERISA are fiduciaries with respect to the Pension Fund within the meaning of ERISA, § 3(21)(A), Title 29 U.”
Dole v. Compton, 753 F. Supp. 563 (E.D. Pa. 1990). · cites it 3× “4 Nevertheless, the Local 98 Plan loan was exempted from application of these provisions until June 30, 1984 by ERISA’s transitional rule found at 29 U.S.C. § 1114 (c)(1). 5 At the end of this transitional period, however, this loan was still outstanding and remained so until…”
Kenneth J. Cowan v. Keystone Emp. Profit Sharing Fund, 586 F.2d 888 (1st Cir. 1978). “29 U.S.C. § 1114 (a). Section 1132 presumably made the federal courts available to enforce these provisions as of September 2.”
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