(a) The Secretary on his own motion or after having received the petition of an administrator may prescribe an alternative method for satisfying any requirement of this part with respect to any pension plan, or class of pension plans (including pension-linked emergency savings account features within a pension plan), subject to such requirement if he determines—(1) that the use of such alternative method is consistent with the purposes of this subchapter and that it provides adequate disclosure to the participants and beneficiaries in the plan, and adequate reporting to the Secretary,
(2) that the application of such requirement of this part would—(A) increase the costs to the plan, or
(B) impose unreasonable administrative burdens with respect to the operation of the plan, having regard to the particular characteristics of the plan or the type of plan involved; and
(3) that the application of this part would be adverse to the interests of plan participants in the aggregate.
(b) An alternative method may be prescribed under subsection (a) by regulation or otherwise. If an alternative method is prescribed other than by regulation, the Secretary shall provide notice and an opportunity for interested persons to present their views, and shall publish in the Federal Register the provisions of such alternative method.
(Pub. L. 93–406, title I, § 110, Sept. 2, 1974, 88 Stat. 851; Pub. L. 117–328, div. T, title I, § 127(c)(1), Dec. 29, 2022, 136 Stat. 5324.)
Editorial Notes
Amendments2022—Subsec. (a). Pub. L. 117–328 inserted “(including pension-linked emergency savings account features within a pension plan)” after “class of pension plans” in introductory provisions.
Statutory Notes and Related Subsidiaries
Effective Date of 2022 AmendmentAmendment by Pub. L. 117–328 applicable to plan years beginning after Dec. 31, 2023, see section 127(g) of Pub. L. 117–328, set out as a note under section 72 of Title 26, Internal Revenue Code.
RegulationsSecretary authorized, effective Sept. 2, 1974, to promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see section 1031 of this title.