PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 979
and beneficiaries, including information comparing the existing and new investment options and an explanation that, in the absence of affirmative investment instructions from the participant or beneficiary to the contrary, the account of the participant or beneficiary will be invested in the manner described in subparagraph (B), ‘‘(ii) the participant or beneficiary has not provided to the plan administrator, in advance of the effective date of the change, affirmative investment instructions contrary to the change, and ‘‘(iii) the investments under the plan of the participant or beneficiary as in effect immediately prior to the effective date of the change were the product of the exercise by such participant or beneficiary of control over the assets of the account within the meaning of paragraph (1).’’. (b) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall apply to plan years beginning after December 31, 2007. (2) SPECIAL RULE FOR COLLECTIVELY BARGAINED AGREEMENTS.—In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified on or before the date of the enactment of this Act, paragraph (1) shall be applied to benefits pursuant to, and individuals covered by, any such agreement by substituting for ‘‘December 31, 2007’’ the earlier of— (A) the later of— (i) December 31, 2008, or (ii) the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after such date of enactment), or (B) December 31, 2009.
29 USC 1104 note. Applicability.
SEC. 622. INCREASE IN MAXIMUM BOND AMOUNT.
(a) IN GENERAL.—Section 412(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1112), as amended by section 611(b), is amended by adding at the end the following: ‘‘In the case of a plan that holds employer securities (within the meaning of section 407(d)(1)), this subsection shall be applied by substituting ‘$1,000,000’ for ‘$500,000’ each place it appears.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to plan years beginning after December 31, 2007.
29 USC 1112 note.
SEC. 623. INCREASE IN PENALTIES FOR COERCIVE INTERFERENCE WITH EXERCISE OF ERISA RIGHTS.
(a) IN GENERAL.—Section 511 of the Employment Retirement Income Security Act of 1974 (29 U.S.C. 1141) is amended— (1) by striking ‘‘$10,000’’ and inserting ‘‘$100,000’’, and (2) by striking ‘‘one year’’ and inserting ‘‘10 years’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to violations occurring on and after the date of the enactment of this Act.
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29 USC 1141 note.
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