pooled employer plan
(43) Pooled employer plan.— (A) In general .— The term “pooled employer plan” means a plan— (i) which is an individual account plan established or maintained for the purpose of providing benefits to the employees of 2 or more employers; (ii) which is a plan described in section 401(a) of title 26 which includes a trust exempt from tax under section 501(a) of title 26 , a plan that consists of annuity contracts described in section 403(b) of title 26 , or a plan that consists of individual retirement accounts described in section 408 of title 26 (including by reason of subsection (c) thereof); and (iii) the terms of which meet the requirements of subparagraph (B). Such term shall not include a plan maintained by employers which have a common interest other than having adopted the plan, but such term shall include any plan (other than a plan excepted from the application of this title by section 1003(b)(2) of this title ) maintained for the benefit of the employees of more than 1 employer that consists of annuity contracts described in section 403(b) of title 26 and that meets the requirements of subparagraph (B) of section 413(e)(1) of title 26 . (B) Requirements for plan terms .— The requirements of this subparagraph are met with respect to any plan if the terms of the plan— (i) designate a pooled plan provider and provide that the pooled plan provider is a named fiduciary of the plan; (ii) designate a named fiduciary (other than an employer in the plan) to be responsible for collecting contributions to the plan and require such fiduciary to implement written contribution collection procedures that are reasonable, diligent, and systematic; (iii) provide that each employer in the plan retains fiduciary responsibility for— (I) the selection and monitoring in accordance with section 1104(a) of this title of the person designated as the pooled plan provider and any other person who, in addition to the pooled plan provider, is designated as a named fiduciary of the plan; and (II) to the extent not otherwise delegated to another fiduciary by the pooled plan provider and subject to the provisions of section 1104(c) of this title , the investment and management of the portion of the plan’s assets attributable to the employees of the employer (or beneficiaries of such employees); (iv) provide that employers in the plan, and participants and beneficiaries, are not subject to unreasonable restrictions, fees, or penalties with regard to ceasing participation, receipt of distributions, or otherwise transferring assets of the plan in accordance with section 1058 of this title or paragraph (44)(C)(i)(II); (v) require— (I) the pooled plan provider to provide to employers in the plan any disclosures or other information which the Secretary may require, including any disclosures or other information to facilitate the selection or any monitoring of the pooled plan provider by employers in the plan; and (II) each employer in the plan to take such actions as the Secretary or the pooled plan provider determines are necessary to administer the plan or for the plan to meet any requirement applicable under this chapter or title 26 to a plan described in section 401(a) of title 26 , a plan that consists of annuity contracts described in section 403(b) of title 26 , or to a plan that consists of individual retirement accounts described in section 408 of title 26 (including by reason of subsection (c) thereof), whichever is applicable, including providing any disclosures or other information which the Secretary may require or which the pooled plan provider otherwise determines are necessary to administer the plan or to allow the plan to meet such requirements; and (vi) provide that any disclosure or other information required to be provided under clause (v) may be provided in electronic form and will be designed to ensure only reasonable costs are imposed on pooled plan providers and employers in the plan. (C) Exceptions .— The term “pooled employer plan” does not include— (i) a multiemployer plan; or (ii) a plan established before December 20, 2019 , unless the plan administrator elects that the plan will be treated as a pooled employer plan and the plan meets the requirements of this subchapter applicable to a pooled employer plan established on or after such date. (D) Treatment of employers as plan sponsors .— Except with respect to the administrative duties of the pooled plan provider described in paragraph (44)(A)(i), each employer in a pooled employer plan shall be treated as the plan sponsor with respect to the portion of the plan attributable to employees of such employer (or beneficiaries of such employees).