Neil M. Baizer - Page 19

               responsibility, and obligation for fiduciaries of                      
               employee benefit plans, and by providing for                           
               appropriate remedies, sanctions, and ready access to                   
               the Federal courts.                                                    
          To implement these goals, ERISA divided the statutory                       
          responsibilities among three agencies:  DOL, IRS, and the Pension           
          Benefit Guaranty Corporation (PBGC).  The Code and ERISA vested             
          jurisdiction with the DOL and the IRS in the area of prohibited             
               Four years later, to eliminate overlap and duplication in              
          administration, the Reorganization Plan (which was entitled                 
          "Employee Retirement Income Security Act Transfers") was enacted            
          and went into effect on December 31, 1978, under Executive Order            
          No. 12108, 3 C.F.R. 275 (1979).  The Reorganization Plan11 was              
          expected to reduce delays in two areas:  (1) Processing                     
          exemptions and (2) issuing regulations pursuant to ERISA.  These            
          responsibilities were specifically delegated to the DOL, which is           
          primarily responsible for fiduciary standards.  Reorg. Plan sec.            
               In granting authority to the DOL, Reorganization Plan                  
          section 102(a) provides:                                                    
                    Except as otherwise provided in Section 105 of                    
               this Plan, all authority of the Secretary of the                       
               Treasury to issue the following described documents                    

               11  Reorganization Plan sec. 107 denotes the interim nature            
          of the reorganization plan by calling for an evaluation by Jan.             
          31, 1980.  Reorganization Plan No. 4 of 1978 (Reorganization                
          Plan), 3 C.F.R. 332 (1979), 5 U.S.C. app. at 1582 (1994), 92                
          Stat. 3790 (1978).                                                          

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