Common use of Section 1101 of the Pension Protection Act of 2006 Clause in Contracts

Section 1101 of the Pension Protection Act of 2006. (a) Section 1101 of the Pension Protection Act of 2006 (PPA ‘06), Public Law 109-280 (120 Stat. 780), grants the Secretary of the Treasury the full authority to establish and implement EPCRS and, among other things, instructs the Secretary to continue to update and improve EPCRS, giving special attention to the following: (1) increasing the awareness and knowledge of small employers concerning the availability and use of the program; (2) taking into account special concerns and circumstances that small employers face with respect to compliance and correction of compliance failures; (3) extending the duration of the self- correction period under SCP for significant compliance failures; (4) expanding the availability to correct insignificant compliance failures under SCP during audit; and (5) assuring that any tax, penalty, or sanction that is imposed by reason of a compliance failure is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure.