§ 4976.
(a)
General rule
If—
(1)
an employer maintains a welfare benefit fund, and
(2)
there is a disqualified benefit provided during any taxable year,
there is hereby imposed on such employer a tax equal to 100 percent of such disqualified benefit.
(b)
Disqualified benefit
For purposes of subsection (a)—
(1)
In general
The term “disqualified benefit” means—
(A)
any post-retirement medical benefit or life insurance benefit provided with respect to a key employee if a separate account is required to be established for such employee under section 419A(d) and such payment is not from such account,
(B)
any post-retirement medical benefit or life insurance benefit provided with respect to an individual in whose favor discrimination is prohibited unless the plan meets the requirements of section 505(b) with respect to such benefit (whether or not such requirements apply to such plan), and
(C)
any portion of a welfare benefit fund reverting to the benefit of the employer.
(2)
Exception for collective bargaining plans
(3)
Exception for nondeductible contributions
(4)
Exception for certain amounts charged against existing reserve
(Added [Pub. L. 98–369, div. A, title V, § 511(c)(1)], July 18, 1984, [98 Stat. 861]; amended [Pub. L. 99–514, title XVIII, § 1851(a)(11)], Oct. 22, 1986, [100 Stat. 2861]; [Pub. L. 100–647, title I, § 1011B(a)(27)(A)], (B), title III, § 3021(a)(1)(C), Nov. 10, 1988, [102 Stat. 3487], 3626; [Pub. L. 101–140, title II, § 203(a)(2)], Nov. 8, 1989, [103 Stat. 830].)