the Department of Labor for sources of information on individual investing and diversification. . (2) Update Information Such information shall be modified (or updated) by the Secretary of Labor in consultation with the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission to address needed changes due to the creation of automatic IRAs. (f) Failure To provide access to payroll savings arrangements Chapter 43 (relating to qualified pension, etc., plans) is amended by adding at the end the following new section: 4980J. Requirements for covered employers to provide employees access to automatic IRA arrangements (a) General rule There is hereby imposed a tax on any failure by a covered employer (as defined in section 408B) to meet the requirements of subsection (d) for a calendar year. (b) Amount (1) In general The amount of the tax imposed by subsection (a) on any failure for any calendar year shall be $100 with respect to each employee to whom such failure relates. (2) Tax not to apply where failure not discovered and reasonable diligence exercised No tax shall be imposed by subsection (a) on any failure during any period for which it is established to the satisfaction of the Secretary that the employer subject to liability for the tax did not know that the failure existed and exercised reasonable diligence to meet the requirements of subsection (d). (3) Tax not to apply to failures corrected within 90 days No tax shall be imposed by subsection (a) on any failure if— (A) the employer subject to liability for the tax under subsection (a) exercised reasonable diligence to meet the requirements of subsection (d), and (B) the employer provides the automatic IRA arrangement described in section 408B to each employee eligible to participate in the arrangement by the end of the 90-day period beginning on the first date the employer knew, or exercising reasonable diligence would have known, that such failure existed. (4) Waiver by Secretary In the case of a failure which is due to reasonable