PUBLIC LAW 101-508—NOV. 5, 1990 104 STAT. 1388-565 accrued benefit under the terminated plan as of the termination date. "(B) PRESENT VALUE. —Present value shall be determined as of the termination date and on the same basis as liabilities of the plan are determined on termination. "(C) REALLOCATION OF INCREASE.—Except as provided in paragraph (2)(C), if any benefit increase is reduced by reason of the leist sentence of paragraph (3)(A)(ii) or paragraph (4), the amount of such reduction shall be allocated to the remaining participants on the same bsisis as other increases (and shall be treated as meeting any allocation requirement of this subsection). " (D) PLANS TAKEN INTO ACCOUNT.—For purposes of determining whether there is a qualified replacement plan under paragraph (2), the Secretary may provide that— "(i) 2 or more plans may be treated as 1 plan, or "(ii) a plan of a successor employer may be taken into account. "(E) SPECIAL RULE FOR PARTICIPATION REQUIREMENT. — For purposes of paragraph (2)(A), all employers treated as 1 employer under section 414(b), (c), (m), or (o) shall be treated as 1 employer. " (6) SUBSECTION NOT TO APPLY TO EMPLOYER IN BANKRUPTCY.— This subsection shall not apply to an employer who, as of the termination date of the qualified plan, is in bankruptcy liquidation under chapter 7 of title 11 of the United States Code or in similar proceedings under State law." (b) AMENDMENTS TO EMPLOYEE RETIREMENT INCOME SECURITY ACT.— (1) FIDUCIARY RESPONSIBILITY. — Section 404 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104) is amended by adding at the end thereof the following new subsection: "(d)(1) If, in connection with the termination of a pension plan which is a single-employer plan, there is an election to establish or maintain a qualified replacement plan, or to increase benefits, as provided under section 4980(d) of the Internal Revenue Code of 1986, a fiduciary shall discharge the fiduciary's duties under this title and title IV in accordance with the following requirements: "(A) In the Case of a fiduciary of the terminated plan, any requirement— "(i) under section 4980(d)(2)(B) of such Code with respect to the transfer of sissets from the terminated plan to a qualified replacement plan, and "(ii) under section 4980(d)(2)(B)(ii) or 4980(d)(3) of such Code with respect to any increase in benefits under the terminated plan. "(B) In the case of a fiduciary of a qualified replacement plan, any requirement— (i) under section 4980(d)(2)(A) of such Code with respect to participation in the qualified replacement plan of active participants in the terminated plan, "(ii) under section 4980(d)(2)(B) of such Code with respect to the receipt of assets from the terminated plan, and "(iii) under section 4980(d)(2)(C) of such Code with respect to the allocation of assets to participants of the qualified replacement plan.