88 STAT. ]
PUBLIC LAW 93-406-SEPT. 2, 1974
873
be limited to) whether— (1) the employer is operating at an economic loss, (2) there is substantial unemployment or underemployment in the trade or business and in the industry concerned, (3) the sales and profits of the industry concerned are depressed or declining, and (4) it is reasonable to expect that the plan will be continued only if the waiver is granted. (c) For purposes of this part, the term "waived funding defi- "waived funding ciency" means the portion of the minimum funding standard (deter- ^ i^^i^^cy. mined without regard to subsection (b)(3)(C) of section 302) for a plan year waived by the Secretary of the Treasury and not satisfied by employer contributions. (d)
CROSS REFERENCE.—
For corresponding duties of the Secretary of the Treasury with regard to implementation of the Internal Revenue Code of 1954, see section 412(d) of such Code. EXTENSION or AMORTIZATION PERIODS
SEC. 304, (a) The period of years required to amortize any unfunded 29 USC 1084. liability (described in any clause of subsection (b)(2)(B) of section 302) of any plan may be extended by the Secretary for a period of time (not in excess of 10 years) if he determines that such extension would carry out the purposes of this Act and would provide adequate protection for participants under the plan and their beneficiaries and if he determines that the failure to permit such extension would— (1) result in— (A) a substantial risk to the voluntary continuation of the plan, or (B) a substantial curtailment of pension benefit levels or employee compensation, and (2) be adverse to the interests of plan participants in the aggregate. (b)(1) No amendment of the plan which increases the liabilities of the plan by reason of any increase in benefits, any change in the accrual of benefits, or any change in the rate at which benefits become nonforfeitable under the plan shall be adopted if a waiver under section 303(a) or an extension of time under subsection (a) of this section is in effect with respect to the plan, or if a plan amendment described in section 302(c)(8) has been made at any time in the preceding 12 months (24 months in the case of a multiemployer plan). If a plan is amended in violation of the preceding sentence, any such waiver, or extension of time, shall not apply to any plan year ending on or after the date on which such amendment is adopted. (2) Paragraph (1) shall not apply to any plan amendment which— Nonapplica(A) the Secretary determines to be reasonable and which pro- ^'^^^y* vides for only de mmimis increases in the liabilities of the plan. (B) only repeals an amendment described in section 302(c) (C) is required as a condition of qualification under part I of subchapter D, of chapter 1, of the Internal Revenue Code of 1954.
Post, pp. 959, AI.TERNATIVE MINIMUM F U N D I N G STANDARD ,
.
9^g| ^ ^ ^ ' ^^'*' 2 6 u s e 401.
SEC. 305. (a) A plan which uses a funding method that requires contributions in all years not less than those required under the entry age normal funding method may maintain an alternative minimum funding standard account for any plan year. Such account shall be credited and charged solely as provided in this section. (b) For a plan year the alternative minimum funding standard
29 USC loss.
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