Page:United States Statutes at Large Volume 94 Part 1.djvu/1260

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PUBLIC LAW 96-000—MMMM. DD, 1980

94 STAT. 1210

PUBLIC LAW 96-364—SEPT. 26, 1980 (3) to provide reasonable protection for the interests of participants and beneficiaries of financially distressed multiemployer pension plans, and (4) to provide a financially self-sufficient program for the guarantee of employee benefits under multiemployer plans. TITLE I—AMENDMENTS TO TITLE IV OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

29 USC 1001 note.

SEC. 101. AMENDMENT OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974. Whenever in this title an amendment or repeal is expressed in terms of an amendment to or repeal of a section or other provision, the reference is to a section or other provision of the Employee Retirement Income Security Act of 1974. SEC. 102. MULTIEMPLOYER GUARANTEES; AGGREGATE LIMIT ON GUARANTEES. Subtitle B of title IV is amended by inserting at the end thereof the following new sections: "MULTIEMPLOYER

29 USC 1322a.

29 USC 1321. Po^, pp-1259,

Post, p. 1216.

Post, p. 1257. Post, p. 1252.

29 USC 1321.

PLAN BENEFITS GUARANTEED

"SEC. 4022A. (a) The corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a multiemployer plan— "(1) to which section 4021 applies, and "(2) which is insolvent under section 4245(b) or 4281(d)(2). "(b)(l)(A) For purposes of this section, a benefit or benefit increase which has been in effect under a plan for less than 60 months is not eligible for the corporation's guarantee. For purposes of this paragraph, any month of any plan year during which the plan was insolvent or terminated (within the meaning of section 4041A(a)(2)) shall not be taken into account. "(B) For purposes of this section, a benefit or benefit increase which has been in effect under a plan for less than 60 months before the first day of the plan year for which an amendment reducing the benefit or the benefit increase is taken into account under section 4244A(a)(2) in determining the minimum contribution requirement for the plan year under section 4243(b) is not eligible for the corporation's guarantee. "(2) For purposes of this section— "(A) the date on which a benefit or a benefit increase under a plan is first in effect is the later of— "(i) the date on which the documents establishing or increasing the benefit were executed, or "(ii) the effective date of the benefit or benefit increase; "(B) the period of time for which a benefit or a benefit increase hsis been in effect under a successor plan includes the period of time for which the benefit or benefit increase was in effect under a previously established plan; and "(C) in the case of a plan to which section 4021 did not apply on September 3, 1974, the time periods referred to in this section are computed beginning on the date on which section 4021 first applies to the plan.