PUBLIC LAW 96-364—SEPT. 26, 1980
94 STAT. 1257
pants, as a result of a change in an agreement providing for employer contributions under the plan. "(2) For purposes of paragraph (1), a complete or partial withdrawal of an employer (within the meaning of part 1) does not impair a plan's eligibility for an overburden credit, unless the Secretary of the Treasury finds that a contribution base reduction described in paragraph (1) resulted from a transfer of liabilities to another plan in connection with the withdrawal. "(g) Notwithstanding any other provision of this section, if 2 or more multiemployer plans merge, the amount of the overburden credit which may be applied under this section with respect to the plan resulting from the merger for any of the 3 plan years ending after the effective date of the merger shall not exceed the sum of the used overburden credit for each of the merging plans for its last plan year ending before the effective date of the merger. For purposes of Used overburden the preceding sentence, the used overburden credit is that portion of credit. the credit which does not exceed the excess of the minimum contribution requirement (determined without regard to any overburden requirement under this section) over the employer contributions required under the plan. ADJUSTMENTS IN ACCRUED BENEFITS
"SEC. 4244A. (a)(1) Notwithstanding sections 203 and 204, a multiemployer plan in reorganization may be amended in accordance with this section, to reduce or eliminate accrued benefits attributable to employer contributions which, under section 4O22A03), are not eligible for the corporation's guarantee. The preceding sentence shall only apply to accrued benefits under plan amendments (or plans) adopted after March 26, 1980, or under collective bargaining agreements entered into after March 26, 1980. "(2) In determining the minimum contribution requirement with respect to a plan for a plan year under section 424303), the vested benefits charge may be adjusted to reflect a plan amendment reducing benefits under this section or section 412(c)(8) of the Internal Revenue Code of 1954, but only if the amendment is adopted and effective no later than IVz months after the end of the plan year, or within such extended period as the Secretary of the Treasury may prescribe by regulation under section 412(c)(10) of such Code. "(b)(1) Accrued benefits may not be reduced under this section unless— "(A) notice has been given, at least 6 months before the first day of the plan year in which the amendment reducing benefits is adopted, to— "(i) plan participants and beneficiaries, "(ii) each employer who has an obligation to contribute (within the meaning of section 4212(a)) under the plan, and "(iii) each employee organization which, for purposes of collective bargaining, represents plan participants employed by such an employer, that the plan is in reorganization and that, if contributions under the plan are not increased, accrued benefits under the plan will be reduced or an excise tax will be imposed on employers; "(B) in accordance with regulations prescribed by the Secretary of the Treasury— "(i) any category of accrued benefits is not reduced with respect to inactive participants to a greater extent propor-
29 USC 1425. 29 USC 1053, 1054.
26 USC 412.
Reduction conditions.
Ante, p. 1233
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