Page:United States Statutes at Large Volume 94 Part 1.djvu/1318
94 STAT. 1268 Ante, p. 1208.
Ante, p. 1216.
Ante, p. 1217.
29 USC 1322. 29 USC 1303. Ante, p. 1210. 29 USC 1385 '^ote. Ante, p. 1221.
29 USC 1426 '^°^^29 USC 1301. Ante, p. 1259.
PUBLIC LAW 96-364—SEPT. 26, 1980
"(f)(1) In the event that before the date of enactment of the Multiemployer Pension Plan Amendments Act of 1980, the corporation has determined that— "(A) an employer has withdrawn from a multiemployer plan under section 4063, and "(B) the employer is liable to the corporation under such section, the corporation shall retain the amount of liability paid to it or furnished in the form of a bond and shall pay such liability to the plan in the event the plan terminates in accordance with section 4041A(a)(2) before the earlier of April 29, 1985, or the day after the 5-year period commencing on the date of such withdrawal. "(2) In any case in which the plan is not so terminated within the period described in paragraph (1), the liability of the employer is abated and any payment held in escrow shall be refunded without interest to the employer or the employer's bond shall be cancelled. "(g)(1) In any case in which an employer or employers withdrew from a multiemployer plan before the effective date of part 1 of subtitle E, the corporation may— "(A) apply section 4063(d), as in effect before the amendments made by the Multiemployer Pension Plan Amendments Act of 1980, to such plan, "(B) assess liability against the withdrawn employer with respect to the resulting terminated plan, ' (C) guarantee benefits under the terminated plan under section 4022, as in effect before such amendments, and "(D) if necessary, enforce such action through suit brought under section 4003. "(2) The corporation shall use the revolving fund used by the corporation with respect to basic benefits guaranteed under section 4022A in guaranteeing benefits under a terminated plan described in this subsection.". (2)(A) For the purpose of applying section 4205 of the Employee Retirement Income Security Act of 1974 in the case of an employer described in subparagraph (B)— (i) "more than 75 percent" shall be substituted for "70 percent" in subsections (a) and (b) of such section, (ii) "25 percent or less" shall be substituted for "30 percent" in sulDsection (b) of such section, and (iii) the number of contribution units for the high base year shall be the average annual number of such units for calendar years 1970 and 1971. (B) An employer is described in this subparagraph if— (i) the employer is engaged in the trade or business of shipping bulk cargoes in the Great Lakes Maritime Industry, and whose fleet consists of vessels the gross registered tonnage of which was at least 7,800, as stated in the American Bureau of Shipping Record, and (ii) whose fleet during any 5 years from the period 1970 through and including 1979 has experienced a 33 percent or more increase in the contribution units as measured from the average annual contribution units for the calendar years 1970 and 1971. (3)(A) For the purpose of determining the withdrawal liability of an employer under title IV of the Employee Retirement Income Security Act of 1974 from a plan that terminates while the plan is insolvent (within the meaning of section 4245 of such Act), the plan's unfunded vested benefits shall be reduced by an amount equal to the sum of all overburden credits that were applied in determining the plan's