Page:United States Statutes at Large Volume 94 Part 1.djvu/1262

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PUBLIC LAW 96-000—MMMM. DD, 1980

94 STAT. 1212

26 USC 412.

Post, p. 1287.

29 USC 1322. study. Ante, p. 1208.

PUBLIC LAW 96-364—SEPT. 26, 1980

"(II) the interest for the plan year (determined under the plan) on the unfunded past service liability for that plan year, determined as of the beginning of that plan year. "(B) A plan shall not be considered to be described in subparagraph (A)if"(i) it is established to the satisfaction of the corporation that 'll) the total amount of the contributions received under the plan for the plan years for which the actuarial valuations (performed during the period described in subparagraph (A)(ii)) were performed was at least equal to the sum described in subparagraph (A)(ii); or "(II) the rates of contribution to the plan under the collective bargaining agreements negotiated when the findings of such valuations were available were reasonably expected to provide such contributions; "(ii) the number of actuarial valuations performed during the period described in subparagraph (A)(ii) is— "(I) at least 2, in any case in which such period consists of more than 6 plan years, and "(II) at least 1, in any case in which such period consists of 6 or fewer plan years; and "(iii) if the proposition described in clause (i)(I) is to be established, the plan sponsor certifies that to the best of the plan sponsor's knowledge there is no information available which establishes that the total amount of the contributions received under the plan for any plan year during the period described in subparagraph (A)(ii) for which no valuation was performed is less than the sum described in subparagraph (A)(ii). "(6) Notwithstanding paragraph (2), in the case of a plan described in paragraph (5)(A), if for any period of 3 consecutive plan years beginning with the first plan year to which the minimum funding standards of section 412 of the Internal Revenue Code of 1954 apply, the value of the assets of the plan for each such plan year is an amount equal to at least 8 times the benefit payments for such plan year— "(A) paragraph (2) shall not apply to such plan; and "(B) the benefit of a participant or beneficiary guaranteed by the corporation with respect to the plan shall be an amount determined under paragraph (1). "(d) In the case of a benefit which has been reduced under section 411(a)(3)(E) of the Internal Revenue Code of 1954, the corporation shall guarantee the lesser of— "(1) the reduced benefit, or "(2) the amount determined under subsection (c). "(e) The corporation shall not guarantee benefits under a multiemployer plan which, under section 4022(b)(6), would not be guaranteed under a single-employer plan. "(f)(1) No later than 5 years after the date of the enactment of the Multiemployer Pension Plan Amendments Act of 1980, and at least every fifth year thereafter, the corporation shall— "(A) conduct a study to determine— "(i) the premiums needed to maintain the basic-benefit guarantee levels for multiemployer plans described in subsection (c), and "(ii) whether the basic-benefit guarantee levels for multiemployer plans may be increased without increasing the basic-benefit premiums for multiemployer plans under this title; and