Page 533 TITLE 29—LABOR § 1361

§ 1349. Repealed. Pub. L. 100–203, title IX,

§ 9312(a), Dec. 22, 1987, 101 Stat. 1330–361

Section, Pub. L. 93–406, title IV, §4049, as added Pub.

L. 99–272, title XI, §11012(a), Apr. 7, 1986, 100 Stat. 258;

amended Pub. L. 99–514, title XVIII, §1879(u)(2), Oct. 22,

1986, 100 Stat. 2913; Pub. L. 100–203, title IX, §9312(d)(2),

Dec. 22, 1987, 101 Stat. 1330–364, related to distribution

of liability payments to participants and beneficiaries.

EFFECTIVE DATE OF REPEAL

Repeal applicable with respect to plan terminations

under section 1341 of this title with respect to which

notices of intent to terminate are provided under section 1341(a)(2) of this title after Dec. 17, 1987, and plan

terminations with respect to which proceedings are instituted by the Pension Benefit Guaranty Corporation

under section 1342 of this title after that date, see section 9312(d)(1) of Pub. L. 100–203, as amended, set out as

an Effective Date of 1987 Amendment note under section 1301 of this title.

§ 1350. Missing participants

(a) General rule

(1) Payment to the corporation

A plan administrator satisfies section

1341(b)(3)(A) of this title in the case of a missing participant only if the plan administrator—

(A) transfers the participant’s designated

benefit to the corporation or purchases an

irrevocable commitment from an insurer in

accordance with clause (i) of section

1341(b)(3)(A) of this title, and

(B) provides the corporation such information and certifications with respect to such

designated benefits or irrevocable commitments as the corporation shall specify.

(2) Treatment of transferred assets

A transfer to the corporation under this section shall be treated as a transfer of assets

from a terminated plan to the corporation as

trustee, and shall be held with assets of terminated plans for which the corporation is trustee under section 1342 of this title, subject to

the rules set forth in that section.

(3) Payment by the corporation

After a missing participant whose designated benefit was transferred to the corporation is located—

(A) in any case in which the plan could

have distributed the benefit of the missing

participant in a single sum without participant or spousal consent under section 1055(g)

of this title, the corporation shall pay the

participant or beneficiary a single sum benefit equal to the designated benefit paid the

corporation plus interest as specified by the

corporation, and

(B) in any other case, the corporation shall

pay a benefit based on the designated benefit

and the assumptions prescribed by the corporation at the time that the corporation received the designated benefit.

The corporation shall make payments under

subparagraph (B) available in the same forms

and at the same times as a guaranteed benefit

under section 1322 of this title would be available to be paid, except that the corporation

may make a benefit available in the form of a

single sum if the plan provided a single sum

benefit (other than a single sum described in

subsection (b)(2)(A) of this section).

(b) Definitions

For purposes of this section—

(1) Missing participant

The term ‘‘missing participant’’ means a

participant or beneficiary under a terminating

plan whom the plan administrator cannot locate after a diligent search.

(2) Designated benefit

The term ‘‘designated benefit’’ means the

single sum benefit the participant would receive—

(A) under the plan’s assumptions, in the

case of a distribution that can be made without participant or spousal consent under section 1055(g) of this title;

(B) under the assumptions of the corporation in effect on the date that the designated

benefit is transferred to the corporation, in

the case of a plan that does not pay any single sums other than those described in subparagraph (A); or

(C) under the assumptions of the corporation or of the plan, whichever provides the

higher single sum, in the case of a plan that

pays a single sum other than those described

in subparagraph (A).

(c) Regulatory authority

The corporation shall prescribe such regulations as are necessary to carry out the purposes

of this section, including rules relating to what

will be considered a diligent search, the amount

payable to the corporation, and the amount to

be paid by the corporation.

(Pub. L. 93–406, title IV, §4050, as added Pub. L.

103–465, title VII, §776(a), Dec. 8, 1994, 108 Stat.

5047.)

EFFECTIVE DATE

Section effective with respect to distributions that

occur in plan years commencing on or after Jan. 1, 1996,

see section 776(e) of Pub. L. 103–465, set out as an Effective Date of 1994 Amendment note under section 1056 of

this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1056, 1303, 1305,

1341 of this title; title 26 section 401.

SUBTITLE D—LIABILITY

SUBTITLE REFERRED TO IN OTHER SECTIONS

This subtitle is referred to in sections 1305, 1461 of

this title.

§ 1361. Amounts payable by corporation

The corporation shall pay benefits under a single-employer plan terminated under this subchapter subject to the limitations and requirements of subtitle B of this subchapter. The corporation shall provide financial assistance to

pay benefits under a multiemployer plan which

is insolvent under section 1426 or 1441(d)(2)(A) of

this title, subject to the limitations and requirements of subtitles B, C, and E of this subchapter. Amounts guaranteed by the corporation under sections 1322 and 1322a of this title