§ 1322b TITLE 29—LABOR Page 514

Subsec. (f)(4)(A). Pub. L. 99–272, §11005(c)(7), substituted ‘‘joint’’ for ‘‘concurrent’’.

Subsec. (f)(4)(B). Pub. L. 99–272, §11005(c)(8), substituted ‘‘joint’’ for ‘‘concurrent’’ in two places and

‘‘The’’ for ‘‘That the Congress favors the’’ and inserted

‘‘is hereby approved’’.

Subsec. (f)(4)(C). Pub. L. 99–272, §11005(c)(9), substituted ‘‘joint’’ for ‘‘concurrent’’.

Subsec. (g)(4)(A)(ii). Pub. L. 99–272, §11005(c)(10), substituted ‘‘joint’’ for ‘‘concurrent’’ and ‘‘enacted’’ for

‘‘adopted’’.

Subsec. (g)(4)(B). Pub. L. 99–272, §11005(c)(11), substituted ‘‘joint’’ for ‘‘concurrent’’ in two places and

‘‘The’’ for ‘‘That the Congress disapproves the’’ and inserted ‘‘is hereby disapproved’’.

Subsec. (g)(4)(D). Pub. L. 99–272, §11005(c)(12), substituted ‘‘joint’’ for ‘‘concurrent’’.

CHANGE OF NAME

Committee on Education and Labor of House of Representatives treated as referring to Committee on Economic and Educational Opportunities of House of Representatives by section 1(a) of Pub. L. 104–14, set out as

a note preceding section 21 of Title 2, The Congress.

Committee on Economic and Educational Opportunities of House of Representatives changed to Committee

on Education and the Workforce of House of Representatives by House Resolution No. 5, One Hundred Fifth

Congress, Jan. 7, 1997.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by section 7891(a)(1) of Pub. L. 101–239 effective, except as otherwise provided, as if included in

the provision of the Tax Reform Act of 1986, Pub. L.

99–514, to which such amendment relates, see section

7891(f) of Pub. L. 101–239, set out as a note under section

1002 of this title.

Amendment by section 7893(b) of Pub. L. 101–239 effective as if included in the provision of the Single-Employer Pension Plan Amendments Act of 1986, Pub. L.

99–272, title XI, to which such amendment relates, see

section 7893(h) of Pub. L. 101–239, set out as a note

under section 1002 of this title.

Section 7894(g)(3)(C)(ii) of Pub. L. 101–239 provided

that: ‘‘The amendment made by clause (i) [amending

this section] shall take effect as if originally included

in section 102 of the Multiemployer Pension Plan

Amendments Act of 1980 [Pub. L. 96–364].’’

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by Pub. L. 99–272 effective for plan years

commencing after Dec. 31, 1985, see section 11005(d)(1) of

Pub. L. 99–272, set out as a note under section 1306 of

this title.

EFFECTIVE DATE

Section effective Sept. 26, 1980, except as specifically

provided, see section 1461(e) of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1301, 1305, 1306,

1322b, 1346, 1361, 1411, 1413, 1424, 1425, 1426, 1441, 1461 of

this title; title 26 sections 418C, 418D, 418E.

§ 1322b. Aggregate limit on benefits guaranteed;

criteria applicable

(a) Notwithstanding sections 1322 and 1322a of

this title, no person shall receive from the corporation pursuant to a guarantee by the corporation of basic benefits with respect to a participant under all multiemployer and single employer plans an amount, or amounts, with an actuarial value which exceeds the actuarial value

of a monthly benefit in the form of a life annuity commencing at age 65 equal to the amount

determined under section 1322(b)(3)(B) of this

title as of the date of the last plan termination.

(b) For purposes of this section—

(1) the receipt of benefits under a multiemployer plan receiving financial assistance from

the corporation shall be considered the receipt

of amounts from the corporation pursuant to a

guarantee by the corporation of basic benefits

except to the extent provided in regulations

prescribed by the corporation, and

(2) the date on which a multiemployer plan,

whether or not terminated, begins receiving financial assistance from the corporation shall

be considered a date of plan termination.

(Pub. L. 93–406, title IV, §4022B, as added Pub. L.

96–364, title I, §102, Sept. 26, 1980, 94 Stat. 1215.)

EFFECTIVE DATE

Section effective Sept. 26, 1980, except as specifically

provided, see section 1461(e) of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1344, 1346 of this

title.

§ 1323. Plan fiduciaries

Notwithstanding any other provision of this

chapter, a fiduciary of a plan to which section

1321 of this title applies is not in violation of the

fiduciary’s duties as a result of any act or of any

withholding of action required by this subchapter.

(Pub. L. 93–406, title IV, §4023, as added Pub. L.

96–364, title IV, §402(a)(5), Sept. 26, 1980, 94 Stat.

1298.)

REFERENCES IN TEXT

This chapter, referred to in text, was in the original

‘‘this Act’’, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles

I, III, and IV of such Act are classified principally to

this chapter. For complete classification of this Act to

the Code, see Short Title note set out under section

1001 of the title and Tables.

PRIOR PROVISIONS

A prior section 1323, Pub. L. 93–406, title IV, §4023,

Sept. 2, 1974, 88 Stat. 1019, related to contingent liability coverage, prior to repeal by Pub. L. 96–364, title I,

§107, Sept. 26, 1980, 94 Stat. 1267.

EFFECTIVE DATE

Section effective Sept. 26, 1980, except as specifically

provided, see section 1461(e) of this title.

SUBTITLE C—TERMINATIONS

SUBTITLE REFERRED TO IN OTHER SECTIONS

This subtitle is referred to in sections 1361, 1371 of

this title.

§ 1341. Termination of single-employer plans

(a) General rules governing single-employer plan

terminations

(1) Exclusive means of plan termination

Except in the case of a termination for

which proceedings are otherwise instituted by

the corporation as provided in section 1342 of

this title, a single-employer plan may be terminated only in a standard termination under

subsection (b) of this section or a distress termination under subsection (c) of this section.

(2) 60-day notice of intent to terminate

Not less than 60 days before the proposed

termination date of a standard termination