§ 1322a TITLE 29—LABOR Page 510

Subsec. (d). Pub. L. 99–272, §11016(c)(9), added subsec.

(d).

1980—Subsec. (a). Pub. L. 96–364, §403(c)(2), inserted

‘‘, in accordance with this section,’’ after ‘‘guarantee’’

and ‘‘single-employer’’ before ‘‘plan which’’, and struck

out ‘‘the terms of’’ after ‘‘under’’.

Subsec. (b). Pub. L. 96–364, §403(c)(3), (4), in par. (1)

substituted ‘‘(7)’’ for ‘‘(8)’’, struck out par. (5) relating

to receipt of a life annuity commencing at age 65, and

redesignated pars. (6) to (8) as (5) to (7), respectively.

EFFECTIVE DATE OF 1994 AMENDMENT

Amendment by section 766(c) of Pub. L. 103–465 applicable to plan amendments adopted on or after Dec. 8,

1994, see section 766(d) of Pub. L. 103–465, set out as a

note under section 401 of Title 26, Internal Revenue

Code.

Section 777(b) of Pub. L. 103–465 provided that: ‘‘The

amendment made by this section [amending this section] shall be effective for plan terminations under section 4041(c) of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1341(c)] with respect to which

notices of intent to terminate are provided under section 4041(a)(2) of such Act [29 U.S.C. 1342], or under section 4042 of such Act with respect to which proceedings

are instituted by the corporation, on or after the date

of enactment of this Act [Dec. 8, 1994].’’

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by section 7881(f)(4), (5), (11) of Pub. L.

101–239 effective, except as otherwise provided, as if included in the provision of the Pension Protection Act,

Pub. L. 100–203, §§9302–9346, to which such amendment

relates, see section 7882 of Pub. L. 101–239, set out as a

note under section 401 of Title 26, Internal Revenue

Code.

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 7894(g)(1), (3)(B) of Pub. L.

101–239 effective, except as otherwise provided, as if

originally included in the provision of the Employee

Retirement Income Security Act of 1974, Pub. L. 93–406,

to which such amendment relates, see section 7894(i) of

Pub. L. 101–239, set out as a note under section 1002 of

this title.

EFFECTIVE DATE OF 1987 AMENDMENT

Amendment by Pub. L. 100–203 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 a note under section 1301

of this title.

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by Pub. L. 99–272 effective Jan. 1, 1986,

with certain exceptions, see section 11019 of Pub. L.

99–272, set out as a note under section 1341 of this title.

EFFECTIVE DATE OF 1980 AMENDMENT

Amendment by Pub. L. 96–364 effective Sept. 26, 1980,

except as specifically provided, see section 1461(e) of

this title.

TRANSITIONAL RULE REGARDING AMENDMENTS BY

SECTION 9312 OF PUB. L. 100–203

Section 9312(b)(3)(B) of Pub. L. 100–203, as amended by

Pub. L. 101–239, title VII, §7881(f)(1), (6), Dec. 19, 1989, 103

Stat. 2440, provided that:

‘‘(i) IN GENERAL.—In the case of any plan termination

to which the amendments made by this section [amending sections 1301, 1305, 1322, 1341, 1342, 1349, 1362, 1364,

and 1368 of this title and repealing section 1349 of this

title] apply and with respect to which notices of intent

to terminate were provided on or before December 17,

1990—

‘‘(I) subparagraph (A) of section 4022(c)(3) of ERISA

[29 U.S.C. 1322(c)(3)(A)] (as amended by this paragraph) shall not apply, and

‘‘(II) subparagraph (C) of section 4022(c)(3) of ERISA

(as so amended) shall apply irrespective of the outstanding amount of benefit liabilities under the plan.

‘‘(ii) [Repealed. Pub. L. 101–239, title VII, §7881(f)(6),

Dec. 19, 1989, 103 Stat. 2440.]’’

SECTION REFERRED TO IN OTHER SECTIONS

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

1321, 1322a, 1322b, 1341, 1343, 1344, 1346, 1350, 1361, 1412,

1461 of this title; title 26 section 404; title 42 section 430.

§ 1322a. Multiemployer plan benefits guaranteed

(a) Benefits of covered plans subject to guarantee

The corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a multiemployer

plan—

(1) to which this subchapter applies, and

(2) which is insolvent under section 1426(b) or

1441(d)(2) of this title.

(b) Benefits or benefit increases not eligible for

guarantee

(1)(A) For purposes of this section, a benefit or

benefit increase which has been in effect under

a plan for less than 60 months is not eligible for

the corporation’s guarantee. For purposes of

this paragraph, any month of any plan year during which the plan was insolvent or terminated

(within the meaning of section 1341a(a)(2) of this

title) shall not be taken into account.

(B) For purposes of this section, a benefit or

benefit increase which has been in effect under

a plan for less than 60 months before the first

day of the plan year for which an amendment reducing the benefit or the benefit increase is

taken into account under section 1425(a)(2) of

this title in determining the minimum contribution requirement for the plan year under section

1423(b) of this title is not eligible for the corporation’s guarantee.

(2) For purposes of this section—

(A) the date on which a benefit or a benefit

increase under a plan is first in effect is the

later of—

(i) the date on which the documents establishing or increasing the benefit were executed, or

(ii) the effective date of the benefit or benefit increase;

(B) the period of time for which a benefit or

a benefit increase has been in effect under a

successor plan includes the period of time for

which the benefit or benefit increase was in effect under a previously established plan; and

(C) in the case of a plan to which section 1321

of this title did not apply on September 3, 1974,

the time periods referred to in this section are

computed beginning on the date on which section 1321 of this title first applies to the plan.
Page 511 TITLE 29—LABOR § 1322a

(c) Determinations respecting amount of guarantee

(1) Except as provided in subsection (g) of this

section, the monthly benefit of a participant or

a beneficiary which is guaranteed under this

section by the corporation with respect to a plan

is the product of—

(A) 100 percent of the accrual rate up to $5,

plus 75 percent of the lesser of—

(i) $15, or

(ii) the accrual rate, if any, in excess of $5,

and

(B) the number of the participant’s years of

credited service.

(2) Except as provided in paragraph (6) of this

subsection and in subsection (g) of this section,

in applying paragraph (1) with respect to a plan

described in paragraph (5)(A), the term ‘‘65 percent’’ shall be substituted in paragraph (1)(A)

for the term ‘‘75 percent’’.

(3) For purposes of this section, the accrual

rate is—

(A) the monthly benefit of the participant or

beneficiary which is described in subsection

(a) of this section and which is eligible for the

corporation’s guarantee under subsection (b)

of this section, except that such benefit shall

be—

(i) no greater than the monthly benefit

which would be payable under the plan at

normal retirement age in the form of a single life annuity, and

(ii) determined without regard to any reduction under section 411(a)(3)(E) of title 26;

divided by

(B) the participant’s years of credited service.

(4) For purposes of this subsection—

(A) a year of credited service is a year in

which the participant completed—

(i) a full year of participation in the plan,

or

(ii) any period of service before participation which is credited for purposes of benefit

accrual as the equivalent of a full year of

participation;

(B) any year for which the participant is

credited for purposes of benefit accrual with a

fraction of the equivalent of a full year of participation shall be counted as such a fraction

of a year of credited service; and

(C) years of credited service shall be determined by including service which may otherwise be disregarded by the plan under section

411(a)(3)(E) of title 26.

(5)(A) A plan is described in this subparagraph

if—

(i) the first plan year—

(I) in which the plan is insolvent under

section 1426(b) or 1441(d)(2) of this title, and

(II) for which benefits are required to be

suspended under section 1426 of this title, or

reduced or suspended under section 1441 of

this title, until they do not exceed the levels

provided in this subsection,

begins before the year 2000; and

(ii) the plan sponsor has not established to

the satisfaction of the corporation that, during the period of 10 consecutive plan years (or

of such lesser number of plan years for which

the plan was maintained) immediately preceding the first plan year to which the minimum

funding standards of section 412 of title 26

apply, the total amount of the contributions

required under the plan for each plan year was

at least equal to the sum of—

(I) the normal cost for that plan year, and

(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—

(I) 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 title 26 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) Amount of guarantee of reduced benefit

In the case of a benefit which has been reduced

under section 411(a)(3)(E) of title 26, the corporation shall guarantee the lesser of—

(1) the reduced benefit, or

(2) the amount determined under subsection

(c) of this section.

(e) Ineligibility of benefits for guarantee

The corporation shall not guarantee benefits

under a multiemployer plan which, under sec-
§ 1322a TITLE 29—LABOR Page 512

tion 1322(b)(6) of this title, would not be guaranteed under a single-employer plan.

(f) Study, report, etc., respecting premium increase in existing basic-benefit guarantee

levels; Congressional procedures applicable

for revision of schedules

(1) No later than 5 years after September 26,

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) of

this section, 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 subchapter; and

(B) report such determinations to the Committee on Ways and Means and the Committee

on Education and Labor of the House of Representatives and to the Committee on Finance

and the Committee on Labor and Human Resources of the Senate.

(2)(A) If the last report described in paragraph

(1) indicates that a premium increase is necessary to support the existing basic-benefit

guarantee levels for multiemployer plans, the

corporation shall transmit to the Committee on

Ways and Means and the Committee on Education and Labor of the House of Representatives and to the Committee on Finance and the

Committee on Labor and Human Resources of

the Senate by March 31 of any calendar year in

which congressional action under this subsection is requested—

(i) a revised schedule of basic-benefit guarantees for multiemployer plans which would

be necessary in the absence of an increase in

premiums approved in accordance with section

1306(b) of this title,

(ii) a revised schedule of basic-benefit premiums for multiemployer plans which is necessary to support the existing basic-benefit

guarantees for such plans, and

(iii) a revised schedule of basic-benefit guarantees for multiemployer plans for which the

schedule of premiums necessary is higher than

the existing premium schedule for such plans

but lower than the revised schedule of premiums for such plans specified in clause (ii),

together with such schedule of premiums.

(B) The revised schedule of increased premiums referred to in subparagraph (A)(ii) or

(A)(iii) shall go into effect as approved by the

enactment of a joint resolution.

(C) If an increase in premiums is not so enacted, the revised guarantee schedule described

in subparagraph (A)(i) shall go into effect on the

first day of the second calendar year following

the year in which such revised guarantee schedule was submitted to the Congress.

(3)(A) If the last report described in paragraph

(1) indicates that basic-benefit guarantees for

multiemployer plans can be increased without

increasing the basic-benefit premiums for multiemployer plans under this subchapter, the corporation shall submit to the Committee on

Ways and Means and the Committee on Education and Labor of the House of Representatives and to the Committee on Finance and the

Committee on Labor and Human Resources of

the Senate by March 31 of the calendar year in

which congressional action under this paragraph

is requested—

(i) a revised schedule of increases in the

basic-benefit guarantees which can be supported by the existing schedule of basic-benefit premiums for multiemployer plans, and

(ii) a revised schedule of basic-benefit premiums sufficient to support the existing basicbenefit guarantees.

(B) The revised schedules referred to in subparagraph (A)(i) or subparagraph (A)(ii) shall go

into effect as approved by the enactment of a

joint resolution.

(4)(A) The succeeding subparagraphs of this

paragraph are enacted by the Congress as an exercise of the rulemaking power of the Senate

and the House of Representatives, respectively,

and as such they shall be deemed a part of the

rules of each House, respectively, but applicable

only with respect to the procedure to be followed in that House in the case of joint resolutions (as defined in subparagraph (B)). Such subparagraphs shall supersede other rules only to

the extent that they are inconsistent therewith.

They are enacted with full recognition of the

constitutional right of either House to change

the rules (so far as relating to the procedure of

that House) at any time, in the same manner,

and to the same extent as in the case of any rule

of that House.

(B) For purposes of this subsection, ‘‘joint resolution’’ means only a joint resolution, the matter after the resolving clause of which is as follows: ‘‘The proposed schedule described in

transmitted to the Congress by the Pension Benefit Guaranty Corporation on is

hereby approved.’’, the first blank space therein

being filled with ‘‘section 4022A(f)(2)(A)(ii) of the

Employee Retirement Income Security Act of

1974’’, ‘‘section 4022A(f)(2)(A)(iii) of the Employee Retirement Income Security Act of 1974’’,

‘‘section 4022A(f)(3)(A)(i) of the Employee Retirement Income Security Act of 1974’’, or ‘‘section 4022A(f)(3)(A)(ii) of the Employee Retirement Income Security Act of 1974’’ (whichever is

applicable), and the second blank space therein

being filled with the date on which the corporation’s message proposing the revision was submitted.

(C) The procedure for disposition of a joint resolution shall be the procedure described in section 1306(b)(4) through (7) of this title.

(g) Guarantee of payment of other classes of benefits and establishment of terms and conditions of guarantee; promulgation of regulations for establishment of supplemental program to guarantee benefits otherwise ineligible; status of benefits; applicability of revised schedule of premiums

(1) The corporation may guarantee the payment of such other classes of benefits under

multiemployer plans, and establish the terms

and conditions under which those other classes

of benefits are guaranteed, as it determines to

be appropriate.
Page 513 TITLE 29—LABOR § 1322a

(2)(A) The corporation shall prescribe regulations to establish a supplemental program to

guarantee benefits under multiemployer plans

which would be guaranteed under this section

but for the limitations in subsection (c) of this

section. Such regulations shall be proposed by

the corporation no later than the end of the 18th

calendar month following September 26, 1980.

The regulations shall make coverage under the

supplemental program available no later than

January 1, 1983. Any election to participate in

the supplemental program shall be on a voluntary basis, and a plan electing such coverage

shall continue to pay the premiums required

under section 1306(a)(2)(B) of this title to the revolving fund used pursuant to section 1305 of

this title in connection with benefits otherwise

guaranteed under this section. Any such election shall be irrevocable, except to the extent

otherwise provided by regulations prescribed by

the corporation.

(B) The regulations prescribed under this paragraph shall provide—

(i) that a plan must elect coverage under the

supplemental program within the time permitted by the regulations;

(ii) unless the corporation determines otherwise, that a plan may not elect supplemental

coverage unless the value of the assets of the

plan as of the end of the plan year preceding

the plan year in which the election must be

made is an amount equal to 15 times the total

amount of the benefit payments made under

the plan for that year; and

(iii) such other reasonable terms and conditions for supplemental coverage, including

funding standards and any other reasonable

limitations with respect to plans or benefits

covered or to means of program financing, as

the corporation determines are necessary and

appropriate for a feasible supplemental program consistent with the purposes of this subchapter.

(3) Any benefits guaranteed under this subsection shall be considered nonbasic benefits for

purposes of this subchapter.

(4)(A) No revised schedule of premiums under

this subsection, after the initial schedule, shall

go into effect unless—

(i) the revised schedule is submitted to the

Congress, and

(ii) a joint resolution described in subparagraph (B) is not enacted before the close of the

60th legislative day after such schedule is submitted to the Congress.

(B) For purposes of subparagraph (A), a joint

resolution described in this subparagraph is a

joint resolution the matter after the resolving

clause of which is as follows: ‘‘The revised premium schedule transmitted to the Congress by

the Pension Benefit Guaranty Corporation under

section 4022A(g)(4) of the Employee Retirement

Income Security Act of 1974 on is hereby

disapproved.’’, the blank space therein being

filled with the date on which the revised schedule was submitted.

(C) For purposes of subparagraph (A), the term

‘‘legislative day’’ means any calendar day other

than a day on which either House is not in session because of a sine die adjournment or an adjournment of more than 3 days to a day certain.

(D) The procedure for disposition of a joint

resolution described in subparagraph (B) shall be

the procedure described in paragraphs (4)

through (7) of section 1306(b) of this title.

(5) Regulations prescribed by the corporation

to carry out the provisions of this subsection,

may, to the extent provided therein, supersede

the requirements of sections 1426, 1431, and 1441

of this title, and the requirements of section

418E of title 26, but only with respect to benefits

guaranteed under this subsection.

(h) Applicability to nonforfeitable benefits accrued as of July 30, 1980; manner and extent

of guarantee

(1) Except as provided in paragraph (3), subsections (b) and (c) of this section shall not

apply with respect to the nonforfeitable benefits

accrued as of July 29, 1980, with respect to a participant or beneficiary under a multiemployer

plan—

(1) who is in pay status on July 29, 1980, or

(2) who is within 36 months of the normal retirement age and has a nonforfeitable right to

a pension as of that date.

(2) The benefits described in paragraph (1)

shall be guaranteed by the corporation in the

same manner and to the same extent as benefits

are guaranteed by the corporation under section

1322 of this title (without regard to this section).

(3) This subsection does not apply with respect

to a plan for plan years following a plan year—

(A) in which the plan has terminated within

the meaning of section 1341a(a)(2) of this title,

or

(B) in which it is determined by the corporation that substantially all the employers have

withdrawn from the plan pursuant to an agreement or arrangement to withdraw.

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

93–364, title I, §102, Sept. 26, 1980, 94 Stat. 1210;

amended Pub. L. 99–272, title XI, §11005(c)(4)–(12),

Apr. 7, 1986, 100 Stat. 242; Pub. L. 101–239, title

VII, §§7891(a)(1), 7893(b), 7894(g)(3)(C)(i), Dec. 19,

1989, 103 Stat. 2445, 2447, 2451.)

REFERENCES IN TEXT

Section 4022A(f)(2)(A)(ii), (iii), (3)(A)(i), and (ii) of the

Employee Retirement Income Security Act of 1974, referred to in subsec. (f)(4)(B), is classified to subsec.

(f)(2)(A)(ii), (iii), (3)(A)(i) and (ii) of this section.

Section 4022A(g)(4) of the Employee Retirement Income Security Act of 1974, referred to in subsec.

(g)(4)(B), is classified to subsec. (g)(4) of this section.

AMENDMENTS

1989—Subsec. (a)(1). Pub. L. 101–239, §7894(g)(3)(C)(i),

substituted ‘‘this subchapter’’ for ‘‘section 1321 of this

title’’.

Subsecs. (c)(3)(A)(ii), (4)(C), (5)(A)(ii), (6), (d), (g)(5).

Pub. L. 101–239, §7891(a)(1), substituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Internal Revenue Code of 1954’’,

which for purposes of codification was translated as

‘‘title 26’’ thus requiring no change in text.

Subsec. (f)(2)(B). Pub. L. 101–239, §7893(b), substituted

‘‘the enactment’’ for ‘‘the the enactment’’.

1986—Subsec. (f)(2)(B). Pub. L. 99–272, §11005(c)(4), substituted ‘‘the enactment of a joint resolution’’ for

‘‘Congress by concurrent resolution’’.

Subsec. (f)(2)(C). Pub. L. 99–272, §11005(c)(5), substituted ‘‘so enacted’’ for ‘‘approved’’.

Subsec. (f)(3)(B). Pub. L. 99–272, §11005(c)(6), substituted ‘‘enactment of a joint resolution’’ for ‘‘Congress by concurrent resolution’’.
§ 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