Source: https://www.law.cornell.edu/uscode/text/29/1322a?quicktabs_8=0
Timestamp: 2016-02-13 11:58:24
Document Index: 638576157

Matched Legal Cases: ['§ 1322', '§\u202f1322', '§\u202f4022', '§\u202f102', '§\u202f11005', '§\u202f7891', '§\u202f1', '§\u202f951', '§\u202f110', '§\u202f108', '§\u202f1', '§\u202f951', '§\u202f1', '§\u202f951', '§\u202f1', '§\u202f951', '§\u202f7894', '§\u202f7891', '§\u202f7893', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f11005', '§\u202f110', '§\u202f1', '§\u202f951', '§\u202f7894']

29 U.S. Code § 1322a - Multiemployer plan benefits guaranteed | US Law | LII / Legal Information Institute
§ 1322a.
Multiemployer plan benefits guaranteed
(a) Benefits of covered plans subject to guaranteeThe 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—
which is insolvent under section 1426(b) or 1441(d)(2) of this title.
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.
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) [1] of this title in determining the minimum contribution requirement for the plan year under section 1423(b) [1] of this title is not eligible for the corporation’s guarantee.
(A) the date on which a benefit or a benefit increase under a plan is first in effect is the later of—
(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—
(2) 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—
determined without regard to any reduction under section 411(a)(3)(E) of title 26; divided by
(A) a year of credited service is a year in which the participant completed—
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.
For purposes of subsection (a), in the case of a qualified preretirement survivor annuity (as defined in section 1055(e)(1) of this title) payable to the surviving spouse of a participant under a multiemployer plan which becomes insolvent under section 1426(b) of this title or 1441(d)(2) of this title or is terminated, such annuity shall not be treated as forfeitable solely because the participant has not died as of the date on which the plan became so insolvent or the termination date.
(d) Amount of guarantee of reduced benefitIn 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) 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—
(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—
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,
(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—
The procedure for disposition of a joint resolution shall be the procedure described in section 1306(b)(4) through (7) of this title.
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—
(A) No revised schedule of premiums under this subsection, after the initial schedule, shall go into effect unless—
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.
(3) This subsection does not apply with respect to a plan for plan years following a plan year—
in which the plan has terminated within the meaning of section 1341a(a)(2) of this title, or
(Pub. L. 93–406, title IV, § 4022A, as added Pub. L. 96–364, 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; Pub. L. 106–554, § 1(a)(6) [title IX, § 951(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–586; Pub. L. 113–235, div. O, title I, § 110(a), Dec. 16, 2014, 128 Stat. 2792.)
Sections 1423 and 1425 of this title, referred to in subsec. (b)(1)(B), were repealed by Pub. L. 113–235, div. O, title I, § 108(a)(1), Dec. 16, 2014, 128 Stat. 2786.
2014—Subsec. (c)(4). Pub. L. 113–235 added par. (4).
2000—Subsec. (c)(1)(A). Pub. L. 106–554, § 1(a)(6) [title IX, § 951(a)(1)], substituted “$11” for “$5” in two places.
Subsec. (c)(1)(A)(i). Pub. L. 106–554, § 1(a)(6) [title IX, § 951(a)(2)], substituted “$33” for “$15”.
Subsec. (c)(2) to (6). Pub. L. 106–554, § 1(a)(6) [title IX, § 951(a)(3)], redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former pars. (2), (5), and (6). Prior to amendment, par. (2) modified the amount of benefits guaranteed under par. (1) with respect to plans described in par. (5)(A), par. (5) described certain plans for which the first plan year in which the plan was insolvent and in which benefits were required to be suspended or reduced to a certain level began before the year 2000, and par. (6) provided that par. (2) did not apply to a plan described in par. (5)(A) if the value of the assets of the plan was at least a specified amount for a specified period of time.
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”.
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”.
Pub. L. 113–235, div. O, title I, § 110(b), Dec. 16, 2014, 128 Stat. 2792, provided that: “The amendment made by this section [amending this section] shall apply with respect to multiemployer plan benefit payments becoming payable on or after January 1, 1985, except that the amendment shall not apply in any case where the surviving spouse has died before the date of the enactment of this Act [Dec. 16, 2014].”
Pub. L. 106–554, § 1(a)(6) [title IX, § 951(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–586, provided that: “The amendments made by this section [amending this section] shall apply to any multiemployer plan that has not received financial assistance (within the meaning of section 4261 of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1431]) within the 1-year period ending on the date of the enactment of this Act [Dec. 21, 2000].”
Pub. L. 101–239, title VII, § 7894(g)(3)(C)(ii), Dec. 19, 1989, 103 Stat. 2451, 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].”