Source: https://www.law.cornell.edu/uscode/text/29/1415
Timestamp: 2017-10-17 21:14:23
Document Index: 784833904

Matched Legal Cases: ['art 2', '§ 1415', '§ 1415', 'art 1', '§\u202f4235', '§\u202f104', '§\u202f558', '§\u202f108', '§\u202f141', '§\u202f151']

U.S. Code › Title 29 › Chapter 18 › Subchapter III › Subtitle E › Part 2 › § 1415
29 U.S. Code § 1415 - Transfers pursuant to change in bargaining representative
Transfers pursuant to change in bargaining representative
(a) Authority to transfer from old plan to new plan pursuant to employee participation in another multiemployer plan after certified change of representative
In any case in which an employer has completely or partially withdrawn from a multiemployer plan (hereafter in this section referred to as the “old plan”) as a result of a certified change of collective bargaining representative occurring after September 25, 1980, if participants of the old plan who are employed by the employer will, as a result of that change, participate in another multiemployer plan (hereafter in this section referred to as the “new plan”), the old plan shall transfer assets and liabilities to the new plan in accordance with this section.
(b) Notification by employer of plan sponsor of old plan; notification by plan sponsor of old plan of employer and plan sponsor of new plan; appeal by new plan to prevent transfer; further proceedings
The employer shall notify the plan sponsor of the old plan of a change in multiemployer plan participation described in subsection (a) no later than 30 days after the employer determines that the change will occur.
(2) The plan sponsor of the old plan shall—
(3) Within 60 days after receipt of the notice described in paragraph (2)(B), the new plan may file an appeal with the corporation to prevent the transfer. The transfer shall not be made if the corporation determines that the new plan would suffer substantial financial harm as a result of the transfer. Upon notification described in paragraph (2), if—
(B) the new plan either—
(c) Reduction of amount of withdrawal liability of employer upon transfer of appropriate amount of assets and liabilities by plan sponsor of old plan to new planIf the plan sponsor of the old plan transfers the appropriate amount of assets and liabilities under this section to the new plan, then the amount of the employer’s withdrawal liability (as determined under section 1381(b) of this title without regard to such transfer and this section) with respect to the old plan shall be reduced by the amount by which—
(d) Escrow payments by employer upon complete or partial withdrawal and prior to transferIn any case in which there is a complete or partial withdrawal described in subsection (a), if—
the new plan files an appeal with the corporation under subsection (b)(3), and
(2) the employer is required by section 1399 of this title to begin making payments of withdrawal liability before the earlier of—
(e) Prohibition on transfer of assets to new plan by plan sponsor of old plan; exemptions
(1) Notwithstanding subsection (b), the plan sponsor shall not transfer any assets to the new plan if—
the old plan is in reorganization (within the meaning of section 1421(a) [1] of this title), or
the transfer of assets would cause the old plan to go into reorganization (within the meaning of section 1421(a) 1 of this title).
(2) In any case in which a transfer of assets from the old plan to the new plan is prohibited by paragraph (1), the plan sponsor of the old plan shall transfer—
all nonforfeitable benefits described in subsection (b)(2), if the value of such benefits does not exceed the withdrawal liability of the employer with respect to such withdrawal, or
(f) Agreement between plan sponsors of old plan and new plan to transfer in compliance with other statutory provisions; reduction of withdrawal liability of employer from old plan; amount of withdrawal liability of employer to new plan
Notwithstanding subsections (b) and (e), the plan sponsors of the old plan and the new plan may agree to a transfer of assets and liabilities that complies with sections 1411 and 1414 of this title, rather than this section, except that the employer’s liability with respect to the withdrawal from the old plan shall be reduced under subsection (c) as if assets and liabilities had been transferred in accordance with this section.
(2) If the employer withdraws from the new plan within 240 months after the effective date of a transfer of assets and liabilities described in this section, the amount of the employer’s withdrawal liability to the new plan shall be the greater of—
the amount by which the employer’s withdrawal liability to the old plan was reduced under subsection (c), reduced by 5 percent for each 12-month period following the effective date of the transfer and ending before the date of the withdrawal from the new plan.
“appropriate amount of assets” means the amount by which the value of the nonforfeitable benefits to be transferred exceeds the amount of the employer’s withdrawal liability to the old plan (determined under part 1 of this subtitle without regard to section 1391(e) of this title), and
(Pub. L. 93–406, title IV, § 4235, as added Pub. L. 96–364, title I, § 104(2), Sept. 26, 1980, 94 Stat. 1247; amended Pub. L. 98–369, div. A, title V, § 558(b)(1)(A), July 18, 1984, 98 Stat. 899.)
Section 1421 of this title, referred to in subsec. (e)(1), was repealed by Pub. L. 113–235, div. O, title I, § 108(a)(1), Dec. 16, 2014, 128 Stat. 2786.
The Labor-Management Relations Act, 1947, referred to in subsec. (g)(2), is act June 23, 1947, ch. 120, 61 Stat. 136, as amended, which is classified principally to chapter 7 (§ 141 et seq.) of this title. For complete classification of this Act to the Code, see section 141 of this title and Tables.
The Railway Labor Act, referred to in subsec. (g)(2), is act May 20, 1926, ch. 347, 44 Stat. 577, as amended, which is classified principally to chapter 8 (§ 151 et seq.) of Title 45, Railroads. For complete classification of this Act to the Code, see section 151 of Title 45 and Tables.
1984—Subsec. (a). Pub. L. 98–369 substituted “September 25, 1980” for “April 28, 1980”.
Section effective Sept. 26, 1980, see section 1461(e)(4) of this title.