Source: https://www.law.cornell.edu/uscode/text/29/1341a
Timestamp: 2015-03-05 18:46:31
Document Index: 615067380

Matched Legal Cases: ['§ 1341', '§ 1341', '§ 1341', '§ 4041', '§ 103', 'art 4041', 'art 4281']

29 U.S. Code § 1341a - Termination of multiemployer plans | LII / Legal Information Institute
U.S. Code › Title 29 › Chapter 18 › Subchapter III › Subtitle C › § 1341a 29 U.S. Code § 1341a - Termination of multiemployer plans
Determinative factors Termination of a multiemployer plan under this section occurs as a result of—
the adoption after September 26, 1980, of a plan amendment which provides that participants will receive no credit for any purpose under the plan for service with any employer after the date specified by such amendment;
the withdrawal of every employer from the plan, within the meaning of section 1383 of this title, or the cessation of the obligation of all employers to contribute under the plan; or
the adoption of an amendment to the plan which causes the plan to become a plan described in section 1321
The date on which a plan terminates under paragraph (1) or (3) of subsection (a) of this section is the later of—
the date on which the amendment is adopted, or
the date on which the amendment takes effect.
The date on which a plan terminates under paragraph (2) of subsection (a) of this section is the earlier of—
the date on which the last employer withdraws, or
the first day of the first plan year for which no employer contributions were required under the plan.
Duties of plan sponsor of amended plan Except as provided in subsection (f)(1) of this section, the plan sponsor of a plan which terminates under paragraph (2) of subsection (a) of this section shall—
limit the payment of benefits to benefits which are nonforfeitable under the plan as of the date of the termination, and
pay benefits attributable to employer contributions, other than death benefits, only in the form of an annuity, unless the plan assets are distributed in full satisfaction of all nonforfeitable benefits under the plan.
Duties of plan sponsor of nonoperative plan The plan sponsor of a plan which terminates under paragraph (2) of subsection (a) of this section shall reduce benefits and suspend benefit payments in accordance with section 1441 of this title.
Amount of contribution of employer under amended plan for each plan year subsequent to plan termination date In the case of a plan which terminates under paragraph (1) or (3) of subsection (a) of this section, the rate of an employer’s contributions under the plan for each plan year beginning on or after the plan termination date shall equal or exceed the highest rate of employer contributions at which the employer had an obligation to contribute under the plan in the 5 preceding plan years ending on or before the plan termination date, unless the corporation approves a reduction in the rate based on a finding that the plan is or soon will be fully funded.
Payment of benefits; reporting requirements for terminated plans and rules and standards for administration of such plans (1)
The plan sponsor of a terminated plan may authorize the payment other than in the form of an annuity of a participant’s entire nonforfeitable benefit attributable to employer contributions, other than a death benefit, if the value of the entire nonforfeitable benefit does not exceed $1,750. The corporation may authorize the payment of benefits under the terms of a terminated plan other than nonforfeitable benefits, or the payment other than in the form of an annuity of benefits having a value greater than $1,750, if the corporation determines that such payment is not adverse to the interest of the plan’s participants and beneficiaries generally and does not unreasonably increase the corporation’s risk of loss with respect to the plan.
The corporation may prescribe reporting requirements for terminated plans, and rules and standards for the administration of such plans, which the corporation considers appropriate to protect the interests of plan participants and beneficiaries or to prevent unreasonable loss to the corporation.
(Pub. L. 93–406, title IV, § 4041A, as added Pub. L. 96–364, title I, § 103,Sept. 26, 1980, 94 Stat. 1216.)
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.29 CFR - Labor29 CFR Part 4041A - TERMINATION OF MULTIEMPLOYER PLANS29 CFR Part 4281 - DUTIES OF PLAN SPONSOR FOLLOWING MASS WITHDRAWAL