Page:United States Statutes at Large Volume 100 Part 1.djvu/273

 PUBLIC LAW 99-272—APR. 7, 1986

100 STAT. 237

wise be required under section 2206(1) of such Act with respect to such individuals.

TITLE XI—SINGLE-EMPLOYER PLAN TER- smgie MINATION INSURANCE SYSTEM AMEND- p^Z%i.n MENTS icTo"f%r SEC. 11001. SHORT TITLE AND TABLE OF CONTENTS.

This title may be cited as "Single-Employer Pension Plan Amendments Act of 1986". Sec. Sec. Sec. Sec. Sec. Sec. Sec.

11001. 11002. 11003. 11004. 11005. 11006. 11007.

Sec. Sec. Sec. Sec.

11008. 11009. 11010. 11011.

Sec. 11012. Sec. 11013. Sec. 11014. Sec. 11015. Sec. Sec. Sec. Sec.

11016. 11017. 11018. 11019.

29 USC 1001 note.

TABLE OF CONTENTS Short title and table of contents. Findings and declaration of policy. Amendment of the Employee Retirement Income Security Act of 1974. Definitions. Single-employer plan termination insurance premiums. Notice of significant reduction in benefit accruals. General requirements relating to termination of single-employer plans by plan administrators. Standard termination of single-employer plans. Distress termination of single-employer plans. Termination proceedings; duties of the corporation. Amendments to liability provisions; liabilities relating to benefit commitments in excess of benefits guaranteed by the corporation. Distribution to participants and beneficiaries of liability payments to section 4049 trust. Treatment of transactions to evade liability; effect of corporate reorganization. Enforcement authority relating to terminations of single-employer plans. Provisions relating to waivers of minimum funding standard and extensions of amortization period. Conforming, clarifying, technical, and miscellaneous amendments. Studies. Limitation on regulations. Effective date of title; temporary procedures.

SEC. 11002. FINDINGS AND DECLARATION OF POLICY.

(a) FINDINGS.—The Congress finds that— (1) single-employer defined benefit pension plans have a substantial impact on interstate commerce and are affected with a national interest; (2) the continued well-being and retirement income security of millions of workers, retirees, and their dependents are directly affected by such plans; (3) the existence of a sound termination insurance system is fundamental to the retirement income security of participants and beneficiaries of such plans; and (4) the current termination insurance system in some instances encourages employers to terminate pension plans, evade their obligations to pay benefits, and shift unfunded pension liabilities onto the termination insurance system and the other premium-payers. (b) ADDITIONAL FINDINGS.—The Congress further finds that modification of the current termination insurance system and an increase in the insurance premium for single-employer defined benefit pension plans— (1) is desirable to increase the likelihood that full benefits will be paid to participants and beneficiaries of such plans;

29 USC 1001b.

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