Page:United States Statutes at Large Volume 100 Part 1.djvu/280

 100 STAT. 244

PUBLIC LAW 99-272—APR. 7, 1986

Employee Retirement Income Security Act of 1974 (as added by this section) shall be treated as met if the written notice required under such section 204(h) is provided before 60 days after the date of the enactment of this Act. SEC. 11007. GENERAL REQUIREMENTS RELATING TO TERMINATION OF SINGLE-EMPLOYER PLANS BY PLAN ADMINISTRATORS.

(a) IN GENERAL.—Section 4041 (29 U.S.C. 1341) is amended by striking out subsections (a) through (c) and inserting in lieu thereof the following: "SEC. 4041. (a) GENERAL RULES GOVERNING SINGLE-EMPLOYER PLAN TERMINATIONS.— "(1) EXCLUSIVE MEANS OF PLAN TERMINATION.—Except in the

Post, p. 253.

case of a termination for which proceedings are otherwise instituted by the corporation as provided in section 4042, a singleemployer plan may be terminated only in a standard termination under subsection (b) or a distress termination under subsection (c). "(2) 60-DAY NOTICE OF INTENT TO TERMINATE.—Not leSS than 60

days before the proposed termination date of a standard termination under subsection (b) or a distress termination under subsection (c), the plan administrator shall provide to each affected party (other than the corporation in the case of a standard termination) a written notice of intent to terminate stating that such termination is intended and the proposed termination date. The written notice shall include any related additional information required in regulations of the corporation. Corporations.

"(3) ADHERENCE TO COLLECTIVE BARGAINING AGREEMENTS.—

The corporation shall not proceed with a termination of a plan under this section if the termination would violate the terms and conditions of an existing collective bargaining agreement. Nothing in the preceding sentence shall be construed as limiting the authority of the corporation to institute proceedings to involuntarily terminate a plan under section 4042.". (b) DEFINITIONS RELATING TO SUFFICIENCY.—Section 4041(d) (29 U.S.C. 1341(d)) is amended to read as follows: "(d) SUFFICIENCY.—For purposes of this section— "(1) SUFFICIENCY FOR BENEFIT COMMITMENTS.—A single-employer plan is sufficient for benefit commitments if there is no amount of unfunded benefit commitments under the plan. "(2) SUFFICIENCY FOR GUARANTEED BENEFITS.—A single-employer plan is sufficient for guaranteed benefits if there is no amount of unfunded guaranteed benefits under the plan.". SEC. 11008. STANDARD TERMINATION OF SINGLE-EMPLOYER PLANS.

(a) IN GENERAL.—Section 4041 (as amended by section 11007 of this Act) is further amended by inserting after subsection (a) the following new subsection: "(b) STANDARD TERMINATION OF SINGLE-EMPLOYER PLANS.— "(1) GENERAL REQUIREMENTS.—A single-employer plan

may

terminate under a standard termination only if— "(A) the plan administrator provides the 60-day advance notice of intent to terminate to affected parties required under subsection (a)(2), "(B) the requirements of subparagraphs (A) and (B) of paragraph (2) are met.

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