Page:United States Statutes at Large Volume 100 Part 1.djvu/281

 PUBLIC LAW 99-272—APR. 7, 1986

100 STAT. 245

"(C) the corporation does not issue a notice of noncompliance under subparagraph (C) of paragraph (2), and "(D) when the final distribution of assets occurs, the plan is sufficient for benefit commitments (determined as of the termination date). '(2) TERMINATION PROCEDURE.— "(A) NOTICE TO THE CORPORATION.—As

soon as practicable after the date on which the notice of intent to terminate is provided pursuant to subsection (a)(2), the plan administrator shall send a notice to the corporation setting forth— "(i) certification by an enrolled actuary— "(I) of the projected amount of the assets of the plan (as of a proposed date of final distribution of assets), "(II) of the actuarial present value (as of such date) of the benefit commitments (determined as of the proposed termination date) under the plan, and "(III) that the plan is projected to be sufficient (as of such proposed date of final distribution) for such benefit commitments, "(ii) such information as the corporation may pre- Regulations, scribe in regulations as necessary to enable the corporation to make determinations under subparagraph (C), and "(iii) certification by the plan administrator that the information on which the enrolled actuary based the certification under clause (i) and the information provided to the corporation under clause (ii) are accurate and complete. "(B) NOTICE TO PARTICIPANTS AND BENEFICIARIES OF BENE-

FIT COMMITMENTS.—No later than the date on which a notice is sent by the plan administrator under subparagraph (A), the plan administrator shall send a notice to each person who is a participant or beneficiary under the plan— "(i) specifying the amount of such person's benefit commitments (if any) as of the proposed termination date and the benefit form on the basis of which such amount is determined, and "(ii) including the following information used in determining such benefit commitments: "(I) the length of service, "(II) the age of the participant or beneficiary, "(III) wages, "(IV) the assumptions, including the interest rate, and "(V) such other information as the corporation may require. Such notice shall be written in such manner as is likely to be understood by the participant or beneficiary and as may be prescribed in regulations of the corporation. "(C) NOTICE FROM THE CORPORATION OF NONCOMPLIANCE.—

"(i) IN GENERAL.—Within 60 days after receipt of the notice under subparagraph (A), the corporation shall issue a notice of noncompliance to the plan administrator if—

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