Page:United States Statutes at Large Volume 100 Part 1.djvu/282

 100 STAT. 246

PUBLIC LAW 99-272—APR. 7, 1986 "(I) it has reason to believe that any requirement of subsection (a)(2) or subparagraph (A) or (B) has not been met, or "(II) it otherwise determines, on the basis of information provided by affected parties or otherwise obtained by the corporation, that there is reason to beUeve that the plan is not sufficient for benefit commitments, "(ii) EXTENSION.—The corporation and the plan administrator may agree to extend the 60-day period referred to in clause (i) by a written agreement signed by the corporation and the plan administrator before the expiration of the 60-day period. The 60-day period shall be extended as provided in the agreement and may be further extended by subsequent written agreements signed by the corporation and the plan administrator made before the expiration of a previously agreed upon extension of the 60-day period. Any extension may be made upon such terms and conditions (including the payment of benefits) as are agreed upon by the corporation and the plan administrator. "(D) FINAL DISTRIBUTION OF ASSETS IN ABSENCE OF NOTICE

OF NONCOMPLIANCE.—The plan administrator shall commence the final distribution of assets pursuant to the standard termination of the plan as soon as practicable after the expiration of the 60-day (or extended) period referred to in subparagraph (C), but such final distribution may occur only if— "(i) the plan administrator has not received during such period a notice of noncompliance from the corporation under subparagraph (C), and "(ii) when such final distribution occurs, the plan is sufficient for benefit commitments (determined as of the termination date). "(3) METHODS OF FINAL DISTRIBUTION OF ASSETS.—

29 USC 1344.

"(A) IN GENERAL.—In connection with any final distribution of assets pursuant to the standard termination of the plan under this subsection, the plan administrator shall distribute the assets in accordance with section 4044. In distributing such assets, the plan administrator shall— "(i) purchase irrevocable commitments from an insurer to provide the benefit commitments under the plan and all other benefits (if any) under the plan to which assets are required to be allocated under section 4044, or "(ii) in accordance with the provisions of the plan and any applicable regulations of the corporation, otherwise fully provide the benefit commitments under the plan and all other benefits (if any) under the plan to which assets are required to be allocated under section 4044. "(B) CERTIFICATION TO THE CORPORATION OF FINAL DISTRIBUTION OF ASSETS.—Within 30 days after the final dis-

tribution of assets is completed pursuant to the standard termination of the plan under this subsection, the plan administrator shall send a notice to the corporation certifying that the assets of the plan have been distributed in

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