Page:United States Statutes at Large Volume 100 Part 1.djvu/283

 PUBLIC LAW 99-272—APR. 7, 1986

100 STAT. 247

accordance with the provisions of subparagraph (A) so as to pay the benefit commitments under the plan and all other benefits under the plan to which assets are required to be allocated under section 4044. 29 USC 1344. "(4) CONTINUING AUTHORITY.—Nothing in this section shall be construed to preclude the continued exercise by the corporation, after the termination date of a plan terminated in a standard termination under this subsection, of its authority under section 4003 with respect to matters relating to the termination. A 29 USC 1303. certification under paragraph (3)(B) shall not affect the corporation's obligations under section 4022.". 29 USC 1322. (b) CONFORMING AMENDMENT.—Section 4041(f) (29 U.S.C. 1341(f))

is amended to read as follows: "(f) LIMITATION ON THE CONVERSION OF A DEFINED BENEFIT PLAN TO A DEFINED CONTRIBUTION PLAN.—The adoption of an amendment

to a plan which causes the plan to become a plan described in section 4021(b)(l) constitutes a termination of the plan. Such an 29 USC 1821. amendment may take effect only after the plan satisfies the requirements for standard termination under subsection (b) or distress termination under subsection (c).". (c) AUTHORITY FOR 60-DAY EXTENSION.—In the case of a standard 29 USC 1341 termination of a plan under section 4041(b) of the Employee Retire- note. ment Income Security Act of 1974 (as amended by this section) with ^*^' P" ^'*' respect to which a notice of intent to terminate is filed before 120 days after the date of the enactment of this Act, the Pension Benefit Guaranty Corporation may, without the consent of the plan administrator, extend the 60-day period under section 4041(b)(2)(C)(i) of such Act (as so amended) for a period not to exceed 60 days. (d) SPECIAL TEMPORARY RULE.— 29 USC 1341 (1) REQUIREMENTS TO BE MET BEFORE FINAL DISTRIBUTION OF "O^.

ASSETS.—In the case of the termination of a single-employer plan described in paragraph (2) with respect to which the amount payable to the employer pursuant to section 4044(d) 29 USC 1344. exceeds $1,000,000 (determined as of the proposed date of final distribution of assets), the final distribution of assets pursuant to such termination may not occur unless the Pension Benefit Guaranty Corporation— (A) determines that the assets of the plan are sufficient for benefit commitments (within the meaning of section 4041(d)(1) of the Employee Retirement Income Security Act of 1974 (as amended by section 11007)) under the plan, and (B) issues to the plan administrator a written notice setting forth the determination described in subparagraph (A). (2) PLANS TO WHICH SUBSECTION APPLIES.—A single-employer

plan is described in this paragraph if— (A) the plan administrator has filed a notice of intent to terminate with the Pension Benefit Guaranty Corporation, and— (i) the filing was made before January 1, 1986, and the Corporation has not issued a notice of sufficiency for such plan before the date of the enactment of this Act, or (ii) the filing is made on or after January 1, 1986, and before 60 days after the date of the enactment of this Act and the Corporation has not issued a notice of

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