Page:United States Statutes at Large Volume 100 Part 1.djvu/284

 100 STAT. 248

5 USC 500 et seq-

PUBLIC LAW 99-272—APR. 7, 1986 sufficiency for such plan before the date of the enactment of this Act, and (B) of the persons who are (as of the termination date) participants in the plan, the lesser of 10 percent or 200 have filed complaints with the Corporation regarding such termination— (i) in the case of plans described in subparagraph (A)(i), before 15 days after the date of the enactment of this Act, or (ii) in any other case, before the later of 15 days after the date of the enactment of this Act or 45 days after the date of the filing of such notice. (3) CONSIDERATION OF COMPLAINTS.—The Corporation shall consider and respond to such complaints not later than 90 days after the date on which the Corporation makes the determination described in paragraph (1)(A). The Corporation may hold informal hearings to expedite consideration of such complaints. Any such hearing shall be exempt from the requirements of chapter 5 of title 5, United States Code. (4) DELAY ON ISSUANCE OF NOTICE.— (A) GENERAL RULE.—Except as provided in subparagraph

(B), the Corporation shall not issue any notice described in paragraph (1)(B) until 90 days after the date on which the Corporation makes the determination described in paragraph (1)(A). (B) EXCEPTION IN CASES OF SUBSTANTIAL BUSINESS HARD-

SHIP.—Except in the case of an acquisition, takeover, or leveraged buyout, the preceding provisions of this subsection shall not apply if the contributing sponsor demonstrates to the satisfaction of the Corporation that the contributing sponsor is experiencing substantial business hardship. For purposes of this subparagraph, a contributing sponsor shall be considered as experiencing substantial business hardship if the contributing sponsor has been operating, and can demonstrate that the contributing sponsor will continue to operate, at an economic loss. SEC. 11009. DISTRESS TERMINATION OF SINGLE-EMPLOYER PLANS.

29 USC 1341.

(a) IN GENERAL.—Section 4041 (as amended by sections 11007 and 11008 of this Act) is further amended by inserting after subsection (b) the following new subsection: "(c) DISTRESS TERMINATION OF SINGLE-EMPLOYER PLANS.—

"(1) IN GENERAL.—A single-employer plan may terminate under a distress 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 subparagraph (A) of paragraph (2) are met, and "(C) the corporation determines that the requirements of subparagraph (B) of paragraph (2) are met. Regulations.

"(2) TERMINATION REQUIREMENTS.— "(A) INFORMATION SUBMITTED 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 provide the corporation, in

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