Page:United States Statutes at Large Volume 100 Part 1.djvu/285

 PUBLIC LAW 99-272—APR. 7, 1986

100 STAT. 249

such form as may be prescribed by the corporation in regulations, the following information: "(i) such information as the corporation may prescribe by regulation as necessary to make determinations under subparagraph (B) and paragraph (3); "(ii) certification by an enrolled actuary of— "(I) the amount (as of the proposed termination date) of the current value of the assets of the plan, "(II) the actuarial present value (as of such date) of the benefit commitments under the plan, "(III) whether the plan is sufficient for benefit commitments as of such date, "(IV) the actuarial present value (as of such date) of benefits under the plan guaranteed under section 4022, and 29 USC 1322. "(V) whether the plan is sufficient for guaranteed benefits as of such date; "(iii) in any case in which the plan is not sufficient for benefit commitments as of such date— "(I) the name and address of each participant and beneficiary under the plan as of such date, and "(II) such other information as shall be prescribed by the corporation by regulation as necessary to enable the corporation (or its designee under section 4049(b)) to be able to make payments Post, p. 258. to participants and beneficiaries as required under section 4049; and "(iv) certification by the plan administrator that the information on which the enrolled actuary based the certifications under clause (ii) and the information provided to the corporation under clauses (i) and (iii) are accurate and complete. "(B) DETERMINATION BY THE CORPORATION OF NECESSARY

DISTRESS CRITERIA.—Upon receipt of the notice of intent to terminate required under subsection (a)(2) and the information required under subparagraph (A), the corporation shall determine whether the requirements of this subparagraph are met as provided in clause (i), (ii), or (iii). The requirements of this subparagraph are met if each person who is (as of the termination date) a contributing sponsor of such plan or a substantial member of such sponsor's controlled group meets the requirements of any of the following clauses: "(i)

LIQUIDATION

IN

BANKRUPTCY

OR

INSOLVENCY

PROCEEDINGS.—The requirements of this clause are met by a. person if— "(I) such person has filed or has had filed against such person, as of the termination date, a petition seeking liquidation in a case under title 11, United States Code, or under any similar law of a State or political subdivision of a State, and "(II) such case has not, as of the termination date, been dismissed, "(ii) REORGANIZATION IN BANKRUPTCY OR INSOLVENCY

PROCEEDINGS.—The requirements of this clause are met by a person if—

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