Page:United States Statutes at Large Volume 100 Part 1.djvu/286

 100 STAT. 250

PUBLIC LAW 99-272—APR. 7, 1986 "(I) such person has filed, or has had filed against such person, as of the termination date, a petition seeking reorganization in a case under title 11, United States Code, or under any similar law of a State or political subdivision of a State (or a case described in clause (i) filed by or against such person has been converted, as of such date, to such a case in which reorganization is sought), "(II) such case has not, as of the termination date, been dismissed, and "(III) the bankruptcy court (or other appropriate court in a case under such similar law of a State or political subdivision) approves the termination, "(iii) TERMINATION REQUIRED TO ENABLE PAYMENT OF DEBTS WHILE STAYING IN BUSINESS OR TO AVOID UNREASONABLY BURDENSOME PENSION COSTS CAUSED BY DECLINING WORKFORCE.—The requirements of this clause are met by a person if such person demonstrates to the satisfaction of the corporation that— "(I) unless a distress termination occurs, such person will be unable to pay such person's debts when due and will be unable to continue in business, or "(II) the costs of providing pension coverage have become unreasonably burdensome to such person, solely as a result of a decline of such person's workforce covered as participants under all singleemployer plans of which such person is a contributing sponsor. "(C) SUBSTANTIAL MEMBER.—For purposes of subpara-

graph (B), the term 'substantial member' of a controlled group means a person whose assets comprise 5 percent or more of the total assets of the controlled group as a whole. "(D) NOTIFICATION OF DETERMINATIONS BY THE CORPORA-

TION.—The corporation shall notify the plan administrator as soon as practicable of its determinations made pursuant to subparagraph (B). ^ "(3) TERMINATION PROCEDURE.— "(A) DETERMINATIONS BY THE CORPORATION RELATING TO PLAN SUFFICIENCY FOR GUARANTEED BENEFITS AND FOR BENE-

FIT COMMITMENTS.—If the Corporation determines that the requirements for a distress termination set forth in paragraphs (1) and (2) are met, the corporation shall— "(i) determine that the plan is sufficient for guaranteed benefits (as of the termination date) or that the corporation is unable to make such determination on the basis of information made available to the corporation, "(ii) determine that the plan is sufficient for benefit commitments (as of the termination date) or that the corporation is unable to make such determination on the basis of information made available to the corporation, and "(iii) notify the plan administrator of the determinations made pursuant to this subparagraph as soon as practicable.

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