Page:United States Statutes at Large Volume 100 Part 1.djvu/288

 100 STAT. 252

PUBLIC LAW 99-272—APR. 7, 1986

Post, p. 258.

finding) the corporation shall take the actions set forth in subparagraph (B)(ii)(II) relating to the trust established for purposes of section 4049. "(ii) FINDING WITH RESPECT TO GUARANTEED BENE-

29 USC 1322.

29 USC 1342.

FITS.—If, after the plan administrator has begun to terminate the plan as authorized by subparagraph (B)(i) or (ii), the plan administrator finds that the plan is unable, or will be unable, to pay all benefits under the plan which are guaranteed by the corporation under section 4022, the plan administrator shall notify the corporation of such finding as soon as practicable thereafter. If the corporation concurs in the finding of the plan administrator (or the corporation itself makes such a finding), the corporation shall institute appropriate proceedings under section 4042. "(D) ADMINISTRATION OF THE PLAN DURING INTERIM PERIOD.—

"(i) IN GENERAL.—The plan administrator shall— "(I) meet the requirements of clause (ii) for the period commencing on the date on which the plan administrator provides a notice of distress termination to the corporation under subsection (a)(2) and ending on the date on which the plan administrator receives notification from the corporation of its determinations under subparagraph (A), and "(II) meet the requirements of clause (ii) commencing on the date on which the plan administrator or the corporation makes a finding under subparagraph (C)(ii). "(ii) REQUIREMENTS.—The requirements of this clause are met by the plan administrator if the plan administrator— "(I) refrains from distributing assets or taking any other actions to carry out the proposed termination of this subsection, "(II) pays benefits attributable to employer contributions, other than death benefits, only in the form of an annuity, "(III) does not use plan assets to purchase irrevocable commitments to provide benefits from an insurer, and "(IV) continues to pay all benefit commitments under the plan, but, commencing on the proposed termination date, limits the payment of benefits under the plan to those benefits which are guaranteed by the corporation under section 4022 or to which assets are required to be allocated under section 4044. In the event the plan administrator is later determined not to have met the requirements for distress termination, any benefits which are not paid solely by reason of compliance with subclause (IV) shall be due and payable immediately (together with interest, at a reasonable rate, in accordance with regulations of the corporation).". 29 USC 1341.

(b) CONFORMING AMENDMENTS.—Section 4041 (as amended by the

preceding provisions of this title) is further amended— (1) by striking out subsection (e); and (2) by redesignating subsection (f) as subsection (e).

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