Page:United States Statutes at Large Volume 100 Part 1.djvu/300

 100 STAT. 264

PUBLIC LAW 99-272—APR. 7, 1986 (2) LIMITATION ON ACTIONS BY THE CORPORATION.—Section

29 USC 1303 note.

4003(e) (29 U.S.C. 1303(e)) is amended by adding at the end thereof the following new paragraph: "(6)(A) Except as provided in subparagraph (C), an action under this subsection may not be brought after the later of— "(i) 6 years after the date on which the cause of action arose, or "(ii) 3 years after the applicable date specified in subparagraph (B). "(B)(i) Except as provided in clause (ii), the applicable date specified in this subparagraph is the earliest date on which the corporation acquired or should have acquired actual knowledge of the existence of such cause of action. "(ii) If the corporation brings the action as a trustee, the applicable date specified in this subparagraph is the date on which the corporation became a trustee with respect to the plan if such date is later than the date described in clause (i). "(C) In the case of fraud or concealment, the period described in subparagraph (A)(ii) shall be extended to 6 years after the applicable date specified in subparagraph (B).". (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply with respect to actions filed after the date of the enactment of this Act. SEC. 11015. PROVISIONS RELATING TO WAIVERS OF MINIMUM FUNDING STANDARD AND EXTENSIONS OF AMORTIZATION PERIOD. (a) SECURITY FOR W A IV E R S. — (1) ERISA AMENDMENT.—

(A) IN GENERAL.—Part 3 of subtitle B of title I is amended— (i) by redesignating section 306 (29 U.S.C. 1086) as section 307; and (ii) by inserting after section 305 (29 U.S.C. 1085) the following new section: "SECURITY FOR WAIVERS OF MINIMUM FUNDING STANDARD AND EXTENSIONS OF AMORTIZATION PERIOD 29 USC 1085a.

29 USC 1301. 29 USC 1083, 1084.

" SEC. 306. (a) SECURITY M A Y B E REQUIRED.—

"(1) IN GENERAL.—Except as provided in subsection (c), the Secretary of the Treasury may require an employer maintaining a defined benefit plan which is a single-employer plan (within the meaning of section 4001(a)(15)) to provide security to such plan as a condition for granting or modifying a waiver under section 303 or an extension under section 3(34. "(2) SPECIAL RULES.—Any security provided under paragraph (1) may be perfected and enforced only by the Pension Benefit Guaranty Corporation or, at the direction of the Corporation, by a contributing sponsor (within the meaning of section 4001(a)(13)) or a member of such sponsor's controlled group (within the meaning of section 4001(a)(14)). "(b) CONSULTATION WITH THE PENSION BENEFIT GUARANTY COR-

PORATION.—Except as provided in subsection (c), the Secretary of the Treasury shall, before granting or modifying a waiver under section 303 or an extension under section 304 with respect to a plan described in subsection (a)(1)— "(1) provide the Pension Benefit Guaranty Corporation with—

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