Page:United States Statutes at Large Volume 100 Part 5.djvu/864

 100 STAT. 4338

CONCURRENT RESOLUTIONS—MAR. 26, 1986

"(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).". (17) SECTION iioosO?).—In section 11009(b) of the bill, strike out "Act" and insert in lieu thereof "title". (18) SECTION 11010(a)(1).—In section 11010(a)(1) of the bill, strike out subparagraph (B) and insert in lieu thereof the following: "(B) by inserting at the beginning of the matter following paragraph (4) the following new sentence: 'The corporation shall as soon as practicable institute proceedings under this section to terminate a single-employer plan whenever the corporation determines that the plan does not have assets available to pay benefits which are currently due under the terms of the plan.'.". (19) SECTION iioio(a)(2)(A).—In section 11010(a)(2)(A) of the bill, strike out "court". (20) SECTION 11010(a)(2)(B).—In section 11010(a)(2)(B) of the bill, strike out "it may," and insert in lieu thereof "has determined", strike out "court", and strike out "(whether" and all that follows down through "shall,". (21) SECTION 11010(b).—In section 11010 of the bill, insert after subsection (a) the following new subsection: "(b) ESTABLISHMENT OF SECTION 4049 TRUST.—Section 4042 is further amended by adding at the end thereof the following new subsection: " '(i) In any case in which a plan is terminated under this section in a termination proceeding initiated by the corporation pursuant to subsection (a), the corporation shall establish a separate trust in connection with the plan for purposes of section 4049, unless the corporation determines that all benefit commitments under the plan are benefits guaranteed by the corporation under section 4022 or that there is no amount of unfunded benefit commitments under the plan.'.".

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