Page:United States Statutes at Large Volume 100 Part 5.djvu/865

 CONCURRENT RESOLUTIONS—MAR. 26, 1986

100 STAT. 4339

(22) SECTION iioii(a).—In section 11011(a) of the bill, strike out "(a) Liability" and all that follows down through "following:" and insert in lieu thereof the following: "(a) LlABILITY FOR DISTRESS TERMINATIONS AND TERMINATIONS BY

THE CORPORATION.—Section 4062 (29 U.S.C. 1362) is amended— "(1) by redesignating subsection (e) as subsection (f); and "(2) by striking out so much as precedes subsection (f) (as redesignated) and inserting in lieu thereof the following:". (23) SECTION iioii(a).—In section 11011(a) of the bill, in section 4062(a) of ERISA, as proposed to be amended, insert a comma after "corporation" in paragraph (1), insert "or section 4042(i)," after "or (iii)" in paragraph (2), and strike out "referred to in section 4042(d)(1)(B) in paragraph (3) and insert in lieu thereof "appointed under subsection (b) or (c) of section 4042,". (24) SECTION iioii(a).—In section 11011(a) of the bill, strike out section 40260t>) of ERISA, as proposed to be amended, and insert in lieu thereof the following: "(b) LlABILITY TO THE CORPORATION.— "(1) AMOUNT OF LIABILITY.—

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"(A) IN GENERAL.—Except as provided in subparagraph (B), the liability to the corporation of a person described in subsection (a) shall consist of the sum of— "(i) the lesser of^ "(I) the total amount of unfunded guaranteed benefits (as of the termination date) of all participants and beneficiaries under the plan, or "(II) 30 percent of the collective net worth of all persons described in subsection (a), and "(ii) the excess (if any) of— "(I) 75 percent of the amount described in clause (i)(I), over "(II) the amount described in clause (i)(II), together with interest (at a reasonable rate) calculated from the termination date in accordance with regulations prescribed by the corporation. "(B)

SPECIAL RULE IN CASE OF SUBSEQUENT INSUFFI-

CIENCY.—For purposes of subparagraph (A), in any case described in section 4041(c)(3)(C)(ii), actuarial present values shall be determined as of the date of the notice to the corporation (or the finding by the corporation) described in such section. "(2) PAYMENT OF LIABILITY.—

"(A) IN GENERAL.—Except as provided in subparagraph Securities. (B), the liability to the corporation under this subsection shall be due and payable to the corporation as of the termination date, in cash or securities acceptable to the corporation. "(B) SPECIAL RULE.—Payment of the liability under paragraph (l)(A)(ii) shall be made under commercially reasonable terms prescribed by the corporation. The parties involved shall make a reasonable effort to reach agreement on such commercially reasonable terms. Any such terms prescribed by the corporation shall provide for deferral of 50 percent of any amount of liability otherwise payable for any year under this subparagraph if a person subject to such liability demonstrates to the satisfaction of the corporation that no person subject to such liability has any

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