Page:United States Statutes at Large Volume 100 Part 5.djvu/867

 CONCURRENT RESOLUTIONS—MAR. 26, 1986

100 STAT. 4341

referred to in this subparagraph as it determines appropriate, taking into account reasonable administrative costs of trusts established under section 4041(c)(3)(B) (ii) or (iii) or section 4042(i). h "(C) DEFERRAL OF PAYMENTS.—The terms for payment provided for under subparagraph (A) or (B) shall also provide for deferral of 75 percent of any amount of liability oJ otherwise payable for any liability payment year if a person subject to such liability demonstrates to the satisfaction of the corporation that no person subject to such liability has any individual pre-tax profits for such person's fiscal year ending during such year. The amount of liability so deferred is payable only after payment in full of any amount of liability under subsection (b) in connection with the termination of the same plan which has been deferred -& f K > pursuant to terms provided for under subsection (b)(2)(B).". (26) SECTION iioii(a).—In section 11011(a) of the bill, in section 4062(d) of ERISA, as proposed to be amended, strike out "referred to in section 4042(d)(1)(B)" and insert in lieu thereof "appointed under subsection (b) or (c) of section 4042" and in the matter following paragraph (3), insert "(at a reasonable rate) calculated from the termination date in accordance with regulations prescribed by the corporation" after "interest". (27) SECTION iioii(a).—In section 11011(a) of the bill, in section 4062(e)(3) of ERISA, as proposed to be amended, strike out "begins" and insert in lieu thereof "ends". (28) SECTION 11011(b).—In section llOllOt)) of the bill, strike out "Subsection (e) of section 4062" and insert in lieu thereof "Subsection (f) of section 4062 (as redesignated by subsection (a)(1))" and strike out "(e)" the second place it appears and insert in lieu thereof "(f)". (29) SECTION IIOII(CX2).—In section 11011(c)(2) of the bill, in section 404(g)(4) of the Internal Revenue Code of 1954, as proposed to be added, strike out "Any" and insert in lieu thereof Tor purposes of this subsection, any", and strike out "the date described in section 11019(a) of the Single-Employer Pension Plan Amendments Act of 1985" and insert in lieu thereof "the date of the enactment of the Single-Employer Pension Plan Amendments Act of 1986". (30) SECTION IIOII(CX3).—In section 11011(c)(3) of the bill, strike out "the date described in section 11019(a)" and insert in lieu thereof "January 1, 1986,". (31) SECTION 11012(a).—In section 11012(a) of the bill, in section 4049(a) of ERISA, as proposed to be added, strike out the last sentence and insert in lieu thereof the following: "The trust shall be maintained for such period of time as is necessary to receive all liability payments required to be made to the trust under section 4062(c) with respect to the terminated plan and to make all distributions required to be made to participants and beneficiaries under this section with respect to the terminated plan.". (32) SECTION 11012(a).—In section 11012(a) of the bill, in section 4049 of ERISA, as proposed to be added, strike out so much of subsection (b) as precedes paragraph (2) and insert in lieu thereof the following: "(b) DESIGNATION OF FIDUCIARY BY THE CORPORATION.— "(1) PURPOSES FOR DESIGNATION OF FIDUCIARY.— "(A) COLLECTION OF LIABILITY.—The corporation

shall designate a fiduciary (within the meaning of section 3(21)) to

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