Page:United States Statutes at Large Volume 101 Part 2.djvu/1157

 PUBLIC LAW 100-203—DEC. 22, 1987

101 STAT. 1330-363

"(4) Determinations under this subsection shall be made by the corporation. Such determinations shall be binding unless shown by clear and convincing evidence to be unreasonable.' (B) TRANSITIONAL RULE.—

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29 USC 1322

(i) IN GENERAL.—In the case of any plan termination "ote. to which the amendments made by this section apply and with respect to which notices of intent to terminate were provided on or before December 17, 1990— (I) subparagraph (A) of section 4022(c)(1) of ERISA (as amended by this paragraph) shall not apply, and (II) subparagraph (B) of section 4022(c)(1) of ERISA (as so amended) shall apply irrespective of the outstanding amount of benefit liabilities under the plan, (ii) LIMITATION.—Clause (i) shall not apply in the case of any plan termination referred to in clause (i) with respect to which the recovery ratio is not finally determined under section 4022(c)(1)(B) of ERISA (as so amended) as of December 17, 1990.

(4) BENEFIT LIABIUTIES.—Paragraph (16) of section 4001(a) of

ERISA (29 U.S.C. 1301(a)(16)) is amended to read as follows: "(16) 'benefit liabilities' means the benefits of employees and their beneficiaries under the plan (within the meaning of section 401(a)(2) of the Internal Revenue Code of 1986);". (5) OUTSTANDING AMOUNT OF BENEFIT LIABILITIES.—Paragraph

(19) of section 4001(a) of ERISA (29 U.S.C. 1301(a)(19)) is amended to read as follows: "(19) 'outstanding amount of benefit liabilities' means, with respect to any plan, the excess (if any) of— "(A) the value of the benefit liabilities under the plan (determined as of the termination date on the basis of assumptions prescribed by the corporation for purposes of section 4044), over "(B) the value of the benefit liabilities which would be so determined by only taking into account benefits which are guaranteed under section 4022 or to which assets of the plan are allocated under section 4044;". (c) ADDITIONAL CONFORMING AMENDMENTS.—

(1) Section 4041(c)(3)(B)(ii) of ERISA (29 U.S.C. 1341(c)(3)(B)(ii)) is amended— (A) by striking subclause (II); (B) by striking "plan, and" at the end of subclause (I) and inserting "plan.'; and ^ (C) by striking "available to it—" and all that follows « • through "the plan administrator" and inserting "available to it, the plan administrator". (2) Section 4041(c)(3)(B)(iii) of ERISA (29 U.S.C. 1341(c)(3)(B)(iii)) is amended— (A) by striking subclause (II); (B) by striking "section 4042, and" at the end of subclause (I) and inserting "section 4042."; and (C) by striking "available to it—" and all that follows through "the corporation" in subclause (I) and inserting "available to it, the corporation". (3) Subsection (i) of section 4042 of ERISA (29 U.S.C. 1342(i)) is repealed.

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