Page:United States Statutes at Large Volume 101 Part 2.djvu/1158

 101 STAT. 1330-364

PUBLIC LAW 100-203—DEC. 22, 1987

.^^: (4) Section 4005(g) of ERISA (29 U.S.C. 1305(g)) is amended by t?f striking out "or fiduciaries with respect to trusts to which the requirements of section 4049 apply", (d) EFFECTIVE DATE.—

29 USC 1301 "o**-

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(1) IN GENERAL.—The amendments made by this section shall apply with respect to— ->j,. (A) plan terminations under section 4041(c) of ERISA with respect to which notices of intent to terminate are ). ' provided under section 4041(a)(2) of ERISA after (B) plan terminations with respect to which proceedings v^ are instituted by the Pension Benefit Guaranty Corporation under section 4042 of ERISA after December 17, 1987.
 * ... December 17, 1987, and

Regulations.

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29 USC 1349.

TERMINATIONS.—Section 4049(a) of ERISA (as effective under ^; paragraph (1)), is amended by adding at the end thereof the ^ following new sentence: "Reasonable administrative expenses .., incurred in carrying out the responsibilities under this section ->,, prior to the receipt of any liability payments under section 4062(c) shall be paid by the persons described in section 4062(a) li in accordance with procedures which shall be prescribed by the . corporation by regulation, and the amount of the liability deterf mined under section 4062(c) shall be reduced by the amount of, such expenses so paid."

(2) SECTION 4049

ADMINISTRATIVE EXPENSES UNDER PRIOR

SEC. 9313. STANDARDS FOR TERMINATION.

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(a) STANDARD TERMINATION PROCEDURES AVAILABLE ONLY WHEN ASSETS SUFFICIENT TO MEET BENEFIT LIABILITIES.—

(1) IN GENERAL.—Subparagraph (D) of section 4041(b)(1) of ERISA (29 U.S.C. 1341(b)(1)(D)) is amended to read as follows: "(D) when the final distribution of assets occurs, the plan % is sufficient for benefit liabilities (determined as of the . termination date)." (2) TECHNICAL AMENDMENTS.—

(A) Paragraphs (2)(A), (2)(C), (2)(D), and (3) of section ij, 4041(b) of ERISA (29 U.S.C. 1341(b)(2)(A), (2)(C), (2)(D), (3)) ,^j are each amended by striking out "benefit commitments" each place it appears and inserting in lieu thereof "benefit liabilities". ,,Vi. (B) Subparagraph (B) of section 4041(b)(2) of ERISA (29 • ' U.S.C. 134ia))(2)(B)) is amended— (i) by striking out "the amount of such person's . f. benefit commitments (if any)" and inserting in lieu thereof "the amount of the benefit liabilities (if any) ,^, ^ - attributable to such person"; and f ' (ii) by striking out "such benefit commitments" and inserting in lieu thereof "such benefit liabilities". -^ (C)(i) Subparagraph (A) of section 4041(b)(3) of ERISA (29 U.S.C. 1341(b)(3)(A)) is amended by striking out clauses (i) and (ii) and inserting in lieu thereof the following: vo^' "(i) purchase irrevocable commitments from an insurer to provide all benefit liabilities under the plan, or "(ii) in accordance with the provisions of the plan and any applicable regulations, otherwise fully provide all benefit liabilities under the plan." ,j-.;iv (ii) Subparagraph (B) of section 4041(b)(3) of ERISA (29 U.S.C. 1341(b)(3)) is amended by striking out "so as to pay"

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