Page:United States Statutes at Large Volume 103 Part 3.djvu/363

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2431 (1) Notwithstanding any other provision of law, in the case of any qualified pension plan and welfare benefit plan described in paragraph (2), the assets of such pension plan in excess of its liabilities may be transferred to such welfare benefit plan upon the termination of such pension plan if such assets are to be used to provide retiree health benefits. (2) For purposes of paragraph (1), a qualified pension plan and welfare benefit plan are described in this paragraph if— (A) both such plans are jointly administered pursuant to a collective bargaining agreement between the employer maintaining such plans and one or more employee rep- resentatives, (B) the welfare benefit plan provides retiree health bene- fits, and (C) the qualified pension plan has assets in excess of liabilities (determined on a termination basis) and the wel- fare benefit plan has assets which are less than the present value of the benefits to be provided under the plan (deter- mined as of the time of termination of the pension plan). (3) For purposes of the Internal Revenue Code of 1986, any transfer of assets to which paragraph (1) applies shall be treated as a reversion of such assets to the employer maintaining the plan which is includible in the gross income of such employer and subject to the tax imposed by section 4980 of such Code. (c) AMENDMENTS RELATED TO SECTION 1140 OF THE REFORM ACT.— (1) Subsection (a) of section 1140 of the Reform Act is amended 26 USC 40i note. by striking "or subtitle C" and inserting ", subtitle C, or title XVm of this Act". (2) Section 1140(c) of the Reform Act is amended by striking all after "the first plan year beginning" and inserting "after the later of— "(1) December 31, 1988, or "(2) the earlier of— "(A) December 31, 1990, or "(B) the date on which the last of such collective bargain- ing agreements terminate (without regard to any extension after Februanr 28, 1986)." (3) Section 114CKC) is amended by adding at the end thereof the following new fiush sentence: "For purposes of paragraph (I)(B) and any other provision of this title, an agreement shall not be treated as terminated merely because the plan is amended pursuant to such agreement to meet the requirements of any amendment made by this title or title XVraofthisAct.". (d) AMENDMENTS RELATED TO SECTION 1145 OF THE REFORM ACT. — (1) Subsection (f) of section 303 of the Retirement Equity Act of 1984 is amended by striking "July 24, 1984" and Inserting 26 USC looi "July 17, 1984". "o^. (2) Paragraph (3) of section 205(b) of ERISA, as added by section 1145(b) of the Reform Act, is redesignated as para- 29 USC 1055. graph (4). SEC 7862. AMENDMENTS RELATED TO TITLE XVIII OF THE REFORM ACT. (a) AMENDBIENT RELATED TO SECTION 1852 OF THE REFORM ACT.— Paragraph (1) of section 4402(h) of ERISA is amended by striking 29 USC I46i. "January 12.1982" the second place it appears and inserting "Janu- ary 16.1982'\

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