Page:United States Statutes at Large Volume 108 Part 6.djvu/474

 108 STAT. 5042 PUBLIC LAW 103-465—DEC. 8, 1994 Revenue Code of 1986 and section 302Cb) of the Employee Retirement Income Security Act of 1974 for plan years beginning after December 31, 1987, and before January 1, 1993, by reason of nonelective changes under the firozen entry age actuarial cost method shall not be included in the calculation of offsets under section 412(l)(l)(A)(ii) of such Code and section 302(d)(l)(A)(ii) of such Act for the 1st 5 plan years beginning after December 31, 1994. PART II—AMENDMENTS RELATED TO TITLE IV OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 SEC. 771. REPORTABLE EVENTS. (a) RESPONSIBILITY FOR REPORTABLE EVENTS REPORTING.— Section 4043(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1343(a)) is amended— (1) in the first sentence, by inserting "or the contributing sponsor" before "knows or has reason to know"; (2) in the first sentence, by inserting ", unless a notice otherwise required under this subsection has already been provided with respect to such event" before the period at the end; and (3) by striking the last sentence. (b) NOTIFICATION THAT EVENT IS ABOUT TO OCCUR.— Section 4043 of such Act is amended by redesignating subsections (b), (c), and (d) as (c), (d), and (e), respectively, and by inserting after subsection (a) the following new subsection: ''(b)(1) The requirements of this subsection shall be applicable to a contributing sponsor if, as of the close of the preceding plan year— "(A) the aggregate unfunded vested benefits (as determined under section 4006(a)(3)(E)(iii)) of plans subject to this title which are maintained by such sponsor and members of such sponsor's controlled groups (disregarding plans with no imiunded vested bene^ts) exceed $50,000,000, and "(B) the ftmded vested benefit percentage for such plans is less than 90 percent For purposes of subparagraph (B), the funded vested benefit percentage means the percentage which the aggregate value of the assets of such plans bears to the aggregate vested benefits of such plans (determined in accordance with section 4006(a)(3)(E)(iii)). "(2) This subsection shall not apply to an event if the contributing sponsor, or the member of the contributing sponsor's controlled group to which the event relates, is— "(A) a person subiect to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, or "(B) a subsidiary (as defined for purposes of such Act) of a person subject to such reporting reqmrements. "(3) No later than 30 days prior to the effective date of an event described in paragraph (9), (10), (11), (12), or (13) of subsection (c), a contributing sponsor to which the recruirements of this subsection apply shall notify the corporation that the event is about to occur.

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