Page:United States Statutes at Large Volume 108 Part 6.djvu/479

 PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 5047 SEC. 776. MISSING PARTICIPANTS. (a) IN GENERAL.—Subtitle C of title IV of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1341 et seq.) is Eunended by adding at the end the following new section: "SEC. 4050. MISSING PARTICn»ANTS. 29 USC 1350. "(a) GENERAL RULE. — "(1) PAYMENT TO THE CORPORATION.— A plan administrator satisfies section 4041(b)(3)(A) in the case of a missing participant only if the plan administrator— the corporation or purclmses an irrevocable commitment fix)m an insurer in accordance with clause (i) of section 4041(b)(3)(A), and "(B) provides the corporation such information and certifications with respect to such designated benefits or irrevocable commitments as the corporation shall specify. "(2) TREATMENT OF TRANSFERRED ASSETS.—A transfer to the corporation under this section shall be treated as a transfer of assets fix)m a terminated plan to the corporation as trustee, and shall be held with assets of terminated plans for which the corporation is trustee under section 4042, subject to the rules set forth in tiiat section. "(3) PAYMENT BY THE CORPORATION. —After a missing participant whose designated benefit was transferred to the corporation is located— "(A) in any CEise in which the plan could have distributed the benefit of the missing participant in a single sum without participant or spousal consent under section 205(g), the corporation shall. pay the participant or beneficiary a single sum benefit equal to the designated benefit paid the corporation plus interest as specified by the corporation, and "(B) in any other case, the corporation shall pay a benefit based on the designated benefit and the assumptions prescribed by the corporation at the time that the corporation received the designated benefit. The corporation shall make payments under subparagraph (B) available in the same forms and at the same times as a guaranteed benefit under section 4022 would be available to be paid, except that the corporation may make a benefit available in the form of a single sum if the plan provided a single stun benefit (other than a single sum described in subsection (b)(2)(A)). "(b) DEFINITIONS. —For pmposes of this section— "(1) MISSING PARTICIPANT. —The term 'missing participant means a participant or beneficiary under a terminating plan whom the plan administrator cannot locate after a diligent search. "(2) DESIGNATED BENEFIT. —The term 'designated benefit means the single sum benefit the participant would receive— "(A) under the plan's assumptions, in the case of a distribution that can be made without participcmt or spousal consent under section 205(g)- on the date that the designated benefit is transferred to the corporation, in the case of a plan that does not pay
 * (A) transfers the participant's designated benefit to
 * (B) under the assmnptions of the corporation in effect

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