Page:United States Statutes at Large Volume 108 Part 6.djvu/480

 108 STAT. 5048 PUBLIC LAW 103-465—DEC. 8, 1994 any single sums other than those described in subparagraph (A); or "(C) under the assumptions of the corporation or of the plan, whichever provides the higher single sum, in the case of a plan that pays a single sum other than those described in subparagraph (A). "(c) REGULATORY AUTHORITY.— The corporation shall prescribe such regulations as are necessary to carry out the purposes of this section, including rules relating to what will be considered a diligent search, the amount payable to the corporation, and the Eunount to be paid by the corporation." (b) CONFORMING TITLE IV AMENDMENTS.— (1) AMENDMENT TO SECTION 4003.— Section 4003(a) of such Act (29 U.S.C. 1303(a)) is amended in the second sentence by inserting before the period the following: "and whether section 4050(a) has been satisfied". (2) AMENDMENT TO SECTION 4OO5.— Section 4005(b)(2)(A) of such Act (29 U.S.C. 1305(b)(2)(A)) is amended by inserting "or benefits payable under section 4050" after "section 4022A". (3) AMENDMENT TO SECTION 4041.— Section 4041(b)(3)(A)(ii) of such Act (29 U.S.C. 1341(b)(3)(A)(ii)) is amended by adding at the end the following new sentence: "A transfer of assets to the corporation in accordance with section 4050 on behalf of a missing participant shall satisfy this subpciragraph with respect to such participant" (c) CONFORMING ERISA AMENDMENTS. — (1) The table of contents contained in section 1 of the Employee Retirement Income Security Act of 1974 is Eimended by inserting Eifter the item related to section 4049 the following new item: "Sec. 4050. Missing pEu-ticipants." (2) Section 206 of such Act (29 U.S.C. 1056) is amended by adding at the end the following new subsection: "(f) MISSING PARTICIPANTS IN TERMINATED PLANS.— In the case of a plan covered by title IV, the plan shall provide that, upon termination of the plan, benefits of missing participants shall be treated in accordance with section 4050." (d) CONFORMING INTERNAL REVENUE CODE AMENDMENTS.—Section 401(a), as amended by section 766 of this Act, is further amended by inserting after paragraph (33) the following new paragraph: " (34) BENEFITS OF MISSING PARTICIPANTS ON PLAN TERMI- NATION.— In the case of a plan covered by title IV of the Employee Retirement Income Security Act of 1974, a trust forming part of such plan shall not be treated as failing to constitute a qualified trust under this section merely because the pension plan of which such trust is a part, upon its termination, transfers benefits of missing participants to the Pension Benefit Guaranty Corporation in accordance with section 4050 of such Act." 29 USC 1056 (e) EFFECTIVE DATE.—The provisions of this section shall be "°^' effective with respect to distributions that occur in plan years commencing after final regulations implementing these provisions are prescribed by the Pension Benefit Guaranty Corporation,

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