Page:United States Statutes at Large Volume 108 Part 6.djvu/481

 PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 5049 SEC. 777. MODinCAHON OF MAXIMUM GUARANTEE FOB DLSABELnY BENEFITS. (a) IN GENERAL. —Section 4022(b)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322(b)(3)) is amended by adding at the end the following new sentences: The maximum guaranteed monthly benefit shall not be reduced solely on account of the age of a participant in the case of a benefit payable by reason of disabihty that occurred on or before the termination date, if the participant demonstrates to the satisfaction of the corporation timt the Social Secimty Administration has determined that the participant satisfies the definition of disability under title II or XVI of the Social Security Act, and the regulations thereunder. If a benefit payable by reason of disabihty is converted to an early or normal retirement benefit for reasons other than a change in the health of the participant, such early or normal retirement benefit shall be treated as a continuation of the benefit payable by reason of disability and this subparagraph shall continue to apply. " (b) EFFECTIVE DATE. —The amendment made by this section 29 USC 1322 shall be effective for plan terminations under section 4041(c) of "°** the Employee Retirement Income Security Act of 1974 with respect to whicn notices of intent to terminate are provided under section 4041(a)(2) of such Act, or under section 4042 of such Act with respect to which proceedings are instituted by the corporation, on or after the date of enactment of this Act SEC. 778. PBOCEX>UBES TO FACILITATE DISTRIBUTION OF TE31MI- NATION BENEFITS. (A) REMEDIES FOR NONCOMPLIANCE WITH REQUIREMENTS FOR STANDARD TERMINATION.— (1) NOTICE OF NONCOMPLIANCE.—Section 404lO))(2)(C)(i) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1341(b)(2)(C)(i)) is amended— (A) by striking subclause (I) and inserting the following new subclause: "(I) it determines, based on the notice sent under paragraph (2)(A) of subsection (b), that there is reason to beheve that the plan is not su£&cient for benefit liabilities,"; (B) by striking the period at the end of subclause (II) and inserting ", or"; and (C) by adding at the end the following new subclause: "(III) it determines that any other requirement of subparagraph (A) or (B) of this paragraph or of subsection (a)(2) has not been met, unless it fiuther determines that the issuance of such notice would be inconsistent with the interests of participants and beneficiaries." (2) EFFECTIVE DATE.— The amendments made by this sub- 29 USC 1341 section shall apply to any plan termination under section 4041(b) of the Employee Retirement Income Security Act of 1974 with respect to which the Pension Benefit Guaranty Corporation has not, as of the date of enactment of this Act, issued a notice of noncompliance that has become final, or otherwise issued a final determination that the plan termination is nullified. note. 79-194 O—95—16: QL 3 Part 6

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