Page:United States Statutes at Large Volume 120.djvu/912

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 881

to reduce the level of a participant’s accrued benefit payable at normal retirement age. ‘‘(C) NOTICE REQUIREMENTS.— ‘‘(i) IN GENERAL.—No reduction may be made to adjustable benefits under subparagraph (A) unless notice of such reduction has been given at least 30 days before the general effective date of such reduction for all participants and beneficiaries to— ‘‘(I) plan participants and beneficiaries, ‘‘(II) each employer who has an obligation to contribute (within the meaning of section 4212(a)) under the plan, and ‘‘(III) each employee organization which, for purposes of collective bargaining, represents plan participants employed by such an employer. ‘‘(ii) CONTENT OF NOTICE.—The notice under clause (i) shall contain— ‘‘(I) sufficient information to enable participants and beneficiaries to understand the effect of any reduction on their benefits, including an estimate (on an annual or monthly basis) of any affected adjustable benefit that a participant or beneficiary would otherwise have been eligible for as of the general effective date described in clause (i), and ‘‘(II) information as to the rights and remedies of plan participants and beneficiaries as well as how to contact the Department of Labor for further information and assistance where appropriate. ‘‘(iii) FORM AND MANNER.—Any notice under clause (i)— ‘‘(I) shall be provided in a form and manner prescribed in regulations of the Secretary, ‘‘(II) shall be written in a manner so as to be understood by the average plan participant, and ‘‘(III) may be provided in written, electronic, or other appropriate form to the extent such form is reasonably accessible to persons to whom the notice is required to be provided. The Secretary shall in the regulations prescribed under subclause (I) establish a model notice that a plan sponsor may use to meet the requirements of this subparagraph. ‘‘(9) ADJUSTMENTS DISREGARDED IN WITHDRAWAL LIABILITY DETERMINATION.— ‘‘(A) BENEFIT REDUCTIONS.—Any benefit reductions under this subsection shall be disregarded in determining a plan’s unfunded vested benefits for purposes of determining an employer’s withdrawal liability under section 4201. ‘‘(B) SURCHARGES.—Any surcharges under paragraph (7) shall be disregarded in determining an employer’s withdrawal liability under section 4211, except for purposes of determining the unfunded vested benefits attributable to an employer under section 4211(c)(4) or a comparable method approved under section 4211(c)(5).

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