Page:United States Statutes at Large Volume 120.djvu/918

 PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘If the liquidation or distribution value of the employer after the sale or exchange is—

120 STAT. 887

The portion is—

More than $20,000,000, but not more than $22,500,000 ...... $7,625,000, plus 60 percent the amount in excess $20,000,000. More than $22,500,000, but not more than $25,000,000 ...... $9,125,000, plus 70 percent the amount in excess $22,500,000. More than $25,000,000 ............................................................ $10,875,000, plus 80 percent the amount in excess $25,000,000.’’.

of of of of of of

(2) PLANS USING ATTRIBUTABLE METHOD.—Section 4225(a)(1)(B) of such Act (29 U.S.C. 1405(a)(1)(B)) is amended to read as follows: ‘‘(B) in the case of a plan using the attributable method of allocating withdrawal liability, the unfunded vested benefits attributable to employees of the employer.’’. (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply to sales occurring on or after January 1, 2007. (b) WITHDRAWAL LIABILITY CONTINUES IF WORK CONTRACTED OUT.— (1) IN GENERAL.—Clause (i) of section 4205(b)(2)(A) of such Act (29 U.S.C. 1385(b)(2)(A)) is amended by inserting ‘‘or to an entity or entities owned or controlled by the employer’’ after ‘‘to another location’’. (2) EFFECTIVE DATE.—The amendment made by this subsection shall apply with respect to work transferred on or after the date of the enactment of this Act. (c) APPLICATION OF RULES TO PLANS PRIMARILY COVERING EMPLOYEES IN THE BUILDING AND CONSTRUCTION INDUSTRY.— (1) IN GENERAL.—Section 4210(b) of such Act (29 U.S.C. 1390(b)) is amended— (A) by striking paragraph (1); and (B) by redesignating paragraphs (2) through (4) as paragraphs (1) through (3), respectively. (2) FRESH START OPTION.—Section 4211(c)(5) of such Act (29 U.S.C. 1391(c)(5)) is amended by adding at the end the following new subparagraph: ‘‘(E) FRESH START OPTION.—Notwithstanding paragraph (1), a plan may be amended to provide that the withdrawal liability method described in subsection (b) shall be applied by substituting the plan year which is specified in the amendment and for which the plan has no unfunded vested benefits for the plan year ending before September 26, 1980.’’. (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply with respect to plan withdrawals occurring on or after January 1, 2007. (d) PROCEDURES APPLICABLE TO DISPUTES INVOLVING PENSION PLAN WITHDRAWAL LIABILITY.— (1) IN GENERAL.—Section 4221 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1401) is amended by adding at the end the following: ‘‘(g) PROCEDURES APPLICABLE TO CERTAIN DISPUTES.— ‘‘(1) IN GENERAL.—If— ‘‘(A) a plan sponsor of a plan determines that—

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29 USC 1405 note.

29 USC 1385 note.

29 USC 1390 note.

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