Page:United States Statutes at Large Volume 120.djvu/963

 120 STAT. 932

29 USC 1322 note.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

PUBLIC LAW 109–280—AUG. 17, 2006

‘‘(A) the amount of liability under section 4062(c) as of the termination date of the plan, by ‘‘(B) the applicable section 4062(c) recovery ratio. ‘‘(2) SECTION 4062(c) RECOVERY RATIO.—For purposes of this subsection— ‘‘(A) IN GENERAL.—Except as provided in subparagraph (C), the term ‘section 4062(c) recovery ratio’ means the ratio which— ‘‘(i) the sum of the values of all recoveries under section 4062(c) determined by the corporation in connection with plan terminations described under subparagraph (B), bears to ‘‘(ii) the sum of all the amounts of liability under section 4062(c) with respect to such plans as of the termination date in connection with any such prior termination. ‘‘(B) PRIOR TERMINATIONS.—A plan termination described in this subparagraph is a termination with respect to which— ‘‘(i) the value of recoveries under section 4062(c) have been determined by the corporation, and ‘‘(ii) notices of intent to terminate were provided (or in the case of a termination by the corporation, a notice of determination under section 4042 was issued) during the 5-Federal fiscal year period ending with the third fiscal year preceding the fiscal year in which occurs the date of the notice of intent to terminate (or the notice of determination under section 4042) with respect to the plan termination for which the recovery ratio is being determined. ‘‘(C) EXCEPTION.—In the case of a terminated plan with respect to which the outstanding amount of benefit liabilities exceeds $20,000,000, the term ‘section 4062(c) recovery ratio’ means, with respect to the termination of such plan, the ratio of— ‘‘(i) the value of the recoveries on behalf of the plan under section 4062(c), to ‘‘(ii) the amount of the liability owed under section 4062(c) as of the date of plan termination to the trustee appointed under section 4042 (b) or (c). ‘‘(3) SUBSECTION NOT TO APPLY.—This subsection shall not apply with respect to the determination of— ‘‘(A) whether the amount of outstanding benefit liabilities exceeds $20,000,000, or ‘‘(B) the amount of any liability under section 4062 to the corporation or the trustee appointed under section 4042 (b) or (c). ‘‘(4) DETERMINATIONS.—Determinations under this subsection shall be made by the corporation. Such determinations shall be binding unless shown by clear and convincing evidence to be unreasonable.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply for any termination for which notices of intent to terminate are provided (or in the case of a termination by the corporation, a notice of determination under section 4042 under the Employee Retirement Income Security Act of 1974 is issued) on or after

Jkt 059194

PO 00001

Frm 00930

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.109

APPS06

PsN: PUBL001

�