Page:United States Statutes at Large Volume 120.djvu/965

 120 STAT. 934

29 USC 1341 note.

PUBLIC LAW 109–280—AUG. 17, 2006

after such date, the funding target attainment percentage determined under section 303 is, as of the valuation date for such plan year, at least 100 percent. ‘‘(D) 2 YEAR LIMITATION.—Subparagraph (A) shall not apply to any transaction or series of transactions if the plan referred to in subparagraph (A)(ii) is terminated under section 4041(c) or 4042 after the close of the 2-year period beginning on the date on which the first such transaction occurs.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to any transaction or series of transactions occurring on and after the date of the enactment of this Act. SEC. 410. MISSING PARTICIPANTS.

Regulations.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

(a) IN GENERAL.—Section 4050 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1350) is amended by redesignating subsection (c) as subsection (e) and by inserting after subsection (b) the following new subsections: ‘‘(c) MULTIEMPLOYER PLANS.—The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this title that terminate under section 4041A. ‘‘(d) PLANS NOT OTHERWISE SUBJECT TO TITLE.— ‘‘(1) TRANSFER TO CORPORATION.—The plan administrator of a plan described in paragraph (4) may elect to transfer a missing participant’s benefits to the corporation upon termination of the plan. ‘‘(2) INFORMATION TO THE CORPORATION.—To the extent provided in regulations, the plan administrator of a plan described in paragraph (4) shall, upon termination of the plan, provide the corporation information with respect to benefits of a missing participant if the plan transfers such benefits— ‘‘(A) to the corporation, or ‘‘(B) to an entity other than the corporation or a plan described in paragraph (4)(B)(ii). ‘‘(3) PAYMENT BY THE CORPORATION.—If benefits of a missing participant were transferred to the corporation under paragraph (1), the corporation shall, upon location of the participant or beneficiary, pay to the participant or beneficiary the amount transferred (or the appropriate survivor benefit) either— ‘‘(A) in a single sum (plus interest), or ‘‘(B) in such other form as is specified in regulations of the corporation. ‘‘(4) PLANS DESCRIBED.—A plan is described in this paragraph if— ‘‘(A) the plan is a pension plan (within the meaning of section 3(2))— ‘‘(i) to which the provisions of this section do not apply (without regard to this subsection), and ‘‘(ii) which is not a plan described in paragraphs (2) through (11) of section 4021(b), and ‘‘(B) at the time the assets are to be distributed upon termination, the plan— ‘‘(i) has missing participants, and ‘‘(ii) has not provided for the transfer of assets to pay the benefits of all missing participants to

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