Page:United States Statutes at Large Volume 122.djvu/5142

 12 2 STA T .5 11 9PUBLIC LA W 11 0–4 5 8—DE C.2 3, 2008 ofsuchC o de fo rt he p reced ing p la n y ear in the sa m e manner as if such sections had applied to such preceding plan year .(b)EXCEPTIONF O RPLA N SB ECO M IN G CRITICAL DU RING ELEC - TION. —I f— ( 1 ) an election w as made under subsection (a) with respect to a multiemployer plan , and ( 2 ) such plan has, without regard to such election, been certified by the plan actuary under section 305 (b)(3) of such A ct and section 4 32(b)(3) of such Code to be in critical status for the first plan year described in subsection (a)(1), then such plan shall be treated as a plan in critical status for such plan year for purposes of applying section 4 97 1(g)(1)(A) of such Code, section 302(b)(3) of such Act (without regard to the second sentence thereof), and section 412(b)(3) of such Code (without regard to the second sentence thereof). (c) ELECTION AN DN OTICE.— (1) ELECTION.—An election under subsection (a) shall— (A) be made at such time and in such manner as the S ecretary of the T reasury or the Secretary ’ s delegate may prescribe and, once made, may be re v o k ed only with the consent of the Secretary, and (B) if the election is made— (i) before the date the annual certification is sub- mitted to the Secretary or the Secretary’s delegate under section 305(b)(3) of such Act and section 432(b)(3) of such Code, be included with such annual certification, and (ii) after such date, be submitted to the Secretary or the Secretary’s delegate not later than 30 days after the date of the election. (2) NOTICE TO PARTICIPANTS.— (A) IN GENERAL.—Notwithstanding section 305(b)(3)(D) of such Act and section 431(b)(3)(D) of such Code, if the plan is neither in endangered nor critical status by reason of an election made under subsection (a)— (i) the plan sponsor of a multiemployer plan shall not be re q uired to provide notice under such sections, and (ii) the plan sponsor shall provide to the partici- pants and beneficiaries, the bargaining parties, the Pension Benefit G uaranty Corporation, and the Sec- retary of L abor a notice of the election and such other information as the Secretary of the Treasury (in con- sultation with the Secretary of Labor) may require— (I) if the election is made before the date the annual certification is submitted to the Secretary or the Secretary’s delegate under section 305(b)(3) of such Act and section 432(b)(3) of such Code, not later than 30 days after the date of the certifi- cation, and (II) if the election is made after such date, not later than 30 days after the date of the election. (B) NOTICE OF ENDANGERED STATUS.—Notwithstanding section 305(b)(3)(D) of such Act and section 431(b)(3)(D) of such Code, if the plan is certified to be in critical status for any plan year but is in endangered status by reason Deadlin e s. Deadline.

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