Page:United States Statutes at Large Volume 88 Part 1.djvu/1053

 88 STAT. ]

PUBLIC LAW 93-406-SEPT. 2, 1974

1TO9

(e) A receiver may not be appointed under this section more than 270 days after the date of enactment of this Act. (f) I n addition to its other powers under this title, for only the first 270 days after the date of enactment of this Act the corporation may— (1) contract for printing without regard to the provisions of chapter 5 of title 44, United States Code, 44 USC soi. (2) waive any notice required under this title if the corporation finds that a waiver is necessary or appropriate, (3) extend the 90-day period referred to in section 4041(a) for ^^ P- 1020. an additional 90 days without the agreement of the plan administrator and without application to a court as required under section 4041(d), and (4) waive the application of the provisions of sections 4062, 4063, and 4064 to, or reduce the liability imposed under such sec- jo^o^rosT ^°^^' tions on, any employer with respect to a plan terminating during that 270 day period if the corporation determines that such waiver or reduction is necessary to avoid unreasonable hardship in any case in which the employer was not able, as a practical matter, to continue the plan. ESTABLISHMENT OF PENSION BENEEIT GUARANTY FUNDS

SEC. 4005. (a) There are established on the books of the Treasury of the United States four revolving funds to be used by the corporation in carrying out its duties under this title. One of the funds shall be used in connection with benefits guaranteed under sections 4022 and 4023 (but not non-basic benefits) with respect to plans other than multiemployer plans, one of the funds shall be used with respect to such benefits guaranteed under such sections (other than non-basic benefits) for multiemployer plans, one of the funds shall be used with respect to non-basic benefits, if any are guaranteed by the corporation under section 4022, for plans which are not multiemployer plans, and the remaining fund shall be used with respect to non-basic benefits, if any are guaranteed by the corporation under section 4022, for multiemployer plans. Whenever in this title reference is made to the term "fund" the reference shall be considered to refer to the appropriate fund established under this subsection. (b)(1) Each fund established under this section shall be credited with the appropriate portion of— (A) funds borrowed under subsection (c), (B) premiums, penalties, interest, and charges collected under this title, (C) the value of the assets of a plan administered under section 4042 by a trustee to the extent that they exceed the liabilities of such plan, (D) the amount of any employer liability payments under subtitle D, to the extent that such payments exceed liabilities of the plan (taking into account all other plan assets), (E) earnings on investments of the fund or on assets credited to the fund under this subsection, and (F) receipts from any other operations under this title. (2) Subject to the provisions of subsection (a), each fund shall be available— (A) for making such payments as the corporation determines are necessary to pay benefits guaranteed under section 4022, (B) i o r making such payments as the corporation determines are necessarv under section 4023,

29 USC 1305.

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