Page:United States Statutes at Large Volume 88 Part 1.djvu/1060

 1016

PUBLIC LAW 93-406~SEPT. 2, 1974

22 USC 288 note.

Ante,

p. 833.

"Individual account p l a n. "

"Professional service employer."

"Professional individuals."

[88 STAT.

(9) which is established and maintained exclusively for substantial owners as defined in section 4022(b)(6); (10) of an international organization which is exempt from taxation under the International Organizations Immunities Act; (11) maintained solely for the purpose of complying with applicable workmen's compensation laws or unemployment compensation or disability insurance laws; (12) which is a defined benefit plan, to the extent that it is treated as an individual account plan under paragraph (o5)(B) of section 3 of this Act; or (13) established and maintained by a professional service employer which does not at any time after the date of enactment of this Act have more than 25 active participants in the plan. (c)(1) For purposes of subsection (b)(1), the term "individual account plan" does not include a plan under which a fixed benefit is promised if the employer or his representative participated in the determination of that benefit. (2) For purposes of this paragraph and for purposes of subsection (b)(13)(A) the term "professional service employer" means any proprietorship, partnership, corporation, or other association or organization (i) owned or controlled by professional individuals or by executors or administrators of professional individuals, (ii) the principal business of which is the performance of professional services, and (B) the term "professional individuals" includes but is not limited to, physicians, dentists, chiropractors, osteopaths, optometrists, other licensed practitioners of the healing arts, attorneys at law, public accountants, public engineers, architects, draftsmen, actuaries, psychologists, social or physical scientists, and performing artists. (3) In the case of a plan established and maintained by more than one professional service employer, the plan shall not be treated as a plan described in subsection (b)(13) if, at any time after the date of enactment of this xVct the plan has more than 25 active participants. B E N E F I T S GUARANTEED

29 USC 1322.

SEC. 4022. (a) Subject to the limitations contained in subsection (b), the corporation shall guarantee the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under the terms of a plan which terminates at a time when section 4021 applies to it. (b)(1) Except to the extent provided in paragraph (8)— (A) no benefits provided by a plan which has been in effect for less than 60 months at the time the plan terminates shall be guaranteed under this section, and (B) any increase in the amount of benefits under a plan resulting from a plan amendment which was made, or became effective, whichever is later, within 60 months before the date on which the plan terminates shall be disregarded. (2) For purposes of this subsection, the time a successor plan (within the meaning of section 4021(a)) has been in effect inckides the time a previously established plan (within the meaning of section 4021(a)) was in effect. For purposes of determining what benefits are guaranteed under this section in the case of a plan to which section 4021 does not apply on the day after the date of enactment of this Act, the 60 month period referred to in paragraph (1) shall be computed

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