Page:United States Statutes at Large Volume 88 Part 1.djvu/1068

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PUBLIC LAW 93-406-SEPT. 2, 1974

[88 STAT.

(2) Trustees shall appoint, retain, and compensate accountants, actuaries, and other professional service personnel in accordance with regulations prescribed by the corporation. REPORTABLE 29 USC 1343.

Ante,

p. 832,

Ante, p. 901.

Ante, p. 914. Ante, p. 1014. >in^e. p. 869.

Ante, p. 865. Ante. p. 851.

EVENTS

SEC. 4043. (a) Within 30 days after the plan administrator knows or has reason to know that a reportable event described in subsection (b) has occurred, he shall notify the corporation that such event has occurred. The corporation is authorized to waive the requirement of the preceding sentence with respect to any or all reportable events with respect to any plan, and to require the notification to be made by including the event in the annual report made by the plan. Whenever an employer making contributions under a plan to which section 4021 applies knows or has reason to know that a reportable event has occurred he shall notify the plan administrator immediately. (b) For purposes of this section a reportable event occurs— (1) when the Secretary of the Treasury issues notice that a plan has ceased to be a plan described in section 4021(a)(2), or when the Secretary of Labor determines the plan is not in compliance with title I of this Act; (2) when an amendment of the plan is adopted if, under the amendment, the benefit payable with respect to any participant may be decreased; (3) when the number of active participants is less than 80 percent of the number of such participants at the beginning of the plan year, or is less than Y5 percent of the number of such participants at the beginning of the previous plan year; (4) when the Secretary of the Treasury determines that there has been a termination or partial termination of the plan within the meaning of section 411(d)(3) of the Internal Revenue Code ^£ 1954, but the occurrence of such a termination or partial termination does not, by itself, constitute or require a termination of a plan under this title; (5) when the plan fails to meet the minimum funding stand^^.^g y^fjgp section 412 of such Code (without regard to whether ^j^g p|^j^ jg ^ p\g^ji dcscrlbed in section 4021(a)(2) of this Act) or under section 302 of this Act; (6) when the plan is unable to pay benefits thereunder when due; (7) when there is a distribution under the plan to a participant who is a substantial owner as defined in section 4022(b)(6) if— (A) such distribution has a value of $10,000 or more; (B) such distribution is not made by reason of the death of the participant; and (C) immediately after the distribution, the plan has nonforfeitable benefits which are not funded; (8) when a plan merges, consolidates, or transfers its assets under section 208 of this Act, or when an alternative method of compliance is prescribed by the Secretary o^ Labor under section 110 of this Act; Or (9) when any other event occurs which the corporation determines may be indicative of a need to terminate the plan. For purposes of paragraph (7), all distributions to a participant within any 24-month period are treated as a single distribution. (c) The Secretary of the Treasury shall notify the corporation— (1) whenever a reportable event described in paragraph (1), (4), or (5) of subsection (b) occurs, or

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