Page:United States Statutes at Large Volume 88 Part 1.djvu/1079

 88 STAT. ]

PUBLIC LAW 93-406-SEPT. 2, 1974

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1978. Whenever the corporation exercises the authority granted under Notice to conparagraph (2) or (3), the corporation shall notify the Committee on mutee°?^ Education and Labor and the Committee on Ways and Means of the House of Representatives, and the Committee on Labor and Public Welfare and the Committee on Finance of the Senate. (2) The corporation may, in its discretion, pay benefits guaranteed under this title with respect to a multiemployer plan which terminates after the date of enactment of this Act and before January 1, 1978, if— (A) the plan was maintained during the 60 months immediately preceding the date on which the plan terminates, and (B) the corporation detennines that the payment by the corporation of benefits guaranteed under this title with respect to that plan will not jeopardize the payments the corporation anticipates it may be required to make in connection with benefits guaranteed under this title with respect to multiemployer plans which terminate after December 31, 1977. (3) Notwithstanding any provision of section 4021 or 4022 which ^f^^*^' PP- ^°^'*' would prevent such payments, the corporation, in carrying out its authority under paragraph (2), may pay benefits guaranteed under this title with respect to a multiemployer plan described in paragraph (2) in any case in which those benefits would otherwise not be payable if— (A) the plan has been in effect for at least 5 years, (B) the plan has been in substantial compliance with the funding requirements for a qualified plan with respect to the employees and former employees in those employment units on the basis of which the participating employers have contributed to the plan for the preceding 5 years, and (C) the participating employers and employee organization or organizations had no reasonable recourse other than termination. (4) If the corporation determines, under paragraph (2) or (3), that it will pay benefits guaranteed under this title with respect to a multiemployer plan which terminates before January 1, 1978, the corporation— (A) may establish requirements for the continuation of payments which commenced before January 2, 1974, with respect to retired participants under the plan, (B) may not, notwithstanding any other provision of this title, make payments with respect to any participant under such a plan who, on January 1, 1974, was receiving payment of retirement benefits, in excess of the amounts and rates payable with respect to such participant on that date, (C) may not make any payments with respect to benefits guaranteed under this title in connection with such a plan which are derived, directly or indirectly, from amounts borrowed under section 4005(c), and ^"'«' p- ^oo^. )) shall review from time to time payments made under the ority granted to it by paragraphs (2) and (3), and reduce or tenninate such payments to the extent necessary to avoid jeopardizing the ability of the corporation to make payments of benefits guaranteed mider this title in connection with multiemployer plans which terminate after December 31, 1977, without increasing premium rates for such plans. Approved September 2, 1974.

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