Page:United States Statutes at Large Volume 88 Part 1.djvu/962

 918

PUBLIC LAW 93-406-SEPT. 2, 1974

[88 STAT.

mum funding standard with respect to a plan for more than 5 of any 15 consecutive plan years. "(2)

Ante, p. 829.

DETERMINATION OF SUBSTANTIAL BUSINESS HARDSHIP.—

For purposes of this section, the factors taken into account in determining substantial business hardship shall include (but shall not be limited to) whether or not— " (A) the employer is operating at an economic loss, " (B) there is substantial unemployment or underemployment in the trade pr business and in the industry concerned, "(C) the sales and profits of the industry concerned are depressed or declining,^ and " (D) it is reasonable to expect that the plan will be continued only if the waiver is granted. "(3) WAIVED FUNDING DEFICIENCY.—For purposes of this section, the term 'waived funding deficiency' means the portion of the minimum funding standard (determined without regard to subsection (b)(3)(C)) for a plan year waived by the Secretary or his delegate and not satisfied by employer contributions. "(e) EXTENSION OF AMORTIZATION PERIODS.—The period of years required to amortize any unfunded liability (described in any clause of subsection (b)(2)(B)) of any plan may be extended by the Secretary of Labor for a period of time (not in excess of 10 years) if he determines that such extension would carry out the purposes of the Employee Retirement Income Security Act of 1974 and would provide adequate protection for participants under the plan and their beneficiaries and if he determines that the failure to permit such extension would— "(1) result in— " (A) a substantial risk to the voluntary continuation of the plan, or " (B) a substantial curtailment of pension benefit levels or employee compensation, and "(2) be adverse to the interests of plan participants in the aggregate. " (f) BENEFITS MAY NOT B E INCREASED DURING WAIVER OR EXTENSION PERIOD.—

"(1) IN GENERAL.—No amendment of the plan which increases the liabilities of the plan by reason of any increase in benefits, any change in the accrual of benefits, or any change in the rate at which benefits become nonforfeitable under the plan shall be adopted if a waiver under subsection (d)(1) or an extension of time under subsection (e) is in effect with respect to the plan, or if a plan amendment described in subsection (c)(8) has been made at any time in the preceding 12 months (24 months for multiemployer plans). If a plan is amended in violation of the preceding sentence, any such waiver or extension of time shall not apply to any plan year ending on or after the date on which such amendment is adopted. "(2) EXCEPTION.—Paragraph (1) shall not apply to any plan amendment which— " (A) the Secretary of Labor determines to be reasonable and which provides for only de minimis increases in the liabilities of the plan, " (B) only repeals an amendment described in subsection (c)(8), or " (C) is required as a condition of qualification under this part.

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