Page:United States Statutes at Large Volume 94 Part 1.djvu/1283

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1233

equal to the value, as of the end of the last plan year ending on or before the date of the withdrawal, of the transferred unfunded vested benefits. "(f) In the case of a withdrawal following a merger of multiemployer plans, subsection (b), (c), or (d) shall be applied in accordance with regulations prescribed by the corporation; except that, if a withdrawal occurs in the first plan year beginning after a merger of multiemployer plans, the determination under this section shall be made as if each of the multiemployer plans had remained separate plans. "OBLIGATION TO CONTRIBUTE; SPECIAL RULES

"SEC. 4212. (a) For purposes of this part, the term 'obligation to 29 USC 1392. contribute' means an obligation to contribute arising— "(1) under one or more collective bargaining (or related) agreements, or "(2) as a result of a duty under applicable labor-management relations law, but does not include an obligation to pay withdrawal liability under this section or to pay delinquent contributions. "(b) Payments of withdrawal liability under this part shall not be considered contributions for purposes of this part. "(c) If a principal purpose of any transaction is to evade or avoid liability under this part, this part shall be applied (and liability shall be determined and collected) without regard to such transaction. "ACTUARIAL ASSUMPTIONS, ETC.

"SEC. 4213. (a) The corporation may prescribe by regulation actuarial assumptions which may be used by a plan actuary in determining the unfunded vested benefits of a plan for purposes of determining an employer's withdrawal liability under this part. Withdrawal liability under this part shall be determined by each plan on the basis of— "(1) actuarial assumptions and methods which, in the aggregate, are reasonable (taking into account the experience of the plan and reasonable expectations) and which, in combination, offer the actuary's best estimate of anticipated experience under the plan, or "(2) actuarial assumptions and methods set forth in the corporation's regulations for purposes of determining an employer's withdrawal liability. "(b) In determining the unfunded vested benefits of a plan for purposes of determining an employer's withdrawal liability under this part, the plan actuary may— "(1) rely on the most recent complete actuarial valuation used for purposes of section 412 of the Internal Revenue Code of 1954 and reasonable estimates for the interim years of the unfunded vested benefits, and "(2) in the absence of complete data, rely on the data available or on data secured by a sampling which can reasonably be expected to be representative of the status of the entire plan. "(c) For purposes of this part, the term 'unfunded vested benefits' means with respect to a plan, an amount equal to— "(A) the value of nonforfeitable benefits under the plan, less "(B) the value of the assets of the plan.

29 USC 1393.

26 USC 412.

"Unfunded vested benefits.

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