Page:United States Statutes at Large Volume 94 Part 1.djvu/1296

 94 STAT. 1246 29 USC 1322. Transfer agreement.

Additional requirements.

Transfer approval.

Ante, p. 1216.

PUBLIC LAW 96-364—SEPT. 26, 1980

section 4022 to the extent provided in that section as of the effective date of the transfer and the plan is a successor plan. "(e)(1) Except as provided in paragraph (2), a multiemployer plan may not transfer liabilities to a single-employer plan unless the plan sponsor of the plan to which the liabilities would be transferred agrees to the transfer. "(2) In the case of a transfer described in subsection (c)(3), paragraph (1) of this subsection is satisfied by the advance agreement to the transfer by the employer who will be obligated to contribute to the single-employer plan. "(f)(1) The corporation may prescribe by regulation such additional requirements with respect to the transfer of assets or liabilities as may be necessary to protect the interests of plan participants and beneficiaries and the corporation. "(2) Except as otherwise determined by the corporation, a transfer of assets or liabilities to a single-employer plan from a plan in reorganization under section 4241 is not effective unless the corporation approves such transfer. "(3) No transfer to which this section applies, in connection with a termination described in section 4041A(a)(2) shall be effective unless the transfer meets such requirements as may be established by the corporation to prevent an increase in the risk of loss to the corporation. "PARTITION

29 USC 1413. Notice and findings.

11 USC 101.

Ante, p. 1210.

29 USC 1368. 29 USC 1342.

"SEC. 4233. (a) The corporation may order the partition of a multiemployer plan in accordance with this section. "(b) A plan sponsor may apply to the corporation for an order partitioning a plan. The corporation may not order the partition of a plan except upon notice to the plan sponsor and the participants and beneficiaries whose vested benefits will be affected by the partition of the plan, and upon finding that— "(1) a substantial reduction in the amount of aggregate contributions under the plan has resulted or will result from a case or proceeding under title 11, United States Code, with respect to an employer; "(2) the plan is likely to become insolvent; "(3) contributions will have to be increased significantly in reorganization to meet the minimum contribution requirement and prevent insolvency; and "(4) partition would significantly reduce the likelihood that the plan will become insolvent. "(c) The corporation may order the partition of a plan notwithstanding the pendency of a proceeding described in subsection (b)(1). "(d) The corporation's partition order shall provide for a transfer of no more than the nonforfeitable benefits directly attributable to service with the employer referred to in subsection Cb)(l) and an equitable share of assets. "(e) The plan created by the partition is— "(1) a successor plan to which section 4022A applies, and "(2) a terminated multiemployer plan to which section 4041A(d) applies, with respect to which only the employer described in subsection (b)(1) has withdrawal liability, and to which section 4068 applies. "(f) The corporation may proceed under section 4042(c) through (h) for a decree partitioning a plan and appointing a trustee for the terminated portion of a partitioned plan. The court may order the partition of a plan upon making the findings described in subsection

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