Page:United States Statutes at Large Volume 94 Part 1.djvu/1297

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1247

(b)(1) through (4), and subject to the conditions set forth in subsections (c) through (e). "ASSET TRANSFER RULES

"SEC. 4234. (a) A transfer of assets from a multiemployer plan to 29 USC 1414. another plan shall comply with asset-transfer rules which shall be adopted by the multiemployer plan and which— "(1) do not unreasonably restrict the transfer of plan assets in connection with the transfer of plan liabilities, and "(2) operate and are applied uniformly with respect to each proposed transfer, except that the rules may provide for reasonable variations taking into account the potential financial impact of a proposed transfer on the multiemployer plan. Plan rules authorizing asset transfers consistent with the requirements of section 4232(c)(3) shall be considered to satisfy the requirements of this subsection. "(b) The corporation shall prescribe regulations which exempt de Regulations, minimis transfers of assets from the requirements of this part. "(c) This part shall not apply to transfers of assets pursuant to written reciprocity agreements, except to the extent provided in regulations prescribed by the corporation. TRANSFERS PURSUANT TO CHANGE IN BARGAINING REPRESENTATIVE

"SEC. 4235. (a) In any case in which an employer has completely or partially withdrawn from a multiemployer plan (hereafter in this section referred to as the 'old plan') as a result of a certified change of collective bargaining representative occurring after April 28, 1980, if participants of the old plan who are employed by the employer will, as a result of that change, participate in another multiemployer plan (hereafter in this section referred to as the 'new plan'), the old plan shall transfer assets and liabilities to the new plan in accordance with this section. "(b)(1) The employer shall notify the plan sponsor of the old plan of a change in multiemployer plan participation described in subsection (a) no later than 30 days after the employer determines that the change will occur. "(2) The plan sponsor of the old plan shall— "(A) notify the employer of— "(i) the amount of the employer's withdrawal liability determined under part 1 with respect to the withdrawal, "(ii) the old plan's intent to transfer to the new plan the nonforfeitable benefits of the employees who are no longer working in covered service under the old plan as a result of the change of bargaining representative, and "(iii) the amount of, assets and liabilities which are to be transferred to the new plan, and "(B) notify the plan sponsor of the new plan of the benefits, assets, and liabilities which will be transferred to the new plan. "(3) Within 60 days after receipt of the notice described in paragraph (2)(B), the new plan may file an appeal with the corporation to prevent the transfer. The transfer shall not be made if the corporation determines that the new plan would suffer substantial financial harm as a result of the transfer. Upon notification described in paragraph (2), if— "(A) the employer fails to object to the transfer within 60 days after receipt of the notice described in paragraph (2)(A), or "(B) the new plan either—

79-194

O—81—pt. 1

82: QL3

New plan assets and liabilities. 29 USC 1415.

Notification.

Plan sponsor, functions.

Transfer prevention, appeal.

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