Page:United States Statutes at Large Volume 94 Part 1.djvu/1320

 94 STAT. 1270

"Withdrawal ^^*® "Facility." Ante, p. 1263.

PUBLIC LAW 96-364—SEPT. 26, 1980

(A) the present value (on the withdrawal date) of the benefits under the plan which— (i) were vested on the withdrawal date (or, if earlier, at the time of separation from service with the employer at the facility), (ii) were accrued by employees who on December 13, 1979 (or, if earlier, at the time of separation from service with the employer at the facility), were employed at the facility, and (iii) are attributable to service with the withdrawing employer, over (B)(i) the sum of— (I) all employer contributions to the plan on behalf of employees at the facility before the withdrawal date, (II) interest (to the withdrawal date) on amounts described in subclause (I), and (III) $100,000, reduced by (ii) the sum of— (I) the benefits paid under the plan on or before the withdrawal date with respect to former employees who separated from employment at the facility, and (II) interest (to the withdrawal date) on amounts described in subclause (I). (3) For purposes of paragraph (2)— (A) actuarial assumptions shall be those used in the last actuarial report completed before December 13, 1979, (B) the term "withdrawal date" means the date on which the employer ceased work at the facility of the type for which contributions were previously required, and (C) the term "facility" means the facility referred to in paragraph (1). (f) Title IV is amended by adding at the end thereof the following new section: "ELECTION OF PLAN STATUS

29 USC 1453. Ante, p. 1208.

26 USC 1.

Post, p. 1291. Post, p. 1288.

Conditions.

"SEC. 4303. (a) Within one year after the date of the enactment of the Multiemployer Pension Plan Amendments Act of 1980, a multiemployer plan may irrevocably elect, pursuant to procedures established by the corporation, that the plan shall not be treated as a multiemployer plan for any purpose under this Act or the Internal Revenue Code of 1954, if for each of the last 3 plan years ending prior to the effective date of the Multiemployer Pension Plan Amendments Act of 1980— "(1) the plan was not a multiemployer plan because the plan was not a plan described in section 3(37)(A)(iii) of this Act and section 414(f)(1)(C) of the Internal Revenue Code of 1954 (as such provisions were in effect on the day before the date of the enactment of the Multiemployer Pension Plan Amendments Act of 1980); and "(2) the plan had been identified as a plan that was not a multiemployer plan in substantially all its filings with the corporation, the Secretary of Labor and the Secretary of the Treasury. "(b) An election described in subsection (a) shall be effective only if— "(1) the plan is amended to provide that it shall not be treated as a multiemployer plan for all purposes under this Act and the Internal Revenue Code of 1954, and

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