Page:United States Statutes at Large Volume 94 Part 1.djvu/1323

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1273

"(B) RELEVANT COLLECTIVE BARGAINING AGREEMENT.—A

relevant collective bargaining agreement is a collective bargaining agreement— "(i) which is in effect for a t least 6 months during the plan year, and "(ii) which has not been in effect for more than 36 months as of the end of the plan year. date is the earliest of the effective dates for the relevant collective bargaining agreements. "(D) ADJUSTMENT DATE.—The adjustment date is the date which is— "(i) 90 days before the relevant effective date, or "(ii) if there is no relevant effective date, 90 days before the beginning of the plan year. "(6) PERSON IN PAY STATUS.—The term 'person in pay status' means— "(A) a participant or beneficiary on the last day of the base plan year who, at any time during such year, was paid an early, late, normal, or disability retirement benefit (or a death benefit related to a retirement benefit), and "(B) to the extent provided in regulations prescribed by the Secretary, any other person who is entitled to such a benefit under the plan. "(7) OTHER DEFINITIONS AND SPECIAL RULES.— "(A) UNFUNDED VESTED BENEFITS.—The
 * (C) RELEVANT EFFECTIVE DATE.—The relevant effective

term 'unfunded vested benefits' means, in connection with a plan, an amount (determined in accordance with regulations prescribed by the Secretary) equal to— "(i) the value of vested benefits under the plan, less "(ii) the value of the assets of the plan. "(B) VESTED BENEFITS.—The term 'vested benefits' means any nonforfeitable benefit (within the meaning of section 4001(a)(8) of the Employee Retirement Income Security Act of 1974). "(C) ALLOCATION OF ASSETS.—In determining the plan's

unfunded vested benefits, plan assets shall first be allocated to the vested benefits attributable to persons in pay status. "(D) TREATMENT OF CERTAIN BENEFIT REDUCTIONS.—The

vested benefits charge shall be determined without regard to reductions in accrued benefits under section 418D which are first effective in the plan year. "(E) WITHDRAWAL LIABILITY.—For purposes of this part, any outstanding claim for withdrawal liability shall not be considered a plan asset, except as otherwise provided in regulations prescribed by the Secretary. "(c) PROHIBITION OF NONANNUITY PAYMENTS.—Except as provided

in regulations prescribed by the Pension Benefit Guaranty Corporation, while a plan is in reorganization a benefit with respect to a participant (other than a death benefit) which is attributable to employer contributions and which has a value of more than $1,750 may not be paid in a form other than an annuity which (by itself or in combination with social security, railroad retirement, or workers' compensation benefits) provides substantially level payments over the life of the participant. "(d) TERMINATED PLANS.—Any multiemployer plan which terminates under section 4041A(a)(2) of the Employee Retirement Income Security Act of 1974 shall not be considered in reorganization after ^^te, p. 1216.

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