Page:United States Statutes at Large Volume 94 Part 1.djvu/1331

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1281

ployee Retirement Income Security Act of 1974) under ^«^e, p. 1233. the plan, and "(iii) each employee organization which, for purposes of collective bargaining, represents plan participants employed by such an employer, that the plan is in reorganization and that, if contributions under the plan are not increased, accrued benefits under the plan will be reduced or an excise tax will be imposed on employers; (B) in accordance with regulations prescribed by the Secretary— "(i) any category of accrued benefits is not reduced with respect to inactive participants to a greater extent proportionally that such category of accrued benefits is reduced with respect to active participants, "(ii) benefits attributable to employer contributions other than accrued benefits and the rate of future benefit accruals are reduced at least to an extent equal to the reduction in accrued benefits of inactive participants, and "(iii) in any case in which the accrued benefit of a participant or beneficiary is reduced by changing the benefit form or the requirements which the participant or beneficiary must satisfy to be entitled to the benefit, such reduction is not applicable to— "(I) any participant or beneficiary in pay status on the effective date of the amendment, or the beneficiary of such a participant, or "(II) any participant who has attained normal retirement age, or who is within 5 years of attaining normal retirement age, on the effective date of the amendment, or the beneficiary of any such participant; and "(C) the rate of employer contributions for the plan year in which the amendment becomes effective and for all succeeding plan years in which the plan is in reorganization equals or exceeds the greater of— "(i) the rate of employer contributions, calculated without regard to the amendment, for the plan year in which the amendment becomes effective, or "(ii) the rate of employer contributions for the plan year preceding the plan year in which the amendment becomes effective. "(2) INFORMATION REQUIRED TO BE INCLUDED IN NOTICE.—The

plan sponsors shall include in any notice required to be sent to plan participants and beneficiaries under paragraph (1) information as to the rights and remedies of plan participants and beneficiaries as well as how to contact the Department of Labor for further information and assistance where appropriate. "(c) No RECOUPMENT.—A plan may not recoup a benefit payment which is in excess of the amount payable under the plan because of an amendment retroactively reducing accrued benefits under this section. "(d) BENEFIT INCREASES UNDER MULTIEMPLOYER PLAN IN REORGANIZATION.— "(1) RESTORATION OF PREVIOUSLY REDUCED BENEFITS.—

"(A) IN GENERAL.—A plan which has been amended to reduce accrued benefits under this section may be amended

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