Page:United States Statutes at Large Volume 94 Part 1.djvu/1335

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1285

tary shall be given in accordance with regulations prescribed by the Secretary. "(5) CORPORATION MAY PRESCRIBE TIME.—The Pension Benefit Guaranty Corporation may prescribe a time other than the time prescribed by this section for the making of a determination or the filing of a notice under this section. "(f) FINANCIAL ASSISTANCE.— "(1) PERMISSIVE APPLICATION.—If

the plan sponsor of an insolvent plan for which the resource benefit level is above the level of basic benefits anticipates that, for any month in an insolvency year, the plan will not have funds sufficient to pay basic benefits, the plan sponsor may apply for financial assistance from the Pension Benefit Guaranty Corporation under section 4261 of the Employee Retirement Income Security Act of 1974. Ante, p. I26i. "(2) MANDATORY APPLICATION.—A plan sponsor who has determined a resource benefit level for an insolvency year which is below the level of basic benefits shall apply for financial assistance from the Pension Benefit Guaranty Corporation under section 4261 of the Employee Retirement Income Security Act of 1974. "(g) FINANCIAL ASSISTANCE.—Any amount of any financial assistance from the Pension Benefit Guaranty Corporation to any plan, and any repayment of such amount, shall be taken into account under this subpart in such manner as determined by the Secretary.", (b) CLERICAL AMENDMENT.—The table of subparts for part I of subchapter D of chapter 1 is amended by adding at the end thereof the following new subpart: "Subpart C. Special rules for multiemployer plans.". SEC. 203. MINIMUM FUNDING REQUIREMENTS.

Section 412 (relating to minimum funding standards) is amended— ^^ USC 412. (1) in subsection (b), by striking out "(40 plan years in the case of a multiemployer plan)" and (20 plan years in the case of a multiemployer plan)' each place they appear; (2) by adding at the end of subsection (b) the following new paragraphs: "(6) CERTAIN AMORTIZATION CHARGES AND CREDITS.—In the case of a plan which, immediately before the date of the enactment of the Multiemployer Pension Plan Amendments Act of 1980, was a Ante, p. 1208. multiemployer plan (within the meaning of section 414(f) as in Post, p. 1288. effect immediately before such date)— "(A) any amount described in paragraph (2)(B)(ii), (2)(B)(iii), or (3)(B)(i) of this subsection which arose in a plan year beginning before such date shall be amortized in equal annual installments (until fully amortized) over 40 plan years, beginning with the plan year in which the amount arose; "(B) any amount described in paragraph (2)(B)(iv) or (3)(B)(ii) of this subsection which arose in a plan year beginning before such date shall be amortized in equal annual installments (until fully amortized) over 20 plan years, beginning with the plan year in which the amount arose; "(C) any change in past service liability which arises during the period of 3 plan years beginning on or after such date, and results from a plan amendment adopted before such date, shall be amortized in equal annual installments

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