Page:United States Statutes at Large Volume 94 Part 1.djvu/1337

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1287

include benefits which are not nonforfeitable under the plan after the termination of the plan (taking into consideration section 411(d)(3))."; and 26 USC 4ii. (3) by adding at the end thereof the following new subsection: "(j) CERTAIN TERMINATED MULTIEMPLOYER PLANS.—This section

applies with respect to a terminated multiemployer plan to which section 4021 of the Employee Retirement Income Security Act of 1974 applies, until the last day of the plan year in which the plan terminates, within the meaning of section 4041A(a)(2) of that Act. "(k) 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 section in such manner as determined by the Secretary.". SEC. 204. EXCISE TAXES. Section 4971 (relating to taxes on failure to meet minimum funding standard) is amended— (1) by striking out "last sentence" in subsection (c) and inserting in lieu thereof "last two sentences"; and (2) by adding at the end of subsection (d) the following new sentence: "In the case of a multiemployer plan which is in reorganization under section 418, the same notice and opportunity shall be provided to the Pension Benefit Guaranty Corporation.". SEC. 205. DEDUCTIBILITY OF EMPLOYER LIABILITY PAYMENTS. Subsection (g) of section 404 (relating to certain employer liability payments considered as contributions) is amended to read as follows: "(g) CERTAIN EMPLOYER LIABILITY CONTRIBUTIONS.—

^9 USC 1321. ^'^'e, p. 1216.

26 USC 4971.

Ante, p. 1271.

26 USC 404.

PAYMENTS CONSIDERED AS

"(1) IN GENERAL.—For purposes of this section, any amount paid by an employer under section 4062,4063, or 4064, or part 1 of subtitle E of title IV of the Employee Retirement Income Security Act of 1974 shall be treated as a contribution to which this section applies by such employer to or under a stock bonus, pension, profit-sharing, or annuity plan. "(2) CONTROLLED GROUP DEDUCTIONS.—In the case of a payment described in paragraph (1) made by an entity which is liable because it is a member of a commonly controlled group of corporations, trades, or businesses, within the meaning of subsection (b) or (c) of section 414, the fact that the entity did not directly employ participants of the plan with respect to which the liability payment was made shall not affect the deductibility of a payment which otherwise satisfies the conditions of section 162 (relating to trade or business expenses) or section 212 (relating to expenses for the production of income).

29 USC ^^^2-1364, ante, ^

26 USC 414.

26 USC 162. 26 USC 212.

"(3) COORDINATION WITH SUBSECTION (a).—Any payment de-

scribed in paragraph (1) shall (subject to the last sentence of subsection (a)(1)(A)) be deductible under this section when paid.". SEC. 206. MINIMUM VESTING REQUIREMENTS. Section 411 (relating to minimum vesting standards) is amended— 26 USC 411. (1) by adding at the end of subsection (a)(3) the following new subparagraphs: "(E) CESSATION OF CONTRIBUTIONS UNDER A MULTIEMPLOYER PLAN.—A right to an accrued benefit derived from

employer contributions under a multiemployer plan shall not be treated as forfeitable solely because the plan provides

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