Page:United States Statutes at Large Volume 94 Part 1.djvu/1345

 PUBLIC LAW 96-364—SEPT. 26, 1980

94 STAT. 1295

SEC. 306. LIQUIDATED DAMAGES WITH RESPECT TO DELINQUENT CONTRIBUTIONS. (a) Part 5 of subtitle B of title I is amended by adding after section 514 the following new section: "DELINQUENT CONTRIBUTIONS

"SEC. 515. Every employer who is obligated to make contributions to a multiemployer plan under the terms of the plan or under the terms of a collectively bargained agreement shall, to the extent not inconsistent with law, make such contributions in accordance with the terms and conditions of such plan or such agreement.". (b) Section 502 is amended by— (1) redesignating subsection (b)(1) and (2) as subsection (b)(1) (A) and (B), and adding at the end thereof the following new paragraph: "(2) The Secretary shall not initiate an action to enforce section 515."; (2) redesignating subsection (g) as paragraph (1) of such subsection and inserting "(other than an action described in paragraph (2))" between "title" and "by" in such redesignated paragraph (1), and adding at the end thereof the following new paragraph: "(2) In any action under this title by a fiduciary for or on behalf of a plan to enforce section 515 in which a judgment in favor of the plan is awarded, the court shall award the plan— "(A) the unpaid contributions, "(B) interest on the unpaid contributions, "(C) an amount equal to the greater of— "(i) interest on the unpaid contributions, or "(ii) liquidated damages provided for under the plan in an amount not in excess of 20 percent (or such higher percentage as may be permitted under Federal or State law) of the amount determined by the court under subparagraph (A), "(D) reasonable attorney's fees and costs of the action, to be paid by the defendant, and "(E) such other legal or equitable relief as the court deems appropriate. For purposes of this paragraph, interest on unpaid contributions shall be determined by using the rate provided under the plan, or, if none, the rate prescribed under section 6621 of the Internal Revenue Code of 1954.". SEC. 307. ACTUARIAL STANDARDS. Section 103(d) is amended by redesignating paragraphs (10) and (11) as paragraphs (11) and (12) and by adding after paragraph (9) the following new paragraph: "(10) A statement by the actuary which discloses— "(A) any event which the actuary has not taken into account, and "(B) any trend which, for purposes of the actuarial assumptions used, was not assumed to continue in the future, but only if, to the best of the actuary's knowledge, such event or trend may require a material increase in plan costs or required contribution rates.". SEC. 308. EXEMPTIONS FROM PROHIBITED TRANSACTIONS. (a) Section 408(b) is amended by adding at the end thereof the following:

79-194

O—81—pt. 1

85: QL3

29 USC 1145.

29 USC 1132. ^•'^

26 USC 6621. 29 USC 1023.

29 USC 1108.

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