Page:United States Statutes at Large Volume 94 Part 1.djvu/1348

 94 STAT. 1298

29 USC 1307.

Ante, p. 1261. 29 USC 1321.

PUBLIC LAW 96-364—SEPT. 26, 1980

remove such suit, action, or proceeding from the State court to the United States District Court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect." (3) Section 4007(a) is amended by inserting at the end thereof the following new sentence: "The corporation may waive or reduce premiums for a multiemployer plan for any plan year during which such plan receives financial assistance from the corporation under section 4261, except that any amount so waived or reduced shall be treated as financial assistance under such section.". (4) Section 4021(a) is amended by inserting in the last sentence "unless otherwise specifically indicated in this title," before "a successor plan". (5) Subtitle B of title IV is amended by inserting after section 4022B (as added by section 102 of this Act) the following new section: "PLAN FIDUCIARIES

29 USC 1323. 29 USC 1321. 29 USC 1342.

Ante, p. 1216.

Ante, p. 1217.

"SEC. 4023. Notwithstanding any other provision of this Act, a fiduciary of a plan to which section 4021 applies is not in violation of the fiduciary's duties as a result of any act or of any withholding of action required by this title.". (6) Section 4042 is amended— (A) in the last sentence of subsection (a), by striking out "such small" and inserting in lieu thereof "terminated"; (B) by redesignating subsection O> as subsection (b)(1) and t) inserting at the end thereof the following new paragraphs: "(2) Notwithstanding any other provision of this title— "(A) upon the petition of a plan administrator or the corporation, the appropriate United States district court may appoint a trustee in accordance with the provisions of this section if the interests of the plan participants would be better served by the appointment of the trustee, and (B) upon the petition of the corporation, the appropriate United States district court shall appoint a trustee proposed by the corporation for a multiemployer plan which is in reorganization or to which section 4041A(d) applies, unless such appointment would be adverse to the interests of the plan participants and beneficiaries in the aggregate. "(3) The corporation and plan administrator may agree to the appointment of a trustee without proceeding in accordance with the requirements of paragraphs (1) and (2)."; (C) in the first sentence of subsection (c), by striking out "and" after "interests of the participants" and inserting in lieu thereof "or"; (D) in subsection (c), by striking out "further" each place it appears and inserting in lieu thereof "unreasonable"; (E) in subsection (d)(1)(A)— (i) by striking out "and" in clause (iv); (ii) by redesignating clause (v) as clause (vi) and by striking out the period at the end of such clause and inserting in lieu thereof "; and"; (iii) by inserting after clause (iv) the following new clause: "(v) in the case of a multiemployer plan, to reduce benefits or suspend benefit payments under the plan, give appropriate notices, amend the plan, and perform other acts required or authorized by subtitle (E) to be performed by the plan sponsor or administrator;"; and

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