Browse Arkansas Code titles and sections
29 U.S.C. § 1441 — Benefits under certain terminated plans
Federal law — U.S. Code and appendices · legal_authorities
**(a) Amendment of plan by plan sponsor to reduce benefits, and suspension of benefit payments** Notwithstanding sections 1053 and 1054 of this title, the plan sponsor of a terminated multiemployer plan to which [section 1341a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/d&num=0&edition=prelim) applies shall amend the plan to reduce benefits, and shall suspend benefit payments, as required by this section.
**(b) Determinations respecting value of nonforfeitable benefits under terminated plan and value of assets of plan**
(1) The value of nonforfeitable benefits under a terminated plan referred to in subsection (a), and the value of the plan’s assets, shall be determined in writing, in accordance with regulations prescribed by the corporation, as of the end of the plan year during which [section 1341a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/d&num=0&edition=prelim) becomes applicable to the plan, and each plan year thereafter.
(2) For purposes of this section, plan assets include outstanding claims for withdrawal liability (within the meaning of [section 1301(a)(12) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1301/a/12&num=0&edition=prelim)).
**(c) Amendment of plan by plan sponsor to reduce benefits for conservation of assets; factors applicable**
(1) If, according to the determination made under subsection (b), the value of nonforfeitable benefits exceeds the value of the plan’s assets, the plan sponsor shall amend the plan to reduce benefits under the plan to the extent necessary to ensure that the plan’s assets are sufficient, as determined and certified in accordance with regulations prescribed by the c
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1441
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: c62e98985af7b3cdfe3c34ae2cdf68f70d60a3069bc491e18f7c682b7c8a345c. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_93d1b6395ea809f7fe9faa4a
Source file: Laws/federal/codes/united-states-code/title-29/section-1441-benefits-under-certain-terminated-plans--4d2e23e3af.md
Pages: Not recorded – Not recorded
Passage SHA-256: ed49149bb5e1ebd7ff087b9e416b7f1f368684766c9be6d52ad06631553d2ab6
Source location: Title 29, Chapter 18, § 1441; chapter-018-employee-retirement-income-security-program.md
Stored source content
**(a) Amendment of plan by plan sponsor to reduce benefits, and suspension of benefit payments** Notwithstanding sections 1053 and 1054 of this title, the plan sponsor of a terminated multiemployer plan to which [section 1341a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/d&num=0&edition=prelim) applies shall amend the plan to reduce benefits, and shall suspend benefit payments, as required by this section.
**(b) Determinations respecting value of nonforfeitable benefits under terminated plan and value of assets of plan**
(1) The value of nonforfeitable benefits under a terminated plan referred to in subsection (a), and the value of the plan’s assets, shall be determined in writing, in accordance with regulations prescribed by the corporation, as of the end of the plan year during which [section 1341a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/d&num=0&edition=prelim) becomes applicable to the plan, and each plan year thereafter.
(2) For purposes of this section, plan assets include outstanding claims for withdrawal liability (within the meaning of [section 1301(a)(12) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1301/a/12&num=0&edition=prelim)).
**(c) Amendment of plan by plan sponsor to reduce benefits for conservation of assets; factors applicable**
(1) If, according to the determination made under subsection (b), the value of nonforfeitable benefits exceeds the value of the plan’s assets, the plan sponsor shall amend the plan to reduce benefits under the plan to the extent necessary to ensure that the plan’s assets are sufficient, as determined and certified in accordance with regulations prescribed by the corporation, to discharge when due all of the plan’s obligations with respect to nonforfeitable benefits.
(2) Any plan amendment required by this subsection shall, in accordance with regulations prescribed by the Secretary of the Treasury—
(A) reduce benefits only to the extent necessary to comply with paragraph (1);
(B) reduce accrued benefits only to the extent that those benefits are not eligible for the corporation’s guarantee under [section 1322a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a/b&num=0&edition=prelim);
(C) comply with the rules for and limitations on benefit reductions under a plan in reorganization, as prescribed in section 1425 11 See References in Text note below. of this title, except to the extent that the corporation prescribes other rules and limitations in regulations under this section; and
(D) take effect no later than 6 months after the end of the plan year for which it is determined that the value of nonforfeitable benefits exceeds the value of the plan’s assets.
**(d) Suspension of benefit payments; determinative factors; powers and duties of plan sponsor; retroactive benefit payments**
(1) In any case in which benefit payments under a plan which is insolvent under paragraph (2)(A) exceed the resource benefit level, any such payments which are not basic benefits shall be suspended, in accordance with this subsection, to the extent necessary to reduce the sum of such payments and such basic benefits to the greater of the resource benefit level or the level of basic benefits, unless an alternative procedure is prescribed by the corporation in connection with a supplemental guarantee program established under [section 1322a(g)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a/g/2&num=0&edition=prelim).
(2) For purposes of this subsection, for a plan year—
(A) a plan is insolvent if—
(i) the plan has been amended to reduce benefits to the extent permitted by subsection (c), and
(ii) the plan’s available resources are not sufficient to pay benefits under the plan when due for the plan year; and
(B) “resource benefit level” and “available resources” have the meanings set forth in paragraphs (2) and (3), respectively, of [section 1426(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426/b&num=0&edition=prelim).
(3) The plan sponsor of a plan which is insolvent (within the meaning of paragraph (2)(A)) shall have the powers and duties of the plan sponsor of a plan in reorganization which is insolvent (within the meaning of [section 1426(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426/b/1&num=0&edition=prelim)), except that regulations governing the plan sponsor’s exercise of those powers and duties under this section shall be prescribed by the corporation, and the corporation shall prescribe by regulation notice requirements which assure that plan participants and beneficiaries receive adequate notice of benefit suspensions.
(4) A plan is not required to make retroactive benefit payments with respect to that portion of a benefit which was suspended under this subsection, except that the provisions of section 1426(c)(4) and (5) of this title shall apply in the case of plans which are insolvent under paragraph (2)(A), in connection with the plan year during which such [section 1341a(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/d&num=0&edition=prelim) first became applicable to the plan and every year thereafter, in the same manner and to the same extent as such provisions apply to insolvent plans in reorganization under [section 1426 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426&num=0&edition=prelim), in connection with insolvency years under such [section 1426 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426&num=0&edition=prelim).
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Suspension of payments of benefits; conditions, amount, etc.** Notwithstanding sections 1053 and 1054 of this title, in any case in which benefit payments under an insolvent multiemployer plan exceed the resource benefit level, any such payments of benefits which are not basic benefits shall be suspended, in accordance with this section, to the extent necessary to reduce the sum of such payments and the payments of such basic benefits to the greater of the resource benefit level or the level of basic benefits, unless an alternative procedure is prescribed by the corporation under [section 1322a(g)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a/g/5&num=0&edition=prelim).
**(b) Determination of insolvency status for plan year; definitions** For purposes of this section, for a plan year—
(1) a multiemployer plan is insolvent if the plan’s available resources are not sufficient to pay benefits under the plan when due for the plan year, or if the plan is determined to be insolvent under subsection (d);
(2) “resource benefit level” means the level of monthly benefits determined under subsections (c)(1) and (3) and (d)(3) to be the highest level which can be paid out of the plan’s available resources;
(3) “available resources” means the plan’s cash, marketable assets, contributions, withdrawal liability payments, and earnings, less reasonable administrative expenses and amounts owed for such plan year to the corporation under [section 1431(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1431/b/2&num=0&edition=prelim); and
(4) “insolvency year” means a plan year in which a plan is insolvent.
**(c) Determination by plan sponsor of plan in critical status of resource
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1426
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A trust shall not constitute a qualified trust under section 401(a) unless the plan of which such trust is a part provides that an employee’s right to his normal retirement benefit is nonforfeitable upon the attainment of normal retirement age (as defined in paragraph (8)) and in addition satisfies the requirements of paragraphs (1), (2), and (11) of this subsection and the requirements of subsection (b)(3), and also satisfies, in the case of a defined benefit plan, the requirements of subsection (b)(1) and, in the case of a defined contribution plan, the requirements of subsection (b)(2).
(1) **Employee contributions** — A plan satisfies the requirements of this paragraph if an employee’s rights in his accrued benefit derived from his own contributions are nonforfeitable.
(2) **Employer contributions**
(A) *Defined benefit plans*
(i) *In general* — In the case of a defined benefit plan, a plan satisfies the requirements of this paragraph if it satisfies the requirements of clause (ii) or (iii).
(ii) *5-year vesting* — A plan satisfies the requirements of this clause if an employee who has completed at least 5 years of service has a nonforfeitable right to 100 percent of the employee’s accrued benefit derived from employer contributions.
(iii) *3 to 7 year vesting* — A plan satisfies the requirements of this clause if an employee has a nonforfeitable right to a percentage of the employee’s accrued benefit derived from employer contributions determined under the following table: Years of service:The nonforfeitable percentage is: 320 440 560 680 7 or more100.
(B) *Defined contribution plans*
(i) *In general* — In the case of a defined contribution plan, a plan satisfies the requirements of this paragraph if it satisfies the
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 411
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Determinative factors** Termination of a multiemployer plan under this section occurs as a result of—
(1) the adoption after September 26, 1980, of a plan amendment which provides that participants will receive no credit for any purpose under the plan for service with any employer after the date specified by such amendment;
(2) the withdrawal of every employer from the plan, within the meaning of [section 1383 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1383&num=0&edition=prelim), or the cessation of the obligation of all employers to contribute under the plan; or
(3) the adoption of an amendment to the plan which causes the plan to become a plan described in [section 1321(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/b/1&num=0&edition=prelim).
**(b) Date of termination**
(1) The date on which a plan terminates under paragraph (1) or (3) of subsection (a) is the later of—
(A) the date on which the amendment is adopted, or
(B) the date on which the amendment takes effect.
(2) The date on which a plan terminates under paragraph (2) of subsection (a) is the earlier of—
(A) the date on which the last employer withdraws, or
(B) the first day of the first plan year for which no employer contributions were required under the plan.
**(c) Duties of plan sponsor of amended plan** Except as provided in subsection (f)(1), the plan sponsor of a plan which terminates under paragraph (2) of subsection (a) shall—
(1) limit the payment of benefits to benefits which are nonforfeitable under the plan as of the date of the termination, and
(2) pay benefits attributable to employer contributions, other than death benefits, only in the form of an annuity, unless t
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1341a
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 731
TITLE 29—LABOR
§ 1441
1 See References in Text note below.
viewing applications of such plans, the corpora-
tion shall coordinate with the Secretary of the
Treasury in the following manner:
(1) In the case of a plan which has suspended
benefits under section 1085(e)(9) of this title—
(A) in determining whether to approve the
application, the corporation shall consult
with the Secretary of the Treasury regard-
ing the plan’s proposed method of rein-
stating benefits, as described in the plan’s
application and in accordance with guidance
issued by the Secretary of the Treasury, and
(B) the corporation shall consult with the
Secretary of the Treasury regarding the
amount of special financial assistance need-
ed based on the projected funded status of
the plan as of the last day of the plan year
ending in 2051, whether the plan proposes to
repay benefits over 5 years or as a lump sum,
as required by subsection (k)(2), and any
other relevant factors, as determined by the
corporation in consultation with the Sec-
retary of the Treasury, to ensure the
amount of assistance is sufficient to meet
such requirement and is sufficient to pay
benefits as required in subsection (j)(1).
(2) In the case of any plan which proposes in
its application to change the assumptions
used, as provided in subsection (e)(4), the cor-
poration shall consult with the Secretary of
the Treasury regarding such proposed change
in assumptions.
(3) If the corporation specifies in regulations
or guidance that temporary priority consider-
ation is available for plans which are insolvent
within the meaning of section 418E of title 26
or likely to become so insolvent or for plans
which have suspended benefits under section
1085(e)(9) of this title, or that availability is
Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1441
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.