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29 U.S.C. § 1058 — Mergers and consolidations of plans or transfers of plan assets
Federal law — U.S. Code and appendices · legal_authorities
A pension plan may not merge or consolidate with, or transfer its assets or liabilities to, any other plan after September 2, 1974, unless each participant in the plan would (if the plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer (if the plan had then terminated). The preceding sentence shall not apply to any transaction to the extent that participants either before or after the transaction are covered under a multiemployer plan to which subchapter III of this chapter applies.
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Stable record: federal_law:legal_authorities:record_usc_95989d8ae86e9ada35a19e7e
Source file: Laws/federal/codes/united-states-code/title-29/section-1058-mergers-and-consolidations-of-plans-or-transfers-of-plan-assets--8f237db325.md
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Source location: Title 29, Chapter 18, § 1058; chapter-018-employee-retirement-income-security-program.md
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A pension plan may not merge or consolidate with, or transfer its assets or liabilities to, any other plan after September 2, 1974, unless each participant in the plan would (if the plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer (if the plan had then terminated). The preceding sentence shall not apply to any transaction to the extent that participants either before or after the transaction are covered under a multiemployer plan to which subchapter III of this chapter applies.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) The terms “employee welfare benefit plan” and “welfare plan” mean any plan, fund, or program which was heretofore or is hereafter established or maintained by an employer or by an employee organization, or by both, to the extent that such plan, fund, or program was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, (A) medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs, or day care centers, scholarship funds, or prepaid legal services, or (B) any benefit described in [section 186(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section186/c&num=0&edition=prelim) (other than pensions on retirement or death, and insurance to provide such pensions).
(2)
(A) Except as provided in subparagraph (B), the terms “employee pension benefit plan” and “pension plan” mean any plan, fund, or program which was heretofore or is hereafter established or maintained by an employer or by an employee organization, or by both, to the extent that by its express terms or as a result of surrounding circumstances such plan, fund, or program—
(i) provides retirement income to employees, or
(ii) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond,
regardless of the method of calculating the contributions made to the plan, the method of calculating the benefits under the plan or the method of distributing benefits from the plan. A distribution from a plan, fund, or program shall not be treated as made
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1002
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notification that event has occurred** Within 30 days after the plan administrator or the contributing sponsor knows or has reason to know that a reportable event described in subsection (c) has occurred, he shall notify the corporation that such event has occurred, unless a notice otherwise required under this subsection has already been provided with respect to such event. The corporation is authorized to waive the requirement of the preceding sentence with respect to any or all reportable events with respect to any plan, and to require the notification to be made by including the event in the annual report made by the plan.
**(b) Notification that event is about to occur**
(1) The requirements of this subsection shall be applicable to a contributing sponsor if, as of the close of the preceding plan year—
(A) the aggregate unfunded vested benefits (as determined under [section 1306(a)(3)(E)(iii) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1306/a/3/E/iii&num=0&edition=prelim)) of plans subject to this subchapter which are maintained by such sponsor and members of such sponsor’s controlled groups (disregarding plans with no unfunded vested benefits) exceed $50,000,000, and
(B) the funded vested benefit percentage for such plans is less than 90 percent.
For purposes of subparagraph (B), the funded vested benefit percentage means the percentage which the aggregate value of the assets of such plans bears to the aggregate vested benefits of such plans (determined in accordance with [section 1306(a)(3)(E)(iii) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1306/a/3/E/iii&num=0&edition=prelim)).
(2) This subsection shall not apply to an event if the contributing sponsor
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1343
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Order of priority of participants and beneficiaries** In the case of the termination of a single-employer plan, the plan administrator shall allocate the assets of the plan (available to provide benefits) among the participants and beneficiaries of the plan in the following order:
(1) First, to that portion of each individual’s accrued benefit which is derived from the participant’s contributions to the plan which were not mandatory contributions.
(2) Second, to that portion of each individual’s accrued benefit which is derived from the participant’s mandatory contributions.
(3) Third, in the case of benefits payable as an annuity—
(A) in the case of the benefit of a participant or beneficiary which was in pay status as of the beginning of the 3-year period ending on the termination date of the plan, to each such benefit, based on the provisions of the plan (as in effect during the 5-year period ending on such date) under which such benefit would be the least,
(B) in the case of a participant’s or beneficiary’s benefit (other than a benefit described in subparagraph (A)) which would have been in pay status as of the beginning of such 3-year period if the participant had retired prior to the beginning of the 3-year period and if his benefits had commenced (in the normal form of annuity under the plan) as of the beginning of such period, to each such benefit based on the provisions of the plan (as in effect during the 5-year period ending on such date) under which such benefit would be the least.
For purposes of subparagraph (A), the lowest benefit in pay status during a 3-year period shall be considered the benefit in pay status for such period.
(4) Fourth—
(A) to all other benefits (if any) of individuals under the plan guaranteed under this subchap
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1344
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Federal law — U.S. Code and appendices · legal_authorities
Page 442
TITLE 29—LABOR
§ 1058
§ 1058. Mergers and consolidations of plans or
transfers of plan assets
A pension plan may not merge or consolidate
with, or transfer its assets or liabilities to, any
other plan after September 2, 1974, unless each
participant in the plan would (if the plan then
terminated) receive a benefit immediately after
the merger, consolidation, or transfer which is
equal to or greater than the benefit he would
have been entitled to receive immediately be-
fore the merger, consolidation, or transfer (if
the plan had then terminated). The preceding
sentence shall not apply to any transaction to
the extent that participants either before or
after the transaction are covered under a multi-
employer plan to which subchapter III of this
chapter applies.
(Pub. L. 93–406, title I, § 208, Sept. 2, 1974, 88 Stat.
865; Pub. L. 96–364, title IV, § 402(b)(1), Sept. 26,
1980, 94 Stat. 1299.)
Editorial Notes
AMENDMENTS
1980—Pub. L. 96–364 substituted provisions respecting
applicability of preceding sentence to transactions
under a covered multiemployer plan to which sub-
chapter III applies, for provisions relating to applica-
bility of paragraph to a multiemployer plan only to ex-
tent determined by Corporation.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96–364 effective Sept. 26, 1980,
except as specifically provided, see section 1461(e) of
this title.
§ 1059. Recordkeeping and reporting require-
ments
(a)(1) Except as provided by paragraph (2)
every employer shall, in accordance with such
regulations as the Secretary may prescribe,
maintain records with respect to each of his em-
ployees sufficient to determine the benefits due
or which may become due to such employees.
The pl
Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1058
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