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29 U.S.C. § 1364 — Liability on termination of single-employer plans under multiple controlled groups

Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1364 — Liability on termination of single-employer plans under multiple controlled groups

**(a)** This section applies to all contributing sponsors of a single-employer plan which has two or more contributing sponsors at least two of whom are not under common control at the time such plan is terminated under section 1341(c) or 1342 of this title, or who, at any time within the 5 plan years preceding the date of termination, made contributions under the plan. **(b)** The corporation shall determine the liability with respect to each contributing sponsor and each member of its controlled group in a manner consistent with [section 1362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1362&num=0&edition=prelim), except that the amount of liability determined under [section 1362(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1362/b/1&num=0&edition=prelim) with respect to the entire plan shall be allocated to each controlled group by multiplying such amount by a fraction— (1) the numerator of which is the amount required to be contributed to the plan for the last 5 plan years ending prior to the termination date by persons in such controlled group as contributing sponsors, and (2) the denominator of which is the total amount required to be contributed to the plan for such last 5 plan years by all persons as contributing sponsors, and [section 1368(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1368/a&num=0&edition=prelim) shall be applied separately with respect to each controlled group. The corporation may also determine the liability of each such contributing sponsor and member of its controlled group on any other equitable basis prescribed by the corporation in regulations.

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Stable record: federal_law:legal_authorities:record_usc_a2519389984317a6eb1f7988
Source file: Laws/federal/codes/united-states-code/title-29/section-1364-liability-on-termination-of-single-employer-plans-under-multiple-control--c49b4bf443.md
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Source location: Title 29, Chapter 18, § 1364; chapter-018-employee-retirement-income-security-program.md

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1341 — Termination of single-employer plans

**(a) General rules governing single-employer plan terminations** (1) **Exclusive means of plan termination** — Except in the case of a termination for which proceedings are otherwise instituted by the corporation as provided in [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), a single-employer plan may be terminated only in a standard termination under subsection (b) or a distress termination under subsection (c). (2) **60-day notice of intent to terminate** — Not less than 60 days before the proposed termination date of a standard termination under subsection (b) or a distress termination under subsection (c), the plan administrator shall provide to each affected party (other than the corporation in the case of a standard termination) a written notice of intent to terminate stating that such termination is intended and the proposed termination date. The written notice shall include any related additional information required in regulations of the corporation. (3) **Adherence to collective bargaining agreements** — The corporation shall not proceed with a termination of a plan under this section if the termination would violate the terms and conditions of an existing collective bargaining agreement. Nothing in the preceding sentence shall be construed as limiting the authority of the corporation to institute proceedings to involuntarily terminate a plan under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim). **(b) Standard termination of single-employer plans** (1) **General requirements** — A single-employer plan may terminate under a standard termination only if— (A) the plan administrator provi

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1341

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1362 — Liability for termination of single-employer plans under a distress termination or a termination by corporation

**(a) In general** In any case in which a single-employer plan is terminated in a distress termination under [section 1341(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/c&num=0&edition=prelim) or a termination otherwise instituted by the corporation under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), any person who is, on the termination date, a contributing sponsor of the plan or a member of such a contributing sponsor’s controlled group shall incur liability under this section. The liability under this section of all such persons shall be joint and several. The liability under this section consists of— (1) liability to the corporation, to the extent provided in subsection (b), and (2) liability to the trustee appointed under subsection (b) or (c) of [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), to the extent provided in subsection (c). **(b) Liability to corporation** (1) **Amount of liability** (A) *In general* — Except as provided in subparagraph (B), the liability to the corporation of a person described in subsection (a) shall be the total amount of the unfunded benefit liabilities (as of the termination date) to all participants and beneficiaries under the plan, together with interest (at a reasonable rate) calculated from the termination date in accordance with regulations prescribed by the corporation. (B) *Special rule in case of subsequent insufficiency* — For purposes of subparagraph (A), in any case described in [section 1341(c)(3)(C)(ii) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-se

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1362

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1342 — Institution of termination proceedings by the corporation

**(a) Authority to institute proceedings to terminate a plan** The corporation may institute proceedings under this section to terminate a plan whenever it determines that— (1) the plan has not met the minimum funding standard required under [section 412 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section412&num=0&edition=prelim), or has been notified by the Secretary of the Treasury that a notice of deficiency under [section 6212 of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6212&num=0&edition=prelim) has been mailed with respect to the tax imposed under [section 4971(a) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section4971/a&num=0&edition=prelim), (2) the plan will be unable to pay benefits when due, (3) the reportable event described in [section 1343(c)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1343/c/7&num=0&edition=prelim) has occurred, or (4) the possible long-run loss of the corporation with respect to the plan may reasonably be expected to increase unreasonably if the plan is not terminated. The corporation shall as soon as practicable institute proceedings under this section to terminate a single-employer plan whenever the corporation determines that the plan does not have assets available to pay benefits which are currently due under the terms of the plan. The corporation may prescribe a simplified procedure to follow in terminating small plans as long as that procedure includes substantial safeguards for the rights of the participants and beneficiaries under the plans, and for the employers who maintain such plans (including the requirement for a court decree under subsection (c)). Not

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1342

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 401 — Qualified pension, profit-sharing, and stock bonus plans

**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section— (1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan; (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination)); (3) if the plan of which such trust is a part satisfies the requireme

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 401

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1301 — Definitions

**(a)** For purposes of this subchapter, the term— (1) “administrator” means the person or persons described in paragraph (16) of [section 1002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1002&num=0&edition=prelim); (2) “substantial employer”, for any plan year of a single-employer plan, means one or more persons— (A) who are contributing sponsors of the plan in such plan year, (B) who, at any time during such plan year, are members of the same controlled group, and (C) whose required contributions to the plan for each plan year constituting one of— (i) the two immediately preceding plan years, or (ii) the first two of the three immediately preceding plan years, total an amount greater than or equal to 10 percent of all contributions required to be paid to or under the plan for such plan year; (3) “multiemployer plan” means a plan— (A) to which more than one employer is required to contribute, (B) which is maintained pursuant to one or more collective bargaining agreements between one or more employee organizations and more than one employer, and (C) which satisfies such other requirements as the Secretary of Labor may prescribe by regulation, except that, in applying this paragraph— (i) a plan shall be considered a multiemployer plan on and after its termination date if the plan was a multiemployer plan under this paragraph for the plan year preceding such termination, and (ii) for any plan year which began before September 26, 1980, the term “multiemployer plan” means a plan described in [section 414(f) of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section414/f&num=0&edition=prelim) as in effect immediately before such date; (4) “corporation”,

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1301

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1363 — Liability of substantial employer for withdrawal from single-employer plans under multiple controlled groups

**(a) Single-employer plans with two or more contributing sponsors** Except as provided in subsection (d), the plan administrator of a single-employer plan which has two or more contributing sponsors at least two of whom are not under common control— (1) shall notify the corporation of the withdrawal during a plan year of a substantial employer for such plan year from the plan, within 60 days after such withdrawal, and (2) request that the corporation determine the liability of all persons with respect to the withdrawal of the substantial employer. The corporation shall, as soon as practicable thereafter, determine whether there is liability resulting from the withdrawal of the substantial employer and notify the liable persons of such liability. **(b) Computation of liability** Except as provided in subsection (c), any one or more contributing sponsors who withdraw, during a plan year for which they constitute a substantial employer, from a single-employer plan which has two or more contributing sponsors at least two of whom are not under common control, shall, upon notification of such contributing sponsors by the corporation as provided by subsection (a), be liable, together with the members of their controlled groups, to the corporation in accordance with the provisions of [section 1362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1362&num=0&edition=prelim) and this section. The amount of liability shall be computed on the basis of an amount determined by the corporation to be the amount described in [section 1362 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1362&num=0&edition=prelim) for the entire plan, as if the plan had been terminated by the corporation on the date of

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1363

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Federal law — U.S. Code and appendices · legal_authorities

29 U.S.C. § 1364 — Liability on termination of single-em-

Page 692 TITLE 29—LABOR § 1364 (B) treat any escrowed payments under this section as if they were plan assets and apply them in a manner consistent with this sub- title; and (C) refund any amount to the contributing sponsor which is not required to meet any ob- ligation of the corporation with respect to the plan. (d) Alternate appropriate procedure The provisions of this subsection apply in the case of a withdrawal described in subsection (a), and the provisions of subsections (b) and (c) shall not apply, if the corporation determines that the procedure provided for under this sub- section is consistent with the purposes of this section and section 1364 of this title and is more appropriate in the particular case. Upon a show- ing by the plan administrator of the plan that the withdrawal from the plan by one or more contributing sponsors has resulted, or will re- sult, in a significant reduction in the amount of aggregate contributions to or under the plan, the corporation may— (1) require the plan fund to be equitably allo- cated between those participants no longer working in covered service under the plan as a result of the withdrawal, and those partici- pants who remain in covered service under the plan; (2) treat that portion of the plan funds allo- cable under paragraph (1) to participants no longer in covered service as a plan terminated under section 1342 of this title; and (3) treat that portion of the plan fund allo- cable to participants remaining in covered service as a separate plan. (e) Indemnity agreement The corporation is authorized to waive the ap- plication of the provisions of subsections (b), (c), and (d) of this section whenever it determines that there is an indemnity agreement in effect among contributing sponsors u

Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1364

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