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29 U.S.C. § 1305 — Pension benefit guaranty funds

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

29 U.S.C. § 1305 — Pension benefit guaranty funds

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Source file: Laws/federal/codes/united-states-code/title-29/section-1305-pension-benefit-guaranty-funds--3bc50f226c.md
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Source location: Title 29, Chapter 18, § 1305; chapter-018-employee-retirement-income-security-program.md

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**(a) Establishment of four revolving funds on books of Treasury of the United States** There are established on the books of the Treasury of the United States four revolving funds to be used by the corporation in carrying out its duties under this subchapter. One of the funds shall be used with respect to basic benefits guaranteed under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim), one of the funds shall be used with respect to basic benefits guaranteed under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim), one of the funds shall be used with respect to nonbasic benefits guaranteed under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim) (if any), and the remaining fund shall be used with respect to nonbasic benefits guaranteed under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim) (if any), other than subsection (g)(2) thereof (if any). Whenever in this subchapter reference is made to the term “fund” the reference shall be considered to refer to the appropriate fund established under this subsection. **(b) Credits to funds; availability of funds; investment of moneys in excess of current needs** (1) Each fund established under this section shall be credited with the appropriate portion of— (A) premiums, penalties, interest, and charges collected under this subchapter, (B) the value of the assets of a plan administered under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim) by a trustee to the extent that they exceed the liabilities of such plan, (C) the amount of any employer liability payments under subtitle D, to the extent that such payments exceed liabilities of the plan (taking into account all other plan assets), (D) earnings on investments of the fund or on assets credited to the fund under this subsection, (E) attorney’s fees awarded to the corporation, and (F) receipts from any other operations under this subchapter. (2) Subject to the provisions of subsection (a), each fund shall be available— (A) for making such payments as the corporation determines are necessary to pay benefits guaranteed under section 1322 or 1322a of this title or benefits payable under [section 1350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1350&num=0&edition=prelim), (B) to purchase assets from a plan being terminated by the corporation when the corporation determines such purchase will best protect the interests of the corporation, participants in the plan being terminated, and other insured plans, (C) to pay the operational and administrative expenses of the corporation, including reimbursement of the expenses incurred by the Department of the Treasury in maintaining the funds, and the Comptroller General in auditing the corporation, and (D) to pay to participants and beneficiaries the estimated amount of benefits which are guaranteed by the corporation under this subchapter and the estimated amount of other benefits to which plan assets are allocated under [section 1344 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1344&num=0&edition=prelim), under single-employer plans which are unable to pay benefits when due or which are abandoned. (3) (A) Whenever the corporation determines that the moneys of any fund are in excess of current needs, it may request the investment of such amounts as it determines advisable by the Secretary of the Treasury in obligations issued or guaranteed by the United States. (B) Notwithstanding subparagraph (A)— (i) the amounts of premiums received under [section 1306 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1306&num=0&edition=prelim) with respect to the fund to be used for basic benefits under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim) in a fiscal year in the period beginning with fiscal year 2016 and ending with fiscal year 2020 shall be placed in a noninterest-bearing account within such fund in the following amounts: (I) for fiscal year 2016, $108,000,000; (II) for fiscal year 2017, $111,000,000; (III) for fiscal year 2018, $113,000,000; (IV) for fiscal year 2019, $149,000,000; and (V) for fiscal year 2020, $296,000,000; (ii) premiums received in fiscal years specified in subclauses (I) through (V) of clause (i) shall be allocated in order first to the noninterest-bearing account in the amount specified and second to any other accounts within such fund; and (iii) financial assistance, as provided under [section 1431 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1431&num=0&edition=prelim), shall be withdrawn proportionately from the noninterest-bearing and other accounts within the fund. **(c) Repealed. Pub. L. 112–141, div. D, title II, § 40234(a), July 6, 2012, 126 Stat. 858** **(d) Establishment of fifth fund; purpose, availability, etc.** (1) A fifth fund shall be established for the reimbursement of uncollectible withdrawal liability under [section 1402 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1402&num=0&edition=prelim), and shall be credited with the appropriate— (A) premiums, penalties, and interest charges collected under this subchapter, and (B) earnings on investments of the fund or on assets credited to the fund. The fund shall be available to make payments pursuant to the supplemental program established under [section 1402 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1402&num=0&edition=prelim), including those expenses and other charges determined to be appropriate by the corporation. (2) The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. **(e) Establishment of sixth fund; purpose, availability, etc.** (1) A sixth fund shall be established for the supplemental benefit guarantee program provided 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) Such fund shall be credited with the appropriate— (A) premiums, penalties, and interest charges collected 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), and (B) earnings on investments of the fund or on assets credited to the fund. The fund shall be available for making payments pursuant to the supplemental benefit 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), including those expenses and other charges determined to be appropriate by the corporation. (3) The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. **(f) Deposit of premiums into separate revolving fund** (1) A seventh fund shall be established and credited with— (A) premiums, penalties, and interest charges collected under [section 1306(a)(3)(A)(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1306/a/3/A/i&num=0&edition=prelim) (not described in subparagraph (B)) to the extent attributable to the amount of the premium in excess of $8.50, (B) premiums, penalties, and interest charges collected under [section 1306(a)(3)(E) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1306/a/3/E&num=0&edition=prelim), and (C) earnings on investments of the fund or on assets credited to the fund. (2) Amounts in the fund shall be available for transfer to other funds established under this section with respect to a single-employer plan but shall not be available to pay— (A) administrative costs of the corporation, or (B) benefits under any plan which was terminated before October 1, 1988, unless no other amounts are available for such payment. (3) The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. **(g) Other use of funds; deposits of repayments** (1) Amounts in any fund established under this section may be used only for the purposes for which such fund was established and may not be used to make loans to (or on behalf of) any other fund or to finance any other activity of the corporation. (2) Any repayment to the corporation of any amount paid out of any fund in connection with a multiemployer plan shall be deposited in such fund. **(h) Voting by corporation of stock paid as liability** Any stock in a person liable to the corporation under this subchapter which is paid to the corporation by such person or a member of such person’s controlled group in satisfaction of such person’s liability under this subchapter may be voted only by the custodial trustees or outside money managers of the corporation. **(i) Special financial assistance for multiemployer pension plans** (1) An eighth fund shall be established for special financial assistance to multiemployer pension plans, as provided under [section 1432 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1432&num=0&edition=prelim), and to pay for necessary administrative and operating expenses of the corporation relating to such assistance. (2) There is appropriated from the general fund such amounts as are necessary for the costs of providing financial assistance under [section 1432 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1432&num=0&edition=prelim) and necessary administrative and operating expenses of the corporation. The eighth fund established under this subsection shall be credited with amounts from time to time as the Secretary of the Treasury, in conjunction with the Director of the Pension Benefit Guaranty Corporation, determines appropriate, from the general fund of the Treasury, but in no case shall such transfers occur after September 30, 2030.

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

29 U.S.C. § 1350 — Missing participants

**(a) General rule** (1) **Payment to the corporation** — A plan administrator satisfies [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim) in the case of a missing participant only if the plan administrator— (A) transfers the participant’s designated benefit to the corporation or purchases an irrevocable commitment from an insurer in accordance with clause (i) of [section 1341(b)(3)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/b/3/A&num=0&edition=prelim), and (B) provides the corporation such information and certifications with respect to such designated benefits or irrevocable commitments as the corporation shall specify. (2) **Treatment of transferred assets** — A transfer to the corporation under this section shall be treated as a transfer of assets from a terminated plan to the corporation as trustee, and shall be held with assets of terminated plans for which the corporation is trustee under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), subject to the rules set forth in that section. (3) **Payment by the corporation** — After a missing participant whose designated benefit was transferred to the corporation is located— (A) in any case in which the plan could have distributed the benefit of the missing participant in a single sum without participant or spousal consent under [section 1055(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1055/g&num=0&edition=prelim), the corporation shall pay the participant or beneficiary a single sum benefit equal to the designated benefit paid

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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

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29 U.S.C. § 1344 — Allocation of assets

**(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

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29 U.S.C. § 1349 — Repealed. Pub. L. 100–203, title IX, § 9312(a), Dec. 22, 1987, 101 Stat. 1330–361

### Statutory Notes Section, Pub. L. 93–406, title IV, § 4049, as added Pub. L. 99–272, title XI, § 11012(a), Apr. 7, 1986, 100 Stat. 258; amended Pub. L. 99–514, title XVIII, § 1879(u)(2), Oct. 22, 1986, 100 Stat. 2913; Pub. L. 100–203, title IX, § 9312(d)(2), Dec. 22, 1987, 101 Stat. 1330–364, related to distribution of liability payments to participants and beneficiaries. #### Effective Date of Repeal Repeal applicable with respect to plan terminations under [section 1341 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341&num=0&edition=prelim) with respect to which notices of intent to terminate are provided under [section 1341(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341/a/2&num=0&edition=prelim) after Dec. 17, 1987, and plan terminations with respect to which proceedings are instituted by the Pension Benefit Guaranty Corporation under [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim) after that date, see section 9312(d)(1) of Pub. L. 100–203, as amended, set out as an Effective Date of 1987 Amendment note under [section 1301 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1301&num=0&edition=prelim).

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29 U.S.C. § 1056 — Form and payment of benefits

**(a) Commencement date for payment of benefits** Each pension plan shall provide that unless the participant otherwise elects, the payment of benefits under the plan to the participant shall begin not later than the 60th day after the latest of the close of the plan year in which— (1) occurs the date on which the participant attains the earlier of age 65 or the normal retirement age specified under the plan, (2) occurs the 10th anniversary of the year in which the participant commenced participation in the plan, or (3) the participant terminates his service with the employer. In the case of a plan which provides for the payment of an early retirement benefit, such plan shall provide that a participant who satisfied the service requirements for such early retirement benefit, but separated from the service (with any nonforfeitable right to an accrued benefit) before satisfying the age requirement for such early retirement benefit, is entitled upon satisfaction of such age requirement to receive a benefit not less than the benefit to which he would be entitled at the normal retirement age, actuarially reduced under regulations prescribed by the Secretary of the Treasury. **(b) Decrease in plan benefits by reason of increases in benefit levels under Social Security Act or Railroad Retirement Act of 1937** If— (1) a participant or beneficiary is receiving benefits under a pension plan, or (2) a participant is separated from the service and has non-forfeitable rights to benefits, a plan may not decrease benefits of such a participant by reason of any increase in the benefit levels payable under title II of the Social Security Act [[42 U.S.C. 401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section401&num=0&edition=prelim) et seq.] or the Railro

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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

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29 U.S.C. § 1432 — Special financial assistance by the corporation

**(a) Special financial assistance** (1) **In general** — The corporation shall provide special financial assistance to an eligible multiemployer plan under this section, upon the application of a plan sponsor of such a plan for such assistance. (2) **Inapplicability of certain repayment obligation** — A plan receiving special financial assistance pursuant to this section shall not be subject to repayment obligations with respect to such special financial assistance. **(b) Eligible multiemployer plans** (1) **In general** — For purposes of this section, a multiemployer plan is an eligible multiemployer plan if— (A) the plan is in critical and declining status (within the meaning of [section 1085(b)(6) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1085/b/6&num=0&edition=prelim)) in any plan year beginning in 2020 through 2022; (B) a suspension of benefits has been approved with respect to the plan under [section 1085(e)(9) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1085/e/9&num=0&edition=prelim) as of March 11, 2021; (C) in any plan year beginning in 2020 through 2022, the plan is certified by the plan actuary to be in critical status (within the meaning of [section 1085(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1085/b/2&num=0&edition=prelim)), has a modified funded percentage of less than 40 percent, and has a ratio of active to inactive participants which is less than 2 to 3; or (D) the plan became insolvent for purposes of [section 418E of title 26](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section418E&num=0&edition=prelim) after December 16, 2014, and has remained so insolvent an

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

29 U.S.C. § 1322 — Single-employer plan benefits guaranteed

**(a) Nonforfeitable benefits** Subject to the limitations contained in subsection (b), the corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a single-employer plan which terminates at a time when this subchapter applies to it. **(b) Exceptions** (1) Except to the extent provided in paragraph (7)— (A) no benefits provided by a plan which has been in effect for less than 60 months at the time the plan terminates shall be guaranteed under this section, and (B) any increase in the amount of benefits under a plan resulting from a plan amendment which was made, or became effective, whichever is later, within 60 months before the date on which the plan terminates shall be disregarded. (2) For purposes of this subsection, the time a successor plan (within the meaning of [section 1321(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/a&num=0&edition=prelim)) has been in effect includes the time a previously established plan (within the meaning of [section 1321(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321/a&num=0&edition=prelim)) was in effect. For purposes of determining what benefits are guaranteed under this section in the case of a plan to which [section 1321 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1321&num=0&edition=prelim) does not apply on September 3, 1974, the 60-month period referred to in paragraph (1) shall be computed beginning on the first date on which such section does apply to the plan. (3) The amount of monthly benefits described in subsection (a) p

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29 U.S.C. § 1322a — Multiemployer plan benefits guaranteed

**(a) Benefits of covered plans subject to guarantee** The corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a multiemployer plan— (1) to which this subchapter applies, and (2) which is insolvent under section 1426(b) or 1441(d)(2) of this title. **(b) Benefits or benefit increases not eligible for guarantee** (1) (A) For purposes of this section, a benefit or benefit increase which has been in effect under a plan for less than 60 months is not eligible for the corporation’s guarantee. For purposes of this paragraph, any month of any plan year during which the plan was insolvent or terminated (within the meaning of [section 1341a(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1341a/a/2&num=0&edition=prelim)) shall not be taken into account. (B) For purposes of this section, a benefit or benefit increase which has been in effect under a plan for less than 60 months before the first day of the plan year for which an amendment reducing the benefit or the benefit increase is taken into account under section 1425(a)(2) 11 See References in Text note below. of this title in determining the minimum contribution requirement for the plan year under section 1423(b) 1 of this title is not eligible for the corporation’s guarantee. (2) For purposes of this section— (A) the date on which a benefit or a benefit increase under a plan is first in effect is the later of— (i) the date on which the documents establishing or increasing the benefit were executed, or (ii) the effective date of the benefit or benefit increase; (B) the period of time for which a benef

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29 U.S.C. § 1306 — Premium rates

**(a) Schedules for premium rates and bases for application; establishment, coverage, etc.** (1) The corporation shall prescribe such schedules of premium rates and bases for the application of those rates as may be necessary to provide sufficient revenue to the fund for the corporation to carry out its functions under this subchapter. The premium rates charged by the corporation for any period shall be uniform for all plans, other than multiemployer plans, insured by the corporation with respect to basic benefits guaranteed by it under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim), and shall be uniform for all multiemployer plans with respect to basic benefits guaranteed by it under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim). (2) The corporation shall maintain separate schedules of premium rates, and bases for the application of those rates, for— (A) basic benefits guaranteed by it under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim) for single-employer plans, (B) basic benefits guaranteed by it under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322a&num=0&edition=prelim) for multiemployer plans, (C) nonbasic benefits guaranteed by it under [section 1322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1322&num=0&edition=prelim) for single-employer plans, (D) nonbasic benefits guaranteed by it under [section 1322a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29

Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1306

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