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29 U.S.C. § 1431 — Assistance by corporation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority; procedure applicable; amount** If, upon receipt of an application for financial assistance under [section 1426(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426/f&num=0&edition=prelim) or [section 1441(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1441/d&num=0&edition=prelim), the corporation verifies that the plan is or will be insolvent and unable to pay basic benefits when due, the corporation shall provide the plan financial assistance in an amount sufficient to enable the plan to pay basic benefits under the plan.
**(b) Conditions; repayment terms**
(1) Financial assistance shall be provided under such conditions as the corporation determines are equitable and are appropriate to prevent unreasonable loss to the corporation with respect to the plan.
(2) A plan which has received financial assistance shall repay the amount of such assistance to the corporation on reasonable terms consistent with regulations prescribed by the corporation.
**(c) Assistance pending final determination of application** Pending determination of the amount described in subsection (a), the corporation may provide financial assistance in such amounts as it considers appropriate in order to avoid undue hardship to plan participants and beneficiaries.
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1431
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Stable record: federal_law:legal_authorities:record_usc_eb977943cce0953628e92502
Source file: Laws/federal/codes/united-states-code/title-29/section-1431-assistance-by-corporation--8d03d5e2f3.md
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Source location: Title 29, Chapter 18, § 1431; chapter-018-employee-retirement-income-security-program.md
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**(a) Authority; procedure applicable; amount** If, upon receipt of an application for financial assistance under [section 1426(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426/f&num=0&edition=prelim) or [section 1441(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1441/d&num=0&edition=prelim), the corporation verifies that the plan is or will be insolvent and unable to pay basic benefits when due, the corporation shall provide the plan financial assistance in an amount sufficient to enable the plan to pay basic benefits under the plan.
**(b) Conditions; repayment terms**
(1) Financial assistance shall be provided under such conditions as the corporation determines are equitable and are appropriate to prevent unreasonable loss to the corporation with respect to the plan.
(2) A plan which has received financial assistance shall repay the amount of such assistance to the corporation on reasonable terms consistent with regulations prescribed by the corporation.
**(c) Assistance pending final determination of application** Pending determination of the amount described in subsection (a), the corporation may provide financial assistance in such amounts as it considers appropriate in order to avoid undue hardship to plan participants and beneficiaries.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Suspension of certain benefit payments** Notwithstanding section 411, 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 Pension Benefit Guaranty Corporation under section 4022A(g)(5) of the Employee Retirement Income Security Act of 1974.
**(b) Definitions** For purposes of this section, for a plan year—
(1) **Insolvency** — 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** — The term “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** — The term “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 Pension Benefit Guaranty Corporation under section 4261(b)(2) of the Employee Retirement Income Security Act of 1974.
(4) **Insolvency year** — The term “insolvency year” means a plan year in which a plan is insolvent.
**(c) Benefit payments under insolvent plans**
(1) **Determination of resource benefit level** — The plan sponsor of a plan in critical statu
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 418E
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) 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-section
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1305
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) 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
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) Premiums payable when due; accrual; waiver or reduction** The designated payor of each plan shall pay the premiums imposed by the corporation under this subchapter with respect to that plan when they are due. Premiums under this subchapter are payable at the time, and on an estimated, advance, or other basis, as determined by the corporation. Premiums imposed by this subchapter on September 2, 1974 (applicable to that portion of any plan year during which such date occurs) are due within 30 days after such date. Premiums imposed by this subchapter on the first plan year commencing after September 2, 1974, are due within 30 days after such plan year commences. Premiums shall continue to accrue until a plan’s assets are distributed pursuant to a termination procedure, or until a trustee is appointed pursuant to [section 1342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1342&num=0&edition=prelim), whichever is earlier. 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 1431 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1431&num=0&edition=prelim), except that any amount so waived or reduced shall be treated as financial assistance under such section.
**(b) Late payment charge; waiver; interest on overpayment**
(1) If any basic benefit premium is not paid when it is due the corporation is authorized to assess a late payment charge of not more than 100 percent of the premium payment which was not timely paid. The preceding sentence shall not apply to any payment of premium made within 60 days after the date on which payment is due, if before such date, th
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1307
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) 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
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1322a
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) Authority of plan sponsor** Unless otherwise provided in regulations prescribed by the corporation, a plan sponsor may not cause a multiemployer plan to merge with one or more multiemployer plans, or engage in a transfer of assets and liabilities to or from another multiemployer plan, unless such merger or transfer satisfies the requirements of subsection (b).
**(b) Criteria** A merger or transfer satisfies the requirements of this section if—
(1) in accordance with regulations of the corporation, the plan sponsor of a multiemployer plan notifies the corporation of a merger with or transfer of plan assets or liabilities to another multiemployer plan at least 120 days before the effective date of the merger or transfer;
(2) no participant’s or beneficiary’s accrued benefit will be lower immediately after the effective date of the merger or transfer than the benefit immediately before that date;
(3) the benefits of participants and beneficiaries are not reasonably expected to be subject to suspension under [section 1426 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1426&num=0&edition=prelim); and
(4) an actuarial valuation of the assets and liabilities of each of the affected plans has been performed during the plan year preceding the effective date of the merger or transfer, based upon the most recent data available as of the day before the start of that plan year, or other valuation of such assets and liabilities performed under such standards and procedures as the corporation may prescribe by regulation.
**(c) Actions not deemed violation of section 1106(a) or (b)(2) of this title** The merger of multiemployer plans or the transfer of assets or liabilities between multiemployer plans, shall be deemed not to const
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1411
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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. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 1432
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Federal law — U.S. Code and appendices · legal_authorities
Page 728
TITLE 29—LABOR
§ 1431
determinations made in plan years beginning after
2007.’’
WITHDRAWAL LIABILITY OF EMPLOYER FROM PLAN TER-
MINATING WHILE PLAN INSOLVENT WITHIN THIS SEC-
TION: DETERMINATIONS, FACTORS, ETC.
Pub. L. 96–364, title I, § 108(c)(3), Sept. 26, 1980, 94 Stat.
1268, provided that:
‘‘(A) For the purpose of determining the withdrawal
liability of an employer under title IV of the Employee
Retirement Income Security Act of 1974 [this sub-
chapter] from a plan that terminates while the plan is
insolvent (within the meaning of section 4245 of such
Act [this section]), the plan’s unfunded vested benefits
shall be reduced by an amount equal to the sum of all
overburden credits that were applied in determining
the plan’s accumulated funding deficiency for all plan
years preceding the first plan year in which the plan is
insolvent, plus interest thereon.
‘‘(B) The provisions of subparagraph (A) apply only
if—
‘‘(i) the plan would have been eligible for the over-
burden credit in the last plan year beginning before
the date of the enactment of this Act [Sept. 26, 1980],
if section 4243 of the Employee Retirement Income
Security Act of 1974 [former section 1423 of this title]
had been in effect for that plan year, and
‘‘(ii) the Pension Benefit Guaranty Corporation de-
termines that the reduction of unfunded vested bene-
fits under subparagraph (A) would not significantly
increase the risk of loss to the corporation.’’
PART 4—FINANCIAL ASSISTANCE
§ 1431. Assistance by corporation
(a) Authority; procedure applicable; amount
If, upon receipt of an application for financial
assistance under section 1426(f) of this title or
section 1441(d) of this title, the corporation
verifies that the plan is or will be insolvent and
unable to pay b
Source: Supplied 2024 U.S. Code historical extraction · 29 U.S.C. § 1431
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.