29 U.S.C. § 1348 — Termination date

Page 683 TITLE 29—LABOR § 1348 shall furnish to the trustee such information as the corporation or the plan administrator has and, to the extent practicable, can obtain re- garding— (1) the amount of benefits payable with re- spect to each participant under a plan to be terminated, (2) the amount of basic benefits guaranteed under section 1322 or 1322a of this title which are payable with respect to each participant in the plan, (3) the present value, as of the time of termi- nation, of the aggregate amount of basic bene- fits payable under section 1322 or 1322a of this title (determined without regard to section 1322b of this title), (4) the fair market value of the assets of the plan at the time of termination, (5) the computations under section 1344 of this title, and all actuarial assumptions under which the items described in paragraphs (1) through (4) were computed, and (6) any other information with respect to the plan the trustee may require in order to ter- minate the plan. (Pub. L. 93–406, title IV, § 4046, Sept. 2, 1974, 88 Stat. 1028; Pub. L. 96–364, title IV, § 403(e), Sept. 26, 1980, 94 Stat. 1301.) Editorial Notes AMENDMENTS 1980—Par. (2). Pub. L. 96–364, § 403(e)(1), inserted ‘‘basic’’ before ‘‘benefits’’ and ‘‘or 1322a’’ after ‘‘1322’’. Par. (3). Pub. L. 96–364, § 403(e), inserted ‘‘basic’’ be- fore ‘‘benefits’’ and ‘‘or 1322a’’ after ‘‘1322’’, and sub- stituted ‘‘1322b’’ for ‘‘1322(b)(5)’’. 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. § 1347. Restoration of plans Whenever the corporation determines that a plan which is to be terminated under section 1341 or 1342 of this title, or which is in the proc- ess of being terminated under section 1341 or 1342 of this title, should not be terminated under section 1341 or 1342 of this title as a result of such circumstances as the corporation deter- mines to be relevant, the corporation is author- ized to cease any activities undertaken to termi- nate the plan, and to take whatever action is necessary and within its power to restore the plan to its status prior to the determination that the plan was to be terminated under sec- tion 1341 or 1342 of this title. In the case of a plan which has been terminated under section 1341 or 1342 of this title the corporation is au- thorized in any such case in which the corpora- tion determines such action to be appropriate and consistent with its duties under this sub- chapter, to take such action as may be nec- essary to restore the plan to its pretermination status, including, but not limited to, the trans- fer to the employer or a plan administrator of control of part or all of the remaining assets and liabilities of the plan. (Pub. L. 93–406, title IV, § 4047, Sept. 2, 1974, 88 Stat. 1028; Pub. L. 99–272, title XI, § 11016(a)(3), Apr. 7, 1986, 100 Stat. 268; Pub. L. 101–239, title VII, § 7893(g)(1), Dec. 19, 1989, 103 Stat. 2447.) Editorial Notes AMENDMENTS 1989—Pub. L. 101–239 struck out ‘‘under this subtitle’’ before ‘‘should not be terminated’’. 1986—Pub. L. 99–272 inserted ‘‘under section 1341 or 1342 of this title’’ after ‘‘terminated’’ in four places and substituted ‘‘section 1341 or 1342 of this title the cor- poration’’ for ‘‘section 1342 of this title the corpora- tion’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective as if included in the provision of the Single-Employer Pension Plan Amendments Act of 1986, Pub. L. 99–272, title XI, to which such amendment relates, see section 7893(h) of Pub. L. 101–239, set out as a note under section 1002 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99–272, set out as a note under section 1341 of this title. § 1348. Termination date (a) For purposes of this subchapter the termi- nation date of a single-employer plan is— (1) in the case of a plan terminated in a standard termination in accordance with the provisions of section 1341(b) of this title, the termination date proposed in the notice pro- vided under section 1341(a)(2) of this title, (2) in the case of a plan terminated in a dis- tress termination in accordance with the pro- visions of section 1341(c) of this title, the date established by the plan administrator and agreed to by the corporation, (3) in the case of a plan terminated in ac- cordance with the provisions of section 1342 of this title, the date established by the corpora- tion and agreed to by the plan administrator, or (4) in the case of a plan terminated under section 1341(c) or 1342 of this title in any case in which no agreement is reached between the plan administrator and the corporation (or the trustee), the date established by the court. (b) For purposes of this subchapter, the date of termination of a multiemployer plan is— (1) in the case of a plan terminated in ac- cordance with the provisions of section 1341a of this title, the date determined under sub- section (b) of that section; or (2) in the case of a plan terminated in ac- cordance with the provisions of section 1342 of this title, the date agreed to between the plan administrator and the corporation (or the trustee appointed under section 1342(b)(2) of this title, if any), or, if no agreement is reached, the date established by the court. (Pub. L. 93–406, title IV, § 4048, Sept. 2, 1974, 88 Stat. 1028; Pub. L. 96–364, title IV, § 402(a)(8), Sept. 26, 1980, 94 Stat. 1299; Pub. L. 99–272, title XI, § 11016(a)(4), Apr. 7, 1986, 100 Stat. 268.) Page 684 TITLE 29—LABOR § 1349 Editorial Notes AMENDMENTS 1986—Subsec. (a). Pub. L. 99–272 in provisions pre- ceding par. (1) substituted ‘‘termination date’’ for ‘‘date of termination’’, redesignated pars. (1) to (3) as (2) to (4), respectively, added par. (1), in par. (2), as so redesignated, inserted ‘‘in a distress termination’’ after ‘‘terminated’’ and substituted ‘‘section 1341(c)’’ for ‘‘section 1341’’, and in par. (4), as so redesignated, sub- stituted ‘‘under section 1341(c) or 1342 of this title’’ for ‘‘in accordance with the provisions of either section’’. 1980—Subsec. (a). Pub. L. 96–364, § 402(a)(8)(A), (B), designated existing provisions as subsec. (a), and in- serted applicability to a single-employer plan. Subsec. (b). Pub. L. 96–364, § 402(a)(8)(C), added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99–272, set out as a note under section 1341 of this title. 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. § 1349. Repealed. Pub. L. 100–203, title IX, § 9312(a), Dec. 22, 1987, 101 Stat. 1330–361 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. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable with respect to plan terminations under section 1341 of this title with respect to which notices of intent to terminate are provided under sec- tion 1341(a)(2) of this title after Dec. 17, 1987, and plan terminations with respect to which proceedings are in- stituted by the Pension Benefit Guaranty Corporation under section 1342 of this title after that date, see sec- tion 9312(d)(1) of Pub. L. 100–203, as amended, set out as an Effective Date of 1987 Amendment note under sec- tion 1301 of this title. § 1350. Missing participants (a) General rule (1) Payment to the corporation A plan administrator satisfies section 1341(b)(3)(A) of this title in the case of a miss- ing participant only if the plan adminis- trator— (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, and (B) provides the corporation such informa- tion and certifications with respect to such designated benefits or irrevocable commit- ments as the corporation shall specify. (2) Treatment of transferred assets A transfer to the corporation under this sec- tion shall be treated as a transfer of assets from a terminated plan to the corporation as trustee, and shall be held with assets of termi- nated plans for which the corporation is trust- ee under section 1342 of this title, subject to the rules set forth in that section. (3) Payment by the corporation After a missing participant whose des- ignated benefit was transferred to the corpora- tion is located— (A) in any case in which the plan could have distributed the benefit of the missing participant in a single sum without partici- pant or spousal consent under section 1055(g) of this title, the corporation shall pay the participant or beneficiary a single sum ben- efit equal to the designated benefit paid the corporation plus interest as specified by the corporation, and (B) in any other case, the corporation shall pay a benefit based on the designated benefit and the assumptions prescribed by the cor- poration at the time that the corporation re- ceived the designated benefit. The corporation shall make payments under subparagraph (B) available in the same forms and at the same times as a guaranteed benefit under section 1322 of this title would be avail- able to be paid, except that the corporation may make a benefit available in the form of a single sum if the plan provided a single sum benefit (other than a single sum described in subsection (b)(2)(A)). (b) Definitions For purposes of this section— (1) Missing participant The term ‘‘missing participant’’ means a participant or beneficiary under a terminating plan whom the plan administrator cannot lo- cate after a diligent search. (2) Designated benefit The term ‘‘designated benefit’’ means the single sum benefit the participant would re- ceive— (A) under the plan’s assumptions, in the case of a distribution that can be made with- out participant or spousal consent under sec- tion 1055(g) of this title; (B) under the assumptions of the corpora- tion in effect on the date that the designated benefit is transferred to the corporation, in the case of a plan that does not pay any sin- gle sums other than those described in sub- paragraph (A); or (C) under the assumptions of the corpora- tion or of the plan, whichever provides the higher single sum, in the case of a plan that pays a single sum other than those described in subparagraph (A). (c) Multiemployer plans The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this subchapter that terminate under section 1341a of this title. (d) Plans not otherwise subject to subchapter (1) Transfer to corporation The plan administrator of a plan described in paragraph (4) may elect to transfer a miss-