29 U.S.C. § 1349 — Repealed. Pub. L. 100–203, title IX,

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 Repealed.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-