Sec. 303. Conditions on financial assistance
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Section 4261(b) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1431(b) ) is amended— in paragraph (1), by striking the period at the end and inserting , or to prevent an abuse of the multiemployer insurance program or any unreasonable increase in the liability of the fund. The corporation shall provide the plan sponsor written notice of each condition on financial assistance and a written explanation of its determination. If the sponsor fails to satisfy timely a condition on financial assistance, the corporation may withhold financial assistance until the condition is satisfied. ; and by adding at the end the following: The conditions described in paragraph
(1)may include an offset for the guaranteed benefits of a participant whose benefit in excess of the benefit guaranteed under this title is provided by another plan, or in the case of a plan that has not yet terminated, the cessation of future accruals or a requirement that contribution amounts or annual withdrawal liability payment amounts under section 4219 be maintained as if the employer had withdrawn on the date of insolvency. . Section 4261(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1431(a) ) is amended by striking section 4245(f) or section 4281(d) and inserting section 4245(e) or 4281 .
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Sec. 303
Conditions on financial assistance
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