Sec. 222. Clarification of PBGC financial assistance for plan mergers and partitions
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Paragraph
(2)of section 4231(e) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1411(e) ) is amended— by striking the semicolon in subparagraph (B)(ii) and inserting , determined solely with respect to the liabilities and assets of the plan which was in critical and declining status prior to the merger; and ; and by striking subparagraph
(C)and redesignating subparagraph
(D)as subparagraph (C). Section 4233(b) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1413(b) ) is amended by striking paragraph (4), by adding and at the end of paragraph (3)(B), and by redesignating paragraph
(5)as paragraph (4). Section 4231(e)(2)(B)(ii) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1411(e)(2)(B)(ii) ), as amended by subsection (a), is further amended by striking critical and declining and inserting declining . The amendments made by subsections
(a)and
(b)shall apply to plan mergers and partitions taking effect after the date of the enactment of this Act. The amendment made by subsection
(c)shall apply to plan mergers taking effect in plan years beginning after December 31, 2021.
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Sec. 222
Clarification of PBGC financial assistance for plan mergers and partitions
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