Sec. 311. Reportable events
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Section 4043(c) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1343(c) ) is amended by striking or at the end of paragraph (12), by redesignating paragraph
(13)as paragraph (17), and by inserting after paragraph
(12)the following new paragraphs: when the plan sponsor of a multiemployer plan, or such sponsor's delegate, convenes or otherwise takes action to adopt any amendment (or accepts any collective bargaining agreement) that would exclude newly hired employees from participation in the plan, or any amendment (or agreement) that would substantially reduce the rate of future benefit accruals or the contribution rate for any participants under the plan; when— the plan sponsor of a multiemployer plan, or such sponsor's delegate, convenes or otherwise takes action to adopt; or the plan sponsor receives notice under subsection
(f)or otherwise becomes aware that the bargaining parties have negotiated an agreement to adopt; a new pension plan, including any plan a trust forming part of which is a qualified trust under section 401(a) of the Internal Revenue Code of 1986 and any plan treated as a welfare plan by reason of section 3(2)(B)(ii), the expected participants of which are expected to substantially overlap with the active participants in a preexisting plan; when an event pertaining to a multiemployer plan occurs that is prescribed by the corporation in regulations, if the event materially jeopardizes the security of participant benefits or the financial condition of the plan, or is likely to increase the risk of loss to the corporation; when a multiemployer plan has, or will foreseeably have, only one trustee or no trustees on its board; or . Section 4043 of such Act ( 29 U.S.C. 1343 ) is amended by redesignating subsection
(f)as subsection (g), and by inserting after subsection
(e)the following new subsection: Not later than 60 days prior to the adoption of a new pension plan described in subsection (c)(14), the bargaining parties shall notify the plan sponsor of the negotiation of an agreement to adopt such plan. . Section 4043(b)(3) of such Act ( 29 U.S.C. 1343(b)(3) ) is amended by striking
(13)and inserting
(17). Section 4043(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1343(a) ) is amended by inserting , plan sponsor (in the case of a multiemployer plan), after plan administrator . Section 4043(b) of such Act ( 29 U.S.C. 1343(b) ) is amended— in paragraph (1)— by redesignating subparagraphs
(A)and
(B)as clauses
(i)and (ii), respectively, and by moving such clauses 2 ems to the right; by striking shall be applicable to a contributing sponsor and inserting “shall be applicable— to any plan sponsor of a multiemployer plan; and to any contributing sponsor ; and in the last sentence, by striking subparagraph
(B)and inserting clause
(ii); by striking This subsection in paragraph
(2)and inserting In the case of a single-employer plan, this subsection ; by striking any contributing sponsor in paragraph
(4)and inserting any plan sponsor of a multiemployer plan or any contributing sponsor ; by redesignating paragraph (4), as so amended, as paragraph (5); and by inserting after paragraph
(3)the following new paragraph: No later than 60 days prior to an event described in paragraph (13), (14)(A), (15), or
(16)of subsection (c), the plan sponsor of a multiemployer plan shall notify the corporation that the event is about to occur. . Section 4045(c)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1345(c)(1) ) is amended by striking 4043(b)(7) and inserting 4043(c)(7) . Section 4065(2) of such Act ( 29 U.S.C. 1365(2) ) is amended by striking 4043(b) and inserting 4043(c) . The amendments made by this section shall apply to reportable events (as defined in section 4043(c) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1343(c) )) occurring after the date of the enactment of this Act.
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