Sec. 104. ENDANGERED STATUS NOT APPLICABLE IF NO ADDITIONAL ACTION IS REQUIRED
719 words·~3 min read·
/statute-compilations/comps-11604/sec-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 104 ENDANGERED STATUS NOT APPLICABLE IF NO ADDITIONAL ACTION IS REQUIRED ###
(a)Amendments to Employee Retirement Income Security Act of 1974 ####
(1)In general Section 305(b) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1085(b)), as amended by section 102, is further amended— #####
(A)in paragraph (1), by striking “the plan is not in critical status for the plan year” and inserting “the plan is not in critical status for the plan year and is not described in paragraph (5),”; and #####
(B)by adding at the end the following: > > #### “(5) Special rule > > A plan is described in this paragraph if— > > > ##### “(A) > > as part of the actuarial certification of endangered status under paragraph (3)(A) for the plan year, the plan actuary certifies that the plan is projected to no longer be described in either paragraph (1)(A) or paragraph (1)(B) as of the end of the tenth plan year ending after the plan year to which the certification relates, and > > > ##### “(B) > > the plan was not in critical or endangered status for the immediately preceding plan year.” > . ####
(2)Notice Section 305(b)(3)(D) of such Act (29 U.S.C. 1085(b)(3)(D)) is amended— #####
(A)by redesignating clause
(iii)and clause
(iv)(as added by section 102(a)(3)(B)) as clauses
(iv)and (v), respectively; and #####
(B)by inserting after clause
(ii)the following: > > ###### “(iii) > > In the case of a multiemployer plan that would be in endangered status but for paragraph (5), the plan sponsor shall provide notice to the bargaining parties and the Pension Benefit Guaranty Corporation that the plan would be in endangered status but for such paragraph.” > . #####
(C)in clause
(iv)(as redesignated by subparagraph (A)), by striking “clause (ii)” and inserting “clauses
(ii)and (iii)”. ####
(3)Conforming amendment Section 305(b)(3)(A)(i) of such Act (29 U.S.C. 1085(b)(3)(A)(i)) is amended by inserting after “endangered status for a plan year” the following: “, or would be in endangered status for such plan year but for paragraph (5),”. ###
(b)Amendments to Internal Revenue Code of 1986 ####
(1)In general Section 432(b) of the Internal Revenue Code of 1986, as amended by section 102, is further amended— #####
(A)in paragraph (1), by striking “the plan is not in critical status for the plan year” and inserting “the plan is not in critical status for the plan year and is not described in paragraph (5),”; and #####
(B)by adding at the end the following: > > #### “(5) Special rule > > A plan is described in this paragraph if— > > > ##### “(A) > > as part of the actuarial certification of endangered status under paragraph (3)(A) for the plan year, the plan actuary certifies that the plan is projected to no longer be described in either paragraph (1)(A) or paragraph (1)(B) as of the end of the tenth plan year ending after the plan year to which the certification relates, and > > > ##### “(B) > > the plan was not in critical or endangered status for the immediately preceding plan year.” > . ####
(2)Notice **[**[26 U.S.C. 432](/us/usc/t26/s432)**]** Section 432(b)(3)(D) of such Code is amended— #####
(A)by redesignating clause
(iii)and clause
(iv)(as added by section 102(b)(3)(B)) as clauses
(iv)and (v), respectively; and #####
(B)by inserting after clause
(ii)the following: > > ###### “(iii) > > In the case of a multiemployer plan that would be in endangered status but for paragraph (5), the plan sponsor shall provide notice to the bargaining parties and the Pension Benefit Guaranty Corporation that the plan would be in endangered status but for such paragraph.” > . #####
(C)in clause
(iv)(as redesignated by subparagraph (A)), by striking “clause (ii)” and inserting “clauses
(ii)and (iii)”. ####
(3)Conforming amendment Section 432(b)(3)(A)(i) of such Code is amended by inserting after “endangered status for a plan year” the following: “, or would be in endangered status for such plan year but for paragraph (5),”. ###
(c)Effective Date **[**[26 U.S.C. 432 note](/us/usc/t26/s432)**]** The amendments made by this section shall apply with respect to plan years beginning after December 31, 2014.
Connectionstraces to 2
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources