Sec. 121. MERGERS
443 words·~2 min read·
/statute-compilations/comps-11604/sec-121A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## SEC. 121 MERGERS ###
(a)PBGC Assistance for Multiemployer Plan Mergers Section 4231 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1411) is amended by adding at the end the following: > > ### “(e) Facilitated Mergers > > > #### “(1) In general > > When requested to do so by the plan sponsors, the corporation may take such actions as it deems appropriate to promote and facilitate the merger of two or more multiemployer plans if it determines, after consultation with the Participant and Plan Sponsor Advocate selected under section 4004, that the transaction is in the interests of the participants and beneficiaries of at least one of the plans and is not reasonably expected to be adverse to the overall interests of the participants and beneficiaries of any of the plans. Such facilitation may include training, technical assistance, mediation, communication with stakeholders, and support with related requests to other government agencies. > > > #### “(2) Financial assistance > > In order to facilitate a merger which it determines is necessary to enable one or more of the plans involved to avoid or postpone insolvency, the corporation may provide financial assistance (within the meaning of section 4261) to the merged plan if— > > > ##### “(A) > > one or more of the multiemployer plans participating in the merger is in critical and declining status (as defined in section 305(b)(4)); > > > ##### “(B) > > the corporation reasonably expects that— > > > ###### “(i) > > such financial assistance will reduce the corporation’s expected long-term loss with respect to the plans involved; and > > > ###### “(ii) > > such financial assistance is necessary for the merged plan to become or remain solvent; > > > ##### “(C) > > the corporation certifies that its ability to meet existing financial assistance obligations to other plans will not be impaired by such financial assistance; and > > > ##### “(D) > > such financial assistance is paid exclusively from the fund for basic benefits guaranteed for multiemployer plans. > > Not later than 14 days after the provision of such financial assistance, the corporation shall provide notice of such financial assistance to the Committee on Education and the Workforce of the House of Representatives, the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, and the Committee on Health, Education, Labor, and Pensions of the Senate.” > . ###
(b)Effective Date **[**[29 U.S.C. 1411 note](/us/usc/t29/s1411)**]** The amendments made by this section shall apply with respect to plan years beginning after December 31, 2014.
Connectionstraces to 1
Traces to 1 document