§ 1322b. Aggregate limit on benefits guaranteed; criteria applicable
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/usc/title-29/section-1322bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Notwithstanding sections 1322 and 1322a of this title, no person shall receive from the corporation pursuant to a guarantee by the corporation of basic benefits with respect to a participant under all multiemployer and single employer plans an amount, or amounts, with an actuarial value which exceeds the actuarial value of a monthly benefit in the form of a life annuity commencing at age 65 equal to the amount determined under section 1322(b)(3)(B) of this title as of the date of the last plan termination.
(b)For purposes of this section—
(1)the receipt of benefits under a multiemployer plan receiving financial assistance from the corporation shall be considered the receipt of amounts from the corporation pursuant to a guarantee by the corporation of basic benefits except to the extent provided in regulations prescribed by the corporation, and
(2)the date on which a multiemployer plan, whether or not terminated, begins receiving financial assistance from the corporation shall be considered a date of plan termination.
(Pub. L. 93–406, title IV, § 4022B, as added Pub. L. 96–364, title I, § 102, Sept. 26, 1980, 94 Stat. 1215.)
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- Pub. L. 93–406, title IV, § 4022B
- Pub. L. 96–364, title I, § 102
- 94 Stat. 1215
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§ 1322b
Aggregate limit on benefits guaranteed; criteria applicable
Bills×9
U.S.C.×2
Stat.×1
Pub. L.Pub. L. 93–406, title IV, § 4022B
Pub. L.Pub. L. 96–364, title I, § 102
Stat.94 Stat. 1215
Cites 5Cited by 12 across 3 sources