§ 1414. Asset transfer rules

185 words·~1 min read·/usc/title-29/section-1414

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(a)Applicability and scope A transfer of assets from a multiemployer plan to another plan shall comply with asset-transfer rules which shall be adopted by the multiemployer plan and which—

(1)do not unreasonably restrict the transfer of plan assets in connection with the transfer of plan liabilities, and

(2)operate and are applied uniformly with respect to each proposed transfer, except that the rules may provide for reasonable variations taking into account the potential financial impact of a proposed transfer on the multiemployer plan.

Plan rules authorizing asset transfers consistent with the requirements of section 1412(c)(3) of this title shall be considered to satisfy the requirements of this subsection.

(b)Exemption of de minimis transfers The corporation shall prescribe regulations which exempt de minimis transfers of assets from the requirements of this part.

(c)Written reciprocity agreements This part shall not apply to transfers of assets pursuant to written reciprocity agreements, except to the extent provided in regulations prescribed by the corporation.

(Pub. L. 93–406, title IV, § 4234, as added Pub. L. 96–364, title I, § 104(2), Sept. 26, 1980, 94 Stat. 1247.)

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Public Law 96–364
To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to improve retirement income security under private multiemployer pension plans by strengthening the funding requirements for those plans, to authorize plan preservation measures for financially troubl

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U.S. Code

Transfers between a multiemployer plan and a single-employer plan
§ 1412

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Pub. L. 93–406, title IV, § 4234
Pub. L. 96–364, title I, § 104(2)
94 Stat. 1247

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§ 1414

Asset transfer rules

Stat.×1

U.S.C.§ 1412

Pub. L.Pub. L. 93–406, title IV, § 4234

Pub. L.Pub. L. 96–364, title I, § 104(2)

Stat.94 Stat. 1247

Cites 4Cited by 1 across 1 source