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29 U.S.C. § 1397 - U.S. Code - Unannotated Title 29. Labor § 1397. Application of part in case of certain pre-1980 withdrawals; adjustment of covered plan

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) For the purpose of determining the amount of unfunded vested benefits allocable to an employer for a partial or complete withdrawal from a plan which occurs after September 25, 1980, and for the purpose of determining whether there has been a partial withdrawal after such date, the amount of contributions, and the number of contribution base units, of such employer properly allocable--

(1) to work performed under a collective bargaining agreement for which there was a permanent cessation of the obligation to contribute before September 26, 1980, or

(2) to work performed at a facility at which all covered operations permanently ceased before September 26, 1980, or for which there was a permanent cessation of the obligation to contribute before that date,

shall not be taken into account.

(b) A plan may, in a manner not inconsistent with regulations, which shall be prescribed by the corporation, adjust the amount of unfunded vested benefits allocable to other employers under a plan maintained by an employer described in subsection (a).

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Cite this article: FindLaw.com - 29 U.S.C. § 1397 - U.S. Code - Unannotated Title 29. Labor § 1397. Application of part in case of certain pre-1980 withdrawals; adjustment of covered plan - last updated January 01, 2024 | https://codes.findlaw.com/us/title-29-labor/29-usc-sect-1397/

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