§1397. Application of part in case of certain pre-1980 withdrawals; adjustment of covered plan
(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).
( Pub. L. 93–406, title IV, § 4217 , as added Pub. L. 96–364, title I, § 104(2) , Sept. 26, 1980 , 94 Stat. 1235 ; amended Pub. L. 98–369, div. A, title V, § 558(b)(1)(A) , (B), July 18, 1984 , 98 Stat. 899 .)
Editorial Notes
Amendments
1984—Subsec. (a). Pub. L. 98–369, § 558(b)(1)(A), (B), substituted “September 25, 1980” for “April 28, 1980” in provisions preceding par. (1) and “September 26, 1980” for “April 29, 1980” in pars. (1) and (2).