1

 So in original. Probably should be “section”.

2

 So in original.

3

 So in original. The comma probably should be “and”.

Editorial Notes

Amendments

2014—Subsec. (c)(1). Pub. L. 113–235, § 108(a)(2)(A), substituted “critical status, as described in subsection 1085(b)(2) of this title,” for “reorganization”.

Subsec. (c)(2). Pub. L. 113–235, § 108(a)(2)(B), designated existing provisions as subpar. (A), struck out “(within the meaning of section 1421(b)(6) of this title)” after “pay status”, and added subpar. (B).

Subsec. (d). Pub. L. 113–235, § 108(a)(2)(A), substituted “critical status, as described in subsection 1085(b)(2) of this title,” for “reorganization” wherever appearing.

Subsec. (d)(1). Pub. L. 113–235, § 108(a)(2)(C)(i), struck out “(determined in accordance with section 1423(b)(3)(B)(ii) of this title)” after “compare the value of plan assets”.

Subsec. (d)(4). Pub. L. 113–235, § 108(a)(2)(C)(ii), added par. (4).

Subsec. (e). Pub. L. 113–235, § 108(a)(2)(A), substituted “critical status, as described in subsection 1085(b)(2) of this title,” for “reorganization” in pars. (1) and (2).

Subsec. (e)(1)(A). Pub. L. 113–235, § 108(a)(2)(D)(i), substituted “the parties described in section 1021(f)(1) of this title” for “the corporation, the parties described in section 1422(a)(2) of this title, and the plan participants and beneficiaries”.

Subsec. (e)(1)(B). Pub. L. 113–235, § 108(a)(2)(D)(ii), substituted “section 1021(f)(1) of this title” for “section 1422(a)(2) of this title and the plan participants and beneficiaries”.

Subsec. (g). Pub. L. 113–235, § 108(a)(2)(E), added subsec. (g).

2006—Subsec. (d)(1). Pub. L. 109–280 substituted “5 plan years” for “3 plan years” the second place it appeared and inserted at end “If the plan sponsor makes such a determination that the plan will be insolvent in any of the next 5 plan years, the plan sponsor shall make the comparison under this paragraph at least annually until the plan sponsor makes a determination that the plan will not be insolvent in any of the next 5 plan years.”

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Amendment by Pub. L. 113–235 applicable with respect to plan years beginning after Dec. 31, 2014, see section 108(c) of div. O of Pub. L. 113–235, set out as an Effective Date of Repeal note under section 418 of Title 26, Internal Revenue Code.

Effective Date of 2006 Amendment

Pub. L. 109–280, title II, § 203(b), Aug. 17, 2006, 120 Stat. 886, provided that: “The amendments made by this section [amending this section] shall apply with respect to determinations made in plan years beginning after 2007.”

Withdrawal Liability of Employer From Plan Terminating While Plan Insolvent Within This Section: Determinations, Factors, Etc.

Pub. L. 96–364, title I, § 108(c)(3), Sept. 26, 1980, 94 Stat. 1268, provided that:

“(A)

For the purpose of determining the withdrawal liability of an employer under title IV of the Employee Retirement Income Security Act of 1974 [this subchapter] from a plan that terminates while the plan is insolvent (within the meaning of section 4245 of such Act [this section]), the plan’s unfunded vested benefits shall be reduced by an amount equal to the sum of all overburden credits that were applied in determining the plan’s accumulated funding deficiency for all plan years preceding the first plan year in which the plan is insolvent, plus interest thereon.

“(B)

The provisions of subparagraph (A) apply only if—

“(i)

the plan would have been eligible for the overburden credit in the last plan year beginning before the date of the enactment of this Act [Sept. 26, 1980], if section 4243 of the Employee Retirement Income Security Act of 1974 [former section 1423 of this title] had been in effect for that plan year, and

“(ii)

the Pension Benefit Guaranty Corporation determines that the reduction of unfunded vested benefits under subparagraph (A) would not significantly increase the risk of loss to the corporation.”