§1322a. Multiemployer plan benefits guaranteed — Inbound Citations
29 U.S.C. § 1322a
Cited by 30 provisions in release 119-102.
Citations to 29 U.S.C. § 1322a as a whole
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(III) benefit increases that would not be eligible for a guarantee under section 1322a of this title on the first day of initial critical year because the increases were adopted (or, if later, took effect) less than 60 months before such first day.
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(i) The monthly benefit of any participant or beneficiary may not be reduced below 110 percent of the monthly benefit which is guaranteed by the Pension Benefit Guaranty Corporation under section 1322a of this title on the date of the suspension.
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(6) “basic benefits” means benefits guaranteed under section 1322 of this title (other than under section 1322(c)1 of this title), or under section 1322a of this title (other than under section 1322a(g) of this title);
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(a) There are established on the books of the Treasury of the United States four revolving funds to be used by the corporation in carrying out its duties under this subchapter. One of the funds shall be used with respect to basic benefits guaranteed under section 1322 of this title, one of the funds shall be used with respect to basic benefits guaranteed under section 1322a of this title, one of the funds shall be used with respect to nonbasic benefits guaranteed under section 1322 of this title (if any), and the remaining fund shall be used with respect to nonbasic benefits guaranteed under section 1322a of this title (if any), other than subsection (g)(2) thereof (if any). Whenever in this subchapter reference is made to the term “fund” the reference shall be considered to refer to the appropriate fund established under this subsection.
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(A) for making such payments as the corporation determines are necessary to pay benefits guaranteed under section 1322 or 1322a of this title or benefits payable under section 1350 of this title,
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(i) the amounts of premiums received under section 1306 of this title with respect to the fund to be used for basic benefits under section 1322a of this title in a fiscal year in the period beginning with fiscal year 2016 and ending with fiscal year 2020 shall be placed in a noninterest-bearing account within such fund in the following amounts:(I) for fiscal year 2016, $108,000,000;(II) for fiscal year 2017, $111,000,000;(III) for fiscal year 2018, $113,000,000;(IV) for fiscal year 2019, $149,000,000; and(V) for fiscal year 2020, $296,000,000;
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(1) The corporation shall prescribe such schedules of premium rates and bases for the application of those rates as may be necessary to provide sufficient revenue to the fund for the corporation to carry out its functions under this subchapter. The premium rates charged by the corporation for any period shall be uniform for all plans, other than multiemployer plans, insured by the corporation with respect to basic benefits guaranteed by it under section 1322 of this title, and shall be uniform for all multiemployer plans with respect to basic benefits guaranteed by it under section 1322a of this title.
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(B) basic benefits guaranteed by it under section 1322a of this title for multiemployer plans,
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(D) nonbasic benefits guaranteed by it under section 1322a of this title for multiemployer plans, and
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(4) The corporation may prescribe, subject to the enactment of a joint resolution in accordance with this section or section 1322a(f) of this title, alternative schedules of premium rates, and bases for the application of those rates, for basic benefits guaranteed by it under sections 1322 and 1322a of this title based, in whole or in part, on the risks insured by the corporation in each plan.
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(A) In carrying out its authority under paragraph (1) to establish schedules of premium rates, and bases for the application of those rates, for nonbasic benefits guaranteed under sections 1322 and 1322a of this title the premium rates charged by the corporation for any period for nonbasic benefits guaranteed shall—(i) be uniform by category of nonbasic benefits guaranteed,(ii) be based on the risks insured in each category, and(iii) reflect the experience of the corporation (including experience which may be reasonably anticipated) in guaranteeing such benefits.
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(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.
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(2) the amount of basic benefits guaranteed under section 1322 or 1322a of this title which are payable with respect to each participant in the plan,
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(3) the present value, as of the time of termination, of the aggregate amount of basic benefits payable under section 1322 or 1322a of this title (determined without regard to section 1322b of this title),
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The corporation shall pay benefits under a single-employer plan terminated under this subchapter subject to the limitations and requirements of subtitle B of this subchapter. The corporation shall provide financial assistance to pay benefits under a multiemployer plan which is insolvent under section 1426 or 1441(d)(2)(A) of this title, subject to the limitations and requirements of subtitles B, C, and E of this subchapter. Amounts guaranteed by the corporation under sections 1322 and 1322a of this title shall be paid by the corporation only out of the appropriate fund. The corporation shall make payments under the supplemental program to reimburse multiemployer plans for uncollectible withdrawal liability only out of the fund established under section 1305(e) of this title.
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(1) The plan created by the partition order is a successor plan to which section 1322a of this title applies.
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(B) the monthly benefit for such participant or beneficiary which is guaranteed under section 1322a of this title.
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(2) The corporation shall use the revolving fund used by the corporation with respect to basic benefits guaranteed under section 1322a of this title in guaranteeing benefits under a terminated plan described in this subsection.
Citations to §1322a(b)
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(B) reduce accrued benefits only to the extent that those benefits are not eligible for the corporation’s guarantee under section 1322a(b) of this title;
Citations to §1322a(b)(2)(B)
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(d) A plan to which liabilities are transferred under this section is a successor plan for purposes of section 1322a(b)(2)(B) of this title.
Citations to §1322a(f)
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(2) The corporation shall maintain separate schedules of premium rates, and bases for the application of those rates, for—(A) basic benefits guaranteed by it under section 1322 of this title for single-employer plans,(B) basic benefits guaranteed by it under section 1322a of this title for multiemployer plans,(C) nonbasic benefits guaranteed by it under section 1322 of this title for single-employer plans,(D) nonbasic benefits guaranteed by it under section 1322a of this title for multiemployer plans, and(E) reimbursements of uncollectible withdrawal liability under section 1402 of this title.The corporation may revise such schedules whenever it determines that revised schedules are necessary. Except as provided in section 1322a(f) of this title, in order to place a revised schedule described in subparagraph (A) or (B) in effect, the corporation shall proceed in accordance with subsection (b)(1), and such schedule shall apply only to plan years beginning more than 30 days after the date on which a joint resolution approving such revised schedule is enacted.
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(4) The corporation may prescribe, subject to the enactment of a joint resolution in accordance with this section or section 1322a(f) of this title, alternative schedules of premium rates, and bases for the application of those rates, for basic benefits guaranteed by it under sections 1322 and 1322a of this title based, in whole or in part, on the risks insured by the corporation in each plan.
Citations to §1322a(g)
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(6) “basic benefits” means benefits guaranteed under section 1322 of this title (other than under section 1322(c)1 of this title), or under section 1322a of this title (other than under section 1322a(g) of this title);
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(7) “non-basic benefits” means benefits guaranteed under section 1322(c)1 of this title or 1322a(g) of this title;
Citations to §1322a(g)(2)
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(1) A sixth fund shall be established for the supplemental benefit guarantee program provided under section 1322a(g)(2) of this title.
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(2) Such fund shall be credited with the appropriate—(A) premiums, penalties, and interest charges collected under section 1322a(g)(2) of this title, andThe fund shall be available for making payments pursuant to the supplemental benefit guarantee program established under section 1322a(g)(2) of this title, including those expenses and other charges determined to be appropriate by the corporation.
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(A) premiums, penalties, and interest charges collected under section 1322a(g)(2) of this title, and
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(B) Notwithstanding subparagraph (A), premium rates charged to any multiemployer plan by the corporation for any period for supplemental guarantees under section 1322a(g)(2) of this title may reflect any reasonable considerations which the corporation determines to be appropriate.
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(1) In any case in which benefit payments under a plan which is insolvent under paragraph (2)(A) exceed the resource benefit level, any such payments which are not basic benefits shall be suspended, in accordance with this subsection, to the extent necessary to reduce the sum of such payments and such basic benefits to the greater of the resource benefit level or the level of basic benefits, unless an alternative procedure is prescribed by the corporation in connection with a supplemental guarantee program established under section 1322a(g)(2) of this title.
Citations to §1322a(g)(5)
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(a) Notwithstanding sections 1053 and 1054 of this title, in any case in which benefit payments under an insolvent multiemployer plan exceed the resource benefit level, any such payments of benefits which are not basic benefits shall be suspended, in accordance with this section, to the extent necessary to reduce the sum of such payments and the payments of such basic benefits to the greater of the resource benefit level or the level of basic benefits, unless an alternative procedure is prescribed by the corporation under section 1322a(g)(5) of this title.