PUBLIC LAW 100-203—DEC. 22, 1987 ,
101 STAT. 1330-349
"(3) AMOUNT OF LIEN.—For purposes of paragraph (1), the
amount of the lien shall be equal to the lesser of— "(A) the amount by which the unpaid balances described in paragraph (1)(B) (including interest) exceed $1,000,000, or , "(B) the aggregate unpaid balance of required install, ments and other payments required under this section (including interest)— , _,:, "(i) for plan years beginning after 1987, and "(ii) for which payment has not been made before the due date. "(4) NOTICE OF FAILURE; LIEN.— "(A) NOTICE OF FAILURE.—A
person committing a failure described in paragraph (1) shall notify the Pension Benefit Guaranty Corporation of such failure within 10 days of the due date for the required installment or other payment. "(B) PERIOD OF LIEN.—The lien imposed by paragraph (1) shall arise on the 60th day following the due date for the •'- - required installment or other payment and shall continue until the last day of the first plan year in which the plan ceases to be described in paragraph (1)(B). Such lien shall continue to run without regard to whether such plan continues to be described in paragraph (2) during the period referred to in the preceding sentence. "(C) CERTAIN RULES TO APPLY.—Any amount with respect to which a lien is imposed under paragraph (1) shall be treated as taxes due and owing the United States and rules ,^i similar to the rules of subsections (c), (d), and (e) of section 4068 of the Employee Retirement Income Security Act of 1974 shall apply with respect to a lien imposed by subsection (a) and the amount with respect to such lien. "(5) ENFORCEMENT.—Any lien created under paragraph (1) may be perfected and enforced only by the Pension Benefit Guaranty Corporation, or at the direction of the Pension Benefit Guaranty Corporation, by the contributing sponsor (or any member of the controlled group of the contributing sponsor). "(6) DEFINITIONS.—For purposes of this subsection— "(A) DUE DATE; REQUIRED INSTALLMENT.—The terms 'due i date' and 'required installment' have the meanings given such terms by subsection (m), except that in the case of a payment other than a required installment, the due date shall be the date such payment is required to be made under this section. ^ "(B) CONTROLLED GROUP.—The term 'controlled group' means any group treated as a single employer under subsections (b), (c), (m), and (o) of section 414." (2) AMENDMENT TO ERISA.—Section 302 of ERISA (as amended by this subtitle) (29 U.S.C. 1082) is amended by redesignating subsection (f) as subsection (g) and by adding after subsection (e) the following new subsection: "(f) IMPOSITION OF LIEN WHERE FAILURE TO MAKE REQUIRED CONTRIBUTIONS.—
"(1) IN GENERAL.—In the case of a plan to which this section applies, if— " Copy read "section." ".