101 STAT. 1330-350
PUBLIC LAW 100-203—DEC. 22, 1987
"(A) any person fails to make a required installment J., under subsection (e) or any other payment required under this section before the due date for such installment or other payment, and "(B) the unpaid balance of such installment or other payment (including interest), when added to the aggregate unpaid balance of all preceding such installments or other payments for which payment was not made before the due date (including interest), exceeds $1,000,000, then there shall be a lien in favor of the plan in the amount determined under paragraph (3) upon all property and rights to property, whether real or personal, belonging to such person and any other person who is a member of the same controlled group of which such person is a member. "(2) PLANS TO WHICH SUBSECTION APPLIES.—This subsection shall apply to a defined benefit plan (other than a multiemployer plan) for any plan year for which the funded current liability percentage (within the meaning of subsection (d)(8)(B)) of such plan is less than 100 percent. "(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 installments 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 similar to the rules of subsections vc), (d), and (e) of section 4068 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 date' and 'required installment' have the meanings given such terms by subsection (e), except that in the case of a
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