Page:United States Statutes at Large Volume 101 Part 2.djvu/1146

This page needs to be proofread.
101 STAT. 1330-352
101 STAT. 1330-352
PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1330-352

PUBLIC LAW 100-203—DEC. 22, 1987 ally liable for payment of such contribution or required installment.

'

"(ii) CONTROLLED GROUP.—For purposes of clause (i),

. v^L •

! -^

the term 'controlled group'means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414.' (2) AMENDMENT TO ERISA.—Section 302(c) of ERISA (29 U.S.C. 1082(c)) is amended by adding at the end thereof the following new paragraph: ,./;iv,5^o >!.

'

"(11) LIABILITY FOR CONTRIBUTIONS.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), the amount of any contribution required by this section and any required installments under subsection (e) shall be paid by the employer responsible for contributing to or under the plan the amount described in subsection (b)(3)(A).

  • '

v.; '>8U f '

•'-

'

"(B) JOINT AND SEVERAL LIABILITY M E M B E R OF CONTROLLED GROUP.—

V

WHERE EMPLOYER

"(i) IN GENERAL.—In the case of a plan other than a multiemployer plan, if the employer referred to in subparagraph (A) is a member of a controlled group, each member of such group shall be jointly and severally liable for payment of such contribution or required installment,

^n-

"(ii) CONTROLLED GROUP.—For purposes of clause (i),

ir^HMar

^^® term 'controlled group' means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414 of the Internal Revenue Code of 1986." ^* 26 USC 414. (c) CONFORMING AMENDMENT.—Section 4140)) of the 1986 Code is amended by striking out "the minimum funding standard of section 412, the tax imposed by section 4971, and". 26 USC 412 note. (d) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to plan years beginning after December 31, 1987. SEC. 9306. FUNDING WAIVERS. (a) REQUIREMENTS FOR WAIVERS.—

(1) AMENDMENTS TO 1986 CODE.— (A) APPLICATION MUST BE SUBMITTED BEFORE DATE 2V2

^•' ^ ^' -

MONTHS AFTER CLOSE OF YEAR.—Subsection (d) of section 412 of the 1986 Code (relating to variance from minimum funding standard) is amended by adding at the end thereof the following new paragraph: "(4) APPLICATION MUST BE SUBMITTED BEFORE DATE 2y2 MONTHS

AFTER CLOSE OF YEAR.—In the case of a plan other than a multiemployer plan, no waiver may be granted under this subsection with respect to any plan for any plan year unless an application therefor is submitted to the Secretary not later than the 15th day of the 3rd month beginning after the close of such plan year." (B) WAIVER ALLOWED ONLY FOR TEMPORARY HARDSHIP.—

Subsection (d) of section 412 of the 1986 Code is amended— (i) by striking out "substantial business hardship" in paragraphs (1) and (2) and inserting in lieu thereof temporary substantial business hardship (substantial .^:,;1; -i business hardship in the case of a multiemployer plan)", and •• Indention on paragraphs " '(11)", " '(A)", " '(B)", " '(i)", and " '(ii)", incorrect.