PUBLIC LAW 96-364—SEPT. 26, 1980
94 STAT. 1235
"(B) at least 50 percent of the withdrawal liability attributable to the first 33 percent decline described in subparagraph (A) has been determined by the plan sponsor to be uncollectible within the meaning of regulations of the corporation of general applicability; and "(C) the rate of employer contributions under the plan for each plan year following the first plan year beginning after the date of enactment of the Multiemployer Pension Plan Amendments Act of 1980 and preceding the termination date equals or exceeds the rate described in section 4243(d)(3). "(b) A plan is described in this subsection if— "(1) it is a plan described in section 404(c) of the Internal Revenue Code of 1954 or a continuation thereof; and "(2) participation in the plan is substantially limited to individuals who retired prior to January 1, 1976. "(c)(1) The amount of an employer's liability under this paragraph is the product of— "(A) the amount of the employer's withdrawal liability determined without regard to this section, and "(B) the greater of 90 percent, or a fraction— "(i) the numerator of which is an amount equal to the portion of the plan's unfunded vested benefits that is attributable to plan participants who have a total of 10 or more years of signatory service, and "(ii) the denominator of which is an amount equal to the total unfunded vested benefits of the plan. "(2) For purposes of paragraph (1), the term *a year of signatory service' means a year during any portion of which a participant was employed for an employer who was obligated to contribute in that year, or who was subsequently obligated to contribute.
Ante, p. 1208. Post, p. 1252.
26 USC 404.
Employer's liability.
"A year of signatory
APPLICATION OF PART IN CASE OP CERTAIN PRE-1980 WITHDRAWALS
"SEC. 4217. (a) For the purpose of determining the amount of unfunded vested benefits allocable to an employer for a partial or complete withdrawal from a plan which occurs after April 28, 1980, and for the purpose of determining whether there has been a partial withdrawal after such date, the amount of contributions, and the number of contribution base units, of such employer properly allocable— "(1) to work performed under a collective bargaining agreement for which there was a permanent cessation of the obligation to contribute before April 29, 1980, or "(2) to work performed at a facility at which all covered operations permanently ceased before April 29, 1980, or for which there was a permanent cessation of the obligation to contribute before that date, shall not be taken into account. "(b) A plan may, in a manner not inconsistent with regulations, which shall be prescribed by the corporation, adjust the amount of unfunded vested benefits allocable to other employers under a plan maint£dned by an employer described in subsection (a).
29 USC 1397.
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