29 U.S.C. § 1387 — Reduction or waiver of complete withdrawal liability; procedures and standards applicable
submitted 46 years ago by Pub. L. 93-406 to r/title-29-LABOR · 143 words · no verdicts yet
This section directs the corporation to create rules reducing or waiving complete-withdrawal liability when an employer later resumes covered work or renews its duty to contribute. It also requires procedures for plans to adopt alternative rules consistent with this chapter.
(a) The corporation must issue regulations reducing or waiving complete-withdrawal liability when an employer that withdrew later resumes covered operations or renews its duty to contribute, to the extent the corporation finds that doing so fits this chapter’s purposes.
(b) The corporation must issue regulations setting procedures and standards for amending plans to adopt alternative reduction or waiver rules for that situation. Those rules may apply only if consistent with this chapter’s purposes.
The corporation shall provide by regulation for the reduction or waiver of liability for a complete withdrawal in the event that an employer who has withdrawn from a plan subsequently resumes covered operations under the plan or renews an obligation to contribute* under the plan, to the extent that the corporation determines that reduction or waiver of withdrawal liability is consistent with the purposes of this chapter.
The corporation shall prescribe by regulation a procedure and standards for the amendment of plans to provide alternative rules for the reduction or waiver of liability for a complete withdrawal in the event that an employer who has withdrawn from the plan subsequently resumes covered operations or renews an obligation to contribute under the plan. The rules may apply only to the extent that the rules are consistent with the purposes of this chapter.
Source credit: (Pub. L. 93–406, title IV, § 4207, as added Pub. L. 96–364, title I, § 104(2), Sept. 26, 1980, 94 Stat. 1223.)
- 1980Enacted · Pub. L. 93-406 · 94 Stat. 1223
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-406 on 1980-09-26.
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