29 U.S.C. § 1414 — Asset transfer rules
submitted 46 years ago by Pub. L. 93-406 to r/title-29-LABOR · 163 words · no verdicts yet
Transfers of assets between multiemployer plans must follow fair, uniform rules adopted by the plan. Small transfers and transfers under written reciprocity agreements receive the exceptions described here.
(a) Applicability and scope. A transfer of assets from one multiemployer plan* to another must follow asset-transfer rules adopted by the multiemployer plan. The rules may not unreasonably restrict transferring assets together with the related liabilities. They must operate and be applied uniformly to each proposed transfer, although they may reasonably vary based on the transfer’s possible financial effect on the plan. Rules allowing transfers consistent with section 1412(c)(3) are treated as satisfying this subsection.
(b) De minimis transfers. The corporation must issue regulations exempting de minimis asset transfers from this part’s requirements.
(c) Written reciprocity agreements. This part does not apply to asset transfers under written reciprocity agreements, except as regulations provide.
A transfer of assets from a multiemployer plan* to another plan shall comply with asset-transfer rules which shall be adopted by the multiemployer plan and which—
do not unreasonably restrict the transfer of plan assets in connection with the transfer of plan liabilities, and
operate and are applied uniformly with respect to each proposed transfer, except that the rules may provide for reasonable variations taking into account the potential financial impact of a proposed transfer on the multiemployer plan.
Plan rules authorizing asset transfers consistent with the requirements of section 1412(c)(3) of this title shall be considered to satisfy the requirements of this subsection.
The corporation shall prescribe regulations which exempt de minimis transfers of assets from the requirements of this part.
This part shall not apply to transfers of assets pursuant to written reciprocity agreements, except to the extent provided in regulations prescribed by the corporation.
Source credit: (Pub. L. 93–406, title IV, § 4234, as added Pub. L. 96–364, title I, § 104(2), Sept. 26, 1980, 94 Stat. 1247.)
- 1980Enacted · Pub. L. 93-406 · 94 Stat. 1247
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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