2020 US Code
Title 29 - Labor
Chapter 18 - Employee Retirement Income Security Program
Subchapter III - Plan Termination Insurance
Subtitle B - Coverage
Sec. 1322b - Aggregate limit on benefits guaranteed; criteria applicable

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Citation 29 U.S.C. § 1322b (2020)
Section Name §1322b. Aggregate limit on benefits guaranteed; criteria applicable
Section Text

(a) Notwithstanding sections 1322 and 1322a of this title, no person shall receive from the corporation pursuant to a guarantee by the corporation of basic benefits with respect to a participant under all multiemployer and single employer plans an amount, or amounts, with an actuarial value which exceeds the actuarial value of a monthly benefit in the form of a life annuity commencing at age 65 equal to the amount determined under section 1322(b)(3)(B) of this title as of the date of the last plan termination.

(b) For purposes of this section—

(1) the receipt of benefits under a multiemployer plan receiving financial assistance from the corporation shall be considered the receipt of amounts from the corporation pursuant to a guarantee by the corporation of basic benefits except to the extent provided in regulations prescribed by the corporation, and

(2) the date on which a multiemployer plan, whether or not terminated, begins receiving financial assistance from the corporation shall be considered a date of plan termination.

Source Credit

(Pub. L. 93–406, title IV, §4022B, as added Pub. L. 96–364, title I, §102, Sept. 26, 1980, 94 Stat. 1215.)


Editorial Notes STATUTORY NOTES AND RELATED SUBSIDIARIES EFFECTIVE DATE

Section effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title.

Publication Title United States Code, 2018 Edition, Supplement 2, Title 29 - LABOR
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 29 - LABOR
CHAPTER 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
SUBCHAPTER III - PLAN TERMINATION INSURANCE
Subtitle B - Coverage
Sec. 1322b - Aggregate limit on benefits guaranteed; criteria applicable
Contains section 1322b
Date 2020
Laws In Effect As Of Date January 13, 2021
Positive Law No
Disposition standard
Statutes at Large References 94 Stat. 1215
Public Law References Public Law 93-406, Public Law 96-364
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