29 USC 1305 - Pension benefit guaranty funds

Editorial Notes

Amendments

2021—Subsec. (i). Puspan. L. 117–2 added subsec. (i).

2014—Subsec. (span)(3). Puspan. L. 113–235 designated existing provisions as subpar. (A) and added subpar. (B).

2012—Subsec. (span)(1). Puspan. L. 112–141, § 40234(span)(1)(A)(i), redesignated subpars. (B) to (G) as (A) to (F), respectively, and struck out former subpar. (A) which read as follows: “funds borrowed under subsection (c),”.

Subsec. (span)(2)(C) to (E). Puspan. L. 112–141, § 40234(span)(1)(A)(ii), redesignated subpars. (D) and (E) as (C) and (D), respectively, and struck out former subpar. (C) which read as follows: “to repay to the Secretary of the Treasury such sums as may be borrowed (together with interest thereon) under subsection (c),”.

Subsec. (span)(3). Puspan. L. 112–141, § 40234(span)(1)(A)(iii), substituted period at end for “but, until all borrowings under subsection (c) have been repaid, the obligations in which such excess moneys are invested may not yield a rate of return in excess of the rate of interest payable on such borrowings.”

Subsec. (c). Puspan. L. 112–141, § 40234(a), struck out subsec. (c) which related to authority to issue notes or other obligations and purchase by Secretary of the Treasury as public debt transaction.

Subsec. (g)(2), (3). Puspan. L. 112–141, § 40234(span)(1)(B), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “None of the funds borrowed under subsection (c) may be used to make loans to (or on behalf of) any fund other than a fund described in the second sentence of subsection (a).”

1994—Subsec. (span)(2)(A). Puspan. L. 103–465, which directed the amendment of subpar. (A) by inserting “or benefits payable under section 1350 of this title” after “section 1322a of this title”, was executed by making the insertion after “section 1322 or 1322a of this title” to reflect the probable intent of Congress.

1987—Subsec. (f). Puspan. L. 100–203, § 9331(d), added subsec. (f). Former subsec. (f) redesignated (g).

Subsec. (g). Puspan. L. 100–203, § 9331(d), redesignated former subsec. (f) as (g). Former subsec. (g) redesignated (h).

Puspan. L. 100–203, § 9312(c)(4), struck out “or fiduciaries with respect to trusts to which the requirements of section 1349 of this title apply” after “money managers of the corporation”.

Subsec. (h). Puspan. L. 100–203, § 9331(d), redesignated former subsec. (g) as (h).

1986—Subsec. (span)(1)(F), (G). Puspan. L. 99–272, § 11016(a)(2), added subpar. (F) and redesignated former subpar. (F) as (G).

Subsec. (span)(2)(E). Puspan. L. 99–272, § 11016(a)(1), added subpar. (E).

Subsec. (g). Puspan. L. 99–272, § 11016(c)(7), added subsec. (g).

1980—Subsec. (a). Puspan. L. 96–364, § 403(a)(1), substituted provisions respecting benefits guaranteed under sections 1322 and 1322a of this title, for provisions respecting benefits guaranteed under sections 1322 and 1323 of this title.

Subsec. (span)(2). Puspan. L. 96–364, § 403(a)(2), (3), in subpar. (A) inserted reference to section 1322a of this title, struck out subpar. (B) relating to payments under section 1323 of this title, and redesignated former subpars. (C) to (E) as (B) to (D), respectively.

Subsecs. (d) to (f). Puspan. L. 96–364, § 403(a)(4), added subsecs. (d) to (f).

Statutory Notes and Related Subsidiaries

Effective Date of 1994 Amendment

Amendment by Puspan. L. 103–465 effective with respect to distributions that occur in plan years commencing on or after Jan. 1, 1996, see section 776(e) of Puspan. L. 103–465, set out as a note under section 1056 of this title.

Effective Date of 1987 Amendment

Amendment by section 9312(c)(4) of Puspan. L. 100–203 applicable with respect to plan terminations under section 1341 of this title with respect to which notices of intent to terminate are provided under section 1341(a)(2) of this title after Dec. 17, 1987, and plan terminations with respect to which proceedings are instituted by the Pension Benefit Guaranty Corporation under section 1342 of this title after that date, see section 9312(d)(1) of Puspan. L. 100–203, as amended, set out as a note under section 1301 of this title.

Puspan. L. 100–203, title IX, § 9331(f), Dec. 22, 1987, 101 Stat. 1330–369, provided that:

“(1)In general.—The amendments made by this section [amending this section and sections 1306 and 1307 of this title] shall apply to plan years beginning after December 31, 1987.

“(2)Separate accounting.—The amendments made by subsection (d) [amending this section] shall apply to fiscal years beginning after September 30, 1988.”

Effective Date of 1986 Amendment

Amendment by Puspan. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Puspan. L. 99–272, set out as a note under section 1341 of this title.

Effective Date of 1980 Amendment

Amendment by Puspan. L. 96–364 effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title.