§1347 — Title 29 Labor | U.S. Code

Summary

The corporation can stop a planned or ongoing termination of a plan under sections 1341 or 1342 and return the plan to how it was before the termination decision. If the plan already ended, the corporation may restore it and, when needed, transfer some or all remaining assets and liabilities back to the employer or plan administrator.

Title 29, §1347

Labor — Source: USLM XML via OLRC

Whenever the corporation determines that a plan which is to be terminated under section 1341 or 1342 of this title, or which is in the process of being terminated under section 1341 or 1342 of this title, should not be terminated under section 1341 or 1342 of this title as a result of such circumstances as the corporation determines to be relevant, the corporation is authorized to cease any activities undertaken to terminate the plan, and to take whatever action is necessary and within its power to restore the plan to its status prior to the determination that the plan was to be terminated under section 1341 or 1342 of this title. In the case of a plan which has been terminated under section 1341 or 1342 of this title the corporation is authorized in any such case in which the corporation determines such action to be appropriate and consistent with its duties under this subchapter, to take such action as may be necessary to restore the plan to its pretermination status, including, but not limited to, the transfer to the employer or a plan administrator of control of part or all of the remaining assets and liabilities of the plan.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1989—Pub. L. 101–239 struck out “under this subtitle” before “should not be terminated”. 1986—Pub. L. 99–272 inserted “under section 1341 or 1342 of this title” after “terminated” in four places and substituted “section 1341 or 1342 of this title the corporation” for “section 1342 of this title the corporation”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1989 AmendmentAmendment by Pub. L. 101–239 effective as if included in the provision of the Single-Employer Pension Plan

Amendments

Act of 1986, Pub. L. 99–272, title XI, to which such amendment relates, see section 7893(h) of Pub. L. 101–239, set out as a note under section 1002 of this title.

Effective Date

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

§1347 Restoration of Plans

Summary

Title 29, §1347

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Effective Date

Citations & Metadata