Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 29 - Labor |
Subtitle B - Regulations Relating to Labor |
Chapter XL - Pension Benefit Guaranty Corporation |
SubChapter I - Withdrawal Liability for Multiemployer Plans |
Part 4203 - Extension of Special Withdrawal Liability Rules |
§ 4203.3 - Plan adoption of special withdrawal rules.
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§ 4203.3 Plan adoption of special withdrawal rules.
(a) General rule. A plan may, subject to the approval of the PBGC, establish by plan amendment special complete or partial withdrawal liability rules. A complete withdrawal liability rule adopted pursuant to this part shall be similar to the rules for the construction and entertainment industries described in section 4203 (b) and (c) of ERISA. A partial withdrawal liability rule adopted pursuant to this part shall be consistent with the complete withdrawal rule adopted by the plan. A plan amendment adopted under this part may not be put into effect until it is approved by the PBGC.
(b) Discretionary provisions of the plan amendment. A plan amendment adopted pursuant to this part may -
(1) Cover an entire industry or industries, or be limited to a segment of an industry; and
(2) Apply to cessations of the obligation to contribute that occurred prior to the adoption of the amendment.