Multiemployer plan benefits guaranteed

The corporation shall guarantee, in accordance with this section, the payment of all nonforfeitable benefits (other than benefits becoming nonforfeitable solely on account of the termination of a plan) under a multiemployer plan— For purposes of this section— the date on which a benefit or a benefit increase under a plan is first in effect is the later of— Except as provided in subsection (g), the monthly benefit of a participant or a beneficiary which is guaranteed under this section by the corporation with respect to a plan is the product of— 100 percent of the accrual rate up to $11, plus 75 percent of the lesser of— For purposes of this section, the accrual rate is— the monthly benefit of the participant or beneficiary which is described in subsection (a) and which is eligible for the corporation’s guarantee under subsection (b), except that such benefit shall be— For purposes of this subsection— a year of credited service is a year in which the participant completed— In the case of a benefit which has been reduced under section 411(a)(3)(E) of title 26, the corporation shall guarantee the lesser of— The corporation shall not guarantee benefits under a multiemployer plan which, under section 1322(b)(6) of this title, would not be guaranteed under a single-employer plan. No later than 5 years after September 26, 1980, and at least every fifth year thereafter, the corporation shall— conduct a study to determine— If the last report described in paragraph (1) indicates that a premium increase is necessary to support the existing basic-benefit guarantee levels for multiemployer plans, the corporation shall transmit to the Committee on Ways and Means and the Committee on Education and Labor of the House of Representatives and to the Committee on Finance and the Committee on Labor and Human Resources of the Senate by March 31 of any calendar year in which congressional action under this subsection is requested— If the last report described in paragraph (1) indicates that basic-benefit guarantees for multiemployer plans can be increased without increasing the basic-benefit premiums for multiemployer plans under this subchapter, the corporation shall submit to the Committee on Ways and Means and the Committee on Education and Labor of the House of Representatives and to the Committee on Finance and the Committee on Labor and Human Resources of the Senate by March 31 of the calendar year in which congressional action under this paragraph is requested— The regulations prescribed under this paragraph shall provide— No revised schedule of premiums under this subsection, after the initial schedule, shall go into effect unless— 2 who is in pay status on July 29, 1980, or This subsection does not apply with respect to a plan for plan years following a plan year—