Multiemployer

Addresses whether an employer who contributes to a multiemployer plan withdraws from the plan as a consequence of forming a wholly owned subsidiary which assumes all of its obligations to the plan.

Addresses the definition of the term "building and construction industry" for purposes of the construction industry exception to withdrawal.

Addresses the definition of the term “assets” for the purpose of the sale-of-assets exception to withdrawal.

Addresses post-termination distribution of a multiemployer plan's assets when participants are missing.

Provides that PBGC approval is not required for a multiemployer plan to adopt a different statutory allocation method for unfunded vested benefits. However, PBGC approval is required for the adoption of an alternative allocation method (i.e. any method other than the four statutory methods).

Addresses the exclusion of employee contributions in withdrawal liability allocation fractions.

Regards a statutory provision under which a contributing employer to a multiemployer plan that sells its assets to an unrelated buyer does not withdraw from the plan if (among other things) the buyer posts a bond or escrow and the sales contract makes the seller secondarily liable if the buyer withdraws during the 5 plan years after the sale. Addresses calculation of withdrawal liability of an employer that previously sold some of its assets where, under that statutory provision, the asset sale was not a withdrawal.

Addresses abatement rules for employers that reenter a multiemployer plan.

Addresses calculation of the annual withdrawal liability payment amount of an employer that incurred successive partial withdrawals. PBGC subsequently adopted a rule addressing the issue. (See 29 CFR part 4206.)

Addresses the “unrelated party” requirement for the sale of assets exception to withdrawal liability.