26 USC 9705 - Transfers

U.S Code last checked for updates: May 17, 2024

§ 9705.

Transfers

(a)

Transfer of assets from 1950 UMWA Pension Plan

(1)

In general

From the funds reserved under paragraph (2), the board of trustees of the 1950 UMWA Pension Plan shall transfer to the Combined Fund—

(A)

$70,000,000 on February 1, 1993,

(B)

$70,000,000 on October 1, 1993, and

(C)

$70,000,000 on October 1, 1994.

(2)

Reservation

(3)

Use of funds

Amounts transferred to the Combined Fund under paragraph (1) shall—

(A)

in the case of the transfer on February 1, 1993, be used to proportionately reduce the premium of each assigned operator under section 9704(a) for the plan year of the Fund beginning February 1, 1993, and

(B)

in the case of any other such transfer, be used to proportionately reduce the unassigned beneficiary premium under section 9704(a)(3) and the death benefit premium under section 9704(a)(2) of each assigned operator for the plan year in which transferred and for any subsequent plan year in which such funds remain available.

Such funds may not be used to pay any amounts required to be paid by the 1988 agreement operators under section 9704(i)(1)(B).

(4)

Tax treatment; validity of transfer

(A)

No deduction

(B)

Other tax provisions

Any transfer pursuant to paragraph (1)—

(i)

shall not be treated as an employer reversion from a qualified plan for purposes of section 4980, and

(ii)

shall not be includible in the gross income of any employer maintaining the 1950 UMWA Pension Plan.

(5)

Treatment of transfer

(b)

Transfers

(1)

In general

(2)

Use of funds

(Added Pub. L. 102–486, title XIX, § 19143(a), Oct. 24, 1992, 106 Stat. 3046; amended Pub. L. 109–432, div. C, title II, § 212(a)(1), Dec. 20, 2006, 120 Stat. 3023; Pub. L. 115–141, div. U, title IV, § 401(a)(345), (346), Mar. 23, 2018, 132 Stat. 1200, 1201.)

cite as: 26 USC 9705