(a) Security may be required
(2) Special rules Any security provided under paragraph (1) may be perfected and enforced only by the Pension Benefit Guaranty Corporation or, at the direction of the Corporation, by a contributing sponsor (within the meaning of
section 1301(a)(13) of this title) or a member of such sponsor's controlled group (within the meaning of
section 1301(a)(14) of this title).
(b) Consultation with the Pension Benefit Guaranty Corporation Except as provided in subsection (c) of this section, the Secretary of the Treasury shall, before granting or modifying a waiver under
section 1083 of this title or an extension under
section 1084 of this title with respect to a plan described in
subsection (a)(1) of this section—
(1) provide the Pension Benefit Guaranty Corporation with—
(A) notice of the completed application for any waiver, extension, or modification, and
(B) an opportunity to comment on such application within 30 days after receipt of such notice, and
(2) consider—
(A) any comments of the Corporation under paragraph (1)(B), and
(B) any views of any employee organization representing participants in the plan which are submitted in writing to the Secretary of the Treasury in connection with such application.
Information provided to the corporation under this subsection shall be considered tax return information and subject to the safeguarding and reporting requirements of
section 6103(p) of title 26.
(c) Exception for certain waivers and extensions
(1) In general The preceding provisions of this section shall not apply to any plan with respect to which the sum of—
is less than $1,000,000.
Source credit, amendments & notes
(Pub. L. 93–406, title I, §306, as added Pub. L. 99–272, title XI, §11015(a)(1)(A)(ii), Apr. 7, 1986, 100 Stat. 264; amended Pub. L. 100–203, title IX, §9306(e)(2), Dec. 22, 1987, 101 Stat. 1330–355; Pub. L. 101–239, title VII, §7891(a)(1), Dec. 19, 1989, 103 Stat. 2445.)
Repeal of Section
Pub. L. 109–280, title I, §101(a), (d), Aug. 17, 2006, 120 Stat. 784, 789, provided that, applicable to plan years beginning after 2007, this section is repealed.
Prior Provisions
A prior section 306 of Pub. L. 93–406 was renumbered section 308 and is classified to section 1086 of this title.
Amendments
1989—Subsecs. (b), (c). Pub. L. 101–239 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
1987—Subsec. (c)(1). Pub. L. 100–203, §9306(e)(2), substituted “$1,000,000” for “$2,000,000”.
Effective Date of Repeal
Repeal applicable to plan years beginning after 2007, see section 101(d) of Pub. L. 109–280, set out as an Effective Date note under section 1082 of this title.
Effective Date of 1989 Amendment
Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 7891(f) of Pub. L. 101–239, set out as a note under section 1002 of this title.
Effective Date of 1987 Amendment
Amendment by Pub. L. 100–203 applicable in the case of any application submitted after Dec. 17, 1987, and any waiver granted pursuant to such an application, see section 9306(f) of Pub. L. 100–203, set out as a note under section 412 of Title 26, Internal Revenue Code.
Effective Date
Section 11015(a)(3) of Pub. L. 99–272 provided that: “The amendments made by this subsection [enacting this section and amending section 1061 of this title and section 412 of Title 26, Internal Revenue Code] shall apply with respect to applications for waivers, extensions, and modifications filed on or after the date of the enactment of this Act [Apr. 7, 1986].”
Applicability of Amendments by Subtitles A and B of Title I of Pub. L. 109–280
For special rules on applicability of amendments by subtitles A (§§101–107) and B (§§111–116) of title I of Pub. L. 109–280 to certain eligible cooperative plans, PBGC settlement plans, and eligible government contractor plans, see sections 104, 105, and 106 of Pub. L. 109–280, set out as notes under section 401 of Title 26, Internal Revenue Code.
ERISA § 305A (29 U.S.C. § 1085a) — Minimum funding standards · USC 1994 ed., current through 1995-01-04 · https://pensionresource.website/EAMain?content=EAMain.Law&id=usc29-1085a&asof=1995-01-04 · printed Oct 16, 2026