A plan administrator satisfies section 1341(b)(3)(A) of this title in the case of a missing participant only if the plan administrator-
A transfer to the corporation under this section shall be treated as a transfer of assets from a terminated plan to the corporation as trustee, and shall be held with assets of terminated plans for which the corporation is trustee under section 1342 of this title, subject to the rules set forth in that section.
After a missing participant whose designated benefit was transferred to the corporation is located-
The corporation shall make payments under subparagraph (B) available in the same forms and at the same times as a guaranteed benefit under section 1322 of this title would be available to be paid, except that the corporation may make a benefit available in the form of a single sum if the plan provided a single sum benefit (other than a single sum described in subsection (b)(2)(A)).
For purposes of this section-
The term "missing participant" means a participant or beneficiary under a terminating plan whom the plan administrator cannot locate after a diligent search.
The term "designated benefit" means the single sum benefit the participant would receive-
The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this subchapter that terminate under section 1341a of this title.
The plan administrator of a plan described in paragraph (4) may elect to transfer a missing participant's benefits to the corporation upon termination of the plan.
To the extent provided in regulations, the plan administrator of a plan described in paragraph (4) shall, upon termination of the plan, provide the corporation information with respect to benefits of a missing participant if the plan transfers such benefits-
If benefits of a missing participant were transferred to the corporation under paragraph (1), the corporation shall, upon location of the participant or beneficiary, pay to the participant or beneficiary the amount transferred (or the appropriate survivor benefit) either-
A plan is described in this paragraph if-
Subsections (a)(1) and (a)(3) shall not apply to a plan described in paragraph (4).
The corporation shall prescribe such regulations as are necessary to carry out the purposes of this section, including rules relating to what will be considered a diligent search, the amount payable to the corporation, and the amount to be paid by the corporation.
1 So in original. The comma probably should not appear.
29 U.S.C. § 1350
EDITORIAL NOTES
AMENDMENTS2008-Subsec. (d)(4)(A)(ii), (iii). Pub. L. 110-458 added cls. (ii) and (iii) and struck out former cl. (ii) which read as follows: "which is not a plan described in paragraphs (2) through (11) of section 1321(b) of this title, and". 2006-Subsecs. (c) to (e). Pub. L. 109-280 added subsecs. (c) and (d) and redesignated former subsec. (c) as (e).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110-458 effective as if included in the provisions of Pub. L. 109-280 to which the amendment relates, except as otherwise provided, see section 112 of Pub. L. 110-458 set out as a note under section 72 of Title 26, Internal Revenue Code.
EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109-280 applicable to distributions made after final regulations implementing subsections (c) and (d) of this section are prescribed, see section 410(c) of Pub. L. 109-280 set out as a note under section 1056 of this title.
EFFECTIVE DATESection effective with respect to distributions that occur in plan years commencing on or after Jan. 1, 1996, see section 776(e) of Pub. L. 103-465 set out as an Effective Date of 1994 Amendment note under section 1056 of this title.