controlled group

(v)For purposes of this subparagraph, the term “controlled group” means any group treated as a single employer under subsection (b), (c), (m), or (o). (E)This paragraph does not apply to any multiemployer plan with respect to any spin-off to the extent that participants either before or after the spin-off are covered under a multiemployer plan to which title IV of the Employee Retirement Income Security Act of 1974 applies. (F)Except as provided by the Secretary, rules similar to the rules of this paragraph shall apply to transactions similar to spin-offs. (G)For purposes of this paragraph, in the case of a bridge depository institution established under section 11(i) of the Federal Deposit Insurance Act ()— (i)such bank shall be treated as a member of any controlled group which includes any insured bank (as defined in section 3(h) of such Act ())— (I)which maintains a defined benefit plan, (II)which is closed by the appropriate bank regulatory authorities, and (III)any asset and liabilities of which are received by the bridge depository institution, and (ii)the requirements of this paragraph shall not be treated as met with respect to such plan unless during the 180-day period beginning on the date such insured bank is closed— (I)the bridge depository institution has the right to require the plan to transfer (subject to the provisions of this paragraph) not more than 50 percent of the excess assets (as defined in subparagraph (C)) to a defined benefit plan maintained by the bridge depository institution with respect to participants or former participants (including retirees and beneficiaries) in the original plan employed by the bridge depository institution or formerly employed by the closed bank, and (II)no other merger, spin-off, termination, or similar transaction involving the portion of the excess assets described in subclause (I) may occur without the prior written consent of the bridge depository institution. (m)

Source

26 USC § 414(l)(2)(D)(v)


Scoping language

For purposes of this subparagraph
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