unpaid minimum required contribution
(4) Security for waivers for single-employer plans, consultations (A) Security may be required (i) In general Except as provided in subparagraph (C), the Secretary of the Treasury may require an employer maintaining a defined benefit plan which is a single-employer plan (within the meaning of section 1301(a)(15) of this title ) to provide security to such plan as a condition for granting or modifying a waiver under paragraph (1) or for granting an extension under section 1085a(d) of this title . (ii) Special rules Any security provided under clause (i) 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 subparagraph (C), the Secretary of the Treasury shall, before granting or modifying a waiver under this subsection or an extension under 1085a(d) of this title with respect to a plan described in subparagraph (A)(i)— (i) provide the Pension Benefit Guaranty Corporation with— (I) notice of the completed application for any waiver, modification, or extension, and (II) an opportunity to comment on such application within 30 days after receipt of such notice, and (ii) consider— (I) any comments of the Corporation under clause (i)(II), and (II) any views of any employee organization (within the meaning of section 1002(4) of this title ) 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 subparagraph 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 or extensions (i) In general The preceding provisions of this paragraph shall not apply to any plan with respect to which the sum of— (I) the aggregate unpaid minimum required contributions for the plan year and all preceding plan years, or the accumulated funding deficiency under section 1085a of this title , whichever is applicable, (II) the present value of all waiver amortization installments determined for the plan year and succeeding plan years under section 1083(e)(2) or 1085a(b)(2)(C) of this title , whichever is applicable, and (III) the total amounts not paid by reason of an extension in effect under section 1085a(d) of this title , is less than $1,000,000. (ii) Treatment of waivers or extensions for which applications are pending The amount described in clause (i)(I) shall include any increase in such amount which would result if all applications for waivers or extensions with respect to the minimum funding standard under this subsection which are pending with respect to such plan were denied. (iii) Unpaid minimum required contribution For purposes of this subparagraph— (I) In general The term “unpaid minimum required contribution” means, with respect to any plan year, any minimum required contribution under section 1083 of this title for the plan year which is not paid on or before the due date (as determined under section 1083(j)(1) of this title ) for the plan year. (II) Ordering rule For purposes of subclause (I), any payment to or under a plan for any plan year shall be allocated first to unpaid minimum required contributions for all preceding plan years on a first-in, first-out basis and then to the minimum required contribution under section 1083 of this title for the plan year.