29 U.S. Code § 1453 - Election of plan status
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(a) Authority, time, and criteria
Within one year after September 26, 1980, a multiemployer plan may irrevocably elect, pursuant to procedures established by the corporation, that the plan shall not be treated as a multiemployer plan for any purpose under this chapter or the Internal Revenue Code of 1954, if for each of the last 3 plan years ending prior to the effective date of the Multiemployer Pension Plan Amendments Act of 1980—
(1) the plan was not a multiemployer plan because the plan was not a plan described in section 1002 (37)(A)(iii) of this title and section 414 (f)(1)(C) of title 26 (as such provisions were in effect on the day before September 26, 1980); and
An election described in subsection (a) of this section shall be effective only if—
(1) the plan is amended to provide that it shall not be treated as a multiemployer plan for all purposes under this chapter and the Internal Revenue Code of 1954, and
Source(Pub. L. 93–406, title IV, § 4303, as added Pub. L. 96–364, title I, § 108(f),Sept. 26, 1980, 94 Stat. 1270.)
References in Text
This chapter, referred to in subsecs. (a) and (b)(1), was in the original “this Act”, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of this title and Tables.
The Internal Revenue Code of 1954, referred to in subsecs. (a) and (b)(1), was redesignated the Internal Revenue Code of 1986 by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, and is classified to Title 26, Internal Revenue Code.