Us Code § 1431 - Assistance by corporation
Full text of Us Code United States Code § 1431 — Assistance by corporation, with citation guidance and answers to common questions.
§ 1431. Assistance by corporation
(a) Authority; procedure applicable; amount
If, upon receipt of an application for financial assistance under section 1426(f) of this title or section 1441(d) of this title, the corporation verifies that the plan is or will be insolvent and unable to pay basic benefits when due, the corporation shall provide the plan financial assistance in an amount sufficient to enable the plan to pay basic benefits under the plan.
(b) Conditions; repayment terms
(1) Financial assistance shall be provided under such conditions as the corporation determines are equitable and are appropriate to prevent unreasonable loss to the corporation with respect to the plan.
(2) A plan which has received financial assistance shall repay the amount of such assistance to the corporation on reasonable terms consistent with regulations prescribed by the corporation.
(c) Assistance pending final determination of application
Pending determination of the amount described in subsection (a), the corporation may provide financial assistance in such amounts as it considers appropriate in order to avoid undue hardship to plan participants and beneficiaries.
(Pub. L. 93–406, title IV, §4261, as added Pub. L. 96–364, title I, §104(2), Sept. 26, 1980, 94 Stat. 1261.)
Editorial Notes
Effective Date
Part effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title.
About This Section
29 U.S.C. § 1431 is part of Title 29 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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