MISSING PARTICIPANTS.

SEC. 410. MISSING PARTICIPANTS.(a) In General.—Section 4050 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1350) is amended by redesignating subsection (c) as subsection (e) and by inserting after subsection (b) the following new subsections:“(c) Multiemployer Plans.—The corporation shall prescribe rules similar to the rules in subsection (a) for multiemployer plans covered by this title that terminate under section 4041A.“(d) Plans Not Otherwise Subject to Title.—“(1) Transfer to corporation.—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.“(2) Information to the corporation.—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—“(A) to the corporation, or“(B) to an entity other than the corporation or a plan described in paragraph (4)(B)(ii).“(3) Payment by the corporation.—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) in a single sum (plus interest), or“(B) in such other form as is specified in regulations of the corporation.“(4) Plans described.—A plan is described in this paragraph if—“(A) the plan is a pension plan (within the meaning of section 3(2))—“(i) to which the provisions of this section do not apply (without regard to this subsection), and“(ii) which is not a plan described in paragraphs (2) through (11) of section 4021(b), and“(B) at the time the assets are to be distributed upon termination, the plan—“(i) has missing participants, and“(ii) has not provided for the transfer of assets to pay the benefits of all missing participants to 120 STAT. 935 another pension plan (within the meaning of section 3(2)).“(5) Certain provisions not to apply.—Subsections (a)(1) and (a)(3) shall not apply to a plan described in paragraph (4).”.(b) Conforming Amendments.—Section 206(f) of such Act (29 U.S.C. 1056(f)) is amended—(1) by striking “title IV” and inserting “section 4050”; and(2) by striking “the plan shall provide that,”.(c) Effective Date.—The amendments made by this section shall apply to distributions made after final regulations implementing subsections (c) and (d) of section 4050 of the Employee Retirement Income Security Act of 1974 (as added by subsection (a)), respectively, are prescribed.