authorized representative
(2) Termination requirements (A) Information submitted to the corporation As soon as practicable after the date on which the notice of intent to terminate is provided pursuant to subsection (a)(2), the plan administrator shall provide the corporation, in such form as may be prescribed by the corporation in regulations, the following information: (i) such information as the corporation may prescribe by regulation as necessary to make determinations under subparagraph (B) and paragraph (3); (ii) unless the corporation determines the information is not necessary for purposes of paragraph (3)(A) or section 1362 of this title , certification by an enrolled actuary of— (I) the amount (as of the proposed termination date and, if applicable, the proposed distribution date) of the current value of the assets of the plan, (II) the actuarial present value (as of such dates) of the benefit liabilities under the plan, (III) whether the plan is sufficient for benefit liabilities as of such dates, (IV) the actuarial present value (as of such dates) of benefits under the plan guaranteed under section 1322 of this title , and (V) whether the plan is sufficient for guaranteed benefits as of such dates; (iii) in any case in which the plan is not sufficient for benefit liabilities as of such date— (I) the name and address of each participant and beneficiary under the plan as of such date, and (II) such other information as shall be prescribed by the corporation by regulation as necessary to enable the corporation to be able to make payments to participants and beneficiaries as required under section 1322(c) of this title ; and (iv) certification by the plan administrator that— (I) the information on which the enrolled actuary based the certifications under clause (ii) is accurate and complete, and (II) the information provided to the corporation under clauses (i) and (iii) is accurate and complete. Clause (ii) and clause (iv)(I) shall not apply to a plan described in section 412(i) 1 of title 26. (B) Determination by the corporation of necessary distress criteria Upon receipt of the notice of intent to terminate required under subsection (a)(2) and the information required under subparagraph (A), the corporation shall determine whether the requirements of this subparagraph are met as provided in clause (i), (ii), or (iii). The requirements of this subparagraph are met if each person who is (as of the proposed termination date) a contributing sponsor of such plan or a member of such sponsor’s controlled group meets the requirements of any of the following clauses: (i) Liquidation in bankruptcy or insolvency proceedings The requirements of this clause are met by a person if— (I) such person has filed or has had filed against such person, as of the proposed termination date, a petition seeking liquidation in a case under title 11 or under any similar Federal law or law of a State or political subdivision of a State (or a case described in clause (ii) filed by or against such person has been converted, as of such date, to a case in which liquidation is sought), and (II) such case has not, as of the proposed termination date, been dismissed. (ii) Reorganization in bankruptcy or insolvency proceedings The requirements of this clause are met by a person if— (I) such person has filed, or has had filed against such person, as of the proposed termination date, a petition seeking reorganization in a case under title 11 or under any similar law of a State or political subdivision of a State (or a case described in clause (i) filed by or against such person has been converted, as of such date, to such a case in which reorganization is sought), (II) such case has not, as of the proposed termination date, been dismissed, (III) such person timely submits to the corporation any request for the approval of the bankruptcy court (or other appropriate court in a case under such similar law of a State or political subdivision) of the plan termination, and (IV) the bankruptcy court (or such other appropriate court) determines that, unless the plan is terminated, such person will be unable to pay all its debts pursuant to a plan of reorganization and will be unable to continue in business outside the chapter 11 reorganization process and approves the termination. (iii) Termination required to enable payment of debts while staying in business or to avoid unreasonably burdensome pension costs caused by declining workforce The requirements of this clause are met by a person if such person demonstrates to the satisfaction of the corporation that— (I) unless a distress termination occurs, such person will be unable to pay such person’s debts when due and will be unable to continue in business, or (II) the costs of providing pension coverage have become unreasonably burdensome to such person, solely as a result of a decline of such person’s workforce covered as participants under all single-employer plans of which such person is a contributing sponsor. (C) Notification of determinations by the corporation The corporation shall notify the plan administrator as soon as practicable of its determinations made pursuant to subparagraph (B). (D) Disclosure of termination information (i) In general A plan administrator that has filed a notice of intent to terminate under subsection (a)(2) shall provide to an affected party any information provided to the corporation under subparagraph (A) or the regulations under subsection (a)(2) not later than 15 days after— (I) receipt of a request from the affected party for the information; or (II) the provision of new information to the corporation relating to a previous request. (ii) Confidentiality (I) In general The plan administrator shall not provide information under clause (i) in a form that includes any information that may directly or indirectly be associated with, or otherwise identify, an individual participant or beneficiary. (II) Limitation A court may limit disclosure under this subparagraph of confidential information described in section 552(b) of title 5 to any authorized representative of the participants or beneficiaries that agrees to ensure the confidentiality of such information. (iii) Form and manner of information; charges (I) Form and manner The corporation may prescribe the form and manner of the provision of information under this subparagraph, which shall include delivery in written, electronic, or other appropriate form to the extent that such form is reasonably accessible to individuals to whom the information is required to be provided. (II) Reasonable charges A plan administrator may charge a reasonable fee for any information provided under this subparagraph in other than electronic form. (iv) Authorized representative For purposes of this subparagraph, the term “authorized representative” means any employee organization representing participants in the pension plan.