29 U.S.C. § 1305: Pension benefit guaranty funds

There are established on the books of the Treasury of the United States four revolving funds to be used by the corporation in carrying out its duties under this subchapter. One of the funds shall be used with respect to basic benefits guaranteed under section 1322 of this title , one of the funds shall be used with respect to basic benefits guaranteed under section 1322a of this title , one of the funds shall be used with respect to nonbasic benefits guaranteed under section 1322 of this title (if any), and the remaining fund shall be used with respect to nonbasic benefits guaranteed under section 1322a of this title (if any), other than subsection (g)(2) thereof (if any). Whenever in this subchapter reference is made to the term “fund” the reference shall be considered to refer to the appropriate fund established under this subsection. premiums, penalties, interest, and charges collected under this subchapter, the value of the assets of a plan administered under section 1342 of this title by a trustee to the extent that they exceed the liabilities of such plan, the amount of any employer liability payments under subtitle D, to the extent that such payments exceed liabilities of the plan (taking into account all other plan assets), earnings on investments of the fund or on assets credited to the fund under this subsection, attorney’s fees awarded to the corporation, and receipts from any other operations under this subchapter. for making such payments as the corporation determines are necessary to pay benefits guaranteed under section 1322 or 1322a of this title or benefits payable under section 1350 of this title , to purchase assets from a plan being terminated by the corporation when the corporation determines such purchase will best protect the interests of the corporation, participants in the plan being terminated, and other insured plans, to pay the operational and administrative expenses of the corporation, including reimbursement of the expenses incurred by the Department of the Treasury in maintaining the funds, and the Comptroller General in auditing the corporation, and to pay to participants and beneficiaries the estimated amount of benefits which are guaranteed by the corporation under this subchapter and the estimated amount of other benefits to which plan assets are allocated under section 1344 of this title , under single-employer plans which are unable to pay benefits when due or which are abandoned. Whenever the corporation determines that the moneys of any fund are in excess of current needs, it may request the investment of such amounts as it determines advisable by the Secretary of the Treasury in obligations issued or guaranteed by the United States. for fiscal year 2016, $108,000,000; for fiscal year 2017, $111,000,000; for fiscal year 2018, $113,000,000; for fiscal year 2019, $149,000,000; and for fiscal year 2020, $296,000,000; premiums received in fiscal years specified in subclauses (I) through (V) of clause (i) shall be allocated in order first to the noninterest-bearing account in the amount specified and second to any other accounts within such fund; and financial assistance, as provided under section 1431 of this title , shall be withdrawn proportionately from the noninterest-bearing and other accounts within the fund. premiums, penalties, and interest charges collected under this subchapter, and earnings on investments of the fund or on assets credited to the fund. The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. A sixth fund shall be established for the supplemental benefit guarantee program provided under section 1322a(g)(2) of this title . premiums, penalties, and interest charges collected under section 1322a(g)(2) of this title , and earnings on investments of the fund or on assets credited to the fund. The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. premiums, penalties, and interest charges collected under section 1306(a)(3)(A)(i) of this title (not described in subparagraph (B)) to the extent attributable to the amount of the premium in excess of $8.50, premiums, penalties, and interest charges collected under section 1306(a)(3)(E) of this title , and earnings on investments of the fund or on assets credited to the fund. administrative costs of the corporation, or benefits under any plan which was terminated before October 1, 1988 , The corporation may invest amounts of the fund in such obligations as the corporation considers appropriate. Amounts in any fund established under this section may be used only for the purposes for which such fund was established and may not be used to make loans to (or on behalf of) any other fund or to finance any other activity of the corporation. Any repayment to the corporation of any amount paid out of any fund in connection with a multiemployer plan shall be deposited in such fund. Any stock in a person liable to the corporation under this subchapter which is paid to the corporation by such person or a member of such person’s controlled group in satisfaction of such person’s liability under this subchapter may be voted only by the custodial trustees or outside money managers of the corporation. An eighth fund shall be established for special financial assistance to multiemployer pension plans, as provided under section 1432 of this title , and to pay for necessary administrative and operating expenses of the corporation relating to such assistance. There is appropriated from the general fund such amounts as are necessary for the costs of providing financial assistance under section 1432 of this title and necessary administrative and operating expenses of the corporation. The eighth fund established under this subsection shall be credited with amounts from time to time as the Secretary of the Treasury, in conjunction with the Director of the Pension Benefit Guaranty Corporation, determines appropriate, from the general fund of the Treasury, but in no case shall such transfers occur after September 30, 2030 . The amendments made by this section [amending this section and sections 1306 and 1307 of this title] shall apply to plan years beginning after December 31, 1987 . The amendments made by subsection (d) [amending this section] shall apply to fiscal years beginning after September 30, 1988 .”