TITLE 26. INTERNAL REVENUE CODE § 431. Minimum funding standards for multiemployer plans., 26 USCS § 431

Summary

(a) In general. For purposes of section 412 [26 USCS § 412], the accumulated funding deficiency of a multiemployer plan for any plan year is the amount, determined as of the end of the plan year, equal to the excess (if any) of the total charges to the funding standard account of the plan for all plan years (beginning with the first plan year for which this part applies to the plan) over the total credits to such account for such years.

(b) Funding standard account.

(1) Account required. Each multiemployer plan to which this part [26 USCS §§ 430 et seq.] applies shall establish and maintain a funding standard account. Such account shall be credited and charged solely as provided in this section.

(2) Charges to account. For a plan year, the funding standard account shall be charged with the sum of—

(A) the normal cost of the plan for the plan year,

(B) the amounts necessary to amortize in equal annual installments (until fully amortized)—

(i) in the case of a plan which comes into existence on or ...