2000 Minnesota Statutes

     181B.07 Exceptions to pension funding requirements.  

    An employer shall not be liable for any pension funding 
 charge under sections 181B.03 to 181B.06 when (1) the employer 
 ceases to operate a place of employment or a pension plan as a 
 result of merger, consolidation, or acquisition of assets, if 
 the successor to the employer continues the pension plan of the 
 employer or establishes a comparable pension plan which covers 
 all previously covered employees of the employer with no 
 reduction in credited covered service for purposes of sections 
 181B.01 to 181B.17 and no reduction in the value of the pension 
 credits already earned by the employees; or (2) the employer 
 ceasing to operate a place of employment or a pension plan has 
 (a) in each of the five years prior to cessation made a 
 contribution to the pension plan at least equal to the maximum 
 contribution which would have been exempt from income taxation 
 under section 404 of the United States Internal Revenue Code of 
 1986, as amended through December 31, 1992, or (b) in at least 
 eight of the ten years immediately prior to cessation made a 
 contribution to the pension plan at least equal to the maximum 
 contribution which would have been exempt from income taxation 
 under section 404 of the United States Internal Revenue Code of 
 1986, as amended through December 31, 1992, or (c) when the 
 pension plan has been instituted less than five years prior to 
 cessation, in every year since the institution of the plan, made 
 a contribution to the pension plan at least equal to the maximum 
 contribution which would have been exempt from income taxation 
 under section 404 of the United States Internal Revenue Code of 
 1986, as amended through December 31, 1992.  

    HIST: 1974 c 437 s 7; 1993 c 375 art 8 s 14