§ 1453. Election of plan status
(a)
Authority, time, and criteria
Within one year after September 26, 1980, a multiemployer plan may irrevocably elect, pursuant to procedures established by the corporation, that the plan shall not be treated as a multiemployer plan for any purpose under this chapter or the Internal Revenue Code of 1954, if for each of the last 3 plan years ending prior to the effective date of the Multiemployer Pension Plan Amendments Act of 1980—
(1)
the plan was not a multiemployer plan because the plan was not a plan described in section
1002
(37)(A)(iii) of this title and section
414
(f)(1)(C) of title
26 (as such provisions were in effect on the day before September 26, 1980); and
(b)
Requirements
An election described in subsection (a) of this section shall be effective only if—
(c)
Effective date
An election described in subsection (a) of this section shall be treated as being effective as of September 26, 1980.