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TITLE 26-INTERNAL REVENUE CODE plan after September 2, 1974, each partici- pant in the plan would (if the plan then ter- minated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive immedi- ately before the merger, consolidation, or transfer (if the plan had then terminated). This paragraph shall apply in the case of a multiemployer plan only to the extent deter- mined by the Pension Benefit Guaranty Cor- poration. (13) A trust shall not constitute a qualified trust under 'this section unless the plan of which such trust is a part provides that bene- fits provided under the plan may not be as- signed or alienated. For purposes of the pre- ceding sentence, there shall not be taken into account any voluntary and revocable assign- ment of not to exceed 10 percent of any bene- fit payment made by any participant who is receiving benefits under the plan unless the assignment or alienation is made for purposes of defraying plan administration costs. For purposes of this paragraph a loan made to a participant or beneficiary shall not be treated as an assignment or alienation if such loan is secured by the participant's accrued nonfor- feitable benefit and is exempt from the tax imposed by section 4975 (relating to tax on prohibited transactions) by reason of section 4975(d)(1). This paragraph shall take effect on January 1, 1976 and shall not apply to as- signments which were irrevocable on Septem- ber 2, 1974. (14) A trust shall not constitute a qualified trust under this section unless the plan of which such trust is a part provides that, unless the participant otherwise elects, the payment of benefits under the plan to the participant will begin not later than the 60th day after the latest of the close of the plan year in which- (A) the date on which the participant at- tains the earlier of age 65 or the normal re- tirement age specified under the plan, (B) occurs the 10th anniversary of the year in which the participant commenced participation in the plan, or (C) the participant terminates his service with the employer. In the case of a plan which provides for the payment of an early retirement benefit, a trust forming a part of such plan shall not constitute a qualified trust under this section unless a participant who satisfied the service requirements for such early retirement bene- fit, but separated from the service (with any nonforfeitable right to an accrued benefit) before satisfying the age requirement for such early retirement benefit, is entitled upon satisfaction of such age requirement to re- ceive a benefit not less than the benefit to which he would be entitled at the normal re- tirement age, actuarially, reduced under regu- lations prescribed by the Secretary. (15) a trust shall not constitute a qualified trust under this section unless under the plan of which such trust is a part- (A) in the case of a participant or benefi- ciary who is receiving benefits under such plan, or (B) in the case of a participant who is sep- arated from the service and who has non- forfeitable rights to benefits, such benefits are not decreased by reason of any increase in the benefit levels payable under title II of the Social Security Act or any increase in the wage base under such title II, if such increase takes place after Septem- ber 2, 1974, or (if later) the earlier of the date of first receipt of such benefits or the date of such separation, as the case may be. (16) A trust shall not constitute a qualified trust under this section if the plan of which such trust Is a part provides for benefits or contributions which exceed the limitations of section 415. (17) In the case of a plan which provides contributions or benefits for employees some or all of whom are employees within the meaning of subsection (c)(1), or are share- holder-employees within the meaning of sec- tion 1379(d), only if the annual compensation of each employee taken into account under the plan does not exceed the first $100,000 of such compensation. (18) In the case of a trust which is part of a plan providing a defined benefit for employ- ees some or all of whom are employees within the meaning of subsection (c)(1), or are share- holder-employees within the meaning of sec- tion 1379(d), only if such plan satisfies the re- quirements of subsection (j). (19) A trust shall not constitute a qualified trust under this section if under the plan of which such trust is a part any part of a par- ticipant's accrued benefit derived from em- ployer contributions (whether or not other- wise nonforfeitable), is forfeitable solely be- cause of withdrawal by such participant of any amount attributable to the benefit de- rived from contributions made by such par- ticipant. The preceding sentence shall not apply to the accrued benefit of any partici- pant unless, at the time of such withdrawal, such participant has a nonforfeitable right to at least 50 percent of such accrued benefit (as determined under section 411). The first sen- tence of this paragraph shall not apply to the extent that an accrued benefit is permitted to be forfeited in accordance with section 411(a)(3)(D)(iii) (relating to proportional for- feitures of benefits accrued before September 2, 1974, in the event of withdrawal of certain mandatory contributions). (20) A trust forming part of a pension plan shall not be treated as failing to constitute a qualified trust under this section merely be- cause the pension plan of which such trust is a part makes a payment or distribution de- scribed in section 402(a)(5)(A)(i) or 403(a)(4)(A)(l). This paragraph shall not apply to a defined benefit plan unless the em- ployer maintaining such plan files a notice with the Pension Benefit Guaranty Corpora- tion (at the time and in the manner pre- scribed by the Pension Benefit Guaranty Cor- poration) notifying the Corporation of such payment or distribution and the Corporation has approved such payment or distribution or, within 90 days after the date on which such notice was filed, has failed to disapprove such payment or distribution. Page 288