No-Fault Multiemployer Plan Termination Insurance Reform Act of 1984

No-Fault Multiemployer Plan Termination Insurance Reform Act of 1984 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to redefine the circumstances which trigger withdrawal liability for employers in the trucking and warehousing industries. Identifies such circumstances as: (1) the resumption or continuation by an employer of the same type of business in the same area of the pension plan within five years after such employer's contribution obligation has ceased and the employer does not renew it; and (2) the transfer by such employers of specified business assets to purchasers operating the same type of business in the same area of the plan who have no contribution obligation to any pension plan for such work.

Details the conditions under which: (1) a pension plan is deemed a "trucking and warehousing plan" for purposes of this Act; (2) the cessation of an employer's contribution obligation due to loss of a contract is not considered a complete withdrawal from a pension plan; (3) the sale of an employer's business assets at auction (or in connection with Federal bankruptcy proceedings) is not considered a complete withdrawal from a pension plan; and (4) an employer's withdrawal of substantially all of the contribution base units to a plan is considered a partial or complete withdrawal from such a plan.

Details the conditions under which a partial withdrawal from a trucking and warehousing pension plan occurs. Specifies exceptions.

Authorizes a plan sponsor or authorized fiduciary to decline to pursue a claim for withdrawal liability under certain circumstances.

Allows suspension of an employer's withdrawal liability payments, pending review of the liability determination, if the employer either posts bond or pays into escrow an amount equal to its required contribution in the last plan year ending before the alleged withdrawal.

Sets forth procedural guidelines for notice and review before a plan sponsor may claim withdrawal liability from an employer deemed to have partially or completely withdrawn from a plan.

Outlines the procedure under which the sponsor of a trucking and warehousing plan shall terminate a single-employer plan.

Provides notification procedures if an actuary determines that a trucking and warehousing plan faces an accumulated funding deficiency.

Establishes an involuntary withdrawal liability payment fund and a program under which the Pension Benefit Guaranty Corporation shall pay 90 percent of the liability incurred for involuntary withdrawal from a plan. Provides for assessments against covered plans for payments into the fund.

Applies the program to involuntary withdrawals from all plans with mandatory coverage. Authorizes the Corporation to provide optional coverage.

Sets standards to ascertain withdrawal liability based upon the involuntary withdrawal of an employer resulting from a certified change of collective bargaining representative.

Requires the Corporation to provide for regular 12-month assessment periods for assessing each covered plan for its allocated portion of payments to the fund. Authorizes division of the fund into: (1) a mandatory coverage account; and (2) an optional coverage account.

Defines the conditions under which an involuntary withdrawal occurs.

Authorizes the Corporation to transfer moneys from a specified pension guaranty fund to the involuntary withdrawal liability payment fund if it determines that such a transfer is advisable to meet funding deficiencies. States that such a transfer of funds must be repaid.

Sets guidelines for the Corporation to promulgate regulations for the reimbursement of withdrawals which occurred before the involuntary withdrawal liability payment program was enacted.

Creates an exemption from withdrawal liability if the amount of unfunded vested benefits of a plan as of the end of a plan year is not greater than zero and the employer withdraws from such plan within a specified time.

Directs the Corporation to issue regulations prescribing: (1) adjustments to the formulae used to allocate unfunded vested benefits where employer withdrawal from a plan occurs after an exemption period; and (2) the actuarial assumptions used to determine unfunded vested benefits and withdrawal liability. (Currently, the Corporation's authority to prescribe such regulations is discretionary.)

States that a complete or partial withdrawal from a plan does not occur if the purchaser in a bona fide conveyance assumes the former employer's plan contribution obligations. Prescribes guidelines for the determination of: (1) complete or partial withdrawal by the seller; (2) amount of unfunded vested benefits allocable to the seller; (3) complete or partial withdrawal by the purchaser; and (4) the amount of unfunded vested benefits allocable to the purchaser.

Authorizes the Corporation to impose additional requirements to reduce unreasonable risks to the plan if the purchaser is in a less favorable financial position than the seller immediately after conveyance of the business.

Prescribes transitional rules for: (1) past business conveyances causing no withdrawal; and (2) past business conveyances causing exempt withdrawal.

Prescribes guidelines under which the sponsor of a multiemployer plan shall furnish, upon an employer's request, information necessary to compute withdrawal liability and potential withdrawal liability.

Authorizes the Corporation, upon request, to approve rules for the reduction or elimination of withdrawal liability. Sets quidelines under which such approval will be granted.

Provides that the funding standard account for a plan year shall be charged with sums computed according to specified formulae. Makes technical and conforming amendments to the Internal Revenue Code.

Reduces from 25 years to 15 years the schedule for amortization of a plan's unfunded vested benefits liability in the case of a plan in reorganization under bankruptcy law.

Establishes formulae for minimum contribution requirements if a plan does not meet specified asset/benefit ratios. Makes technical and conforming amendments to the Internal Revenue Code.

Voids any withdrawal liability incurred as the result of the complete or partial withdrawal from a multiemployer plan under certain Acts prior to September 26, 1980. Requires refund of any amounts paid as a result of such liability.