Asset sale withdrawal liability

[Guest FAQ]

In an asset sale, I understand that withdrawal liability can be postponed if an agreement under ERISA §4204 is executed and the applicable requirements are met.

However, assuming there is no such agreement, if a purchaser buys assets but continues to contribute to the multiemployer plan per a collective bargaining agreement, is the purchaser still required to determine its own withdrawal liability "as if the purchaser had been required to contribute to the plan in the year of the sale and the 4 plan years preceding the sale the amount the seller was required to contribute ... for such 5 plan years"? (ERISA 4204(B)(1)).

Initially I assumed that this only applied if a §4204 agreement existed. However, 4204(B)(1) states that the above calculation is done "For the purposes of this PART..." The "part" is Part 1 (employer withdrawals), ERISA 4201-4225.

4204(B)(2) then goes on to discuss the amount of the bond in 4204(a), which perhaps indicates that 4204(B) applies only to transactions in which there is a 4204 agreement.

Any thoughts on whether 4204(B) applies if there is no 4204(a) agreement? Thanks in advance.