For purposes of paragraph (1), the term aggregate affected plan liabilities means, with respect to any multiemployer plan, the aggregate plan liabilities of such plan which are properly attributable to plan participants with respect to one more employers who applied for the benefits of subsection (d) with respect to such plan. (d) Limitation on withdrawal liability (1) In general In the case of a covered small employer which— (A) is determined by the Secretary to be eligible for the benefits of this subsection with respect to a multiemployer plan to which such employer is required to contribute, and (B) is required to contribute (as determined by the Pension Benefit Guaranty Corporation, in consultation with the Secretary, immediately after the employer’s withdrawal from such multiemployer plan) to a collectively bargained plan the plan participants of which include all of the plan participants of such multiemployer plan who were accruing benefits with respect to such employer under such multiemployer plan immediately before such withdrawal, section 4225(a) of the Employee Retirement Income Security Act of 1974 shall apply to such employer in the same manner as such section applies in the case of a bona fide sale of substantially all of the employer’s assets in an arm’s length transaction to an unrelated party. (2) Application For purposes of title IV of the Employee Retirement Income Security Act of 1974, a determination of withdrawal liability pursuant to paragraph (1) shall be treated as a determination made under such title. (3) Time limitation Paragraph (1) shall not apply with respect to any withdrawal from a multiemployer plan by a covered small employer if the date of such of withdrawal is more than 3 years after the date of the notice described in subsection (a)(2). (e) Definitions (1) Covered small employer The term covered small employer means an employer— (A) that is described in the North American Industry Classification System industry sector for retail trade