; actuarial assumptions. Sec. 439. Realignment program. Sec. 440. Limitation on increasing benefits. Sec. 440A. Composite plan restrictions to preserve legacy plan funding. Sec. 440B. Mergers and asset transfers of composite plans. 437. Composite plan defined (a) In general For purposes of this title, the term composite plan means a pension plan— (1) which is a multiemployer plan that is neither a defined benefit plan nor a defined contribution plan, (2) the terms of which provide that the plan is a composite plan for purposes of this title with respect to which not more than one multiemployer defined benefit plan is treated as a legacy plan within the meaning of section 440A, unless there is more than one legacy plan following a merger of composite plans under section 440B, (3) which provides systematically for the payment of benefits— (A) objectively calculated pursuant to a formula enumerated in the plan document with respect to plan participants after retirement, for life, and (B) in the form of life annuities, except for benefits which under section 411(a)(11) may be immediately distributed without the consent of the participant, (4) for which the plan contributions for the first plan year are at least 120 percent of the normal cost for the plan year, (5) which requires— (A) an annual valuation of the liability of the plan as of a date within the plan year to which the valuation refers or within one month prior to the beginning of such year, (B) an annual actuarial determination of the plan’s current funded ratio and projected funded ratio under section 438(a), (C) corrective action through a realignment program pursuant to section 439 whenever the plan’s projected funded ratio is below 120 percent for the plan year, and (D) an annual notification to each participant describing the participant’s benefits under the plan and explaining that such benefits may be subject to reduction under a realignment program pursuant to section 439 based on the plan’s funded status in future plan years, and (6) the board of