; (2) the plan or plans resulting from the merger or transfer is a composite plan; (3) no participant’s accrued benefit or adjustable benefit is lower immediately after the transaction than it was immediately before the transaction; and (4) the value of the assets transferred in the case of a transfer reasonably reflects the value of the amounts contributed with respect to the participants whose benefits are being transferred, adjusted for allocable distributions, investment gains and losses, and administrative expenses. (b) Legacy plan (1) In general After a merger or transfer involving a composite plan, the legacy plan with respect to an employer that is obligated to contribute to the resulting composite plan is the legacy plan that applied to that employer immediately before the merger or transfer. (2) Multiple Legacy Plans If an employer is obligated to contribute to more than one legacy plan with respect to employees eligible to accrue benefits under more than one composite plan and there is a merger or transfer of such legacy plans, the transition contribution rate applicable to the legacy plan resulting from the merger or transfer with respect to that employer shall be determined in accordance with the provisions of section 805(d)(2)(B). . (2) Penalties (A) Civil enforcement of failure to comply with realignment program Section 502(a) of such Act ( 29 U.S.C. 1132(a) ) is amended— (i) in paragraph (10), by striking or at the end; (ii) in paragraph (11), by striking the period at the end and inserting ; or ; and (iii) by adding at the end the following: (12) in the case of a composite plan required to adopt a realignment program under section 803, if the plan sponsor— (A) has not adopted a realignment program under that section by the deadline established in such section