3. Every person or body that, in application of section 1, is designated to administer the pension plan in replacement of the person or body that continued to administer that plan in accordance with section 318 of the Act or in replacement of a pension committee established as prescribed by section 147 of the Act shall take office:(1) in the case of the replacement of an administrator referred to in section 318 of the Act, not later than the day following the date on which the plan may no longer be administered in accordance with that section;
(2) in the case of the replacement of a pension committee established as prescribed by section 147 of the Act, not later than the date of the beginning of the first fiscal year following the designation of the new administrator.