,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fcgg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #af1 #bjah,mr4  
,pauls5 7= himself1 ,mr4 ,rei*]t1 ,ms4  
,del,bene1 & ,mr4 ,pe>ce7 introduc$ !   
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,education & ! ,work=ce1 &
 9 addition to ! ,committee on ,ways &  
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,int]nal ,rev5ue    
,code ( #aihf & ! ,employee ,retirem5t  
,income ,security ,act ( #aigd to       
provide alt]native m9imum fund+ rules = 
c]ta9 s+le-employ] plans ma9ta9$ by a   
community newspap]4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,save         
,community ,newspap] ,act ( #bjah4  #b4 
,special rules = m9imum fund+ /&>ds =   
community newspap] plans  7a7 ,am5dm5t  
to ,int]nal ,rev5ue ,code ( #aihf       
,section #dcj ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    

foll[+ new subsection3  7m7 ,special    
rules = community newspap] plans  7#a7  
,9 g5]al ,! plan sponsor ( a community  
newspap] plan "u :i* no p>ticipant has  
_h ! p>ticipant's accru$ b5efit increas$
 7:e!r because ( s]vice or comp5sation7 
aft] ,decemb] #ca1 #bjag1 may elect to h
 ! alt]native /&>ds describ$ 9 p>agraph 
7#c7 apply to su* plan1 & any plan      
sponsor$ by any memb] ( ! same controll$
 gr\p1 = purposes ( ?is section = plan  
ye>s beg9n+ ) any plan ye> 9 effect on  
or beg9n+ aft] ! date ( ! enactm5t ( ?is
 subsection4  7#b7 ,election ,an        
election "u p>agraph 7#a7 %all be made  
at su* "t & 9 su* mann] z prescrib$ by !
 ,secret>y4 ,su* election1 once made )  
respect to a plan ye>1 %all apply to all
 subsequ5t plan ye>s unless revok$ ) !  
cons5t ( ! ,secret>y4  7#c7 ,alt]native 
m9imum fund+ /&>ds ,! alt]native /&>ds  
describ$ 9 ?is p>agraph are ! foll[+3   
7,a7 ,int]e/ rates  7i7 ,9 g5]al        
,not)/&+ subsection 7h77#b77;,c7 &      
except z provid$ 9 clause 7ii71 ! fir/1 

second1 & ?ird segm5t rates 9 effect =  
any mon? = purposes ( ?is section %all  
be #h p]c5t4  7ii7 ,new b5efit accruals 
,not)/&+ subsection 7h77#b71 = purposes 
( det]m9+ ! fund+ t>get & normal co/ ( a
 plan = any plan ye>1 ! pres5t value (  
any b5efits accru$ or e>n$ "u ! plan = a
 plan ye> ) respect to :i* an election  
"u p>agraph 7#a7 is 9 effect %all be    
det]m9$ on ! basis ( ! ,u4,s4 ,treasury 
obligation yield curve = ! day t is !   
valuation date ( su* plan = su* plan    
ye>4  7iii7 ,u4,s4 ,treasury obligation 
yield curve ,= purposes ( ?is           
subsection1 ! t]m ,u4,s4 ,treasury      
obligation yield curve means1 ) respect 
to any day1 a yield curve :i* %all be   
prescrib$ by ! ,secret>y = su* day on   
int]e/-be>+ obligations ( ! ,unit$      
,/ates4  7,b7 ,%ortfall amortization    
base  7i7 ,previ\s %ortfall amortization
 bases ,! %ortfall amortization bases   
det]m9$ "u subsection 7c77#c7 = all plan
 ye>s prec$+ ! fir/ plan ye> to :i* !   
election "u p>agraph 7#a7 applies 7& all

 %ortfall amortization in/allm5ts       
det]m9$ ) respect to su* bases7 %all be 
r$uc$ to z]o "u rules simil> to ! rules 
( subsection 7c77#f74  7ii7 ,new        
%ortfall amortization base ,not)/&+     
subsection 7c77#c71 ! %ortfall          
amortization base = ! fir/ plan ye> to  
:i* ! election "u p>agraph 7#a7 applies 
%all be ! fund+ %ortfall ( su* plan =   
su* plan ye> 7det]m9$ us+ ! int]e/ rates
 z modifi$ "u subp>agraph 7,a774  7,c7  
,det]m9ation ( %ortfall amortization    
in/allm5ts  7i7 #cj-ye> p]iod           
,subp>agraphs 7,a7 & 7,b7 ( subsection  
7c77#b7 %all be appli$ by sub/itut+     
#cj-plan-ye> = #g-plan-ye> ea* place x  
appe>s4  7ii7 ,no special election ,!   
election "u subp>agraph 7,d7 (          
subsection 7c77#b7 %all n apply to any  
plan ye> to :i* ! election "u p>agraph  
7#a7 applies4  7,d7 ,exemption f at-risk
 treatm5t ,subsection 7i7 %all n apply4 
7#d7 ,community newspap] plan ,=        
purposes ( ?is subsection--  7,a7 ,9    
g5]al ,! t]m community newspap] plan    

means a plan to :i* ?is section applies 
ma9ta9$ by an employ] :i*1 z ( ,decemb] 
#ca1 #bjag-- 7i7 publi%es & di/ributes  
daily1 ei!r electronically or 9 pr9t$   
=m1 #a or m community newspap]s 9 a s+le
 ,/ate1  7ii7 is n a company ! /ock (   
:i* is publicly trad$ 7on a /ock ex*ange
 or 9 an ov]-!-c\nt] m>ket71 & is n     
controll$1 directly or indirectly1 by   
su* a company1  7iii7 is controll$1     
directly or indirectly--  7,i7 by #a or 
m p]sons resid+ prim>ily 9 ! ,/ate 9 :i*
 ! community newspap] is publi%$1       
7,,ii7 = n less ?an #cj ye>s by         
individuals :o are memb]s ( ! same      
family1  7,,iii7 by a tru/ creat$ or    
organiz$ 9 ! ,/ate 9 :i* ! community    
newspap] is publi%$1 ! sole tru/ees (   
:i* are p]sons describ$ 9 subclause 7,i7
 or 7,,ii71  7,,iv7 by an entity :i* is 
describ$ 9 section #eja7;c77#c7 & exempt
 f taxation "u section #eja7;a71 :i* is 
organiz$ & op]at$ 9 ! ,/ate 9 :i* !     
community newspap] is publi%$1 & !      
prim>y purpose ( :i* is to b5efit       

communities 9 su* ,/ate1 or  7,v7 a     
comb9ation ( p]sons describ$ 9 subclause
 7,i71 7,,iii71 or 7,,iv71 &  7iv7 does 
n control1 directly or indirectly1 any  
newspap] 9 any o!r ,/ate4  7,b7         
,community newspap] ,! t]m community    
newspap] means a newspap] :i* prim>ily  
s]ves a metropolitan /ati/ical area1 z  
det]m9$ by ! ,(fice ( ,managem5t &      
,budget1 ) a population ( n less ?an    
#ajj1jjj4  7,c7 ,control ,a p]son %all  
be treat$ z controll$ by ano!r p]son if 
su* o!r p]son possesses1 directly or    
indirectly1 ! p[] to direct or cause !  
direction & managem5t ( su* p]son       
7includ+ ! p[] to elect a majority ( !  
memb]s ( ! bo>d ( directors ( su* p]son7
 ?r\gh ! own]%ip ( vot+ securities4  4  
7b7 ,am5dm5t to ,employee ,retirem5t    
,income ,security ,act ( #aigd ,section 
#cjc ( ! ,employee ,retirem5t ,income   
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajhc7 is am5d$ by add+ at ! end !      
foll[+ new subsection3  7m7 ,special    
rules = community newspap] plans  7#a7  

,9 g5]al ,! plan sponsor ( a community  
newspap] plan "u :i* no p>ticipant has  
_h ! p>ticipant's accru$ b5efit increas$
 7:e!r because ( s]vice or comp5sation7 
aft] ,decemb] #ca1 #bjag1 may elect to h
 ! alt]native /&>ds describ$ 9 p>agraph 
7#c7 apply to su* plan1 & any plan      
sponsor$ by any memb] ( ! same controll$
 gr\p1 = purposes ( ?is section = plan  
ye>s beg9n+ ) any plan ye> 9 effect on  
or beg9n+ aft] ! date ( ! enactm5t ( ?is
 subsection4  7#b7 ,election ,an        
election "u p>agraph 7#a7 %all be made  
at su* "t & 9 su* mann] z prescrib$ by !
 ,secret>y ( ! ,treasury4 ,su* election1
 once made ) respect to a plan ye>1 %all
 apply to all subsequ5t plan ye>s unless
 revok$ ) ! cons5t ( ! ,secret>y ( !    
,treasury4  7#c7 ,alt]native m9imum     
fund+ /&>ds ,! alt]native /&>ds describ$
 9 ?is p>agraph are ! foll[+3  7,a7     
,int]e/ rates  7i7 ,9 g5]al ,not)/&+    
subsection 7h77#b77;,c7 & except z      
provid$ 9 clause 7ii71 ! fir/1 second1 &
 ?ird segm5t rates 9 effect = any mon? =

 purposes ( ?is section %all be #h      
p]c5t4  7ii7 ,new b5efit accruals       
,not)/&+ subsection 7h77#b71 = purposes 
( det]m9+ ! fund+ t>get & normal co/ ( a
 plan = any plan ye>1 ! pres5t value (  
any b5efits accru$ or e>n$ "u ! plan = a
 plan ye> ) respect to :i* an election  
"u p>agraph 7#a7 is 9 effect %all be    
det]m9$ on ! basis ( ! ,u4,s4 ,treasury 
obligation yield curve = ! day t is !   
valuation date ( su* plan = su* plan    
ye>4  7iii7 ,u4,s4 ,treasury obligation 
yield curve ,= purposes ( ?is           
subsection1 ! t]m ,u4,s4 ,treasury      
obligation yield curve means1 ) respect 
to any day1 a yield curve :i* %all be   
prescrib$ by ! ,secret>y = su* day on   
int]e/-be>+ obligations ( ! ,unit$      
,/ates4  7,b7 ,%ortfall amortization    
base  7i7 ,previ\s %ortfall amortization
 bases ,! %ortfall amortization bases   
det]m9$ "u subsection 7c77#c7 = all plan
 ye>s prec$+ ! fir/ plan ye> to :i* !   
election "u p>agraph 7#a7 applies 7& all
 %ortfall amortization in/allm5ts       

det]m9$ ) respect to su* bases7 %all be 
r$uc$ to z]o "u rules simil> to ! rules 
( subsection 7c77#f74  7ii7 ,new        
%ortfall amortization base ,not)/&+     
subsection 7c77#c71 ! %ortfall          
amortization base = ! fir/ plan ye> to  
:i* ! election "u p>agraph 7#a7 applies 
%all be ! fund+ %ortfall ( su* plan =   
su* plan ye> 7det]m9$ us+ ! int]e/ rates
 z modifi$ "u subp>agraph 7,a774  7,c7  
,det]m9ation ( %ortfall amortization    
in/allm5ts  7i7 #cj-ye> p]iod           
,subp>agraphs 7,a7 & 7,b7 ( subsection  
7c77#b7 %all be appli$ by sub/itut+     
#cj-plan-ye> = #g-plan-ye> ea* place x  
appe>s4  7ii7 ,no special election ,!   
election "u subp>agraph 7,d7 (          
subsection 7c77#b7 %all n apply to any  
plan ye> to :i* ! election "u p>agraph  
7#a7 applies4  7,d7 ,exemption f at-risk
 treatm5t ,subsection 7i7 %all n apply4 
7#d7 ,community newspap] plan ,=        
purposes ( ?is subsection-- 7,a7 ,9     
g5]al ,! t]m community newspap] plan    
means a plan to :i* ?is section applies 

ma9ta9$ by an employ] :i*1 z ( ,decemb] 
#ca1 #bjag--  7i7 publi%es & di/ributes 
daily1 ei!r electronically or 9 pr9t$   
=m-- 7,i7 a community newspap]1 or      
7,,ii7 #a or m community newspap]s 9 !  
same ,/ate1  7ii7 is n a company ! /ock 
( :i* is publicly trad$ 7on a /ock      
ex*ange or 9 an ov]-!-c\nt] m>ket71 & is
 n controll$1 directly or indirectly1 by
 su* a company1  7iii7 is controll$1    
directly or indirectly-- 7,i7 by #a or m
 p]sons resid+ prim>ily 9 ! ,/ate 9 :i* 
! community newspap] is publi%$1  7,,ii7
 = n less ?an #cj ye>s by individuals :o
 are memb]s ( ! same family1  7,,iii7 by
 a tru/ creat$ or organiz$ 9 ! ,/ate 9  
:i* ! community newspap] is publi%$1 !  
sole tru/ees ( :i* are p]sons describ$ 9
 subclause 7,i7 or 7,,ii71  7,,iv7 by an
 entity :i* is describ$ 9 section       
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & exempt f taxation "u section  
#eja7;a7 ( su* ,code1 :i* is organiz$ & 
op]at$ 9 ! ,/ate 9 :i* ! community      
newspap] is publi%$1 & ! prim>y purpose 

( :i* is to b5efit communities 9 su*    
,/ate1 or  7,v7 a comb9ation ( p]sons   
describ$ 9 subclause 7,i71 7,,iii71 or  
7,,iv71 &  7iv7 does n control1 directly
 or indirectly1 any newspap] 9 any o!r  
,/ate4  7,b7 ,community newspap] ,! t]m 
community newspap] means a newspap] :i* 
prim>ily s]ves a metropolitan /ati/ical 
area1 z det]m9$ by ! ,(fice ( ,managem5t
 & ,budget1 ) a population ( n less ?an 
#ajj1jjj4  7,c7 ,control ,a p]son %all  
be treat$ z controll$ by ano!r p]son if 
su* o!r p]son possesses1 directly or    
indirectly1 ! p[] to direct or cause !  
direction & managem5t ( su* p]son       
7includ+ ! p[] to elect a majority ( !  
memb]s ( ! bo>d ( directors ( su* p]son7
 ?r\gh ! own]%ip ( vot+ securities4     
7#e7 ,effect on premium rate calculation
 ,not)/&+ any o!r provision ( law or any
 regulation issu$ by ! ,p5sion ,b5efit  
,gu>anty ,corporation1 9 ! case ( a     
community newspap] plan :i* elects !    
application ( ! alt]native /&>ds        
describ$ 9 p>agraph 7#c71 ! additional  

premium "u section #djjf7;a77#c77;,e7   
%all be det]m9$ z if su* election _h n  
be5 made4  4  7c7 ,effective date ,!    
am5dm5ts made by ?is subsection %all    
apply to plan ye>s 9 effect on or beg9n+
 aft] ! date ( ! enactm5t ( ?is ,act4