,,ii  #aaeth ,,congress  #ast ,session  
,s4 #badg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #af1 
#bjag ,mr4 ,brown 7for himself1 ,ms4    
,stabenow1 ,mr4 ,manchin1 ,ms4          
,heitkamp1 ,ms4 ,baldwin1 ,mrs4         
,mc,caskill1 ,mr4 ,franken1 ,ms4        
,klobuchar1 ,mr4 ,durbin1 ,mr4 ,peters1 
,mr4 ,donnelly1 and ,ms4 ,duckworth7    
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,finance  ,a ,,bill  ,to  
amend the ,internal ,revenue ,code of   
#aihf to create a ,pension              
,rehabilitation ,trust ,fund1 to        
establish a ,pension ,rehabilitation    
,administration within the ,department  
of the ,treasury to make loans to       
multiemployer defined benefit plans1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the ,butch   
,lewis ,act of #bjag4  #b4  ,pension    
,rehabilitation ,administration2        
establishment2 powers  7a7              
,establishment ,there is established in 

the ,department of the ,treasury an     
agency to be known as the ,pension      
,rehabilitation ,administration4  7b7   
,director  7#a7  ,establishment of      
position  ,there shall be at the head of
 the ,pension ,rehabilitation           
,administration a ,director1 who shall  
be appointed by the ,president4  7#b7   
,term  7,a7  ,in general  ,the term of  
office of the ,director shall be #e     
years4  7,b7 ,service until appointment 
of successor ,an individual serving as  
,director at the expiration of a term   
may continue to serve until a successor 
is appointed4  7#c7  ,powers  7,a7      
,appointment of ,deputy ,directors1     
officers1 and employees  ,the ,director 
may appoint ,deputy ,directors1         
officers1 and employees1 including      
attorneys1 in accordance with chapter   
#ea and subchapter ,,iii of chapter #ec 
of title #e1 ,united ,states ,code4     
7,b7  ,contracting  7i7  ,in general    
,the ,director may contract for         
financial and administrative services   

7including those related to budget and  
accounting1 financial reporting1        
personnel1 and procurement7 with the    
,general ,services ,administration1 or  
such other ,federal agency as the       
,director determines appropriate1 for   
which payment shall be made in advance1 
or by reimbursement1 from funds of the  
,pension ,rehabilitation ,administration
 in such amounts as may be agreed upon  
by the ,director and the head of the    
,federal agency providing the services4 
7ii7  ,subject to appropriations        
,contract authority under clause 7i7    
shall be effective for any fiscal year  
only to the extent that appropriations  
are available for that purpose4  7c7    
,transfer of funds ,the ,secretary of   
the ,treasury may transfer for any      
fiscal year1 from unobligated amounts   
appropriated to the ,department of the  
,treasury1 to the ,pension              
,rehabilitation ,administration such    
sums as may be reasonably necessary for 
the administrative and operating        

expenses of the ,pension ,rehabilitation
 ,administration4  #c4 ,pension         
,rehabilitation ,trust ,fund  7a7 ,in   
general ,subchapter ,a of chapter #ih of
 the ,internal ,revenue ,code of #aihf  
is amended by adding at the end the     
following new section3  #ieab4 ,pension 
,rehabilitation ,trust ,fund  7a7       
,creation of ,trust ,fund ,there is     
established in the ,treasury of the     
,united ,states a trust fund to be known
 as the ,pension ,rehabilitation ,trust 
,fund 7hereafter in this section        
referred to as the ,fund71 consisting of
 such amounts as may be appropriated or 
credited to such ,trust ,fund as        
provided in this section and section    
#ifjb7;b74  7b7 ,transfers to ,fund     
7#a7 ,amounts attributable to ,treasury 
bonds ,there shall be credited to the   
,fund the amounts transferred under     
section #f7;b7 of the ,butch ,lewis ,act
 of #bjag4  7#b7 ,loan interest and     
principal  7,a7 ,in general ,the        
,director of the ,pension               

,rehabilitation ,administration         
established under section #b of the     
,butch ,lewis ,act of #bjag shall       
deposit in the ,fund any amounts        
received from a plan as payment of      
interest or principal on a loan under   
section #d of such ,act4  7,b7 ,interest
 ,for purposes of subparagraph 7,a71 the
 term interest includes points and other
 similar amounts4  7#c7 ,transfers from 
,secretary ,the ,director of the        
,pension ,rehabilitation ,administration
 shall deposit in the ,fund any amounts 
received from the ,secretary under      
section #b7;c7 of such ,act4  7#d7      
,availability of funds ,amounts credited
 to or deposited in the ,fund shall     
remain available until expended4  7c7   
,expenditures from ,fund ,amounts in the
 ,fund are available without further    
appropriation to the ,pension           
,rehabilitation ,administration--  7#a7 
for the purpose of making the loans     
described in section #d of the ,butch   
,lewis ,act of #bjag1  7#b7 for the     

payment of principal and interest on    
bonds issued under section #f of such   
,act1 and  7#c7 for administrative and  
operating expenses of such              
,administration4  4  7b7 ,clerical      
amendment ,the table of sections for    
subchapter ,a of chapter #ih of the     
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new item3  ,sec4 #ieab4       
,pension ,rehabilitation ,trust ,fund4  
4  #d4 ,loan program for multiemployer  
defined benefit plans  7a7 ,loan        
authority  7#a7 ,in general ,the        
,pension ,rehabilitation ,administration
 established under section #b is        
authorized-- 7,a7 to make loans to      
multiemployer plans 7as defined in      
section #dad7;f7 of the ,internal       
,revenue ,code of #aihf7 which are      
defined benefit plans 7as defined in    
section #dad7;j7 of such ,code7 and     
which--  7i7 are in critical and        
declining status 7within the meaning of 
section #dcb7;b77#f7 of such ,code and  

section #cje7;b77#f7 of such ,act71     
including any plan with respect to which
 a suspension of benefits has been      
approved under section #dcb7;e77#i7 of  
such ,code and section #cje7;e77#i7 of  
such ,act2 or  7ii7 are insolvent for   
purposes of section #dah;,e of such     
,code1 if they became insolvent after   
,december #af1 #bjad1 and have not been 
terminated2 and  7,b7 subject to        
subsection 7b71 to establish appropriate
 terms for such loans4  7#b7            
,consultation ,the ,director of the     
,pension ,rehabilitation ,administration
 shall consult with the ,secretary of   
the ,treasury1 the ,secretary of ,labor1
 and the ,director of the ,pension      
,benefit ,guaranty ,corporation before  
making any loan under paragraph 7#a71   
and shall share with such persons the   
application and plan information with   
respect to each such loan4  7#c7        
,establishment of loan program  7,a7 ,in
 general ,a program to make the loans   
authorized under this section shall be  

established not later than ,march #ca1  
#bjah1 with guidance regarding such     
program to be promulgated by the        
,director of the ,pension               
,rehabilitation ,administration1 in     
consultation with the ,pension ,benefit 
,guaranty ,corporation and the          
,department of ,labor1 not later than   
,june #a1 #bjah4  7,b7 ,loans authorized
 before program date ,without regard to 
whether the program under subparagraph  
7,a7 has been established1 a plan may   
apply for a loan under this section     
before either date described in such    
subparagraph1 and the ,pension          
,rehabilitation ,administration shall   
approve the application and make the    
loan before establishment of the program
 if necessary to avoid any suspension of
 the accrued benefits of participants4  
7b7 ,loan terms ,the terms of any loan  
made under subsection 7a7 shall state   
that-- 7#a7 the plan shall make payments
 of interest on the loan for a period of
 #bi years beginning on the date of the 

loan2  7#b7 final payment of interest   
and principal shall be due in the #cjth 
year after the date of the loan2 and    
7#c7 as a condition of the loan1 the    
plan sponsor stipulates that-- 7,a7     
except as provided in subparagraph 7,b71
 the plan will not increase benefits1   
allow any employer participating in the 
plan to reduce its contributions1 or    
accept any collective bargaining        
agreement which provides for reduced    
contribution rates1 during the #cj-year 
period described in paragraphs 7#a7 and 
7#b72  7,b7 in the case of a plan with  
respect to which a suspension of        
benefits has been approved under section
 #dcb7;e77#i7 of the ,internal ,revenue 
,code of #aihf and section #cje7;e77#i7 
of the ,employee ,retirement ,income    
,security ,act of #aigd1 or under       
section #dah;,e of such ,code1 before   
the loan1 the plan will reinstate the   
suspended benefits 7or will not carry   
out any suspension which has been       
approved but not yet implemented72  7,c7

 the plan sponsor will comply with the  
requirements of section #fjei;,a of the 
,internal ,revenue ,code of #aihf2 and  
7,d7 the plan and plan administrator    
will meet such other requirements as the
 ,director of the ,pension              
,rehabilitation ,administration provides
 in the loan terms4  7c7 ,loan          
application  7#a7 ,in general ,in       
applying for a loan under subsection    
7a71 the plan sponsor shall-- 7,a7      
demonstrate that1 except as provided in 
subparagraph 7,c7--  7i7 the loan will  
enable the plan to avoid insolvency for 
at least the #cj-year period described  
in paragraphs 7#a7 and 7#b7 of          
subsection 7b7 or1 in the case of a plan
 which is already insolvent1 to emerge  
from insolvency within and avoid        
insolvency for the remainder of such    
period2 and  7ii7 the plan is reasonably
 expected to be able to pay benefits and
 the interest on the loan during such   
period and to accumulate sufficient     
funds to repay the principal when due2  

7,b7 provide the information necessary  
to determine the loan amount under      
subsection 7d72  7,c7 stipulate whether 
the plan is also applying for financial 
assistance under section #dbfa7;d7 of   
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#adca7;d77 in combination with the loan 
to enable the plan to avoid insolvency  
and to pay benefits1 or is already      
receiving such financial assistance as a
 result of a previous application2  7,d7
 state in what manner the loan proceeds 
will be invested pursuant to subsection 
7d71 the person from whom any annuity   
contracts under such subsection will be 
purchased1 and the person who will be   
the investment manager for any portfolio
 implemented under such subsection2 and 
7,e7 include such other information and 
certifications as the ,director of the  
,pension ,rehabilitation ,administration
 shall require4  7#b7 ,standard for     
accepting actuarial and plan sponsor    
determinations and demonstrations in the

 application ,in evaluating the plan    
sponsor's application1 the ,director of 
the ,pension ,rehabilitation            
,administration shall accept the        
determinations and demonstrations in the
 application unless the ,director1 in   
consultation with the ,director of the  
,pension ,benefit ,guaranty ,corporation
 and the ,secretary of ,labor1 concludes
 that the determinations and            
demonstrations in the application were  
clearly erroneous4  7#c7 ,required      
action2 deemed approval ,the ,director  
of the ,pension ,rehabilitation         
,administration shall approve or deny   
any application under this subsection   
within #ij days after the submission of 
such application4 ,an application shall 
be deemed approved unless1 within such  
#ij days1 the ,director notifies the    
plan sponsor that the determinations or 
demonstrations in the application were  
deemed clearly erroneous under paragraph
 7#b74 ,any approval or denial of an    
application by the ,director of the     

,pension ,rehabilitation ,administration
 shall be treated as a final agency     
action for purposes of section #gjd of  
title #e1 ,united ,states ,code4  7#d7  
,certain plans required to apply ,the   
plan sponsor of any plan with respect to
 which a suspension of benefits has been
 approved under section #dcb7;e77#i7 of 
the ,internal ,revenue ,code of #aihf   
and section #cje7;e77#i7 of the         
,employee ,retirement ,income ,security 
,act of #aigd or under section #dah;,e  
of such ,code1 before the date of the   
enactment of this ,act shall apply for a
 loan under this section4 ,the ,director
 of the ,pension ,rehabilitation        
,administration shall provide for such  
plan sponsors to use the simplified     
application under subsection            
7d77#b77;,b74  7d7 ,loan amount and use 
7#a7 ,amount of loan  7,a7 ,in general  
,except as provided in subparagraph 7,b7
 and paragraph 7#b71 the amount of any  
loan under subsection 7a7 shall be1 as  
demonstrated by the plan sponsor on the 

application under subsection 7c71 the   
amount needed to purchase annuity       
contracts or to implement a portfolio   
described in paragraph 7#c77;,c7 7or a  
combination of the two7 sufficient to   
provide benefits of participants and    
beneficiaries of the plan in pay status 
at the time the loan is made4  7,b7     
,plans with suspended benefits ,in the  
case of a plan which has suspended      
benefits under section #dcb7;e77#i7 of  
the ,internal ,revenue ,code of #aihf   
and section #cje7;e77#i7 of the         
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4            
#ajhe7;e77#i77 or under section #dah;,e 
of such ,code--  7i7 the suspension of  
benefits shall not be taken into account
 in applying paragraph 7#a72 and  7ii7  
the loan amount shall be the amount     
sufficient to provide benefits of       
participants and beneficiaries of the   
plan in pay status at the time the loan 
is made1 determined without regard to   
the suspension1 including retroactive   

payment of benefits which would         
otherwise have been payable during the  
period of the suspension4  7#b7         
,coordination with ,,pbgc financial     
assistance  7,a7 ,in general ,in the    
case of a plan which is also applying   
for financial assistance under section  
#dbfa7;d7 of the ,employee ,retirement  
,income ,security ,act of #aigd 7#bi    
,u4,s4,c4 #adca7;d77--  7i7 the plan    
sponsor shall submit the loan           
application and the application for     
financial assistance jointly to the     
,pension ,rehabilitation ,administration
 and the ,pension ,benefit ,guaranty    
,corporation with the information       
necessary to determine the amount under 
subparagraph 7,b72 and  7ii7 if such    
financial assistance is granted1 the    
amount of the loan under subsection 7a7 
shall be the amount described in        
paragraph 7#a7 reduced by the amount of 
such financial assistance4  7,b7 ,plans 
already receiving ,,pbgc assistance ,the
 ,director of the ,pension              

,rehabilitation ,administration shall   
provide for a simplified application for
 the loan under this section which may  
be used by an insolvent plan which has  
not been terminated and which is already
 receiving financial assistance 7other  
than under section #dbfa7;d7 of such    
,act7 from the ,pension ,benefit        
,guaranty ,corporation at the time of   
the application for the loan under this 
section4  7#c7 ,use of loan funds  7,a7 
,in general ,the loan received under    
subsection 7a7 shall be used to purchase
 annuity contracts which meet the       
requirements of subparagraph 7,b7 or to 
implement a portfolio described in      
subparagraph 7,c7 7or a combination of  
the two7 to provide the benefits        
described in paragraph 7#a74  7,b7      
,annuity contract requirements ,the     
annuity contracts purchased under       
subparagraph 7,a7 shall be issued by an 
insurance company which is licensed to  
do business under the laws of any ,state
 and which is rated ,a or better by a   

nationally recognized statistical rating
 organization1 and the purchase of such 
contracts shall meet all applicable     
fiduciary standards under the ,employee 
,retirement ,income ,security ,act of   
#aigd4  7,c7 ,portfolio  7i7 ,in general
 ,a portfolio described in this         
subparagraph is-- 7,i7 a cash matching  
portfolio or duration matching portfolio
 consisting of investment grade 7as     
rated by a nationally recognized        
statistical rating organization7 fixed  
income investments1 including ,united   
,states dollar-denominated public or    
private debt obligations issued or      
guaranteed by the ,united ,states or a  
foreign issuer1 which are tradeable in  
,united ,states currency and are issued 
at fixed or zero coupon rates2 or       
7,,ii7 any other portfolio prescribed by
 the ,secretary of the ,treasury in     
regulations which has a similar risk    
profile to the portfolios described in  
subclause 7,i7 and is equally protective
 of the interests of participants and   

beneficiaries4  ,once implemented1 such 
a portfolio shall be maintained until   
all liabilities to participants and     
beneficiaries in pay status at the time 
of the loan are satisfied4  7ii7        
,fiduciary duty ,any investment manager 
of a portfolio under this subparagraph  
shall acknowledge in writing that such  
person is a fiduciary under the         
,employee ,retirement ,income ,security 
,act of #aigd with respect to the plan4 
7iii7 ,treatment of participants and    
beneficiaries ,participants and         
beneficiaries covered by a portfolio    
under this subparagraph shall continue  
to be treated as participants and       
beneficiaries of the plan4  7,d7        
,accounting  7i7 ,in general ,annuity   
contracts purchased and portfolios      
implemented under this paragraph shall  
be accounted for separately from the    
other assets of the plan1 and the       
proceeds thereof shall be used solely to
 provide the benefits described in      
paragraph 7#a7 until all such benefits  

have been paid4  7ii7 ,oversight of     
non-annuity investments  7,i7 ,in       
general ,any portfolio implemented under
 this paragraph shall be subject to     
oversight by the ,pension               
,rehabilitation ,administration1        
including a mandatory triennial review  
of the adequacy of the portfolio to     
provide the benefits described in       
paragraph 7#a7 and approval 7to be      
provided within a reasonable period of  
time7 of any decision by the plan       
sponsor to change the investment manager
 of the portfolio4  7,,ii7 ,remedial    
action ,if the triennial review under   
subclause 7,i7 determines an inadequacy1
 the plan sponsor shall take remedial   
action to ensure that the inadequacy    
will be cured within #e years of the    
review4  7,e7 ,ombudsperson ,the        
,participant and ,plan ,sponsor         
,advocate established under section     
#djjd of the ,employee ,retirement      
,income ,security ,act of #aigd shall   
act as ombudsperson for participants and

 beneficiaries on behalf of whom annuity
 contracts are purchased or who are     
covered by a portfolio under this       
paragraph4  7e7 ,loan default ,if a plan
 is unable to make any payment on a loan
 under this section when due1 the       
,pension ,rehabilitation ,administration
 shall negotiate with the plan sponsor  
revised terms for repayment reflecting  
the plan's ability to make payments1    
which may include installment payments  
over a reasonable period and1 if the    
,pension ,rehabilitation ,administration
 deems necessary to avoid any suspension
 of the accrued benefits of             
participants1 forgiveness of a portion  
of the loan principal4  7f7 ,authority  
,to issue rules1 etc ,the ,director of  
the ,pension ,rehabilitation            
,administration established under       
section #b1 in consultation with the    
,pension ,benefit ,guaranty ,corporation
 and the ,department of ,labor1 is      
authorized to issue rules regarding the 
form1 content1 and process of           

applications for loans under this       
section1 actuarial standards and        
assumptions to be used in making        
estimates and projections for purposes  
of such applications1 and assumptions   
regarding interest rates1 mortality1 and
 distributions with respect to a        
portfolio described in subsection       
7d77#c77;,c74  7g7 ,coordination with   
taxation of unrelated business income   
,subparagraph 7,a7 of section           
#ead7;c77#f7 of the ,internal ,revenue  
,code of #aihf is amended-- 7#a7 by     
striking or at the end of clause 7i72   
7#b7 by striking the period at the end  
of clause 7ii77,,ii7 and inserting 1 or2
 and  7#c7 by adding at the end the     
following new clause3  7iii7            
indebtedness with respect to a          
multiemployer plan under a loan made by 
the ,pension ,rehabilitation            
,administration pursuant to section #d  
of the ,butch ,lewis ,act of #bjag4  4  
#e4 ,coordination with withdrawal       
liability and funding rules  7a7        

,amendment to ,internal ,revenue ,code  
of #aihf ,section #dcb of the ,internal 
,revenue ,code of #aihf is amended by   
adding at the end the following new     
subsection3  7k7 ,special rules for     
plans receiving pension rehabilitation  
loans  7#a7 ,determination of withdrawal
 liability  7,a7 ,in general ,if any    
employer participating in a plan at the 
time the plan receives a loan under     
section #d7;a7 of the ,butch ,lewis ,act
 of #bjag withdraws from the plan before
 the end of the #cj-year period         
beginning on the date of the loan1 the  
withdrawal liability of such employer   
shall be determined under the ,employee 
,retirement ,income ,security ,act of   
#aigd--  7i7 by applying section        
#dbai7;c77#a77;,d7 of the ,employee     
,retirement ,income ,security ,act of   
#aigd as if the plan were terminating by
 the withdrawal of every employer from  
the plan1 and  7ii7 by determining the  
value of nonforfeitable benefits under  
the plan at the time of the deemed      

termination by using the interest       
assumptions prescribed for purposes of  
section #djdd of the ,employee          
,retirement ,income ,security ,act of   
#aigd1 as prescribed in the regulations 
under section #dbha of the ,employee    
,retirement ,income ,security ,act of   
#aigd in the case of such a mass        
withdrawal4  7,b7 ,annuity contracts and
 investment portfolios purchased with   
loan funds ,annuity contracts purchased 
and portfolios implemented under section
 #d7;d77#c7 of the ,butch ,lewis ,act of
 #bjag shall not be taken into account  
in determining the withdrawal liability 
of any employer under subparagraph 7,a71
 but the amount equal to the greater    
of--  7i7 the benefits provided under   
such contracts or portfolios to         
participants and beneficiaries1 or  7ii7
 the remaining payments due on the loan 
under section #d7;a7 of such ,act1      
shall be so taken into account4  7#b7   
,coordination with funding requirements 
,in the case of a plan which receives a 

loan under section #d7;a7 of the ,butch 
,lewis ,act of #bjag-- 7,a7 annuity     
contracts purchased and portfolios      
implemented under section #d7;d77#c7 of 
such ,act1 and the benefits provided to 
participants and beneficiaries under    
such contracts or portfolios1 shall not 
be taken into account in determining    
minimum required contributions under    
section #dab1  7,b7 payments on the     
interest and principal under the loan1  
and any benefits owed in excess of those
 provided under such contracts or       
portfolios1 shall be taken into account 
as liabilities for purposes of such     
section1 and  7,c7 if such a portfolio  
is projected due to unfavorable         
investment or actuarial experience to be
 unable to fully satisfy the liabilities
 which it covers1 the amount of the     
liabilities projected to be unsatisfied 
shall be taken into account as          
liabilities for purposes of such        
section4  4  7b7 ,amendment to ,employee
 ,retirement ,income ,security ,act of  

#aigd ,section #cje of the ,employee    
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajhe7 is amended  
by adding at the end the following new  
subsection3  7k7 ,special rules for     
plans receiving pension rehabilitation  
loans  7#a7 ,determination of withdrawal
 liability  7,a7 ,in general ,if any    
employer participating in a plan at the 
time the plan receives a loan under     
section #d7;a7 of the ,butch ,lewis ,act
 of #bjag withdraws from the plan before
 the end of the #cj-year period         
beginning on the date of the loan1 the  
withdrawal liability of such employer   
shall be determined--  7i7 by applying  
section #dbai7;c77#a77;,d7 as if the    
plan were terminating by the withdrawal 
of every employer from the plan1 and    
7ii7 by determining the value of        
nonforfeitable benefits under the plan  
at the time of the deemed termination by
 using the interest assumptions         
prescribed for purposes of section      
#djdd1 as prescribed in the regulations 

under section #dbha in the case of such 
a mass withdrawal4  7,b7 ,annuity       
contracts and investment portfolios     
purchased with loan funds ,annuity      
contracts purchased and portfolios      
implemented under section #d7;d77#c7 of 
the ,butch ,lewis ,act of #bjag shall   
not be taken into account in determining
 the withdrawal liability of any        
employer under subparagraph 7,a71 but   
the amount equal to the greater of--    
7i7 the benefits provided under such    
contracts or portfolios to participants 
and beneficiaries1 or  7ii7 the         
remaining payments due on the loan under
 section #d7;a7 of such ,act1  shall be 
so taken into account4  7#b7            
,coordination with funding requirements 
,in the case of a plan which receives a 
loan under section #d7;a7 of the ,butch 
,lewis ,act of #bjag-- 7,a7 annuity     
contracts purchased and portfolios      
implemented under section #d7;d77#c7 of 
such ,act1 and the benefits provided to 
participants and beneficiaries under    

such contracts or portfolios1 shall not 
be taken into account in determining    
minimum required contributions under    
section #cjb1  7,b7 payments on the     
interest and principal under the loan1  
and any benefits owed in excess of those
 provided under such contracts or       
portfolios1 shall be taken into account 
as liabilities for purposes of such     
section1 and  7,c7 if such a portfolio  
is projected due to unfavorable         
investment or actuarial experience to be
 unable to fully satisfy the liabilities
 which it covers1 the amount of the     
liabilities projected to be unsatisfied 
shall be taken into account as          
liabilities for purposes of such        
section4  4  #f4 ,issuance of ,treasury 
bonds  7a7 ,in general ,the ,secretary  
of the ,treasury shall issue bonds as   
authorized by section #cajb of title    
#ca1 ,united ,states ,code1 in an amount
 necessary to fund the loan program     
under section #d of this ,act1 as       
determined in consultation with the     

,director of the ,pension               
,rehabilitation ,administration         
established under section #b4  7b7      
,transfers to ,pension ,rehabilitation  
,trust ,fund ,the ,secretary of the     
,treasury shall from time to time       
transfer an amount equal to the proceeds
 of the issue under subsection 7a71 from
 the general fund of the ,treasury to   
the ,pension ,rehabilitation ,trust     
,fund established under section #ieab of
 the ,internal ,revenue ,code of #aihf4 
#g4 ,reports of plans receiving pension 
rehabilitation loans  7a7 ,in general   
,subpart ,e of part ,,iii of subchapter 
,a of chapter #fa of the ,internal      
,revenue ,code of #aihf is amended by   
adding at the end the following new     
section3  #fjei;,a4 ,reports of plans   
receiving pension rehabilitation loans  
7a7 ,in general ,in the case of a plan  
receiving a loan under section #d7;a7 of
 the ,butch ,lewis ,act of #bjag1 with  
respect to the first plan year beginning
 after the date of the loan and each of 

the #bi succeeding plan years1 not later
 than the #ijth day of each such plan   
year the plan sponsor shall file with   
the ,secretary a report 7including      
appropriate documentation and actuarial 
certifications from the plan actuary1 as
 required by the ,secretary7 that       
contains--  7#a7 the funded percentage  
7as defined in section #dcb7;i77#b77 as 
of the first day of such plan year1 and 
the underlying actuarial value of assets
 7determined with regard1 and without   
regard1 to annuity contracts purchased  
and portfolios implemented with proceeds
 of such loan7 and liabilities          
7including any amounts due with respect 
to such loan7 taken into account in     
determining such percentage1  7#b7 the  
market value of the assets of the plan  
7determined as provided in paragraph    
7#a77 as of the last day of the plan    
year preceding such plan year1  7#c7 the
 total value of all contributions made  
by employers and employees during the   
plan year preceding such plan year1     

7#d7 the total value of all benefits    
paid during the plan year preceding such
 plan year1  7#e7 cash flow projections 
for such plan year and the #i succeeding
 plan years1 and the assumptions used in
 making such projections1  7#f7 funding 
standard account projections for such   
plan year and the #i succeeding plan    
years1 and the assumptions relied upon  
in making such projections1  7#g7 the   
total value of all investment gains or  
losses during the plan year preceding   
such plan year1  7#h7 any significant   
reduction in the number of active       
participants during the plan year       
preceding such plan year1 and the reason
 for such reduction1  7#i7 a list of    
employers that withdrew from the plan in
 the plan year preceding such plan year1
 and the resulting reduction in         
contributions1  7#aj7 a list of         
employers that paid withdrawal liability
 to the plan during the plan year       
preceding such plan year and1 for each  
employer1 a total assessment of the     

withdrawal liability paid1 the annual   
payment amount1 and the number of years 
remaining in the payment schedule with  
respect to such withdrawal liability1   
7#aa7 any material changes to benefits1 
accrual rates1 or contribution rates    
during the plan year preceding such plan
 year1 and whether such changes relate  
to the terms of the loan1  7#ab7 details
 regarding any funding improvement plan 
or rehabilitation plan and updates to   
such plan1  7#ac7 the number of         
participants and beneficiaries during   
the plan year preceding such plan year  
who are active participants1 the number 
of participants and beneficiaries in pay
 status1 and the number of terminated   
vested participants and beneficiaries1  
7#ad7 the amount of any financial       
assistance received under section #dbfa 
of the ,employee ,retirement ,income    
,security ,act of #aigd to pay benefits 
during the preceding plan year1 and the 
total amount of such financial          
assistance received for all preceding   

years1  7#ae7 the information contained 
on the most recent annual funding notice
 submitted by the plan under section    
#aja7;f7 of the ,employee ,retirement   
,income ,security ,act of #aigd1  7#af7 
the information contained on the most   
recent annual return under section #fjeh
 and actuarial report under section     
#fjei of the plan1 and  7#ag7 copies of 
the plan document and amendments1 other 
retirement benefit or ancillary benefit 
plans relating to the plan and          
contribution obligations under such     
plans1 a breakdown of administrative    
expenses of the plan1 participant census
 data and distribution of benefits1 the 
most recent actuarial valuation report  
as of the plan year1 copies of          
collective bargaining agreements1 and   
financial reports1 and such other       
information as the ,secretary1 in       
consultation with the ,director of the  
,pension ,rehabilitation                
,administration1 may require4  7b7      
,electronic submission ,the report      

required under subsection 7a7 shall be  
submitted electronically4  7c7          
,information sharing ,the ,secretary    
shall share the information in the      
report under subsection 7a7 with the    
,secretary of ,labor and the ,director  
of the ,pension ,benefit ,guaranty      
,corporation4  7d7 ,report to           
participants1 beneficiaries1 and        
employers ,each plan sponsor required to
 file a report under subsection 7a7     
shall1 before the expiration of the time
 prescribed for the filing of such      
report1 also provide a summary 7written 
in a manner so as to be understood by   
the average plan participant7 of the    
information in such report to           
participants and beneficiaries in the   
plan and to each employer with an       
obligation to contribute to the plan4  4
  7b7 ,penalty ,subsection 7e7 of       
section #ffeb of the ,internal ,revenue 
,code of #aihf is amended-- 7#a7 by     
inserting 1 #fjei;,a 7relating to       
reports of plans receiving pension      

rehabilitation loans7 after deferred    
compensation72  7#b7 by inserting 7#ajj 
in the case of failures under section   
#fjei;,a7 after #be2 and  7#c7 by adding
 at the end the following3 ,in the case 
of a failure with respect to section    
#fjei;,a1 the amount imposed under this 
subsection shall not be paid from the   
assets of the plan44  7c7 ,clerical     
amendment ,the table of sections for    
subpart ,e of part ,,iii of subchapter  
,a of chapter #fa of the ,internal      
,revenue ,code of #aihf is amended by   
adding at the end the following new     
item3  ,sec4 #fjei;,a4 ,reports of plans
 receiving pension rehabilitation loans4
  4  #h4 ,,pbgc financial assistance    
7a7 ,in general ,section #dbfa of the   
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #adca7 is  
amended by adding at the end the        
following new subsection3  7d7 7#a7 ,the
 plan sponsor of a multiemployer plan-- 
7,a7 which is in critical and declining 
status 7within the meaning of section   

#cje7;b77#f771 or  7,b7 which is        
insolvent but has not been terminated   
and is receiving assistance from the    
corporation 7other than assistance under
 this subsection71  and which is        
applying for a loan under section #d7;a7
 of the ,butch ,lewis ,act of #bjag may 
also apply to the corporation for       
financial assistance under this         
subsection1 by jointly submitting such  
applications in accordance with section 
#d7;d77#b7 of such ,act4 ,the           
application for financial assistance    
under this subsection shall demonstrate1
 based on projections by the plan       
actuary1 that after the receipt of the  
anticipated loan amount under section   
#d7;a7 of such ,act1 the plan will still
 become 7or remain7 insolvent within the
 #cj-year period beginning on the date  
of the loan4  7#b7 ,in the case of a    
plan described in paragraph 7#a77;,a71  
the financial assistance provided       
pursuant to such application under this 
subsection shall be the amount          

7determined by the plan actuary and     
submitted on the application7 equal to  
the sum of--  7,a7 the percentage of    
benefits of participants and            
beneficiaries of the plan in pay status 
at the time of the application1 and     
7,b7 the percentage of future benefits  
to which participants who have separated
 from service but are not yet in pay    
status are entitled1  which1 if such    
percentage were paid by the corporation 
in combination with the loan1 would     
allow the plan to avoid the projected   
insolvency and be projected to have     
increasing assets over any #e-year      
period following the repayment of the   
loan4 ,such amount shall not exceed the 
maximum guaranteed benefit with respect 
to all participants and beneficiaries of
 the plan under sections #djbb;,a and   
#djbb;,b4 ,for this purpose1 the maximum
 guaranteed benefit amount shall be     
determined by disregarding any loan     
available from the ,pension             
,rehabilitation ,administration and     

shall be determined as if the plan were 
insolvent on the date of the            
application4 ,further1 the present value
 of the maximum guaranteed benefit      
amount with respect to such participants
 and beneficiaries may be calculated in 
the aggregate1 rather than by reference 
to the benefit of each such participant 
or beneficiary4  7#c7 ,in the case of a 
plan described in paragraph 7#a77;,b71  
the financial assistance provided       
pursuant to such application under this 
subsection shall be the amount          
7determined by the plan actuary and     
submitted on the application7 which1 if 
such amount were paid by the corporation
 in combination with the loan and any   
other assistance being provided to the  
plan by the corporation at the time of  
the application1 would enable the plan  
to emerge from insolvency4  7#d7        
,subsections 7b7 and 7c7 shall apply to 
financial assistance under this         
subsection as if it were provided under 
subsection 7a71 except that the terms   

for repayment under subsection 7b77#b7  
shall not require the financial         
assistance to be repaid before the date 
on which the loan under section #d7;a7  
of the ,butch ,lewis ,act of #bjag is   
repaid in full4  7#e7 ,the corporation  
may forgo repayment of the financial    
assistance provided under this          
subsection if necessary to avoid any    
suspension of the accrued benefits of   
participants4  4  7b7 ,appropriations   
,there is appropriated to the ,director 
of the ,pension ,benefit ,guaranty      
,corporation such sums as may be        
necessary for each fiscal year to       
provide the financial assistance        
described in section #dbfa7;d7 of the   
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #adca7;d77 
7as added by this section7 7including   
necessary administrative and operating  
expenses relating to such assistance74