,i #aafth ,,congress #ast ,session ,h4 ,r4 #aiaf ,,in ,,the ,,house ,,of ,,representatives ,march #bg1 #bjai ,ms4 ,del,bene 7for herself1 ,mrs4 ,rodgers of ,washington1 ,mr4 ,smith of ,washington1 and ,mr4 ,newhouse7 introduced the following bill2 which was referred to the ,committee on ,education and ,labor1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf and the ,employee ,retirement ,income ,security ,act of #aigd to provide alternative minimum funding rules for certain single-employer plans maintained by a community newspaper4 #a4 ,short title ,this ,act may be cited as the ,save ,community ,newspaper ,act of #bjai4 #b4 ,special rules for minimum funding standards for community newspaper plans 7a7 ,amendment to ,internal ,revenue ,code of #aihf ,section #dcj of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7m7 ,special rules for community newspaper plans 7#a7 ,in general ,the plan sponsor of a community newspaper plan under which no participant has had the participant's accrued benefit increased 7whether because of service or compensation7 after ,december #ca1 #bjag1 may elect to have the alternative standards described in paragraph 7#c7 apply to such plan1 and any plan sponsored by any member of the same controlled group1 for purposes of this section for plan years beginning with any plan year in effect on or beginning after the date of the enactment of this subsection4 7#b7 ,election ,an election under paragraph 7#a7 shall be made at such time and in such manner as prescribed by the ,secretary4 ,such election1 once made with respect to a plan year1 shall apply to all subsequent plan years unless revoked with the consent of the ,secretary4 7#c7 ,alternative minimum funding standards ,the alternative standards described in this paragraph are the following3 7,a7 ,interest rates 7i7 ,in general ,notwithstanding subsection 7h77#b77;,c7 and except as provided in clause 7ii71 the first1 second1 and third segment rates in effect for any month for purposes of this section shall be #h percent4 7ii7 ,new benefit accruals ,notwithstanding subsection 7h77#b71 for purposes of determining the funding target and normal cost of a plan for any plan year1 the present value of any benefits accrued or earned under the plan for a plan year with respect to which an election under paragraph 7#a7 is in effect shall be determined on the basis of the ,u4,s4 ,treasury obligation yield curve for the day that is the valuation date of such plan for such plan year4 7iii7 ,u4,s4 ,treasury obligation yield curve ,for purposes of this subsection1 the term ,u4,s4 ,treasury obligation yield curve means1 with respect to any day1 a yield curve which shall be prescribed by the ,secretary for such day on interest-bearing obligations of the ,united ,states4 7,b7 ,shortfall amortization base 7i7 ,previous shortfall amortization bases ,the shortfall amortization bases determined under subsection 7c77#c7 for all plan years preceding the first plan year to which the election under paragraph 7#a7 applies 7and all shortfall amortization installments determined with respect to such bases7 shall be reduced to zero under rules similar to the rules of subsection 7c77#f74 7ii7 ,new shortfall amortization base ,notwithstanding subsection 7c77#c71 the shortfall amortization base for the first plan year to which the election under paragraph 7#a7 applies shall be the funding shortfall of such plan for such plan year 7determined using the interest rates as modified under subparagraph 7,a774 7,c7 ,determination of shortfall amortization installments 7i7 #cj-year period ,subparagraphs 7,a7 and 7,b7 of subsection 7c77#b7 shall be applied by substituting #cj-plan-year for #g-plan-year each place it appears4 7ii7 ,no special election ,the election under subparagraph 7,d7 of subsection 7c77#b7 shall not apply to any plan year to which the election under paragraph 7#a7 applies4 7,d7 ,exemption from at-risk treatment ,subsection 7i7 shall not apply4 7#d7 ,community newspaper plan ,for purposes of this subsection3 7,a7 ,in general ,the term community newspaper plan means a plan to which this section applies maintained by an employer which1 as of ,december #ca1 #bjag-- 7i7 publishes and distributes1 either electronically or in printed form1 #a or more newspapers1 7ii7 is not a company the stock of which is publicly traded 7on a stock exchange or in an over-the-counter market71 and is not controlled1 directly or indirectly1 by such a company1 and 7iii7 is controlled1 directly or indirectly-- 7,i7 by #a or more persons residing primarily in a ,state in which the newspaper is published or distributed1 7,,ii7 by a trust or trusts1 #a or more of which was created or organized in a ,state in which the newspaper is published or distributed1 or 7,,iii7 by a combination of persons described in subclauses 7,i7 and 7,,ii74 7,b7 ,control ,a person shall be treated as controlled by another person if such other person possesses1 directly or indirectly1 the power to direct or cause the direction and management of such person 7including the power to elect a majority of the members of the board of directors of such person7 through the ownership of voting securities4 7#e7 ,controlled group ,for purposes of this subsection1 the term controlled group means all persons treated as a single employer under subsection 7b71 7c71 7m71 or 7o7 of section #dad as of the date of the enactment of this subsection4 4 7b7 ,amendment to ,employee ,retirement ,income ,security ,act of #aigd ,section #cjc of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhc7 is amended by adding at the end the following new subsection3 7m7 ,special rules for community newspaper plans 7#a7 ,in general ,the plan sponsor of a community newspaper plan under which no participant has had the participant's accrued benefit increased 7whether because of service or compensation7 after ,december #ca1 #bjag1 may elect to have the alternative standards described in paragraph 7#c7 apply to such plan1 and any plan sponsored by any member of the same controlled group1 for purposes of this section for plan years beginning with any plan year in effect on or beginning after the date of the enactment of this subsection4 7#b7 ,election ,an election under paragraph 7#a7 shall be made at such time and in such manner as prescribed by the ,secretary of the ,treasury4 ,such election1 once made with respect to a plan year1 shall apply to all subsequent plan years unless revoked with the consent of the ,secretary of the ,treasury4 7#c7 ,alternative minimum funding standards ,the alternative standards described in this paragraph are the following3 7,a7 ,interest rates 7i7 ,in general ,notwithstanding subsection 7h77#b77;,c7 and except as provided in clause 7ii71 the first1 second1 and third segment rates in effect for any month for purposes of this section shall be #h percent4 7ii7 ,new benefit accruals ,notwithstanding subsection 7h77#b71 for purposes of determining the funding target and normal cost of a plan for any plan year1 the present value of any benefits accrued or earned under the plan for a plan year with respect to which an election under paragraph 7#a7 is in effect shall be determined on the basis of the ,u4,s4 ,treasury obligation yield curve for the day that is the valuation date of such plan for such plan year4 7iii7 ,u4,s4 ,treasury obligation yield curve ,for purposes of this subsection1 the term ,u4,s4 ,treasury obligation yield curve means1 with respect to any day1 a yield curve which shall be prescribed by the ,secretary of the ,treasury for such day on interest-bearing obligations of the ,united ,states4 7,b7 ,shortfall amortization base 7i7 ,previous shortfall amortization bases ,the shortfall amortization bases determined under subsection 7c77#c7 for all plan years preceding the first plan year to which the election under paragraph 7#a7 applies 7and all shortfall amortization installments determined with respect to such bases7 shall be reduced to zero under rules similar to the rules of subsection 7c77#f74 7ii7 ,new shortfall amortization base ,notwithstanding subsection 7c77#c71 the shortfall amortization base for the first plan year to which the election under paragraph 7#a7 applies shall be the funding shortfall of such plan for such plan year 7determined using the interest rates as modified under subparagraph 7,a774 7,c7 ,determination of shortfall amortization installments 7i7 #cj-year period ,subparagraphs 7,a7 and 7,b7 of subsection 7c77#b7 shall be applied by substituting #cj-plan-year for #g-plan-year each place it appears4 7ii7 ,no special election ,the election under subparagraph 7,d7 of subsection 7c77#b7 shall not apply to any plan year to which the election under paragraph 7#a7 applies4 7,d7 ,exemption from at-risk treatment ,subsection 7i7 shall not apply4 7#d7 ,community newspaper plan ,for purposes of this subsection3 7,a7 ,in general ,the term community newspaper plan means a plan to which this section applies maintained by an employer which1 as of ,december #ca1 #bjag-- 7i7 publishes and distributes1 either electronically or in printed form1 #a or more newspapers1 7ii7 is not a company the stock of which is publicly traded 7on a stock exchange or in an over-the-counter market71 and is not controlled1 directly or indirectly1 by such a company1 and 7iii7 is controlled1 directly or indirectly-- 7,i7 by #a or more persons residing primarily in a ,state in which the newspaper is published or distributed1 7,,ii7 by a trust or trusts1 #a or more of which was created or organized in a ,state in which the newspaper is published or distributed1 or 7,,iii7 by a combination of persons described in subclauses 7,i7 and 7,,ii74 7,b7 ,control ,a person shall be treated as controlled by another person if such other person possesses1 directly or indirectly1 the power to direct or cause the direction and management of such person 7including the power to elect a majority of the members of the board of directors of such person7 through the ownership of voting securities4 7#e7 ,controlled group ,for purposes of this subsection1 the term controlled group means all persons treated as a single employer under subsection 7b71 7c71 7m71 or 7o7 of section #dad of the ,internal ,revenue ,code of #aihf as of the date of the enactment of this subsection4 7#f7 ,effect on premium rate calculation ,notwithstanding any other provision of law or any regulation issued by the ,pension ,benefit ,guaranty ,corporation1 in the case of a plan with respect to which the election under paragraph 7#a7 has been made1 the additional premium under section #djjf7;a77#c77;,e7 shall be determined as if such election had not been made4 4 7c7 ,effective date ,the amendments made by this section shall apply to plan years ending after ,december #ca1 #bjag4