,,ib  ,union ,cal5d> ,no4 #abc  #aaf?   
,,congress  #a/ ,session  ,h4 ,r4 #cig  
,report ,no4 #aaf-aei1 ,p>ts ,i & ,,ii  
,,9 ,,! ,,h\se ,,( ,,repres5tatives     
,janu>y #i1 #bjai ,mr4 ,neal 7= himself1
 ,mr4 ,k+ ( ,new ,york1 ,mr4 ,scott (   
,virg9ia1 ,mr4 ,"y1 ,mrs4 ,d+ell1 ,mr4  
,smi? ( ,new ,j]sey1 ,mr4 ,norcross1    
,mr4 ,katko1 ,ms4 ,kaptur1 & ,mr4       
,=t5b]ry7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,education & 
,labor1 & 9 addition to ! ,committees on
 ,ways & ,means1 & ,appropriations1 = 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$  ,july #ah1 #bjai    
,report$ f ! ,committee on ,ways &      
,means ) an am5dm5t ,/rike out all aft] 
! enact+ clause & ins]t ! "p pr9t$ 9    
italic  ,july #ai1 #bjai ,report$ f !   
,committee on ,education & ,labor ) an  
am5dm5t ,/rike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 boldface    
roman  ,july #ai1 #bjai ,additional     

sponsors3 ,ms4 ,moore1 ,mr4 ,cleav]1    
,mr4 ,lyn*1 ,ms4 ,s*ak[sky1 ,mr4        
,huiz5ga1 ,mr4 ,ryan1 ,mr4 ,sean        
,patrick ,maloney ( ,new ,york1 ,mr4    
,fitzpatrick1 ,ms4 ,kelly ( ,ill9ois1   
,ms4 ,mc,collum1 ,ms4 ,br[nley (        
,cali=nia1 ,mr4 ,khanna1 ,ms4 ,wilson ( 
,florida1 ,mr4 ,ha/+s1 ,mr4 ,loebsack1  
,mrs4 ,beatty1 ,ms4 ,p+ree1 ,mr4 ,sires1
 ,mr4 ,/aub]1 ,mr4 ,higg9s ( ,new ,york1
 ,ms4 ,sewell ( ,alabama1 ,mr4 ,lamb1   
,ms4 ,velzquez1 ,miss ,rice ( ,new      
,york1 ,mrs4 ,bu/os1 ,mr4 ,coh51 ,mr4   
,espaillat1 ,mr4 ,lip9ski1 ,mr4 ,sablan1
 ,mr4 ,kildee1 ,mr4 ,br9disi1 ,ms4      
,titus1 ,ms4 ,craig1 ,mr4 ,pallone1 ,mr4
 ,s*iff1 ,mr4 ,smi? ( ,wa%+ton1 ,ms4    
,de,lauro1 ,mr4 ,s]rano1 ,ms4 ,norton1  
,mr4 ,kri%namoor?i1 ,ms4 ,roybal-,all>d1
 ,mr4 ,gallego1 ,mrs4 ,napolitano1 ,mr4 
,t$ ,lieu ( ,cali=nia1 ,mr4 ,visclosky1 
,mr4 ,mc,govern1 ,mr4 ,lev9 ( ,mi*igan1 
,mr4 ,price ( ,nor? ,c>ol9a1 ,ms4       
,fudge1 ,ms4 ,bonamici1 ,mr4 ,suozzi1   
,ms4 ,hill ( ,cali=nia1 ,mr4 ,k9d1 ,mr4 

,pocan1 ,mr4 ,morelle1 ,ms4 ,om>1 ,mr4  
,fo/]1 ,ms4 ,lee ( ,cali=nia1 ,mr4      
,s*rad]1 ,mr4 ,g>am5di1 ,ms4 ,wass]man  
,s*ultz1 ,ms4 ,/ev5s1 ,mr4 ,blum5au]1   
,mr4 ,c\rtney1 ,mr4 ,kim1 ,mr4 ,g>ca (  
,ill9ois1 ,ms4 ,wild1 ,ms4              
,ocasio-,cortez1 ,mrs4 ,trahan1 ,ms4    
,l(gr51 ,mr4 ,rose ( ,new ,york1 ,ms4   
,haal&1 ,mr4 ,gonzalez ( ,texas1 ,mr4   
,rask91 ,mr4 ,de,fazio1 ,mr4 ,neguse1   
,mr4 ,david ,scott ( ,georgia1 ,mr4     
,phillips1 ,ms4 ,jayapal1 ,ms4          
,de,gette1 ,mr4 ,rupp]sb]g]1 ,mr4 ,wel*1
 ,ms4 ,ku/] ( ,new ,hamp%ire1 ,mrs4     
,watson ,coleman1 ,mr4 ,quigley1 ,mr4   
,tonko1 ,mr4 ,de,saulnier1 ,mr4         
,swalwell ( ,cali=nia1 ,mr4 ,veasey1    
,ms4 ,slotk91 ,mr4 ,mi*ael ,f4 ,doyle ( 
,p5nsylvania1 ,mr4 ,connolly1 ,mr4      
,delgado1 ,ms4 ,k5dra ,s4 ,horn (       
,oklahoma1 ,ms4 ,ca/or ( ,florida1 ,mr4 
,cicill9e1 ,mr4 ,c>twright1 ,mr4        
,mc,eachin1 ,mr4 ,lujn1 ,mr4 ,y>mu?1    
,mr4 ,pet]s1 ,ms4 ,f9k5au]1 ,mr4        
,aguil>1 ,mr4 ,grijalva1 ,ms4 ,e%oo1    

,mr4 ,cri/1 ,mr4 ,danny ,k4 ,davis (    
,ill9ois1 ,mr4 ,ca/ro ( ,texas1 ,mr4    
,p]lmutt]1 ,mr4 ,pascrell1 ,mrs4 ,axne1 
,ms4 ,jackson ,lee1 ,mr4 ,evans1 ,mrs4  
,davis ( ,cali=nia1 ,ms4 ,adams1 ,mr4   
,langev91 ,mr4 ,l>son ( ,connecticut1   
,ms4 ,s*ri]1 ,mr4 ,ruiz1 ,mr4 ,gre5 (   
,texas1 ,mr4 ,mc,nerney1 ,mr4 ,k5n$y1   
,mrs4 ,luria1 ,ms4 ,m5g1 ,mr4 ,m\lton1  
,ms4 ,blunt ,ro*e/]1 ,mrs4 ,mc,bath1    
,mr4 ,jeffries1 ,mr4 ,l[5?al1 ,mr4      
,butt]field1 ,ms4 ,spanb]g]1 ,ms4       
,spei]1 ,mr4 ,s*neid]1 ,mr4 ,?ompson (  
,mississippi1 ,ms4 ,johnson ( ,texas1   
,mr4 ,c>bajal1 ,mrs4 ,dem+s1 ,mr4       
,panetta1 ,mr4 ,takano1 ,ms4 ,dean1 ,ms4
 ,scanlon1 ,mr4 ,/anton1 ,mr4 ,gold51   
,ms4 ,sn*ez1 ,mr4 ,lawson ( ,florida1   
,mr4 ,bi%op ( ,georgia1 ,mr4            
,o',hall]an1 ,mrs4 ,kirkpatrick1 ,mr4   
,nadl]1 ,mr4 ,crd5as1 ,mr4 ,van ,drew1  
,mr4 ,himes1 ,mr4 ,%]man1 ,mr4 ,h>d] (  
,cali=nia1 ,ms4 ,tlaib1 ,mr4 ,r\da1 ,mr4
 ,trone1 ,ms4 ,%alala1 ,mrs4 ,hayes1    
,mr4 ,pappas1 ,mrs4 ,lee ( ,nevada1 ,ms4

 ,cl>k ( ,massa*usetts1 ,mrs4 ,lawr5ce1 
,mr4 ,hors=d1 ,mr4 ,pet]son1 ,ms4 ,judy 
,*u ( ,cali=nia1 ,ms4 ,h\lahan1 ,mr4    
,clay1 ,ms4 ,del,bene1 ,mr4 ,soto1 ,mr4 
,mal9[ski1 ,ms4 ,b>ragn1 ,mr4 ,br5dan   
,f4 ,boyle ( ,p5nsylvania1 ,mr4 ,cr[1   
,mr4 ,v>gas1 ,mr4 ,l>s5 ( ,wa%+ton1 ,mr4
 ,doggett1 ,mr4 ,payne1 ,mr4 ,cook1 ,mr4
 ,meeks1 ,mr4 ,gomez1 ,mr4 ,bey]1 ,mr4  
,lewis1 ,mr4 ,keat+1 ,mr4 ,kilm]1 ,mr4  
,c>son ( ,indiana1 ,mrs4 ,murphy1 ,mr4  
,?ompson ( ,cali=nia1 ,mr4 ,lev9 (      
,cali=nia1 ,mr4 ,br[n ( ,m>yl&1 ,ms4    
,g>cia ( ,texas1 ,ms4 ,%]rill1 ,mr4     
,huffman1 ,mrs4 ,torres ( ,cali=nia1    
,mr4 ,hoy]1 ,ms4 ,wexton1 ,mr4 ,got!im]1
 ,ms4 ,frankel1 ,mrs4 ,c>olyn ,b4       
,maloney ( ,new ,york1 & ,mr4 ,engel    
,july #ai1 #bjai ,! ,committee on       
,appropriations dis*>g$2 committ$ to !  
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be pr9t$ ,= text (  
introduc$ bill1 see copy ( bill z       
introduc$ on ,janu>y #i1 #bjai  ,a      
,,bill  ,to am5d ! ,int]nal ,rev5ue     

,code ( #aihf to create a ,p5sion       
,rehabilitation ,tru/ ,fund1 to e/abli% 
a ,p5sion ,rehabilitation ,adm9i/ration 
)9 ! ,dep>tm5t ( ! ,treasury to make    
loans to multiemploy] def9$ b5efit      
plans1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai4  #b4 ,p5sion             
,rehabilitation ,adm9i/ration2          
e/abli%m5t2 p[]s  7a7 ,e/abli%m5t ,!re  
is e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury 
an ag5cy to be kn[n z ! ,p5sion         
,rehabilitation ,adm9i/ration4  7b7     
,director  7#a7 ,e/abli%m5t ( position  
,!re %all be at ! head ( ! ,p5sion      
,rehabilitation ,adm9i/ration a         
,director1 :o %all be appo9t$ by !      
,presid5t4  7#b7 ,t]m  7,a7 ,9 g5]al ,! 
t]m ( (fice ( ! ,director %all be #e    
ye>s4  7,b7 ,s]vice until appo9tm5t (   
successor ,an individual s]v+ z         
,director at ! expiration ( a t]m may   
cont9ue to s]ve until a successor is    
appo9t$4  7#c7 ,p[]s  7,a7 ,appo9tm5t ( 

,deputy ,directors1 (fic]s1 & employees 
,! ,director may appo9t ,deputy         
,directors1 (fic]s1 & employees1 includ+
 attorneys1 9 accordance ) *apt] #ea &  
sub*apt] ,,iii ( *apt] #ec ( title #e1  
,unit$ ,/ates ,code4  7,b7 ,contract+   
7i7 ,9 g5]al ,! ,director may contract =
 f9ancial & adm9i/rative s]vices        
7includ+ ^? relat$ to budget & acc\nt+1 
f9ancial report+1 p]sonnel1 &           
procurem5t7 ) ! ,g5]al ,s]vices         
,adm9i/ration1 or su* o!r ,f$]al ag5cy z
 ! ,director det]m9es appropriate1 = :i*
 paym5t %all be made 9 advance1 or by   
reimbursem5t1 f funds ( ! ,p5sion       
,rehabilitation ,adm9i/ration 9 su*     
am\nts z may be agre$ ^u by ! ,director 
& ! head ( ! ,f$]al ag5cy provid+ !     
s]vices4  7ii7 ,subject to              
appropriations ,contract au?ority "u    
clause 7i7 %all be effective = any      
fiscal ye> only to ! ext5t t            
appropriations are available = t        
purpose4  7c7 ,transf] ( funds ,!       
,secret>y ( ! ,treasury may transf] =   

any fiscal ye>1 f unobligat$ am\nts     
appropriat$ to ! ,dep>tm5t ( !          
,treasury1 to ! ,p5sion ,rehabilitation 
,adm9i/ration su* sums z may be         
reasonably necess>y = ! adm9i/rative &  
op]at+ exp5ses ( ! ,p5sion              
,rehabilitation ,adm9i/ration4  #c4     
,p5sion ,rehabilitation ,tru/ ,fund  7a7
 ,9 g5]al ,sub*apt] ,a ( *apt] #ih ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#ieab4 ,p5sion ,rehabilitation ,tru/    
,fund  7a7 ,creation ( ,tru/ ,fund ,!re 
is e/abli%$ 9 ! ,treasury ( ! ,unit$    
,/ates a tru/ fund to be kn[n z !       
,p5sion ,rehabilitation ,tru/ ,fund     
7h]eaft] 9 ?is section ref]r$ to z !    
,fund71 consi/+ ( su* am\nts z may be   
appropriat$ or cr$it$ to ! ,fund z      
provid$ 9 ?is section & section         
#ifjb7;b74  7b7 ,transf]s to ,fund  7#a7
 ,am\nts attributable to ,treasury bonds
 ,!re %all be cr$it$ to ! ,fund ! am\nts
 transf]r$ "u section #f ( !            
,rehabilitation = ,multiemploy] ,p5sions

 ,act ( #bjai4  7#b7 ,loan int]e/ &     
pr9cipal  7,a7 ,9 g5]al ,! ,director ( !
 ,p5sion ,rehabilitation ,adm9i/ration  
e/abli%$ "u section #b ( !              
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai %all deposit 9 ! ,fund any
 am\nts receiv$ f a plan z paym5t (     
int]e/ or pr9cipal on a loan "u section 
#d ( su* ,act4  7,b7 ,int]e/ ,= purposes
 ( subp>agraph 7,a71 ! t]m int]e/       
includes po9ts & o!r simil> am\nts4     
7#c7 ,transf]s f ,secret>y ,! ,director 
( ! ,p5sion ,rehabilitation             
,adm9i/ration %all deposit 9 ! ,fund any
 am\nts receiv$ f ! ,secret>y "u section
 #b7;c7 ( su* ,act4  7#d7 ,availability 
( funds ,am\nts cr$it$ to or deposit$ 9 
! ,fund %all rema9 available until      
exp5d$4  7c7 ,exp5ditures f ,fund       
,am\nts 9 ! ,fund are available )\t     
fur!r appropriation to ! ,p5sion        
,rehabilitation ,adm9i/ration--  7#a7 = 
! purpose ( mak+ ! loans describ$ 9     
section #d ( ! ,rehabilitation =        
,multiemploy] ,p5sions ,act ( #bjai1    

7#b7 = ! paym5t ( pr9cipal & int]e/ on  
obligations issu$ "u section #f ( su*   
,act1 &  7#c7 = adm9i/rative & op]at+   
exp5ses ( su* ,adm9i/ration4  4  7b7    
,cl]ical am5dm5t ,! table ( sections =  
sub*apt] ,a ( *apt] #ih ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#ieab4 ,p5sion ,rehabilitation ,tru/    
,fund4  4  #d4 ,loan program =          
multiemploy] def9$ b5efit plans  7a7    
,loan au?ority  7#a7 ,9 g5]al ,! ,p5sion
 ,rehabilitation ,adm9i/ration e/abli%$ 
"u section #b is au?oriz$-- 7,a7 to make
 loans to multiemploy] plans 7z def9$ 9 
section #dad7;f7 ( ! ,int]nal ,rev5ue   
,code ( #aihf7 :i* are def9$ b5efit     
plans 7z def9$ 9 section #dad7;j7 ( su* 
,code7 & :i*--  7i7 are 9 critical &    
decl9+ /atus 7)9 ! mean+ ( section      
#dcb7;b77#f7 ( su* ,code & section      
#cje7;b77#f7 ( ! ,employee ,retirem5t & 
,income ,security ,act7 z ( ! date ( !  
enactm5t ( ?is section1 or ) respect to 
:i* a susp5sion ( b5efits has be5       

approv$ "u section #dcb7;e77#i7 ( su*   
,code & section #cje7;e77#i7 ( su* ,act 
z ( su* date2  7ii7 z ( su* date (      
enactm5t1 are 9 critical /atus 7)9 !    
mean+ ( section #dcb7;b77#b7 ( su* ,code
 & section #cje7;b77#b7 ( su* ,act71 h a
 modifi$ fund$ p]c5tage ( less ?an #dj  
p]c5t1 & h a ratio ( active to inactive 
p>ticipants :i* is less ?an #b to #e2 or
  7iii7 are insolv5t = purposes (       
section #dah;,e ( su* ,code z ( su* date
 ( enactm5t1 if !y became insolv5t aft] 
,decemb] #af1 #bjad1 & h n be5 t]m9at$2 
&  7,b7 subject to subsection 7b71 to   
e/abli% appropriate t]ms = su* loans4   
,= purposes ( subp>agraph 7,a77ii71 !   
t]m modifi$ fund$ p]c5tage means !      
p]c5tage equal to a fraction ! num]ator 
( :i* is curr5t value ( plan assets 7z  
def9$ 9 section #c7bf7 ( su* ,act7 & !  
d5om9ator ( :i* is curr5t liabilities 7z
 def9$ 9 section #dca7;c77#f77;,d7 ( su*
 ,code & section #cjd7;c77#f77;,d7 ( su*
 ,act74  7#b7 ,consultation ,! ,director
 ( ! ,p5sion ,rehabilitation            

,adm9i/ration %all consult ) ! ,secret>y
 ( ! ,treasury1 ! ,secret>y ( ,labor1 & 
! ,director ( ! ,p5sion ,b5efit ,gu>anty
 ,corporation be=e mak+ any loan "u     
p>agraph 7#a71 & %all %>e ) su* p]sons !
 application & plan in=mation ) respect 
to ea* su* loan4  7#c7 ,e/abli%m5t (    
loan program  7,a7 ,9 g5]al ,a program  
to make ! loans au?oriz$ "u ?is section 
%all be e/abli%$ n lat] ?an ,septemb]   
#cj1 #bjai1 ) guidance reg>d+ su*       
program to be promulgat$ by ! ,director 
( ! ,p5sion ,rehabilitation             
,adm9i/ration1 9 consultation ) !       
,director ( ! ,p5sion ,b5efit ,gu>anty  
,corporation1 ! ,secret>y ( ! ,treasury1
 & ! ,secret>y ( ,labor1 n lat] ?an     
,decemb] #ca1 #bjai4  7,b7 ,loans       
au?oriz$ be=e program date ,)\t reg>d to
 :e!r ! program "u subp>agraph 7,a7 has 
be5 e/abli%$1 a plan may apply = a loan 
"u ?is section be=e ei!r date describ$ 9
 su* subp>agraph1 & ! ,p5sion           
,rehabilitation ,adm9i/ration %all      
approve ! application & make ! loan be=e

 e/abli%m5t ( ! program if necess>y to  
avoid any susp5sion ( ! accru$ b5efits (
 p>ticipants4  7b7 ,loan t]ms  7#a7 ,9  
g5]al ,! t]ms ( any loan made "u        
subsection 7a7 %all /ate t-- 7,a7 ! plan
 %all make paym5ts ( int]e/ on ! loan = 
a p]iod ( #bi ye>s beg9n+ on ! date ( ! 
loan 7or #ai ye>s 9 ! case ( a plan mak+
 ! election "u subsection 7c77#e772     
7,b7 f9al paym5t ( int]e/ & pr9cipal    
%all be due 9 ! #cj? ye> aft] ! date ( !
 loan 7except z provid$ 9 an election "u
 subsection 7c77#e772 &  7,c7 z a       
condition ( ! loan1 ! plan sponsor      
/ipulates t-- 7i7 except z provid$ 9    
clause 7ii71 ! plan w n increase        
b5efits1 all[ any employ] p>ticipat+ 9 !
 plan to r$uce its contributions1 or    
accept any collective b>ga9+ agreem5t   
:i* provides = r$uc$ contribution rates1
 dur+ ! #cj-ye> p]iod describ$ 9        
subp>agraphs 7,a7 & 7,b72  7ii7 9 ! case
 ( a plan ) respect to :i* a susp5sion (
 b5efits has be5 approv$ "u section     
#dcb7;e77#i7 ( ! ,int]nal ,rev5ue ,code 

( #aihf & section #cje7;e77#i7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd1 or "u section #dah;,e (   
su* ,code1 be=e ! loan1 ! plan w re9/ate
 ! susp5d$ b5efits 7or w n c>ry out any 
susp5sion :i* has be5 approv$ b n yet   
implem5t$72  7iii7 ! plan sponsor w     
comply ) ! requirem5ts ( section        
#fjei;,a ( ! ,int]nal ,rev5ue ,code (   
#aihf2  7iv7 ! plan w cont9ue to pay all
 premiums due "u section #djjg ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd2 &  7v7 ! plan & plan      
adm9i/rator w meet su* o!r requirem5ts z
 ! ,director ( ! ,p5sion ,rehabilitation
 ,adm9i/ration provides 9 ! loan t]ms4  
,! t]ms ( ! loan %all n make ref]5ce to 
:e!r ! plan is receiv+ f9ancial         
assi/ance "u section #dbfa7;d7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7;d77  
or to any adju/m5t ( ! loan am\nt "u    
subsection 7d77#b77;,a77ii74  7#b7      
,int]e/ rate ,except z provid$ 9 !      
second s5t5ce ( ?is p>agraph &          

subsection 7c77#e71 loans made "u       
subsection 7a7 %all h z l[ an int]e/    
rate z is feasible4 ,su* rate %all be   
det]m9$ by ! ,p5sion ,rehabilitation    
,adm9i/ration & %all--  7,a7 n be l[]   
?an ! rate ( int]e/ on #cj-ye> ,treasury
 securities on ! fir/ day ( ! cal5d> ye>
 9 :i* ! loan is issu$1 &  7,b7 n exce$ 
! great] (-- 7i7 a rate 4#b p]c5t high] 
?an su* rate ( int]e/ on su* date1 or   
7ii7 ! rate necess>y to collect rev5ues 
suffici5t to adm9i/] ! program "u ?is   
section4  7c7 ,loan application  7#a7 ,9
 g5]al ,9 apply+ = a loan "u subsection 
7a71 ! plan sponsor %all--  7,a7        
demon/rate t1 except z provid$ 9        
subp>agraph 7,c7-- 7i7 ! loan w enable !
 plan to avoid insolv5cy = at lea/ !    
#cj-ye> p]iod describ$ 9 subp>agraphs   
7,a7 & 7,b7 ( subsection 7b77#a7 or1 9 !
 case ( a plan :i* is already insolv5t1 
to em]ge f insolv5cy )9 & avoid         
insolv5cy = ! rema9d] ( su* p]iod2 &    
7ii7 ! plan is reasonably expect$ to be 
able to pay b5efits & ! int]e/ on ! loan

 dur+ su* p]iod & to accumulate         
suffici5t funds to repay ! pr9cipal :5  
due2  7,b7 provide ! plan's mo/ rec5tly 
fil$ ,=m #eejj z ( ! date ( application 
& any o!r in=mation necess>y to det]m9e 
! loan am\nt "u subsection 7d72  7,c7   
/ipulate :e!r ! plan is also apply+ =   
f9ancial assi/ance "u section #dbfa7;d7 
( ! ,employee ,retirem5t ,income        
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#adca7;d77 9 comb9ation ) ! loan to     
enable ! plan to avoid insolv5cy & to   
pay b5efits1 or is already receiv+ su*  
f9ancial assi/ance z a result ( a       
previ\s application2  7,d7 /ate 9 :at   
mann] ! loan proce$s w be inve/$        
pursuant to subsection 7d71 ! p]son f   
:om any annuity contracts "u su*        
subsection w be pur*as$1 & ! p]son :o w 
be ! inve/m5t manag] = any portfolio    
implem5t$ "u su* subsection2 &  7,e7    
include su* o!r in=mation &             
c]tifications z ! ,director ( ! ,p5sion 
,rehabilitation ,adm9i/ration %all      
require4  7#b7 ,/&>d = accept+ actu>ial 

& plan sponsor det]m9ations &           
demon/rations 9 ! application ,9        
evaluat+ ! plan sponsor's application1 !
 ,director ( ! ,p5sion ,rehabilitation  
,adm9i/ration %all accept ! det]m9ations
 & demon/rations 9 ! application unless 
! ,director1 9 consultation ) !         
,director ( ! ,p5sion ,b5efit ,gu>anty  
,corporation1 ! ,secret>y ( ! ,treasury1
 & ! ,secret>y ( ,labor1 concludes t any
 su* det]m9ations or demon/rations 9 !  
application 7or any und]ly+ assumptions7
 are unreasonable or are inconsi/5t )   
any rules issu$ by ! ,director pursuant 
to subsection 7g74  7#c7 ,requir$       
actions2 deem$ approval ,! ,director ( !
 ,p5sion ,rehabilitation ,adm9i/ration  
%all approve or d5y any application "u  
?is subsection )9 #ij days aft] !       
submission ( su* application4 ,an       
application %all be deem$ approv$       
unless1 )9 su* #ij days1 ! ,director    
notifies ! plan sponsor ( ! d5ial ( su* 
application & ! reasons = su* d5ial4    
,any approval or d5ial ( an application 

by ! ,director ( ! ,p5sion              
,rehabilitation ,adm9i/ration %all be   
treat$ z a f9al ag5cy action = purposes 
( section #gjd ( title #e1 ,unit$ ,/ates
 ,code4 ,! ,p5sion ,rehabilitation      
,adm9i/ration %all make ! loan pursuant 
to any application promptly aft] !      
approval ( su* application4  7#d7 ,c]ta9
 plans requir$ to apply ,! plan sponsor 
( any plan ) respect to :i* a susp5sion 
( b5efits has be5 approv$ "u section    
#dcb7;e77#i7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & section #cje7;e77#i7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd or "u section #dah;,e ( su*
 ,code1 be=e ! date ( ! enactm5t ( ?is  
,act %all apply = a loan "u ?is section4
 ,! ,director ( ! ,p5sion               
,rehabilitation ,adm9i/ration %all      
provide = su* plan sponsors to use !    
simplifi$ application "u subsection     
7d77#b77;,b74  7#e7 ,inc5tive = e>ly    
repaym5t ,! plan sponsor may elect at ! 
"t ( ! application to repay ! loan      
pr9cipal1 along ) ! rema9+ int]e/1 at   

lea/ z rapidly z equal in/allm5ts ov] ! 
#aj-ye> p]iod beg9n+ ) ! #ba/ ye> aft] !
 date ( ! loan4 ,9 ! case ( a plan mak+ 
?is election1 ! int]e/ on ! loan %all be
 r$uc$ by #j4e p]c5t4  7d7 ,loan am\nt &
 use  7#a7 ,am\nt ( loan  7,a7 ,9 g5]al 
,except z provid$ 9 subp>agraph 7,b7 &  
p>agraph 7#b71 ! am\nt ( any loan "u    
subsection 7a7 %all be1 z demon/rat$ by 
! plan sponsor on ! application "u      
subsection 7c71 ! am\nt ne$$ to pur*ase 
annuity contracts or to implem5t a      
portfolio describ$ 9 p>agraph 7#c77;,c7 
7or a comb9ation ( ! two7 suffici5t to  
provide b5efits ( p>ticipants &         
b5efici>ies ( ! plan 9 pay /atus1 &     
t]m9at$ ve/$ b5efits1 at ! "t ! loan is 
made4  7,b7 ,plans ) susp5d$ b5efits ,9 
! case ( a plan ) respect to :i* a      
susp5sion ( b5efits has be5 approv$ "u  
section #dcb7;e77#i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf & section         
#cje7;e77#i7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajhe7;e77#i77 or "u section  

#dah;,e ( su* ,code--  7i7 ! susp5sion (
 b5efits %all n be tak5 into acc\nt 9   
apply+ subp>agraph 7,a72 &  7ii7 ! loan 
am\nt %all be ! am\nt suffici5t to      
provide b5efits ( p>ticipants &         
b5efici>ies ( ! plan 9 pay /atus &      
t]m9at$ ve/$ b5efits at ! "t ! loan is  
made1 det]m9$ )\t reg>d to ! susp5sion1 
includ+ retroactive paym5t ( b5efits :i*
 w\ld o!rwise h be5 payable dur+ ! p]iod
 ( ! susp5sion4  7#b7 ,coord9ation )    
,,pbgc f9ancial assi/ance  7,a7 ,9 g5]al
 ,9 ! case ( a plan :i* is also apply+ =
 f9ancial assi/ance "u section #dbfa7;d7
 ( ! ,employee ,retirem5t ,income       
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#adca7;d77--  7i7 ! plan sponsor %all   
submit ! loan application & !           
application = f9ancial assi/ance jo9tly 
to ! ,p5sion ,rehabilitation            
,adm9i/ration & ! ,p5sion ,b5efit       
,gu>anty ,corporation ) ! in=mation     
necess>y to det]m9e ! eligibility = &   
am\nt ( ! loan "u ?is section & !       
f9ancial assi/ance "u section #dbfa7;d7 

( su* ,act2 &  7ii7 if su* f9ancial     
assi/ance is grant$1 ! am\nt ( ! loan "u
 subsection 7a7 %all n exce$ an am\nt   
equal to ! excess (--  7,i7 ! am\nt     
det]m9$ "u p>agraph 7#a77;,a7 or        
7#a77;,b77ii7 7:i*ev] is applicable72   
ov]  7,,ii7 ! am\nt ( su* f9ancial      
assi/ance4  7,b7 ,plans already receiv+ 
,,pbgc assi/ance ,! ,director ( !       
,p5sion ,rehabilitation ,adm9i/ration   
%all provide = a simplifi$ application =
 ! loan "u ?is section :i* may be us$ by
 an insolv5t plan :i* has n be5 t]m9at$ 
& :i* is already receiv+ f9ancial       
assi/ance 7o!r ?an "u section #dbfa7;d7 
( su* ,act7 f ! ,p5sion ,b5efit ,gu>anty
 ,corporation at ! "t ( ! application = 
! loan "u ?is section4  7#c7 ,use ( loan
 funds  7,a7 ,9 g5]al ,not)/&+ section  
#dcb7;f77#b77;,a77ii7 ( ! ,int]nal      
,rev5ue ,code ( #aihf & section         
#cje7;f77#b77;,a77ii7 ( su* ,act1 ! loan
 receiv$ "u subsection 7a7 %all only be 
us$ to pur*ase annuity contracts :i*    
meet ! requirem5ts ( subp>agraph 7,b7 or

 to implem5t a portfolio describ$ 9     
subp>agraph 7,c7 7or a comb9ation ( !   
two7 to provide ! b5efits describ$ 9    
p>agraph 7#a74  7,b7 ,annuity contract  
requirem5ts ,! annuity contracts pur*as$
 "u subp>agraph 7,a7 %all be issu$ by an
 insurance company :i* is lic5s$ to d   
bus9ess "u ! laws ( any ,/ate & :i* is  
rat$ ,a or bett] by a nationally        
recogniz$ /ati/ical rat+ organization1 &
 ! pur*ase ( su* contracts %all meet all
 applicable fiduci>y /&>ds "u !         
,employee ,retirem5t ,income ,security  
,act ( #aigd4  7,c7 ,portfolio  7i7 ,9  
g5]al ,a portfolio describ$ 9 ?is       
subp>agraph is-- 7,i7 a ca% mat*+       
portfolio or duration mat*+ portfolio   
consi/+ ( inve/m5t grade 7z rat$ by a   
nationally recogniz$ /ati/ical rat+     
organization7 fix$ income inve/m5ts1    
includ+ ,unit$ ,/ates doll>-d5om9at$    
public or private debt obligations issu$
 or gu>ante$ by ! ,unit$ ,/ates or a    
=eign issu]1 :i* are tradeable 9 ,unit$ 
,/ates curr5cy & are issu$ at fix$ or   

z]o c\pon rates2 or  7,,ii7 any o!r     
portfolio prescrib$ by ! ,secret>y ( !  
,treasury 9 regulations :i* has a simil>
 risk pr(ile to ! portfolios describ$ 9 
subclause 7,i7 & is equally protective (
 ! int]e/s ( p>ticipants & b5efici>ies4 
,once implem5t$1 su* a portfolio %all be
 ma9ta9$ until all liabilities to       
p>ticipants & b5efici>ies 9 pay /atus1 &
 t]m9at$ ve/$ p>ticipants1 at ! "t ( !  
loan are satisfi$4  7ii7 ,fiduci>y duty 
,any inve/m5t manag] ( a portfolio "u   
?is subp>agraph %all ackn[l$ge 9 writ+ t
 su* p]son is a fiduci>y "u ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd ) respect to ! plan4  7iii7       
,treatm5t ( p>ticipants & b5efici>ies   
,p>ticipants & b5efici>ies cov]$ by a   
portfolio "u ?is subp>agraph %all       
cont9ue to be treat$ z p>ticipants &    
b5efici>ies ( ! plan1 includ+ = purposes
 ( title ,,iv ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd4  7,d7   
,acc\nt+  7i7 ,9 g5]al ,annuity         
contracts pur*as$ & portfolios implem5t$

 "u ?is p>agraph %all be us$ solely to  
provide ! b5efits describ$ 9 p>agraph   
7#a7 until all su* b5efits h be5 paid & 
%all be acc\nt$ = sep>ately f ! o!r     
assets ( ! plan4  7ii7 ,ov]sight (      
non-annuity inve/m5ts  7,i7 ,9 g5]al    
,any portfolio implem5t$ "u ?is p>agraph
 %all be subject to ov]sight by !       
,p5sion ,rehabilitation ,adm9i/ration1  
includ+ a m&atory tri5nial review ( !   
adequacy ( ! portfolio to provide !     
b5efits describ$ 9 p>agraph 7#a7 &      
approval 7to be provid$ )9 a reasonable 
p]iod ( "t7 ( any decision by ! plan    
sponsor to *ange ! inve/m5t manag] ( !  
portfolio4  7,,ii7 ,rem$ial action ,if !
 ov]sight "u subclause 7,i7 det]m9es an 
inadequacy1 ! plan sponsor %all take    
rem$ial action to ensure t ! inadequacy 
w be cur$ )9 #b ye>s ( su* det]m9ation4 
7,e7 ,ombudsp]son ,! ,p>ticipant & ,plan
 ,sponsor ,advocate e/abli%$ "u section 
#djjd ( ! ,employee ,retirem5t ,income  
,security ,act ( #aigd %all act z       
ombudsp]son = p>ticipants & b5efici>ies 

on behalf ( :om annuity contracts are   
pur*as$ or :o are cov]$ by a portfolio  
"u ?is p>agraph4  7e7 ,collection (     
repaym5t ,except z provid$ 9 subsection 
7f71 ! ,p5sion ,rehabilitation          
,adm9i/ration %all make e ef=t to       
collect repaym5t ( loans "u ?is section 
9 accordance ) section #cgaa ( title    
#ca1 ,unit$ ,/ates ,code4  7f7 ,loan    
default ,if a plan is unable to make any
 paym5t on a loan "u ?is section :5 due1
 ! ,p5sion ,rehabilitation ,adm9i/ration
 %all negotiate ) ! plan sponsor revis$ 
t]ms = repaym5t 7includ+ in/allm5t      
paym5ts ov] a reasonable p]iod or       
=giv5ess ( a portion ( ! loan pr9cipal71
 b only to ! ext5t necess>y to avoid    
insolv5cy 9 ! subsequ5t #ah mon?s4  7g7 
,au?ority to issue rules1 etc ,!        
,director ( ! ,p5sion ,rehabilitation   
,adm9i/ration1 9 consultation ) !       
,director ( ! ,p5sion ,b5efit ,gu>anty  
,corporation1 ! ,secret>y ( ! ,treasury1
 & ! ,secret>y ( ,labor1 is au?oriz$ to 
issue rules reg>d+ ! =m1 cont5t1 &      

process ( applications = loans "u ?is   
section1 actu>ial /&>ds & assumptions to
 be us$ 9 mak+ e/imates & projections = 
purposes ( su* applications1 &          
assumptions reg>d+ int]e/ rates1        
mortality1 & di/ributions ) respect to a
 portfolio describ$ 9 subsection        
7d77#c77;,c74  7h7 ,coord9ation )       
taxation ( unrelat$ bus9ess income      
,subp>agraph 7,a7 ( section #ead7;c77#f7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$-- 7#a7 by /rik+ or at ! end (     
clause 7i72  7#b7 by /rik+ ! p]iod at ! 
end ( clause 7ii77,,ii7 & ins]t+ 1 or2 &
  7#c7 by add+ at ! end ! foll[+ new    
clause3  7iii7 indebt$ness ) respect to 
a multiemploy] plan "u a loan made by ! 
,p5sion ,rehabilitation ,adm9i/ration   
pursuant to section #d ( !              
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai4  4  #e4 ,coord9ation )   
)drawal liability & fund+ rules  7a7    
,am5dm5t to ,int]nal ,rev5ue ,code (    
#aihf ,section #dcb ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by add+ at ! end

 ! foll[+ new subsection3  7k7 ,special 
rules = plans receiv+ p5sion            
rehabilitation loans  7#a7 ,det]m9ation 
( )drawal liability  7,a7 ,9 g5]al ,if  
any employ] p>ticipat+ 9 a plan at ! "t 
! plan receives a loan "u section #d7;a7
 ( ! ,rehabilitation = ,multiemploy]    
,p5sions ,act ( #bjai )draws f ! plan   
be=e ! end ( ! #cj-ye> p]iod beg9n+ on !
 date ( ! loan1 ! )drawal liability (   
su* employ] %all be det]m9$ "u !        
,employee ,retirem5t ,income ,security  
,act ( #aigd--  7i7 by apply+ section   
#dbai7;c77#a77;,d7 ( ! ,employee        
,retirem5t ,income ,security ,act (     
#aigd z if ! plan 7 t]m9at+ by ! )drawal
 ( e employ] f ! plan1 &  7ii7 by       
det]m9+ ! value ( non=feitable b5efits  
"u ! plan at ! "t ( ! deem$ t]m9ation by
 us+ ! int]e/ assumptions prescrib$ =   
purposes ( section #djdd ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd1 z prescrib$ 9 ! regulations "u   
section #dbha ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 9 ! case 

( su* a mass )drawal4  7,b7 ,annuity    
contracts & inve/m5t portfolios pur*as$ 
) loan funds ,annuity contracts pur*as$ 
& portfolios implem5t$ "u section       
#d7;d77#c7 ( ! ,rehabilitation =        
,multiemploy] ,p5sions ,act ( #bjai %all
 n be tak5 into acc\nt z plan assets 9  
det]m9+ ! )drawal liability ( any       
employ] "u subp>agraph 7,a71 b ! am\nt  
equal to ! great] (--  7i7 ! b5efits    
provid$ "u su* contracts or portfolios  
to p>ticipants & b5efici>ies1 or  7ii7 !
 rema9+ paym5ts due on ! loan "u section
 #d7;a7 ( su* ,act1  %all be tak5 into  
acc\nt z unfund$ ve/$ b5efits 9 det]m9+ 
su* )drawal liability4  7#b7            
,coord9ation ) fund+ requirem5ts ,9 !   
case ( a plan :i* receives a loan "u    
section #d7;a7 ( ! ,rehabilitation =    
,multiemploy] ,p5sions ,act ( #bjai--   
7,a7 annuity contracts pur*as$ &        
portfolios implem5t$ "u section         
#d7;d77#c7 ( su* ,act1 & ! b5efits      
provid$ to p>ticipants & b5efici>ies "u 
su* contracts or portfolios1 %all n be  

tak5 into acc\nt 9 det]m9+ m9imum       
requir$ contributions "u section #dab1  
7,b7 paym5ts on ! int]e/ & pr9cipal "u !
 loan1 & any b5efits ow$ 9 excess ( ^?  
provid$ "u su* contracts or portfolios1 
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section1 &  7,c7 if su* 
a portfolio is project$ due to          
unfavorable inve/m5t or actu>ial        
exp]i5ce to be unable to fully satisfy !
 liabilities :i* x cov]s1 ! am\nt ( !   
liabilities project$ to be unsatisfi$   
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section4  4  7b7        
,am5dm5t to ,employee ,retirem5t ,income
 ,security ,act ( #aigd ,section #cje ( 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd 7#bi ,u4,s4,c4 #ajhe7 is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7k7 ,special rules = plans 
receiv+ p5sion rehabilitation loans     
7#a7 ,det]m9ation ( )drawal liability   
7,a7 ,9 g5]al ,if any employ] p>ticipat+
 9 a plan at ! "t ! plan receives a loan
 "u section #d7;a7 ( ! ,rehabilitation =

 ,multiemploy] ,p5sions ,act )draws f ! 
plan be=e ! end ( ! #cj-ye> p]iod beg9n+
 on ! date ( ! loan1 ! )drawal liability
 ( su* employ] %all be det]m9$--  7i7 by
 apply+ section #dbai7;c77#a77;,d7 z if 
! plan 7 t]m9at+ by ! )drawal ( e       
employ] f ! plan1 &  7ii7 by det]m9+ !  
value ( non=feitable b5efits "u ! plan  
at ! "t ( ! deem$ t]m9ation by us+ !    
int]e/ assumptions prescrib$ = purposes 
( section #djdd1 z prescrib$ 9 !        
regulations "u section #dbha 9 ! case ( 
su* a mass )drawal4  7,b7 ,annuity      
contracts & inve/m5t portfolios pur*as$ 
) loan funds ,annuity contracts pur*as$ 
& portfolios implem5t$ "u section       
#d7;d77#c7 ( ! ,rehabilitation =        
,multiemploy] ,p5sions ,act %all n be   
tak5 into acc\nt 9 det]m9+ ! )drawal    
liability ( any employ] "u subp>agraph  
7,a71 b ! am\nt equal to ! great] (--   
7i7 ! b5efits provid$ "u su* contracts  
or portfolios to p>ticipants &          
b5efici>ies1 or  7ii7 ! rema9+ paym5ts  
due on ! loan "u section #d7;a7 ( su*   

,act1  %all be s tak5 into acc\nt4  7#b7
 ,coord9ation ) fund+ requirem5ts ,9 !  
case ( a plan :i* receives a loan "u    
section #d7;a7 ( ! ,rehabilitation =    
,multiemploy] ,p5sions ,act-- 7,a7      
annuity contracts pur*as$ & portfolios  
implem5t$ "u section #d7;d77#c7 ( su*   
,act1 & ! b5efits provid$ to p>ticipants
 & b5efici>ies "u su* contracts or      
portfolios1 %all n be tak5 into acc\nt 9
 det]m9+ m9imum requir$ contributions "u
 section #cjb1  7,b7 paym5ts on ! int]e/
 & pr9cipal "u ! loan1 & any b5efits ow$
 9 excess ( ^? provid$ "u su* contracts 
or portfolios1 %all be tak5 into acc\nt 
z liabilities = purposes ( su* section1 
&  7,c7 if su* a portfolio is project$  
due to unfavorable inve/m5t or actu>ial 
exp]i5ce to be unable to fully satisfy !
 liabilities :i* x cov]s1 ! am\nt ( !   
liabilities project$ to be unsatisfi$   
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section4  4  #f4        
,issuance ( ,treasury bonds ,! ,secret>y
 ( ! ,treasury %all f "t to "t transf] f

 ! g5]al fund ( ! ,treasury to ! ,p5sion
 ,rehabilitation ,tru/ ,fund e/abli%$ "u
 section #ieab ( ! ,int]nal ,rev5ue     
,code ( #aihf su* am\nts z are necess>y 
to fund ! loan program "u section #d (  
?is ,act1 includ+ f proce$s f !         
,secret>y's issuance ( obligations "u   
*apt] #ca ( title #ca1 ,unit$ ,/ates    
,code4  #g4 ,reports ( plans receiv+    
p5sion rehabilitation loans  7a7 ,9     
g5]al ,subp>t ,e ( "p ,,iii ( sub*apt]  
,a ( *apt] #fa ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new section3  #fjei;,a4        
,reports ( plans receiv+ p5sion         
rehabilitation loans  7a7 ,9 g5]al ,9 ! 
case ( a plan receiv+ a loan "u section 
#d7;a7 ( ! ,rehabilitation =            
,multiemploy] ,p5sions ,act ( #bjai1 )  
respect to ! fir/ plan ye> beg9n+ aft] !
 date ( ! loan & ea* ( ! #bi succe$+    
plan ye>s1 n lat] ?an ! #ij? day ( ea*  
su* plan ye> ! plan sponsor %all file ) 
! ,secret>y a report 7includ+           
appropriate docum5tation & actu>ial     

c]tifications f ! plan actu>y1 z requir$
 by ! ,secret>y7 t conta9s--  7#a7 !    
fund$ p]c5tage 7z def9$ 9 section       
#dcb7;j77#b77 z ( ! fir/ day ( su* plan 
ye>1 & ! und]ly+ actu>ial value ( assets
 7det]m9$ ) reg>d1 & )\t reg>d1 to      
annuity contracts pur*as$ & portfolios  
implem5t$ ) proce$s ( su* loan7 &       
liabilities 7includ+ any am\nts due )   
respect to su* loan7 tak5 into acc\nt 9 
det]m9+ su* p]c5tage1  7#b7 ! m>ket     
value ( ! assets ( ! plan 7det]m9$ z    
provid$ 9 p>agraph 7#a77 z ( ! la/ day (
 ! plan ye> prec$+ su* plan ye>1  7#c7 !
 total value ( all contributions made by
 employ]s & employees dur+ ! plan ye>   
prec$+ su* plan ye>1  7#d7 ! total value
 ( all b5efits paid dur+ ! plan ye>     
prec$+ su* plan ye>1  7#e7 ca% fl[      
projections = su* plan ye> & ! #i       
succe$+ plan ye>s1 & ! assumptions us$ 9
 mak+ su* projections1  7#f7 fund+ /&>d 
acc\nt projections = su* plan ye> & ! #i
 succe$+ plan ye>s1 & ! assumptions     
reli$ ^u 9 mak+ su* projections1  7#g7 !

 total value ( all inve/m5t ga9s or     
losses dur+ ! plan ye> prec$+ su* plan  
ye>1  7#h7 any significant r$uction 9 ! 
numb] ( active p>ticipants dur+ ! plan  
ye> prec$+ su* plan ye>1 & ! reason =   
su* r$uction1  7#i7 a li/ ( employ]s t  
)drew f ! plan 9 ! plan ye> prec$+ su*  
plan ye>1 & ! result+ r$uction 9        
contributions1  7#aj7 a li/ ( employ]s t
 paid )drawal liability to ! plan dur+ !
 plan ye> prec$+ su* plan ye> &1 = ea*  
employ]1 a total assessm5t ( ! )drawal  
liability paid1 ! annual paym5t am\nt1 &
 ! numb] ( ye>s rema9+ 9 ! paym5t s*$ule
 ) respect to su* )drawal liability1    
7#aa7 any mat]ial *anges to b5efits1    
accrual rates1 or contribution rates    
dur+ ! plan ye> prec$+ su* plan ye>1 &  
:e!r su* *anges relate to ! t]ms ( !    
loan1  7#ab7 details reg>d+ any fund+   
improvem5t plan or rehabilitation plan &
 updates to su* plan1  7#ac7 ! numb] (  
p>ticipants dur+ ! plan ye> prec$+ su*  
plan ye> :o are active p>ticipants1 !   
numb] ( p>ticipants & b5efici>ies 9 pay 

/atus1 & ! numb] ( t]m9at$ ve/$         
p>ticipants & b5efici>ies1  7#ad7 !     
am\nt ( any f9ancial assi/ance receiv$  
"u section #dbfa ( ! ,employee          
,retirem5t ,income ,security ,act (     
#aigd to pay b5efits dur+ ! prec$+ plan 
ye>1 & ! total am\nt ( su* f9ancial     
assi/ance receiv$ = all prec$+ ye>s1    
7#ae7 ! in=mation conta9$ on ! mo/ rec5t
 annual fund+ notice submitt$ by ! plan 
"u section #aja7;f7 ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd1  7#af7 ! in=mation conta9$ on !  
mo/ rec5t annual return "u section #fjeh
 & actu>ial report "u section #fjei ( ! 
plan1 &  7#ag7 copies ( ! plan docum5t &
 am5dm5ts1 o!r retirem5t b5efit or      
ancill>y b5efit plans relat+ to ! plan &
 contribution obligations "u su* plans1 
a breakd[n ( adm9i/rative exp5ses ( !   
plan1 p>ticipant c5sus data &           
di/ribution ( b5efits1 ! mo/ rec5t      
actu>ial valuation report z ( ! plan    
ye>1 copies ( collective b>ga9+         
agreem5ts1 & f9ancial reports1 & su* o!r

 in=mation z ! ,secret>y1 9 consultation
 ) ! ,director ( ! ,p5sion              
,rehabilitation ,adm9i/ration1 may      
require4  7b7 ,electronic submission ,! 
report requir$ "u subsection 7a7 %all be
 submitt$ electronically4  7c7          
,in=mation %>+ ,! ,secret>y %all %>e !  
in=mation 9 ! report "u subsection 7a7 )
 ! ,secret>y ( ,labor & ! ,director ( ! 
,p5sion ,b5efit ,gu>anty ,corporation4  
7d7 ,report to p>ticipants1 b5efici>ies1
 & employ]s ,ea* plan sponsor requir$ to
 file a report "u subsection 7a7 %all1  
be=e ! expiration ( ! "t prescrib$ = !  
fil+ ( su* report1 also provide a summ>y
 7writt5 9 a mann] s z to be und]/ood by
 ! av]age plan p>ticipant7 ( ! in=mation
 9 su* report to p>ticipants &          
b5efici>ies 9 ! plan & to ea* employ] ) 
an obligation to contribute to ! plan4  
4  7b7 ,p5alty ,subsection 7e7 ( section
 #ffeb ( ! ,int]nal ,rev5ue ,code (     
#aihf is am5d$-- 7#a7 by ins]t+ 1       
#fjei;,a 7relat+ to reports ( plans     
receiv+ p5sion rehabilitation loans7    

aft] def]r$ comp5sation72  7#b7 by      
ins]t+ 7#ajj 9 ! case ( failures "u     
section #fjei;,a7 aft] #be2 &  7#c7 by  
add+ at ! end ! foll[+3 ,9 ! case ( a   
failure ) respect to section #fjei;,a1 !
 am\nt impos$ "u ?is subsection %all n  
be paid f ! assets ( ! plan44  7c7      
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,e ( "p ,,iii ( sub*apt] ,a (    
*apt] #fa ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new item3  ,sec4 #fjei;,a4 ,reports (  
plans receiv+ p5sion rehabilitation     
loans4  4  #h4 ,,pbgc f9ancial assi/ance
  7a7 ,9 g5]al ,section #dbfa ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7 is   
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7d7  7#a7 ,! plan sponsor (
 a multiemploy] plan-- 7,a7 :i* is 9    
critical & decl9+ /atus 7)9 ! mean+ (   
section #cje7;b77#f771 or  7,b7 :i* is  
insolv5t b has n be5 t]m9at$ & is       
receiv+ assi/ance f ! corporation 7o!r  
?an assi/ance "u ?is subsection71  & :i*

 is apply+ = a loan "u section #d7;a7 ( 
! ,rehabilitation = ,multiemploy]       
,p5sions ,act may also apply to !       
corporation = f9ancial assi/ance "u ?is 
subsection1 by jo9tly submitt+ su*      
applications 9 accordance ) section     
#d7;d77#b7 ( su* ,act4 ,! application = 
f9ancial assi/ance "u ?is subsection    
%all demon/rate1 bas$ on projections by 
! plan actu>y1 t aft] ! receipt ( !     
anticipat$ loan am\nt "u section #d7;a7 
( su* ,act1 ! plan w /ill become 7or    
rema97 insolv5t )9 ! #cj-ye> p]iod      
beg9n+ on ! date ( ! loan4  7#b7 ,9 !   
case ( a plan describ$ 9 p>agraph       
7#a77;,a71 ! f9ancial assi/ance provid$ 
pursuant to su* application "u ?is      
subsection %all be ! am\nt 7det]m9$ by !
 plan actu>y & submitt$ on !            
application7 equal to ! sum (--  7,a7 ! 
p]c5tage ( b5efits ( p>ticipants &      
b5efici>ies ( ! plan 9 pay /atus at ! "t
 ( ! application1 &  7,b7 ! p]c5tage (  
future b5efits to :i* p>ticipants :o h  
sep>at$ f s]vice b are n yet 9 pay /atus

 are entitl$1  :i*1 if su* p]c5tage 7   
paid by ! corporation 9 comb9ation ) !  
loan1 w\ld all[ ! plan to avoid !       
project$ insolv5cy & be project$ to h   
increas+ assets ov] any #e-ye> p]iod    
foll[+ ! repaym5t ( ! loan4 ,su* am\nt  
%all n exce$ ! maximum gu>ante$ b5efit )
 respect to all p>ticipants &           
b5efici>ies ( ! plan "u sections        
#djbb;,a & #djbb;,b4 ,= ?is purpose1 !  
maximum gu>ante$ b5efit am\nt %all be   
det]m9$ by disreg>d+ any loan available 
f ! ,p5sion ,rehabilitation             
,adm9i/ration & %all be det]m9$ z if !  
plan 7 insolv5t on ! date ( !           
application4 ,fur!r1 ! pres5t value ( ! 
maximum gu>ante$ b5efit am\nt ) respect 
to su* p>ticipants & b5efici>ies may be 
calculat$ 9 ! aggregate1 r ?an by       
ref]5ce to ! b5efit ( ea* su* p>ticipant
 or b5efici>y4  7#c7 ,9 ! case ( a plan 
describ$ 9 p>agraph 7#a77;,b71 !        
f9ancial assi/ance provid$ pursuant to  
su* application "u ?is subsection %all  
be ! am\nt 7det]m9$ by ! plan actu>y &  

submitt$ on ! application7 :i*1 if su*  
am\nt 7 paid by ! corporation 9         
comb9ation ) ! loan & any o!r assi/ance 
be+ provid$ to ! plan by ! corporation  
at ! "t ( ! application1 w\ld enable !  
plan to em]ge f insolv5cy4  7#d7        
,subsections 7b7 & 7c7 %all apply to    
f9ancial assi/ance "u ?is subsection z  
if x 7 provid$ "u subsection 7a71 except
 t ! t]ms = repaym5t "u subsection      
7b77#b7 %all n require ! f9ancial       
assi/ance to be repaid be=e ! date on   
:i* ! loan "u section #d7;a7 ( !        
,rehabilitation = ,multiemploy] ,p5sions
 ,act is repaid 9 full4  7#e7 ,!        
corporation may =go repaym5t ( !        
f9ancial assi/ance provid$ "u ?is       
subsection if necess>y to avoid any     
susp5sion ( ! accru$ b5efits (          
p>ticipants4  4  7b7 ,appropriations    
,!re is appropriat$ to ! ,director ( !  
,p5sion ,b5efit ,gu>anty ,corporation   
su* sums z may be necess>y = ea* fiscal 
ye> to provide ! f9ancial assi/ance     
describ$ 9 section #dbfa7;d7 ( !        

,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7;d77  
7z add$ by ?is section7 7includ+        
necess>y adm9i/rative & op]at+ exp5ses  
relat+ to su* assi/ance74  #a4 ,%ort    
title ,?is ,act may be cit$ z !         
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai4  #b4 ,p5sion             
,rehabilitation ,adm9i/ration2          
e/abli%m5t2 p[]s  7a7 ,e/abli%m5t ,!re  
is e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury 
an ag5cy to be kn[n z ! ,p5sion         
,rehabilitation ,adm9i/ration4  7b7     
,director  7#a7 ,e/abli%m5t ( position  
,!re %all be at ! head ( ! ,p5sion      
,rehabilitation ,adm9i/ration a         
,director1 :o %all be appo9t$ by !      
,presid5t4  7#b7 ,t]m  7,a7 ,9 g5]al ,! 
t]m ( (fice ( ! ,director %all be #e    
ye>s4  7,b7 ,s]vice until appo9tm5t (   
successor ,an individual s]v+ z         
,director at ! expiration ( a t]m may   
cont9ue to s]ve until a successor is    
appo9t$4  7#c7 ,p[]s  7,a7 ,appo9tm5t ( 
,deputy ,directors1 (fic]s1 & employees 

,! ,director may appo9t ,deputy         
,directors1 (fic]s1 & employees1 includ+
 attorneys1 9 accordance ) *apt] #ea &  
sub*apt] ,,iii ( *apt] #ec ( title #e1  
,unit$ ,/ates ,code4  7,b7 ,contract+   
7i7 ,9 g5]al ,! ,director may contract =
 f9ancial & adm9i/rative s]vices        
7includ+ ^? relat$ to budget & acc\nt+1 
f9ancial report+1 p]sonnel1 &           
procurem5t7 ) ! ,g5]al ,s]vices         
,adm9i/ration1 or su* o!r ,f$]al ag5cy z
 ! ,director det]m9es appropriate1 = :i*
 paym5t %all be made 9 advance1 or by   
reimbursem5t1 f funds ( ! ,p5sion       
,rehabilitation ,adm9i/ration 9 su*     
am\nts z may be agre$ ^u by ! ,director 
& ! head ( ! ,f$]al ag5cy provid+ !     
s]vices4  7ii7 ,subject to              
appropriations ,contract au?ority "u    
clause 7i7 %all be effective = any      
fiscal ye> only to ! ext5t t            
appropriations are available = t        
purpose4  7c7 ,transf] ( funds ,!       
,secret>y ( ! ,treasury may transf] =   
any fiscal ye>1 f unobligat$ am\nts     

appropriat$ to ! ,dep>tm5t ( !          
,treasury1 to ! ,p5sion ,rehabilitation 
,adm9i/ration su* sums z may be         
reasonably necess>y = ! adm9i/rative &  
op]at+ exp5ses ( ! ,p5sion              
,rehabilitation ,adm9i/ration4  #c4     
,p5sion ,rehabilitation ,tru/ ,fund  7a7
 ,9 g5]al ,sub*apt] ,a ( *apt] #ih ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#ieab4 ,p5sion ,rehabilitation ,tru/    
,fund  7a7 ,creation ( ,tru/ ,fund ,!re 
is e/abli%$ 9 ! ,treasury ( ! ,unit$    
,/ates a tru/ fund to be kn[n z !       
,p5sion ,rehabilitation ,tru/ ,fund     
7h]eaft] 9 ?is section ref]r$ to z !    
,fund71 consi/+ ( su* am\nts z may be   
appropriat$ or cr$it$ to ! ,fund z      
provid$ 9 ?is section & section         
#ifjb7;b74  7b7 ,transf]s to ,fund  7#a7
 ,am\nts attributable to ,treasury bonds
 ,!re %all be cr$it$ to ! ,fund ! am\nts
 transf]r$ "u section #f ( !            
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai4  7#b7 ,loan int]e/ &     

pr9cipal  7,a7 ,9 g5]al ,! ,director ( !
 ,p5sion ,rehabilitation ,adm9i/ration  
e/abli%$ "u section #b ( !              
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai %all deposit 9 ! ,fund any
 am\nts receiv$ f a plan z paym5t (     
int]e/ or pr9cipal on a loan "u section 
#d ( su* ,act4  7,b7 ,int]e/ ,= purposes
 ( subp>agraph 7,a71 ! t]m int]e/       
includes po9ts & o!r simil> am\nts4     
7#c7 ,transf]s f ,secret>y ,! ,director 
( ! ,p5sion ,rehabilitation             
,adm9i/ration %all deposit 9 ! ,fund any
 am\nts receiv$ f ! ,secret>y "u section
 #b7;c7 ( su* ,act4  7#d7 ,availability 
( funds ,am\nts cr$it$ to or deposit$ 9 
! ,fund %all rema9 available until      
exp5d$4  7c7 ,exp5ditures f ,fund       
,am\nts 9 ! ,fund are available )\t     
fur!r appropriation to ! ,p5sion        
,rehabilitation ,adm9i/ration--  7#a7 = 
! purpose ( mak+ ! loans describ$ 9     
section #d ( ! ,rehabilitation =        
,multiemploy] ,p5sions ,act ( #bjai1    
7#b7 = ! paym5t ( pr9cipal & int]e/ on  

obligations issu$ "u section #f ( su*   
,act1 &  7#c7 = adm9i/rative & op]at+   
exp5ses ( su* ,adm9i/ration4  4  7b7    
,cl]ical am5dm5t ,! table ( sections =  
sub*apt] ,a ( *apt] #ih ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#ieab4 ,p5sion ,rehabilitation ,tru/    
,fund4  4  #d4 ,loan program =          
multiemploy] def9$ b5efit plans  7a7    
,loan au?ority  7#a7 ,9 g5]al ,! ,p5sion
 ,rehabilitation ,adm9i/ration e/abli%$ 
"u section #b is au?oriz$-- 7,a7 to make
 loans to multiemploy] plans 7z def9$ 9 
section #dad7;f7 ( ! ,int]nal ,rev5ue   
,code ( #aihf7 :i* are def9$ b5efit     
plans 7z def9$ 9 section #dad7;j7 ( su* 
,code7 & :i*--  7i7 are 9 critical &    
decl9+ /atus 7)9 ! mean+ ( section      
#dcb7;b77#f7 ( su* ,code & section      
#cje7;b77#f7 ( su* ,act7 z ( ! date ( ! 
enactm5t ( ?is ,act1 or ) respect to :i*
 a susp5sion ( b5efits has be5 approv$  
"u section #dcb7;e77#i7 ( su* ,code &   
section #cje7;e77#i7 ( su* ,act z ( su* 

date2  7ii7 z ( su* date ( enactm5t1 are
 9 critical /atus 7)9 ! mean+ ( section 
#dcb7;b77#b7 ( su* ,code & section      
#cje7;b77#b7 ( su* ,act71 h a fund$     
p]c5tage ( less ?an #dj p]c5t 7z det]m9$
 = purposes ( section #dcb ( su* ,code &
 section #cje ( su* ,act71 & h a ratio (
 active to inactive p>ticipants :i* is  
less ?an #b to #c2 or  7iii7 are        
insolv5t = purposes ( section #dah;,e ( 
su* ,code z ( su* date ( enactm5t1 if !y
 became insolv5t aft] ,decemb] #af1     
#bjad1 & h n be5 t]m9at$2 &  7,b7       
subject to subsection 7b71 to e/abli%   
appropriate t]ms = su* loans4  7#b7     
,consultation ,! ,director ( ! ,p5sion  
,rehabilitation ,adm9i/ration %all      
consult ) ! ,secret>y ( ! ,treasury1 !  
,secret>y ( ,labor1 & ! ,director ( !   
,p5sion ,b5efit ,gu>anty ,corporation   
be=e mak+ any loan "u p>agraph 7#a71 &  
%all %>e ) su* p]sons ! application &   
plan in=mation ) respect to ea* su*     
loan4  7#c7 ,e/abli%m5t ( loan program  
7,a7 ,9 g5]al ,a program to make ! loans

 au?oriz$ "u ?is section %all be        
e/abli%$ n lat] ?an ,septemb] #cj1      
#bjai1 ) guidance reg>d+ su* program to 
be promulgat$ by ! ,director ( ! ,p5sion
 ,rehabilitation ,adm9i/ration1 9       
consultation ) ! ,p5sion ,b5efit        
,gu>anty ,corporation & ! ,dep>tm5t (   
,labor1 n lat] ?an ,decemb] #ca1 #bjai4 
7,b7 ,loans au?oriz$ be=e program date  
,)\t reg>d to :e!r ! program "u         
subp>agraph 7,a7 has be5 e/abli%$1 a    
plan may apply = a loan "u ?is section  
be=e ei!r date describ$ 9 su*           
subp>agraph1 & ! ,p5sion ,rehabilitation
 ,adm9i/ration %all approve !           
application & make ! loan be=e          
e/abli%m5t ( ! program if necess>y to   
avoid any susp5sion ( ! accru$ b5efits (
 p>ticipants4  7b7 ,loan t]ms  7#a7 ,9  
g5]al ,! t]ms ( any loan made "u        
subsection 7a7 %all /ate t-- 7,a7 ! plan
 %all make paym5ts ( int]e/ on ! loan = 
a p]iod ( #bi ye>s beg9n+ on ! date ( ! 
loan 7or #ai ye>s 9 ! case ( a plan mak+
 ! election "u subsection 7c77#e772     

7,b7 f9al paym5t ( int]e/ & pr9cipal    
%all be due 9 ! #cj? ye> aft] ! date ( !
 loan 7except z provid$ 9 an election "u
 subsection 7c77#e772 &  7,c7 z a       
condition ( ! loan1 ! plan sponsor      
/ipulates t-- 7i7 except z provid$ 9    
clause 7ii71 ! plan w n increase        
b5efits1 all[ any employ] p>ticipat+ 9 !
 plan to r$uce its contributions1 or    
accept any collective b>ga9+ agreem5t   
:i* provides = r$uc$ contribution rates1
 dur+ ! #cj-ye> p]iod describ$ 9        
subp>agraphs 7,a7 & 7,b72  7ii7 9 ! case
 ( a plan ) respect to :i* a susp5sion (
 b5efits has be5 approv$ "u section     
#dcb7;e77#i7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & section #cje7;e77#i7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd1 or "u section #dah;,e (   
su* ,code1 be=e ! loan1 ! plan w re9/ate
 ! susp5d$ b5efits 7or w n c>ry out any 
susp5sion :i* has be5 approv$ b n yet   
implem5t$72  7iii7 ! plan sponsor w     
comply ) ! requirem5ts ( section        
#fjei;,a ( ! ,int]nal ,rev5ue ,code (   

#aihf2  7iv7 ! plan w cont9ue to pay all
 premiums due "u section #djjg ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd2 &  7v7 ! plan & plan      
adm9i/rator w meet su* o!r requirem5ts z
 ! ,director ( ! ,p5sion ,rehabilitation
 ,adm9i/ration provides 9 ! loan t]ms4  
,! t]ms ( ! loan %all n make ref]5ce to 
:e!r ! plan is receiv+ f9ancial         
assi/ance "u section #dbfa7;d7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7;d77  
or to any adju/m5t ( ! loan am\nt "u    
subsection 7d77#b77;,a77ii74  7#b7      
,int]e/ rate ,except z provid$ 9 !      
second s5t5ce ( ?is p>agraph &          
subsection 7c77#e71 loans made "u       
subsection 7a7 %all h z l[ an int]e/    
rate z is feasible4 ,su* rate %all be   
det]m9$ by ! ,p5sion ,rehabilitation    
,adm9i/ration & %all--  7,a7 n be l[]   
?an ! rate ( int]e/ on #cj-ye> ,treasury
 securities on ! fir/ day ( ! cal5d> ye>
 9 :i* ! loan is issu$1 &  7,b7 n exce$ 
! great] (-- 7i7 a rate 4#b p]c5t high] 

?an su* rate ( int]e/ on su* date1 or   
7ii7 ! rate necess>y to collect rev5ues 
suffici5t to adm9i/] ! program "u ?is   
section4  7c7 ,loan application  7#a7 ,9
 g5]al ,9 apply+ = a loan "u subsection 
7a71 ! plan sponsor %all--  7,a7        
demon/rate t1 except z provid$ 9        
subp>agraph 7,c7-- 7i7 ! loan w enable !
 plan to avoid insolv5cy = at lea/ !    
#cj-ye> p]iod describ$ 9 subp>agraphs   
7,a7 & 7,b7 ( subsection 7b77#a7 or1 9 !
 case ( a plan :i* is already insolv5t1 
to em]ge f insolv5cy )9 & avoid         
insolv5cy = ! rema9d] ( su* p]iod2 &    
7ii7 ! plan is reasonably expect$ to be 
able to pay b5efits & ! int]e/ on ! loan
 dur+ su* p]iod & to accumulate         
suffici5t funds to repay ! pr9cipal :5  
due2  7,b7 provide ! plan's mo/ rec5tly 
fil$ ,=m #eejj z ( ! date ( application 
& any o!r in=mation necess>y to det]m9e 
! loan am\nt "u subsection 7d72  7,c7   
/ipulate :e!r ! plan is also apply+ =   
f9ancial assi/ance "u section #dbfa7;d7 
( ! ,employee ,retirem5t ,income        

,security ,act ( #aigd 7#bi ,u4,s4,c4   
#adca7;d77 9 comb9ation ) ! loan to     
enable ! plan to avoid insolv5cy & to   
pay b5efits1 or is already receiv+ su*  
f9ancial assi/ance z a result ( a       
previ\s application2  7,d7 /ate 9 :at   
mann] ! loan proce$s w be inve/$        
pursuant to subsection 7d71 ! p]son f   
:om any annuity contracts "u su*        
subsection w be pur*as$1 & ! p]son :o w 
be ! inve/m5t manag] = any portfolio    
implem5t$ "u su* subsection2 &  7,e7    
include su* o!r in=mation &             
c]tifications z ! ,director ( ! ,p5sion 
,rehabilitation ,adm9i/ration %all      
require4  7#b7 ,/&>d = accept+ actu>ial 
& plan sponsor det]m9ations &           
demon/rations 9 ! application ,9        
evaluat+ ! plan sponsor's application1 !
 ,director ( ! ,p5sion ,rehabilitation  
,adm9i/ration %all accept ! det]m9ations
 & demon/rations 9 ! application unless 
! ,director1 9 consultation ) !         
,director ( ! ,p5sion ,b5efit ,gu>anty  
,corporation & ! ,secret>y ( ,labor1    

concludes t ! det]m9ations &            
demon/rations 9 ! application are       
unreasonable or are inconsi/5t ) any    
rules issu$ by ! ,director pursuant to  
subsection 7g74  7#c7 ,requir$ actions2 
deem$ approval ,! ,director ( ! ,p5sion 
,rehabilitation ,adm9i/ration %all      
approve or d5y any application "u ?is   
subsection )9 #ij days aft] ! submission
 ( su* application4 ,an application %all
 be deem$ approv$ unless1 )9 su* #ij    
days1 ! ,director notifies ! plan       
sponsor ( ! d5ial ( su* application & ! 
reasons = su* d5ial4 ,any approval or   
d5ial ( an application by ! ,director ( 
! ,p5sion ,rehabilitation ,adm9i/ration 
%all be treat$ z a f9al ag5cy action =  
purposes ( section #gjd ( title #e1     
,unit$ ,/ates ,code4 ,! ,p5sion         
,rehabilitation ,adm9i/ration %all make 
! loan pursuant to any application      
promptly aft] ! approval ( su*          
application4  7#d7 ,c]ta9 plans requir$ 
to apply ,! plan sponsor ( any plan )   
respect to :i* a susp5sion ( b5efits has

 be5 approv$ "u section #dcb7;e77#i7 ( !
 ,int]nal ,rev5ue ,code ( #aihf &       
section #cje7;e77#i7 ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd or "u section #dah;,e ( su* ,code1
 be=e ! date ( ! enactm5t ( ?is ,act    
%all apply = a loan "u ?is section4 ,!  
,director ( ! ,p5sion ,rehabilitation   
,adm9i/ration %all provide = su* plan   
sponsors to use ! simplifi$ application 
"u subsection 7d77#b77;,b74  7#e7       
,inc5tive = e>ly repaym5t ,! plan       
sponsor may elect at ! "t ( !           
application to repay ! loan pr9cipal1   
along ) ! rema9+ int]e/1 ov] ! #aj-ye>  
p]iod beg9n+ ) ! #ba/ ye> aft] ! date ( 
! loan4 ,9 ! case ( a plan mak+ ?is     
election1 ! int]e/ on ! loan %all be    
r$uc$ by #j4e p]c5t4  7d7 ,loan am\nt & 
use  7#a7 ,am\nt ( loan  7,a7 ,9 g5]al  
,except z provid$ 9 subp>agraphs 7,b7 & 
7,c7 & p>agraph 7#b71 ! am\nt ( any loan
 "u subsection 7a7 %all be1 z demon/rat$
 by ! plan sponsor on ! application "u  
subsection 7c71 ! am\nt ne$$ to pur*ase 

annuity contracts or to implem5t a      
portfolio describ$ 9 p>agraph 7#c77;,c7 
7or a comb9ation ( ! two7 suffici5t to  
provide b5efits ( p>ticipants &         
b5efici>ies ( ! plan 9 pay /atus1 &     
t]m9at$ ve/$ b5efits1 at ! "t ! loan is 
made4  7,b7 ,limitation bas$ on ability 
to repay ,if at ! "t ( ! application "u 
subsection 7c7 ! plan sponsor det]m9es  
t1 bas$ on a repaym5t s*$ule t w\ld     
provide = repaym5t ( ! full am\nt       
det]m9$ "u subp>agraph 7,a7 or 7,c77ii7 
)9 ! #cj ye> p]iod describ$ 9 subsection
 7b77#a71 mak+ paym5ts w\ld cause ! plan
 to be )9 #ah mon?s ( becom+ insolv5t at
 any po9t dur+ su* p]iod1 ! loan am\nt  
%all be su* less] am\nt z ! plan sponsor
 det]m9es ! plan w be able to repay )\t 
becom+ )9 #ah mon?s ( insolv5cy4  7,c7  
,plans ) susp5d$ b5efits ,9 ! case ( a  
plan ) respect to :i* a susp5d$ b5efits 
has be5 approv$ "u section #dcb7;e77#i7 
( ! ,int]nal ,rev5ue ,code ( #aihf &    
section #cje7;e77#i7 ( ! ,employee      
,retirem5t ,income ,security ,act (     

#aigd 7#bi ,u4,s4,c4 #ajhe7;e77#i77 or  
"u section #dah;,e ( su* ,code--  7i7 ! 
susp5sion ( b5efits %all n be tak5 into 
acc\nt 9 apply+ subp>agraph 7,a72 &     
7ii7 except z provid$ 9 subp>agraph     
7,b71 ! loan am\nt %all be ! am\nt      
suffici5t to provide b5efits (          
p>ticipants & b5efici>ies ( ! plan 9 pay
 /atus & t]m9at$ ve/$ b5efits at ! "t ! 
loan is made1 det]m9$ )\t reg>d to !    
susp5sion1 includ+ retroactive paym5t ( 
b5efits :i* w\ld o!rwise h be5 payable  
dur+ ! p]iod ( ! susp5sion4  7#b7       
,coord9ation ) ,,pbgc f9ancial assi/ance
  7,a7 ,9 g5]al ,9 ! case ( a plan :i*  
is also apply+ = f9ancial assi/ance "u  
section #dbfa7;d7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #adca7;d77--  7i7 !
 plan sponsor %all submit ! loan        
application & ! application = f9ancial  
assi/ance jo9tly to ! ,p5sion           
,rehabilitation ,adm9i/ration & !       
,p5sion ,b5efit ,gu>anty ,corporation ) 
! in=mation necess>y to det]m9e !       

eligibility = & am\nt ( ! loan "u ?is   
section & ! f9ancial assi/ance "u       
section #dbfa7;d7 ( su* ,act2 &  7ii7 if
 su* f9ancial assi/ance is grant$1 !    
am\nt ( ! loan "u subsection 7a7 %all n 
exce$ an am\nt equal to ! excess (--    
7,i7 ! am\nt det]m9$ "u p>agraph        
7#a77;,a7 or 7#a77;,c77ii7 7:i*ev] is   
applicable71 )\t reg>d to p>agraph      
7#a77;,b72 ov]  7,,ii7 ! am\nt ( su*    
f9ancial assi/ance4  7,b7 ,plans already
 receiv+ ,,pbgc assi/ance ,! ,director (
 ! ,p5sion ,rehabilitation ,adm9i/ration
 %all provide = a simplifi$ application 
= ! loan "u ?is section :i* may be us$  
by an insolv5t plan :i* has n be5       
t]m9at$ & :i* is already receiv+        
f9ancial assi/ance 7o!r ?an "u section  
#dbfa7;d7 ( su* ,act7 f ! ,p5sion       
,b5efit ,gu>anty ,corporation at ! "t ( 
! application = ! loan "u ?is section4  
7#c7 ,use ( loan funds  7,a7 ,9 g5]al ,!
 loan receiv$ "u subsection 7a7 %all be 
us$ to pur*ase annuity contracts :i*    
meet ! requirem5ts ( subp>agraph 7,b7 or

 to implem5t a portfolio describ$ 9     
subp>agraph 7,c7 7or a comb9ation ( !   
two7 to provide ! b5efits describ$ 9    
p>agraph 7#a74  7,b7 ,annuity contract  
requirem5ts ,! annuity contracts pur*as$
 "u subp>agraph 7,a7 %all be issu$ by an
 insurance company :i* is lic5s$ to d   
bus9ess "u ! laws ( any ,/ate & :i* is  
rat$ ,a or bett] by a nationally        
recogniz$ /ati/ical rat+ organization1 &
 ! pur*ase ( su* contracts %all meet all
 applicable fiduci>y /&>ds "u !         
,employee ,retirem5t ,income ,security  
,act ( #aigd4  7,c7 ,portfolio  7i7 ,9  
g5]al ,a portfolio describ$ 9 ?is       
subp>agraph is-- 7,i7 a ca% mat*+       
portfolio or duration mat*+ portfolio   
consi/+ ( inve/m5t grade 7z rat$ by a   
nationally recogniz$ /ati/ical rat+     
organization7 fix$ income inve/m5ts1    
includ+ ,unit$ ,/ates doll>-d5om9at$    
public or private debt obligations issu$
 or gu>ante$ by ! ,unit$ ,/ates or a    
=eign issu]1 :i* are tradeable 9 ,unit$ 
,/ates curr5cy & are issu$ at fix$ or   

z]o c\pon rates2 or  7,,ii7 any o!r     
portfolio prescrib$ by ! ,secret>y ( !  
,treasury 9 regulations :i* has a simil>
 risk pr(ile to ! portfolios describ$ 9 
subclause 7,i7 & is equally protective (
 ! int]e/s ( p>ticipants & b5efici>ies4 
,once implem5t$1 su* a portfolio %all be
 ma9ta9$ until all liabilities to       
p>ticipants & b5efici>ies 9 pay /atus at
 ! "t ( ! loan are satisfi$4  7ii7      
,fiduci>y duty ,any inve/m5t manag] ( a 
portfolio "u ?is subp>agraph %all       
ackn[l$ge 9 writ+ t su* p]son is a      
fiduci>y "u ! ,employee ,retirem5t      
,income ,security ,act ( #aigd ) respect
 to ! plan4  7iii7 ,treatm5t (          
p>ticipants & b5efici>ies ,p>ticipants &
 b5efici>ies cov]$ by a portfolio "u ?is
 subp>agraph %all cont9ue to be treat$ z
 p>ticipants & b5efici>ies ( ! plan1    
includ+ = purposes ( title ,,iv ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd4  7,d7 ,acc\nt+  7i7 ,9    
g5]al ,annuity contracts pur*as$ &      
portfolios implem5t$ "u ?is p>agraph    

%all be us$ solely to provide ! b5efits 
describ$ 9 p>agraph 7#a7 until all su*  
b5efits h be5 paid & %all be acc\nt$ =  
sep>ately f ! o!r assets ( ! plan4  7ii7
 ,ov]sight ( non-annuity inve/m5ts  7,i7
 ,9 g5]al ,any portfolio implem5t$ "u   
?is p>agraph %all be subject to ov]sight
 by ! ,p5sion ,rehabilitation           
,adm9i/ration1 includ+ a m&atory        
tri5nial review ( ! adequacy ( !        
portfolio to provide ! b5efits describ$ 
9 p>agraph 7#a7 & approval 7to be       
provid$ )9 a reasonable p]iod ( "t7 (   
any decision by ! plan sponsor to *ange 
! inve/m5t manag] ( ! portfolio4  7,,ii7
 ,rem$ial action ,if ! tri5nial review  
"u subclause 7,i7 det]m9es an           
inadequacy1 ! plan sponsor %all take    
rem$ial action to ensure t ! inadequacy 
w be cur$ )9 #e ye>s ( ! review4  7,e7  
,ombudsp]son ,! ,p>ticipant & ,plan     
,sponsor ,advocate e/abli%$ "u section  
#djjd ( ! ,employee ,retirem5t ,income  
,security ,act ( #aigd %all act z       
ombudsp]son = p>ticipants & b5efici>ies 

on behalf ( :om annuity contracts are   
pur*as$ or :o are cov]$ by a portfolio  
"u ?is p>agraph4  7e7 ,collection (     
repaym5t ,except z provid$ 9 subsection 
7f71 ! ,p5sion ,rehabilitation          
,adm9i/ration %all make e ef=t to       
collect repaym5t ( loans "u ?is section 
9 accordance ) section #cgaa ( title    
#ca1 ,unit$ ,/ates ,code4  7f7 ,loan    
default ,if a plan is unable to make any
 paym5t on a loan "u ?is section :5 due1
 ! ,p5sion ,rehabilitation ,adm9i/ration
 %all negotiate ) ! plan sponsor revis$ 
t]ms = repaym5t 7includ+ in/allm5t      
paym5ts ov] a reasonable p]iod or       
=giv5ess ( a portion ( ! loan pr9cipal71
 b only to ! ext5t necess>y to avoid    
insolv5cy 9 ! subsequ5t #ah mon?s4  7g7 
,au?ority to issue rules1 etc ,!        
,director ( ! ,p5sion ,rehabilitation   
,adm9i/ration1 9 consultation ) !       
,p5sion ,b5efit ,gu>anty ,corporation & 
! ,dep>tm5t ( ,labor1 is au?oriz$ to    
issue rules reg>d+ ! =m1 cont5t1 &      
process ( applications = loans "u ?is   

section1 actu>ial /&>ds & assumptions to
 be us$ 9 mak+ e/imates & projections = 
purposes ( su* applications1 &          
assumptions reg>d+ int]e/ rates1        
mortality1 & di/ributions ) respect to a
 portfolio describ$ 9 subsection        
7d77#c77;,c74  7h7 ,coord9ation )       
taxation ( unrelat$ bus9ess income      
,subp>agraph 7,a7 ( section #ead7;c77#f7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$-- 7#a7 by /rik+ or at ! end (     
clause 7i72  7#b7 by /rik+ ! p]iod at ! 
end ( clause 7ii77,,ii7 & ins]t+ 1 or2 &
  7#c7 by add+ at ! end ! foll[+ new    
clause3  7iii7 indebt$ness ) respect to 
a multiemploy] plan "u a loan made by ! 
,p5sion ,rehabilitation ,adm9i/ration   
pursuant to section #d ( !              
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai4  4  #e4 ,coord9ation )   
)drawal liability & fund+ rules  7a7    
,am5dm5t to ,int]nal ,rev5ue ,code (    
#aihf ,section #dcb ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by add+ at ! end
 ! foll[+ new subsection3  7k7 ,special 

rules = plans receiv+ p5sion            
rehabilitation loans  7#a7 ,det]m9ation 
( )drawal liability  7,a7 ,9 g5]al ,if  
any employ] p>ticipat+ 9 a plan at ! "t 
! plan receives a loan "u section #d7;a7
 ( ! ,rehabilitation = ,multiemploy]    
,p5sions ,act ( #bjai )draws f ! plan   
be=e ! end ( ! #cj-ye> p]iod beg9n+ on !
 date ( ! loan1 ! )drawal liability (   
su* employ] %all be det]m9$ "u !        
,employee ,retirem5t ,income ,security  
,act ( #aigd--  7i7 by apply+ section   
#dbai7;c77#a77;,d7 ( ! ,employee        
,retirem5t ,income ,security ,act (     
#aigd z if ! plan 7 t]m9at+ by ! )drawal
 ( e employ] f ! plan1 &  7ii7 by       
det]m9+ ! value ( non=feitable b5efits  
"u ! plan at ! "t ( ! deem$ t]m9ation by
 us+ ! int]e/ assumptions prescrib$ =   
purposes ( section #djdd ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd1 z prescrib$ 9 ! regulations "u   
section #dbha ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 9 ! case 
( su* a mass )drawal4  7,b7 ,annuity    

contracts & inve/m5t portfolios pur*as$ 
) loan funds ,annuity contracts pur*as$ 
& portfolios implem5t$ "u section       
#d7;d77#c7 ( ! ,rehabilitation =        
,multiemploy] ,p5sions ,act ( #bjai %all
 n be tak5 into acc\nt 9 det]m9+ !      
)drawal liability ( any employ] "u      
subp>agraph 7,a71 b ! am\nt equal to !  
great] (--  7i7 ! b5efits provid$ "u su*
 contracts or portfolios to p>ticipants 
& b5efici>ies1 or  7ii7 ! rema9+ paym5ts
 due on ! loan "u section #d7;a7 ( su*  
,act1  %all be s tak5 into acc\nt4  7#b7
 ,coord9ation ) fund+ requirem5ts ,9 !  
case ( a plan :i* receives a loan "u    
section #d7;a7 ( ! ,rehabilitation =    
,multiemploy] ,p5sions ,act ( #bjai--   
7,a7 annuity contracts pur*as$ &        
portfolios implem5t$ "u section         
#d7;d77#c7 ( su* ,act1 & ! b5efits      
provid$ to p>ticipants & b5efici>ies "u 
su* contracts or portfolios1 %all n be  
tak5 into acc\nt 9 det]m9+ m9imum       
requir$ contributions "u section #dab1  
7,b7 paym5ts on ! int]e/ & pr9cipal "u !

 loan1 & any b5efits ow$ 9 excess ( ^?  
provid$ "u su* contracts or portfolios1 
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section1 &  7,c7 if su* 
a portfolio is project$ due to          
unfavorable inve/m5t or actu>ial        
exp]i5ce to be unable to fully satisfy !
 liabilities :i* x cov]s1 ! am\nt ( !   
liabilities project$ to be unsatisfi$   
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section4  4  7b7        
,am5dm5t to ,employee ,retirem5t ,income
 ,security ,act ( #aigd ,section #cje ( 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd 7#bi ,u4,s4,c4 #ajhe7 is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7k7 ,special rules = plans 
receiv+ p5sion rehabilitation loans     
7#a7 ,det]m9ation ( )drawal liability   
7,a7 ,9 g5]al ,if any employ] p>ticipat+
 9 a plan at ! "t ! plan receives a loan
 "u section #d7;a7 ( ! ,rehabilitation =
 ,multiemploy] ,p5sions ,act ( #bjai    
)draws f ! plan be=e ! end ( ! #cj-ye>  
p]iod beg9n+ on ! date ( ! loan1 !      

)drawal liability ( su* employ] %all be 
det]m9$--  7i7 by apply+ section        
#dbai7;c77#a77;,d7 z if ! plan 7 t]m9at+
 by ! )drawal ( e employ] f ! plan1 &   
7ii7 by det]m9+ ! value ( non=feitable  
b5efits "u ! plan at ! "t ( ! deem$     
t]m9ation by us+ ! int]e/ assumptions   
prescrib$ = purposes ( section #djdd1 z 
prescrib$ 9 ! regulations "u section    
#dbha 9 ! case ( su* a mass )drawal4    
7,b7 ,annuity contracts & inve/m5t      
portfolios pur*as$ ) loan funds ,annuity
 contracts pur*as$ & portfolios         
implem5t$ "u section #d7;d77#c7 ( !     
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai %all n be tak5 into acc\nt
 9 det]m9+ ! )drawal liability ( any    
employ] "u subp>agraph 7,a71 b ! am\nt  
equal to ! great] (--  7i7 ! b5efits    
provid$ "u su* contracts or portfolios  
to p>ticipants & b5efici>ies1 or  7ii7 !
 rema9+ paym5ts due on ! loan "u section
 #d7;a7 ( su* ,act1  %all be s tak5 into
 acc\nt4  7#b7 ,coord9ation ) fund+     
requirem5ts ,9 ! case ( a plan :i*      

receives a loan "u section #d7;a7 ( !   
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai-- 7,a7 annuity contracts  
pur*as$ & portfolios implem5t$ "u       
section #d7;d77#c7 ( su* ,act1 & !      
b5efits provid$ to p>ticipants &        
b5efici>ies "u su* contracts or         
portfolios1 %all n be tak5 into acc\nt 9
 det]m9+ m9imum requir$ contributions "u
 section #cjb1  7,b7 paym5ts on ! int]e/
 & pr9cipal "u ! loan1 & any b5efits ow$
 9 excess ( ^? provid$ "u su* contracts 
or portfolios1 %all be tak5 into acc\nt 
z liabilities = purposes ( su* section1 
&  7,c7 if su* a portfolio is project$  
due to unfavorable inve/m5t or actu>ial 
exp]i5ce to be unable to fully satisfy !
 liabilities :i* x cov]s1 ! am\nt ( !   
liabilities project$ to be unsatisfi$   
%all be tak5 into acc\nt z liabilities =
 purposes ( su* section4  4  #f4        
,issuance ( ,treasury bonds ,! ,secret>y
 ( ! ,treasury 79 consultation ) !      
,director ( ! ,p5sion ,rehabilitation   
,adm9i/ration e/abli%$ "u section #b7   

%all f "t to "t transf] f ! g5]al fund (
 ! ,treasury to ! ,p5sion               
,rehabilitation ,tru/ ,fund e/abli%$ "u 
section #ieab ( ! ,int]nal ,rev5ue ,code
 ( #aihf su* am\nts z are necess>y to   
fund ! loan program "u section #d ( ?is 
,act1 includ+ f proce$s f ! ,secret>y's 
issuance ( obligations "u *apt] #ca (   
title #ca1 ,unit$ ,/ates ,code4  #g4    
,reports ( plans receiv+ p5sion         
rehabilitation loans  7a7 ,9 g5]al      
,subp>t ,e ( "p ,,iii ( sub*apt] ,a (   
*apt] #fa ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #fjei;,a4 ,reports (     
plans receiv+ p5sion rehabilitation     
loans  7a7 ,9 g5]al ,9 ! case ( a plan  
receiv+ a loan "u section #d7;a7 ( !    
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai1 ) respect to ! fir/ plan 
ye> beg9n+ aft] ! date ( ! loan & ea* ( 
! #bi succe$+ plan ye>s1 n lat] ?an !   
#ij? day ( ea* su* plan ye> ! plan      
sponsor %all file ) ! ,secret>y a report
 7includ+ appropriate docum5tation &    

actu>ial c]tifications f ! plan actu>y1 
z requir$ by ! ,secret>y7 t conta9s--   
7#a7 ! fund$ p]c5tage 7z def9$ 9 section
 #dcb7;i77#b77 z ( ! fir/ day ( su* plan
 ye>1 & ! und]ly+ actu>ial value (      
assets 7det]m9$ ) reg>d1 & )\t reg>d1 to
 annuity contracts pur*as$ & portfolios 
implem5t$ ) proce$s ( su* loan7 &       
liabilities 7includ+ any am\nts due )   
respect to su* loan7 tak5 into acc\nt 9 
det]m9+ su* p]c5tage1  7#b7 ! m>ket     
value ( ! assets ( ! plan 7det]m9$ z    
provid$ 9 p>agraph 7#a77 z ( ! la/ day (
 ! plan ye> prec$+ su* plan ye>1  7#c7 !
 total value ( all contributions made by
 employ]s & employees dur+ ! plan ye>   
prec$+ su* plan ye>1  7#d7 ! total value
 ( all b5efits paid dur+ ! plan ye>     
prec$+ su* plan ye>1  7#e7 ca% fl[      
projections = su* plan ye> & ! #i       
succe$+ plan ye>s1 & ! assumptions us$ 9
 mak+ su* projections1  7#f7 fund+ /&>d 
acc\nt projections = su* plan ye> & ! #i
 succe$+ plan ye>s1 & ! assumptions     
reli$ ^u 9 mak+ su* projections1  7#g7 !

 total value ( all inve/m5t ga9s or     
losses dur+ ! plan ye> prec$+ su* plan  
ye>1  7#h7 any significant r$uction 9 ! 
numb] ( active p>ticipants dur+ ! plan  
ye> prec$+ su* plan ye>1 & ! reason =   
su* r$uction1  7#i7 a li/ ( employ]s t  
)drew f ! plan 9 ! plan ye> prec$+ su*  
plan ye>1 & ! result+ r$uction 9        
contributions1  7#aj7 a li/ ( employ]s t
 paid )drawal liability to ! plan dur+ !
 plan ye> prec$+ su* plan ye> &1 = ea*  
employ]1 a total assessm5t ( ! )drawal  
liability paid1 ! annual paym5t am\nt1 &
 ! numb] ( ye>s rema9+ 9 ! paym5t s*$ule
 ) respect to su* )drawal liability1    
7#aa7 any mat]ial *anges to b5efits1    
accrual rates1 or contribution rates    
dur+ ! plan ye> prec$+ su* plan ye>1 &  
:e!r su* *anges relate to ! t]ms ( !    
loan1  7#ab7 details reg>d+ any fund+   
improvem5t plan or rehabilitation plan &
 updates to su* plan1  7#ac7 ! numb] (  
p>ticipants & b5efici>ies dur+ ! plan   
ye> prec$+ su* plan ye> :o are active   
p>ticipants1 ! numb] ( p>ticipants &    

b5efici>ies 9 pay /atus1 & ! numb] (    
t]m9at$ ve/$ p>ticipants & b5efici>ies1 
7#ad7 ! am\nt ( any f9ancial assi/ance  
receiv$ "u section #dbfa ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd to pay b5efits dur+ ! prec$+ plan 
ye>1 & ! total am\nt ( su* f9ancial     
assi/ance receiv$ = all prec$+ ye>s1    
7#ae7 ! in=mation conta9$ on ! mo/ rec5t
 annual fund+ notice submitt$ by ! plan 
"u section #aja7;f7 ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd1  7#af7 ! in=mation conta9$ on !  
mo/ rec5t annual return "u section #fjeh
 & actu>ial report "u section #fjei ( ! 
plan1 &  7#ag7 copies ( ! plan docum5t &
 am5dm5ts1 o!r retirem5t b5efit or      
ancill>y b5efit plans relat+ to ! plan &
 contribution obligations "u su* plans1 
a breakd[n ( adm9i/rative exp5ses ( !   
plan1 p>ticipant c5sus data &           
di/ribution ( b5efits1 ! mo/ rec5t      
actu>ial valuation report z ( ! plan    
ye>1 copies ( collective b>ga9+         
agreem5ts1 & f9ancial reports1 & su* o!r

 in=mation z ! ,secret>y1 9 consultation
 ) ! ,director ( ! ,p5sion              
,rehabilitation ,adm9i/ration1 may      
require4  7b7 ,electronic submission ,! 
report requir$ "u subsection 7a7 %all be
 submitt$ electronically4  7c7          
,in=mation %>+ ,! ,secret>y %all %>e !  
in=mation 9 ! report "u subsection 7a7 )
 ! ,secret>y ( ,labor & ! ,director ( ! 
,p5sion ,b5efit ,gu>anty ,corporation4  
7d7 ,report to p>ticipants1 b5efici>ies1
 & employ]s ,ea* plan sponsor requir$ to
 file a report "u subsection 7a7 %all1  
be=e ! expiration ( ! "t prescrib$ = !  
fil+ ( su* report1 also provide a summ>y
 7writt5 9 a mann] s z to be und]/ood by
 ! av]age plan p>ticipant7 ( ! in=mation
 9 su* report to p>ticipants &          
b5efici>ies 9 ! plan & to ea* employ] ) 
an obligation to contribute to ! plan4  
4  7b7 ,p5alty ,subsection 7e7 ( section
 #ffeb ( ! ,int]nal ,rev5ue ,code (     
#aihf is am5d$-- 7#a7 by ins]t+ 1       
#fjei;,a 7relat+ to reports ( plans     
receiv+ p5sion rehabilitation loans7    

aft] def]r$ comp5sation72  7#b7 by      
ins]t+ 7#ajj 9 ! case ( failures "u     
section #fjei;,a7 aft] #be2 &  7#c7 by  
add+ at ! end ! foll[+3 ,9 ! case ( a   
failure ) respect to section #fjei;,a1 !
 am\nt impos$ "u ?is subsection %all n  
be paid f ! assets ( ! plan44  7c7      
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,e ( "p ,,iii ( sub*apt] ,a (    
*apt] #fa ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new item3  ,sec4 #fjei;,a4 ,reports (  
plans receiv+ p5sion rehabilitation     
loans4  4  #h4 ,,pbgc f9ancial assi/ance
  7a7 ,9 g5]al ,section #dbfa ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7 is   
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7d7  7#a7 ,! plan sponsor (
 a multiemploy] plan-- 7,a7 :i* is 9    
critical & decl9+ /atus 7)9 ! mean+ (   
section #cje7;b77#f77 z ( ! date ( !    
enactm5t ( ?is subsection1 or ) respect 
to :i* a susp5sion ( b5efits has be5    
approv$ "u section #cje7;e77#i7 z ( su* 

date2  7,b7 :i*1 z ( su* date (         
enactm5t1 is 9 critical /atus 7)9 !     
mean+ ( section #cje7;b77#b771 has a    
fund$ p]c5tage ( less ?an #dj p]c5t 7z  
det]m9$ = purposes ( section #cje71 &   
has a ratio ( active to inactive        
p>ticipants :i* is less ?an #b to #c2 or
  7,c7 :i* is insolv5t = purposes (     
section #dah;,e ( ! ,int]nal ,rev5ue    
,code ( #aihf z ( su* date ( enactm5t1  
if ! plan became insolv5t aft] ,decemb] 
#af1 #bjad1 & has n be5 t]m9at$2  & :i* 
is apply+ = a loan "u section #d7;a7 ( !
 ,rehabilitation = ,multiemploy]        
,p5sions ,act ( #bjai may also apply to 
! corporation = f9ancial assi/ance "u   
?is subsection1 by jo9tly submitt+ su*  
applications 9 accordance ) section     
#d7;d77#b7 ( su* ,act4 ,! application = 
f9ancial assi/ance "u ?is subsection    
%all demon/rate1 bas$ on projections by 
! plan actu>y1 t aft] ! receipt ( !     
anticipat$ loan am\nt "u section #d7;a7 
( su* ,act1 ! plan w /ill become 7or    
rema97 insolv5t )9 ! #cj-ye> p]iod      

beg9n+ on ! date ( ! loan4  7#b7 ,9     
review+ an application "u p>agraph 7#a71
 ! corporation %all review !            
demon/rations & assumptions submitt$ ) !
 loan application "u section #d7;c7 ( ! 
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai & provide guidance reg>d+ 
su* assumptions prior to approv+ any    
application = f9ancial assi/ance "u ?is 
subsection4 ,! corporation may d5y any  
application if ! assumptions &          
det]m9ations are unreasonable1 or       
inconsi/5t ) rules issu$ by !           
corporation1 & ! plan & ! corporation   
are unable to rea* agreem5t on su*      
assumptions & det]m9ations4  7#c7 ,9 !  
case ( a plan describ$ 9 p>agraph       
7#a77;,a7 or 7#a77;,b71 ! f9ancial      
assi/ance provid$ pursuant to su*       
application "u ?is subsection %all be ! 
am\nt 7det]m9$ by ! plan actu>y &       
submitt$ on ! application7 equal to !   
sum (--  7,a7 ! p]c5tage ( b5efits (    
p>ticipants & b5efici>ies ( ! plan 9 pay
 /atus at ! "t ( ! application1 &  7,b7 

! p]c5tage ( future b5efits to :i*      
p>ticipants :o h sep>at$ f s]vice b are 
n yet 9 pay /atus are entitl$1  :i*1 if 
su* p]c5tage 7 paid by ! corporation 9  
comb9ation ) ! loan1 w\ld all[ ! plan to
 avoid project$ insolv5cy4 ,su* am\nt   
%all n exce$ ! maximum gu>ante$ b5efit )
 respect to all p>ticipants &           
b5efici>ies ( ! plan "u sections        
#djbb;,a & #djbb;,b4 ,= ?is purpose1 !  
maximum gu>ante$ b5efit am\nt %all be   
det]m9$ by disreg>d+ any loan available 
f ! ,p5sion ,rehabilitation             
,adm9i/ration & %all be det]m9$ z if !  
plan 7 insolv5t on ! date ( !           
application4 ,fur!r1 ! pres5t value ( ! 
maximum gu>ante$ b5efit am\nt ) respect 
to su* p>ticipants & b5efici>ies may be 
calculat$ 9 ! aggregate1 r ?an by       
ref]5ce to ! b5efit ( ea* su* p>ticipant
 or b5efici>y4  7#d7 ,9 ! case ( a plan 
describ$ 9 p>agraph 7#a77;,c71 !        
f9ancial assi/ance provid$ pursuant to  
su* application "u ?is subsection %all  
be ! am\nt 7det]m9$ by ! plan actu>y &  

submitt$ on ! application7 :i*1 if su*  
am\nt 7 paid by ! corporation 9         
comb9ation ) ! loan & any o!r assi/ance 
be+ provid$ to ! plan by ! corporation  
at ! "t ( ! application1 w\ld enable !  
plan to em]ge f ! project$ insolv5cy4   
7#e7  7,a7 ,except z provid$ 9          
subp>agraph 7,b71 ! corporation %all    
provide ! f9ancial assi/ance "u ?is     
subsection only 9 su* am\nts z !        
corporation det]m9es1 at ! "t ( approval
 & at ! beg9n+ ( ea* plan ye> beg9n+    
!reaft] dur+ ! p]iod ( assi/ance1 are   
necess>y = ! plan to avoid insolv5cy    
dur+ ! #e plan ye> p]iod beg9n+ ) !     
curr5t plan ye>4  7,b7 ,9 ! case ( a    
plan describ$ 9 p>agraph 7#a77;,c71 !   
f9ancial assi/ance "u ?is subsection    
%all be provid$ 9 a lump sum if deem$   
necess>y by ! corporation1 & 9 no case  
lat] ?an ,decemb] #ca1 #bjbj4  7#f7     
,subsections 7b7 & 7c7 %all apply to    
f9ancial assi/ance "u ?is subsection z  
if x 7 provid$ "u subsection 7a71 except
 t ! t]ms = repaym5t "u subsection      

7b77#b7 %all n require ! f9ancial       
assi/ance to be repaid be=e ! date on   
:i* ! loan "u section #d7;a7 ( !        
,rehabilitation = ,multiemploy] ,p5sions
 ,act ( #bjai is repaid 9 full4  7#g7 ,!
 corporation may =go repaym5t ( !       
f9ancial assi/ance provid$ "u ?is       
subsection if necess>y to avoid any     
susp5sion ( ! accru$ b5efits (          
p>ticipants4  4  7b7 ,appropriations    
,!re is appropriat$ to ! ,director ( !  
,p5sion ,b5efit ,gu>anty ,corporation   
su* sums z may be necess>y = ea* fiscal 
ye> to provide ! f9ancial assi/ance     
describ$ 9 section #dbfa7;d7 ( !        
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #adca7;d77  
7z add$ by ?is section7 7includ+        
necess>y adm9i/rative & op]at+ exp5ses  
relat+ to su* assi/ance74  ,july #ai1   
#bjai ,report$ f ! ,committee on        
,education & ,labor ) an am5dm5t ,july  
#ai1 #bjai ,! ,committee on             
,appropriations dis*>g$2 committ$ to !  
,committee ( ! ,:ole ,h\se on ! ,/ate ( 

! ,union & ord]$ to be pr9t$