,i #aagth ,,congress #ast ,session ,h4 ,r4 #dji ,,in ,,the ,,house ,,of ,,representatives ,january #ba1 #bjba,mr4 ,neal 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 provide relief for multiemployer and single employer pension plans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,emergency ,pension ,plan ,relief ,act of #bjba4 ,i ,relief for ,multiemployer ,pension ,plans #aja4 ,special partition relief 7a7 ,appropriation ,section #djje of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acje7 is amended by adding at the end the following3 7i7 7#a7 ,an eighth fund shall be established for partition assistance to multiemployer pension plans1 as provided under section #dbcc;,a1 and to pay for necessary administrative and operating expenses relating to such assistance4 7#b7 ,there is appropriated from the general fund such amounts as necessary for the costs of providing partition assistance under section #dbcc;,a and necessary administrative and operating expenses4 ,the eighth fund established under this subsection shall be credited with such amounts from time to time as the ,secretary of the ,treasury determines appropriate1 from the general fund of the ,treasury1 and such amounts shall remain available until expended4 4 7b7 ,special partition authority ,the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq47 is amended by inserting after section #dbcc the following3 #dbcc;,a4 ,special partition relief 7a7 ,special partition authority 7#a7 ,in general ,upon the application of a plan sponsor of an eligible multiemployer plan for partition of the plan under this section1 the corporation shall order a partition of the plan in accordance with this section4 7#b7 ,inapplicability of certain repayment obligation ,a plan receiving partition assistance pursuant to this section shall not be subject to repayment obligations under section #dbfa7;b77#b74 7b7 ,eligible plans 7#a7 ,in general ,for purposes of this section1 a multiemployer plan is an eligible multiemployer plan if-- 7,a7 the plan is in critical and declining status 7within the meaning of section #cje7;b77#f77 in any plan year beginning in #bjbj through #bjbd2 7,b7 a suspension of benefits has been approved with respect to the plan under section #cje7;e77#i7 as of the date of the enactment of this section2 7,c7 in any plan year beginning in #bjbj through #bjbd1 the plan is certified by the plan actuary to be in critical status 7within the meaning of section #cje7;b77#b771 has a modified funded percentage of less than #dj percent1 and has a ratio of active to inactive participants which is less than #b to #c2 or 7,d7 the plan is insolvent for purposes of section #dah;,e of the ,internal ,revenue ,code of #aihf as of the date of enactment of this section1 if the plan became insolvent after ,december #af1 #bjad1 and has not been terminated by such date of enactment4 7#b7 ,modified funded percentage ,for purposes of paragraph 7#a77;,c71 the term modified funded percentage means the percentage equal to a fraction the numerator of which is current value of plan assets 7as defined in section #c7bf7 of such ,act7 and the denominator of which is current liabilities 7as defined in section #dca7;c77#f77;,d7 of such ,code and section #cjd7;c77#f77;,d7 of such ,act74 7c7 ,applications for special partition 7#a7 ,guidance ,the corporation shall issue guidance setting forth requirements for special partition applications under this section not later than #abj days after the date of the enactment of this section4 ,in such guidance1 the corporation shall-- 7,a7 limit the materials required for a special partition application to the minimum necessary to make a determination on the application2 and 7,b7 provide for an alternate application for special partition under this section1 which may be used by a plan that has been approved for a partition under section #dbcc before the date of enactment of this section4 7#b7 ,temporary priority consideration of applications 7,a7 ,in general ,the corporation may specify in guidance under paragraph 7#a7 that1 during the first #b years following the date of enactment of this section1 special partition applications will be provided priority consideration1 if-- 7i7 the plan is likely to become insolvent within #e years of the date of enactment of this section2 7ii7 the corporation projects a plan to have a present value of financial assistance payments under section #dbfa that exceeds #a1jjj1jjj1jjj if the special partition is not ordered2 7iii7 the plan has implemented benefit suspensions under section #cje7;e77#i7 as of the date of the enactment of this section2 or 7iv7 the corporation determines it appropriate based on other circumstances4 7,b7 ,no effect on amount of assistance ,a plan that is approved for special partition assistance under this section shall not receive reduced special partition assistance on account of not receiving priority consideration under subparagraph 7,a74 7#c7 ,actuarial assumptions and other information ,the corporation shall accept assumptions incorporated in a multiemployer plan's determination that it is in critical status or critical and declining status 7within the meaning of section #cje7;b771 or that the plan's modified funded percentage is less than #dj percent1 unless such assumptions are clearly erroneous4 ,the corporation may require such other information as the corporation determines appropriate for making a determination of eligibility and the amount of special partition assistance necessary under this section4 7#d7 ,application deadline ,any application by a plan for special partition assistance under this section shall be submitted no later than ,december #ca1 #bjbf1 and any revised application for special partition assistance shall be submitted no later than ,december #ca1 #bjbg4 7#e7 ,notice of application ,not later than #abj days after the date of enactment of this section1 the corporation shall issue guidance requiring multiemployer plans to notify participants and beneficiaries that the plan has applied for partition under this section1 after the corporation has determined that the application is complete4 ,such notice shall reference the special partition relief internet website described in subsection 7p74 7d7 ,determinations on applications ,a plan's application for special partition under this section that is timely filed in accordance with guidance issued under subsection 7c77#a7 shall be deemed approved and the corporation shall issue a special partition order unless the corporation notifies the plan within #abj days of the filing of the application that the application is incomplete or the plan is not eligible under this section4 ,such notice shall specify the reasons the plan is ineligible for a special partition or information needed to complete the application4 ,if a plan is denied partition under this subsection1 the plan may submit a revised application under this section4 ,any revised application for special partition submitted by a plan shall be deemed approved unless the corporation notifies the plan within #abj days of the filing of the revised application that the application is incomplete or the plan is not eligible under this section4 ,a special partition order issued by the corporation shall be effective no later than #abj days after a plan's special partition application is approved by the corporation or deemed approved4 7e7 ,amount and manner of special partition assistance 7#a7 ,in general ,the liabilities of an eligible multiemployer plan that the corporation assumes pursuant to a special partition order under this section shall be the amount necessary for the plan to meet its funding goals described in subsection 7g74 7#b7 ,no cap ,liabilities assumed by the corporation pursuant to a special partition order under this section shall not be capped by the guarantee under section #djbb;,a4 ,the corporation shall have discretion on how liabilities of the plan are partitioned4 7f7 ,successor plan 7#a7 ,in general ,the plan created by a special partition order under this section is a successor plan to which section #djbb;,a applies4 7#b7 ,plan sponsor and administrator ,the plan sponsor of an eligible multiemployer plan prior to the special partition and the administrator of such plan shall be the plan sponsor and the administrator1 respectively1 of the plan created by the partition4 7g7 ,funding goals 7#a7 ,in general ,the funding goals of a multiemployer plan eligible for partition under this section are both of the following3 7,a7 ,the plan will remain solvent over #cj years with no reduction in a participant's or beneficiary's accrued benefit 7except to the extent of a reduction in accordance with section #cje7;e77#h7 adopted prior to the plan's application for partition under this section74 7,b7 ,the funded percentage of the plan 7disregarding partitioned benefits7 at the end of the #cj-year period is projected to be #hj percent4 7#b7 ,basis ,the funding projections under paragraph 7#a7 shall be performed on a deterministic basis4 7h7 ,restoration of benefit suspensions ,an eligible multiemployer plan that is partitioned under this section shall-- 7#a7 reinstate any benefits that were suspended under section #cje7;e77#i7 or section #dbde7;a71 effective as of the first month the special partition order is effective1 for participants or beneficiaries as of the effective date of the partition2 and 7#b7 provide payments equal to the amount of benefits previously suspended to any participants or beneficiaries in pay status as of the effective date of the special partition1 payable in the form of a lump sum within #c months of such effective date or in equal monthly installments over a period of #e years1 with no adjustment for interest4 7i7 ,adjustment of special partition assistance 7#a7 ,in general ,every #e years1 the corporation shall adjust the special partition assistance described in subsection 7e7 as necessary for the eligible multiemployer plan to satisfy the funding goals described in subsection 7g74 ,if the #cj-year period described in subsection 7g7 has lapsed1 in applying this paragraph1 #e years shall be substituted for #cj years4 7#b7 ,submission of information ,an eligible multiemployer plan that is the subject of a special partition order under subsection 7a7 shall submit such information as the corporation may require to determine the amount of the adjustment under paragraph 7#a74 7#c7 ,cessation of adjustments ,adjustments under this subsection with respect to special partition assistance for an eligible multiemployer plan shall cease and the corporation shall permanently assume liability for payment of any benefits transferred to the successor plan 7subject to subsection 7l77 beginning with the first plan year that the funded percentage of the eligible multiemployer plan 7disregarding partitioned benefits7 is at least #hj percent and the plan's projected funded percentage for each of the next #aj years is at least #hj percent4 ,any accumulated funding deficiency of the plan 7within the meaning of section #cjd7;a77 shall be reduced to zero as of the first day of the plan year for which partition assistance is permanent under this paragraph4 7j7 ,conditions on plans during partition 7#a7 ,in general ,the corporation may impose1 by regulation1 reasonable conditions on an eligible multiemployer plan that is partitioned under section 7a7 relating to increases in future accrual rates and any retroactive benefit improvements1 allocation of plan assets1 reductions in employer contribution rates1 diversion of contributions to1 and allocation of1 expenses to other retirement plans1 and withdrawal liability4 7#b7 ,limitations ,the corporation shall not impose conditions on an eligible multiemployer plan as a condition of or following receipt of such partition assistance under this section relating to-- 7,a7 any reduction in plan benefits 7including benefits that may be adjusted pursuant to section #cje7;e77#h772 7,b7 plan governance1 including selection of1 removal of1 and terms of contracts with1 trustees1 actuaries1 investment managers1 and other service providers2 or 7,c7 any funding rules relating to the plan that is partitioned under this section4 7#c7 ,condition ,an eligible multiemployer plan that is partitioned under subsection 7a7 shall continue to pay all premiums due under section #djjg for participants and beneficiaries in the plan created by a special partition order until the plan year beginning after a cessation of adjustments applies under subsection 7i74 7k7 ,withdrawal liability ,an employer's withdrawal liability for purposes of this title shall be calculated taking into account any plan liabilities that are partitioned under subsection 7a7 until the plan year beginning after the expiration of #ae calendar years from the effective date of the partition4 7l7 ,cessation of partition assistance ,if a plan that receives partition assistance under this section becomes insolvent for purposes of section #dah;,e of the ,internal ,revenue ,code of #aihf1 the plan shall no longer be eligible for assistance under this section and shall be eligible for assistance under section #dbfa4 7m7 ,reporting ,an eligible multiemployer plan that receives partition assistance under this section shall file with the corporation a report1 including the following information1 in such manner 7which may include electronic filing requirements7 and at such time as the corporation requires3 7#a7 ,the funded percentage 7as defined in section #cje7;j77#b77 as of the first day of such plan year1 and the underlying actuarial value of assets and liabilities taken into account in determining such percentage4 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 year4 7#c7 ,the total value of all contributions made by employers and employees during the plan year preceding such plan year4 7#d7 ,the total value of all benefits paid during the plan year preceding such plan year4 7#e7 ,cash flow projections for such plan year and the #i succeeding plan years1 and the assumptions used in making such projections4 7#f7 ,funding standard account projections for such plan year and the #i succeeding plan years1 and the assumptions relied upon in making such projections4 7#g7 ,the total value of all investment gains or losses during the plan year preceding such plan year4 7#h7 ,any significant reduction in the number of active participants during the plan year preceding such plan year1 and the reason for such reduction4 7#i7 ,a list of employers that withdrew from the plan in the plan year preceding such plan year1 the payment schedule with respect to such withdrawal liability1 and the resulting reduction in contributions4 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 liability4 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 conditions of the partition assistance4 7#ab7 ,details regarding any funding improvement plan or rehabilitation plan and updates to such plan4 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 beneficiaries4 7#ad7 ,the information contained on the most recent annual funding notice submitted by the plan under section #aja7;f74 7#ae7 ,the information contained on the most recent annual return under section #fjeh of the ,internal ,revenue ,code of #aihf and actuarial report under section #fjei of such ,code of the plan4 7#af7 ,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 financial reports1 and copies of the portions of collective bargaining agreements relating to plan contributions1 funding coverage1 or benefits1 and such other information as the corporation may reasonably require4 ,any information disclosed by a plan to the corporation that could identify individual employers shall be confidential and not subject to publication or disclosure4 7n7 ,report to ,congress 7#a7 ,in general ,not later than #a year after the date of enactment of this section and annually thereafter1 the board of directors of the corporation shall submit to the ,committee on ,health1 ,education1 ,labor1 and ,pensions and the ,committee on ,finance of the ,senate and the ,committee on ,education and ,labor and the ,committee on ,ways and ,means of the ,house of ,representatives a detailed report on the implementation and administration of this section4 ,such report shall include-- 7,a7 information on the name and number of multiemployer plans that have applied for partition assistance under this section2 7,b7 the name and number of such plans that have been approved for partition assistance under this section and the name and number of the plans that have not been approved for special partition assistance2 7,c7 a detailed rationale for any decision by the corporation to not approve an application for special partition assistance2 7,d7 the amount of special partition assistance provided to eligible multiemployer plans 7including amounts provided on an individual plan basis and in the aggregate72 7,e7 the name and number of the multiemployer plans that restored benefit suspensions and provided lump sum or monthly installment payments to participants or beneficiaries2 7,f7 the amount of benefits that were restored and lump sum or monthly installment payments that were paid 7including amounts provided on an individual plan basis and in the aggregate72 7,g7 the name and number of the plans that received adjustments to partition assistance under subsection 7i72 7,h7 a list of1 and rationale for1 each reasonable condition imposed by the corporation on plans approved for special partition assistance under this section2 7,i7 the contracts that have been awarded by the corporation to implement or administer this section2 7,j7 the number1 purpose1 and dollar amounts of the contracts that have been awarded to implement or administer the section2 7,k7 a detailed summary of the reports required under subsection 7m72 and 7,l7 a detailed summary of the feedback received on the pension relief internet website established under subsection 7p74 7#b7 ,,pbgc certification ,the board of directors of the corporation shall include with the report under paragraph 7#a7 a certification and affirmation that the amount of special partition assistance provided to each plan under this section is the amount necessary to meet its funding goals under subsection 7g71 including1 if applicable1 any adjustment of special partition assistance as determined under subsection 7i74 7#c7 ,confidentiality ,congress may publicize the reports received under paragraph 7#a7 only after redacting all sensitive or proprietary information4 7o7 ,,gao report ,not later than #a year after the first partition application is approved by the corporation under this section1 and biennially thereafter1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,health1 ,education1 ,labor1 and ,pensions and the ,committee on ,finance of the ,senate and the ,committee on ,education and ,labor and the ,committee on ,ways and ,means of the ,house of ,representatives a detailed report on the actions of the corporation to implement and administer this section1 including an examination of the contracts awarded by such corporation to carry out this section and an analysis of such corporation's compliance with subsections 7e7 and 7g74 7p7 ,special partition relief website 7#a7 ,establishment ,not later than #abj days after the date of enactment of this section1 the corporation shall establish and maintain a user-friendly1 public-facing internet website to foster greater accountability and transparency in the implementation and administration of this section4 7#b7 ,purpose ,the internet website established and maintained under paragraph 7#a7 shall be a portal to key information relating to this section for multiemployer plan administrators and trustees1 plan participants1 beneficiaries1 participating employers1 other stakeholders1 and the public4 7#c7 ,content and function ,the internet website established under paragraph 7#a7 shall-- 7,a7 describe the nature and scope of the special partition authority and assistance under this section in a manner calculated to be understood by the average plan participant2 7,b7 include published guidance1 regulations1 and all other relevant information on the implementation and administration of this section2 7,c7 include1 with respect to plan applications for special partition assistance-- 7i7 a general description of the process by which eligible plans can apply for special partition assistance1 information on how and when the corporation will process and consider plan applications2 7ii7 information on how the corporation will address any incomplete applications as specified in under this section2 7iii7 a list of the plans that have applied for special partition assistance and1 for each application1 the date of submission of a completed application2 7iv7 the text of each plan's completed application for special partition assistance with appropriate redactions of personal1 proprietary1 or sensitive information2 7v7 the estimated date that a decision will be made by the corporation on each application2 7vi7 the actual date when such decision is made2 7vii7 the corporation's decision on each application2 and 7viii7 as applicable1 a detailed rationale for any decision not to approve a plan's application for special partition assistance2 7,d7 provide detailed information on each contract solicited and awarded to implement or administer this section2 7,e7 include reports1 audits1 and other relevant oversight and accountability information on this section1 including the annual reports submitted by the board of directors of the corporation to ,congress required under subsection 7n71 the ,office of the ,inspector ,general audits1 correspondence1 and publications1 and the ,government ,accountability ,office reports under subsection 7o72 7,f7 provide a clear means for multiemployer plan administrators1 plan participants1 beneficiaries1 other stakeholders1 and the public to contact the corporation and provide feedback on the implementation and administration of this section2 and 7,g7 be regularly updated to carry out the purposes of this subsection4 7q7 ,office of inspector general ,there is authorized to be appropriated to the corporation's ,office of ,inspector ,general #bd1jjj1jjj for fiscal year #bjbj1 which shall remain available through ,september #cj1 #bjbh1 for salaries and expenses necessary for conducting investigations and audits of the implementation and administration of this section4 7r7 ,application of excise tax ,during the period that a plan is subject to a partition order under this section and prior to a cessation of adjustments pursuant to subsection 7i77#c71 the plan shall not be subject to section #diga of the ,internal ,revenue ,code of #aihf4 4 #ajb4 ,repeal of benefit suspensions for multiemployer plans in critical and declining status 7a7 ,amendment to ,internal ,revenue ,code of #aihf ,paragraph 7#i7 of section #dcb7;e7 of the ,internal ,revenue ,code of #aihf is repealed4 7b7 ,amendment to ,employee ,retirement ,income ,security ,act of #aigd ,paragraph 7#i7 of section #cje7;e7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhe7;e77 is repealed4 7c7 ,effective date ,the repeals made by this section shall not apply to plans that have been approved for a suspension of benefit under section #dcb7;e77#i77;,g7 of the ,internal ,revenue ,code of #aihf and section #cje7;e77#i77;,g7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhe7;e77#i77;,g77 before the date of the enactment of this ,act4 #ajc4 ,temporary delay of designation of multiemployer plans as in endangered1 critical1 or critical and declining status 7a7 ,in general ,notwithstanding the actuarial certification under section #cje7;b77#c7 of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb7;b77#c7 of the ,internal ,revenue ,code of #aihf1 if a plan sponsor of a multiemployer plan elects the application of this section1 then1 for purposes of section #cje of such ,act and section #dcb of such ,code-- 7#a7 the status of the plan for its first plan year beginning during the period beginning on ,march #a1 #bjbj1 and ending on ,february #bh1 #bjba1 or the next succeeding plan year 7as designated by the plan sponsor in such election71 shall be the same as the status of such plan under such sections for the plan year preceding such designated plan year1 and 7#b7 in the case of a plan which was in endangered or critical status for the plan year preceding the designated plan year described in paragraph 7#a71 the plan shall not be required to update its plan or schedules under section #cje7;c77#f7 of such ,act and section #dcb7;c77#f7 of such ,code1 or section #cje7;e77#c77;,b7 of such ,act and section #dcb7;e77#c77;,b7 of such ,code1 whichever is applicable1 until the plan year following the designated plan year described in paragraph 7#a74 ,if section #cje of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb of the ,internal ,revenue ,code of #aihf did not apply to the plan year preceding the designated plan year described in paragraph 7#a71 the plan actuary shall make a certification of the status of the plan under section #cje7;b77#c7 of such ,act and section #dcb7;b77#c7 of such ,code for the preceding plan year in the same manner as if such sections had applied to such preceding plan year4 7b7 ,exception for plans becoming critical during election ,if-- 7#a7 an election was made under subsection 7a7 with respect to a multiemployer plan1 and 7#b7 such plan has1 without regard to such election1 been certified by the plan actuary under section #cje7;b77#c7 of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb7;b77#c7 of the ,internal ,revenue ,code of #aihf to be in critical status for the designated plan year described in subsection 7a77#a71 then such plan shall be treated as a plan in critical status for such plan year for purposes of applying section #diga7;g77#a77;,a7 of such ,code1 section #cjb7;b77#c7 of such ,act 7without regard to the second sentence thereof71 and section #dab7;b77#c7 of such ,code 7without regard to the second sentence thereof74 7c7 ,election and notice 7#a7 ,election ,an election under subsection 7a7-- 7,a7 shall be made at such time and in such manner as the ,secretary of the ,treasury or the ,secretary's delegate may prescribe and1 once made1 may be revoked only with the consent of the ,secretary1 and 7,b7 if made-- 7i7 before the date the annual certification is submitted to the ,secretary or the ,secretary's delegate under section #cje7;b77#c7 of such ,act and section #dcb7;b77#c7 of such ,code1 shall be included with such annual certification1 and 7ii7 after such date1 shall be submitted to the ,secretary or the ,secretary's delegate not later than #cj days after the date of the election4 7#b7 ,notice to participants 7,a7 ,in general ,notwithstanding section #cje7;b77#c77;,d7 of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb7;b77#c77;,d7 of the ,internal ,revenue ,code of #aihf1 if the plan is neither in endangered nor critical status by reason of an election made under subsection 7a7-- 7i7 the plan sponsor of a multiemployer plan shall not be required to provide notice under such sections1 and 7ii7 the plan sponsor shall provide to the participants and beneficiaries1 the bargaining parties1 the ,pension ,benefit ,guaranty ,corporation1 and the ,secretary of ,labor a notice of the election under subsection 7a7 and such other information as the ,secretary of the ,treasury 7in consultation with the ,secretary of ,labor7 may require-- 7,i7 if the election is made before the date the annual certification is submitted to the ,secretary or the ,secretary's delegate under section #cje7;b77#c7 of such ,act and section #dcb7;b77#c7 of such ,code1 not later than #cj days after the date of the certification1 and 7,,ii7 if the election is made after such date1 not later than #cj days after the date of the election4 7,b7 ,notice of endangered status ,notwithstanding section #cje7;b77#c77;,d7 of such ,act and section #dcb7;b77#c77;,d7 of such ,code1 if the plan is certified to be in critical status for any plan year but is in endangered status by reason of an election made under subsection 7a71 the notice provided under such sections shall be the notice which would have been provided if the plan had been certified to be in endangered status4 #ajd4 ,temporary extension of the funding improvement and rehabilitation periods for multiemployer pension plans in critical and endangered status for #bjbj or #bjba 7a7 ,in general ,if the plan sponsor of a multiemployer plan which is in endangered or critical status for a plan year beginning in #bjbj or #bjba 7determined after application of section #d7 elects the application of this section1 then1 for purposes of section #cje of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb of the ,internal ,revenue ,code of #aihf-- 7#a7 except as provided in paragraph 7#b71 the plan's funding improvement period or rehabilitation period1 whichever is applicable1 shall be #ae years rather than #aj years1 and 7#b7 in the case of a plan in seriously endangered status1 the plan's funding improvement period shall be #bj years rather than #ae years4 7b7 ,definitions and special rules ,for purposes of this section-- 7#a7 ,election ,an election under this section shall be made at such time1 and in such manner and form1 as 7in consultation with the ,secretary of ,labor7 the ,secretary of the ,treasury or the ,secretary's delegate may prescribe4 7#b7 ,definitions ,any term which is used in this section which is also used in section #cje of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb of the ,internal ,revenue ,code of #aihf shall have the same meaning as when used in such sections4 7c7 ,effective date ,this section shall apply to plan years beginning after ,december #ca1 #bjai4 #aje4 ,adjustments to funding standard account rules 7a7 ,adjustments 7#a7 ,amendment to ,employee ,retirement ,income ,security ,act of #aigd ,section #cjd7;b77#h7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhd7;b77 is amended by adding at the end the following new subparagraph3 7,f7 ,relief for #bjbj and #bjba ,a multiemployer plan with respect to which the solvency test under subparagraph 7,c7 is met as of ,february #bi1 #bjbj1 may elect to apply this paragraph by substituting ,february #bi1 #bjbj for ,august #ca1 #bjjh each place it appears in subparagraphs 7,a77i71 7,b77i77,i71 and 7,b77i77,,ii7 7without regard to whether such plan previously elected the application of this paragraph74 ,the preceding sentence shall not apply to a plan with respect to which a partition order is in effect under section #dbcc;,a4 4 7#b7 ,amendment to ,internal ,revenue ,code of #aihf ,section #dca7;b77#h7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,f7 ,relief for #bjbj and #bjba ,a multiemployer plan with respect to which the solvency test under subparagraph 7,c7 is met as of ,february #bi1 #bjbj1 may elect to apply this paragraph by substituting ,february #bi1 #bjbj for ,august #ca1 #bjjh each place it appears in subparagraphs 7,a77i71 7,b77i77,i71 and 7,b77i77,,ii7 7without regard to whether such plan previously elected the application of this paragraph74 ,the preceding sentence shall not apply to a plan with respect to which a partition order is in effect under section #dbcc;,a of the ,employee ,retirement ,income ,security ,act of #aigd4 4 7b7 ,effective dates 7#a7 ,in general ,the amendments made by this section shall take effect as of the first day of the first plan year ending on or after ,february #bi1 #bjbj1 except that any election a plan makes pursuant to this section that affects the plan's funding standard account for the first plan year beginning after ,february #bi1 #bjbj1 shall be disregarded for purposes of applying the provisions of section #cje of the ,employee ,retirement ,income ,security ,act of #aigd and section #dcb of the ,internal ,revenue ,code of #aihf to such plan year4 7#b7 ,restrictions on benefit increases ,notwithstanding paragraph 7#a71 the restrictions on plan amendments increasing benefits in sections #cjd7;b77#h77;,d7 of such ,act and #dca7;b77#h77;,d7 of such ,code1 as applied by the amendments made by this section1 shall take effect on the date of enactment of this ,act4 #ajf4 ,,pbgc guarantee for participants in multiemployer plans ,section #djbb;,a7c77#a7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acbb;a7c77#a77 is amended by striking subparagraphs 7,a7 and 7,b7 and inserting the following3 7,a7 #ajj percent of the accrual rate up to #ae1 plus #ge percent of the lesser of-- 7i7 #gj2 or 7ii7 the accrual rate1 if any1 in excess of #ae2 and 7,b7 the number of the participant's years of credited service4 ,for each calendar year after the first full calendar year following the date of the enactment of the ,emergency ,pension ,plan ,relief ,act of #bjba1 the accrual rates in subparagraph 7,a7 shall increase by the national average wage index 7as defined in section #bji7k77#a7 of the ,social ,security ,act74 ,for purposes of this subsection1 the rates applicable for determining the guaranteed benefits of the participants of any plan shall be the rates in effect for the calendar year in which the plan becomes insolvent under section #dbde or the calendar year in which the plan is terminated1 if earlier4 4 ,,ii ,relief for ,single ,employer ,pension ,plans #bja4 ,extended amortization for single employer plans 7a7 #ae-,year amortization under the ,internal ,revenue ,code of #aihf ,section #dcj7;c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#h7 #ae-year amortization ,with respect to plan years beginning after ,december #ca1 #bjai-- 7,a7 the shortfall amortization bases for all plan years preceding the first plan year beginning after ,december #ca1 #bjai 7and all shortfall amortization installments determined with respect to such bases71 shall be reduced to zero1 and 7,b7 subparagraphs 7,a7 and 7,b7 of paragraph 7#b7 shall each be applied by substituting #ae-plan-year period for #g-plan-year period4 4 7b7 #ae-,year amortization under the ,employee ,retirement ,income ,security ,act of #aigd ,section #cjc7;c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhc7;c77 is amended by adding at the end the following new paragraph3 7#h7 #ae-year amortization ,with respect to plan years beginning after ,december #ca1 #bjai-- 7,a7 the shortfall amortization bases for all plan years preceding the first plan year beginning after ,december #ca1 #bjai 7and all shortfall amortization installments determined with respect to such bases71 shall be reduced to zero1 and 7,b7 subparagraphs 7,a7 and 7,b7 of paragraph 7#b7 shall each be applied by substituting #ae-plan-year period for #g-plan-year period4 4 7c7 ,effective date ,the amendments made by this section shall apply to plan years beginning after ,december #ca1 #bjai4 #bjb4 ,extension of pension funding stabilization percentages for single employer plans 7a7 ,amendments to ,internal ,revenue ,code of #aihf 7#a7 ,in general ,the table contained in subclause 7,,ii7 of section #dcj7;h77#b77;,c77iv7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 ,if the calendar year is3,the applicable minimum percentage is3,the applicable maximum percentage is3,any year in the period starting in #bjab and ending in #bjaiijaaj;,any year in the period starting in #bjbj and ending in #bjbeieajebjbfijaajbjbgheaaebjbhhjabjbjb igeabe;,after #bjbigjacj4 4 7#b7 ,floor on #be-year averages ,subclause 7,i7 of section #dcj7;h77#b77;,c77iv7 of such ,code is amended by adding at the end the following3 ,notwithstanding anything in this subclause1 if the average of the first1 second1 or third segment rate for any #be-year period is less than #e percent1 such average shall be deemed to be #e percent44 7b7 ,amendments to ,employee ,retirement ,income ,security ,act of #aigd 7#a7 ,in general ,the table contained in subclause 7,,ii7 of section #cjc7;h77#b77;,c77iv7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhc7;h77#b77;,c77iv77,,ii77 is amended to read as follows3 ,if the calendar year is3,the applicable minimum percentage is3,the applicable maximum percentage is3,any year in the period starting in #bjab and ending in #bjaiijaaj;,any year in the period starting in #bjbj and ending in #bjbeieajebjbfijaajbjbgheaaebjbhhjabjbjb igeabe;,after #bjbigjacj4 4 7#b7 ,conforming amendments 7,a7 ,in general ,section #aja7;f77#b77;,d7 of such ,act 7#bi ,u4,s4,c4 #ajba7;f77#b77;,d77 is amended-- 7i7 in clause 7i7 by striking and the ,bipartisan ,budget ,act of #bjae both places it appears and inserting 1 the ,bipartisan ,budget ,act of #bjae1 and the ,emergency ,pension ,plan ,relief ,act of #bjba1 and 7ii7 in clause 7ii7 by striking #bjbc and inserting #bjbi4 7,b7 ,statements ,the ,secretary of ,labor shall modify the statements required under subclauses 7,i7 and 7,,ii7 of section #aja7;f77#b77;,d77i7 of such ,act to conform to the amendments made by this section4 7#c7 ,floor on #be-year averages ,subclause 7,i7 of section #cjc7;h77#b77;,c77iv7 of such ,act 7#bi ,u4,s4,c4 #ajhc7;h77#b77;,c77iv77,,ii77 is amended by adding at the end the following3 ,notwithstanding anything in this subclause1 if the average of the first1 second1 or third segment rate for any #be-year period is less than #e percent1 such average shall be deemed to be #e percent44 7c7 ,effective date ,the amendments made by this section shall apply with respect to plan years beginning after ,december #ca1 #bjai4