,i #aag? ,,congress #a/ ,session ,h4 ,r4 #dji ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #ba1 #bjba,mr4 ,neal introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ,labor1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to provide relief = multiemploy] & s+le employ] p5sion plans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,em]g5cy ,p5sion ,plan ,relief ,act ( #bjba4 ,i ,relief = ,multiemploy] ,p5sion ,plans #aja4 ,special p>tition relief 7a7 ,appropriation ,section #djje ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acje7 is am5d$ by add+ at ! end ! foll[+3 7i7 7#a7 ,an eigh? fund %all be e/abli%$ = p>tition assi/ance to multiemploy] p5sion plans1 z provid$ "u section #dbcc;,a1 & to pay = necess>y adm9i/rative & op]at+ exp5ses relat+ to su* assi/ance4 7#b7 ,!re is appropriat$ f ! g5]al fund su* am\nts z necess>y = ! co/s ( provid+ p>tition assi/ance "u section #dbcc;,a & necess>y adm9i/rative & op]at+ exp5ses4 ,! eigh? fund e/abli%$ "u ?is subsection %all be cr$it$ ) su* am\nts f "t to "t z ! ,secret>y ( ! ,treasury det]m9es appropriate1 f ! g5]al fund ( ! ,treasury1 & su* am\nts %all rema9 available until exp5d$4 4 7b7 ,special p>tition au?ority ,! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja et seq47 is am5d$ by ins]t+ aft] section #dbcc ! foll[+3 #dbcc;,a4 ,special p>tition relief 7a7 ,special p>tition au?ority 7#a7 ,9 g5]al ,^u ! application ( a plan sponsor ( an eligible multiemploy] plan = p>tition ( ! plan "u ?is section1 ! corporation %all ord] a p>tition ( ! plan 9 accordance ) ?is section4 7#b7 ,inapplicability ( c]ta9 repaym5t obligation ,a plan receiv+ p>tition assi/ance pursuant to ?is section %all n be subject to repaym5t obligations "u section #dbfa7;b77#b74 7b7 ,eligible plans 7#a7 ,9 g5]al ,= purposes ( ?is section1 a multiemploy] plan is an eligible multiemploy] plan if-- 7,a7 ! plan is 9 critical & decl9+ /atus 7)9 ! mean+ ( section #cje7;b77#f77 9 any plan ye> beg9n+ 9 #bjbj ?r\gh #bjbd2 7,b7 a susp5sion ( b5efits has be5 approv$ ) respect to ! plan "u section #cje7;e77#i7 z ( ! date ( ! enactm5t ( ?is section2 7,c7 9 any plan ye> beg9n+ 9 #bjbj ?r\gh #bjbd1 ! plan is c]tifi$ by ! plan actu>y to be 9 critical /atus 7)9 ! mean+ ( section #cje7;b77#b771 has a modifi$ fund$ p]c5tage ( less ?an #dj p]c5t1 & has a ratio ( active to inactive p>ticipants :i* is less ?an #b to #c2 or 7,d7 ! plan is insolv5t = purposes ( section #dah;,e ( ! ,int]nal ,rev5ue ,code ( #aihf z ( ! date ( enactm5t ( ?is section1 if ! plan became insolv5t aft] ,decemb] #af1 #bjad1 & has n be5 t]m9at$ by su* date ( enactm5t4 7#b7 ,modifi$ fund$ p]c5tage ,= purposes ( p>agraph 7#a77;,c71 ! 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 7c7 ,applications = special p>tition 7#a7 ,guidance ,! corporation %all issue guidance sett+ =? requirem5ts = special p>tition applications "u ?is section n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is section4 ,9 su* guidance1 ! corporation %all-- 7,a7 limit ! mat]ials requir$ = a special p>tition application to ! m9imum necess>y to make a det]m9ation on ! application2 & 7,b7 provide = an alt]nate application = special p>tition "u ?is section1 :i* may be us$ by a plan t has be5 approv$ = a p>tition "u section #dbcc be=e ! date ( enactm5t ( ?is section4 7#b7 ,tempor>y priority consid]ation ( applications 7,a7 ,9 g5]al ,! corporation may specify 9 guidance "u p>agraph 7#a7 t1 dur+ ! fir/ #b ye>s foll[+ ! date ( enactm5t ( ?is section1 special p>tition applications w be provid$ priority consid]ation1 if-- 7i7 ! plan is likely to become insolv5t )9 #e ye>s ( ! date ( enactm5t ( ?is section2 7ii7 ! corporation projects a plan to h a pres5t value ( f9ancial assi/ance paym5ts "u section #dbfa t exce$s #a1jjj1jjj1jjj if ! special p>tition is n ord]$2 7iii7 ! plan has implem5t$ b5efit susp5sions "u section #cje7;e77#i7 z ( ! date ( ! enactm5t ( ?is section2 or 7iv7 ! corporation det]m9es x appropriate bas$ on o!r circum/ances4 7,b7 ,no effect on am\nt ( assi/ance ,a plan t is approv$ = special p>tition assi/ance "u ?is section %all n receive r$uc$ special p>tition assi/ance on acc\nt ( n receiv+ priority consid]ation "u subp>agraph 7,a74 7#c7 ,actu>ial assumptions & o!r in=mation ,! corporation %all accept assumptions incorporat$ 9 a multiemploy] plan's det]m9ation t x is 9 critical /atus or critical & decl9+ /atus 7)9 ! mean+ ( section #cje7;b771 or t ! plan's modifi$ fund$ p]c5tage is less ?an #dj p]c5t1 unless su* assumptions are cle>ly errone\s4 ,! corporation may require su* o!r in=mation z ! corporation det]m9es appropriate = mak+ a det]m9ation ( eligibility & ! am\nt ( special p>tition assi/ance necess>y "u ?is section4 7#d7 ,application deadl9e ,any application by a plan = special p>tition assi/ance "u ?is section %all be submitt$ no lat] ?an ,decemb] #ca1 #bjbf1 & any revis$ application = special p>tition assi/ance %all be submitt$ no lat] ?an ,decemb] #ca1 #bjbg4 7#e7 ,notice ( application ,n lat] ?an #abj days aft] ! date ( enactm5t ( ?is section1 ! corporation %all issue guidance requir+ multiemploy] plans to notify p>ticipants & b5efici>ies t ! plan has appli$ = p>tition "u ?is section1 aft] ! corporation has det]m9$ t ! application is complete4 ,su* notice %all ref]5ce ! special p>tition relief int]net website describ$ 9 subsection 7p74 7d7 ,det]m9ations on applications ,a plan's application = special p>tition "u ?is section t is timely fil$ 9 accordance ) guidance issu$ "u subsection 7c77#a7 %all be deem$ approv$ & ! corporation %all issue a special p>tition ord] unless ! corporation notifies ! plan )9 #abj days ( ! fil+ ( ! application t ! application is incomplete or ! plan is n eligible "u ?is section4 ,su* notice %all specify ! reasons ! plan is ineligible = a special p>tition or in=mation ne$$ to complete ! application4 ,if a plan is d5i$ p>tition "u ?is subsection1 ! plan may submit a revis$ application "u ?is section4 ,any revis$ application = special p>tition submitt$ by a plan %all be deem$ approv$ unless ! corporation notifies ! plan )9 #abj days ( ! fil+ ( ! revis$ application t ! application is incomplete or ! plan is n eligible "u ?is section4 ,a special p>tition ord] issu$ by ! corporation %all be effective no lat] ?an #abj days aft] a plan's special p>tition application is approv$ by ! corporation or deem$ approv$4 7e7 ,am\nt & mann] ( special p>tition assi/ance 7#a7 ,9 g5]al ,! liabilities ( an eligible multiemploy] plan t ! corporation assumes pursuant to a special p>tition ord] "u ?is section %all be ! am\nt necess>y = ! plan to meet its fund+ goals describ$ 9 subsection 7g74 7#b7 ,no cap ,liabilities assum$ by ! corporation pursuant to a special p>tition ord] "u ?is section %all n be capp$ by ! gu>antee "u section #djbb;,a4 ,! corporation %all h discretion on h[ liabilities ( ! plan are p>tition$4 7f7 ,successor plan 7#a7 ,9 g5]al ,! plan creat$ by a special p>tition ord] "u ?is section is a successor plan to :i* section #djbb;,a applies4 7#b7 ,plan sponsor & adm9i/rator ,! plan sponsor ( an eligible multiemploy] plan prior to ! special p>tition & ! adm9i/rator ( su* plan %all be ! plan sponsor & ! adm9i/rator1 respectively1 ( ! plan creat$ by ! p>tition4 7g7 ,fund+ goals 7#a7 ,9 g5]al ,! fund+ goals ( a multiemploy] plan eligible = p>tition "u ?is section are bo? ( ! foll[+3 7,a7 ,! plan w rema9 solv5t ov] #cj ye>s ) no r$uction 9 a p>ticipant's or b5efici>y's accru$ b5efit 7except to ! ext5t ( a r$uction 9 accordance ) section #cje7;e77#h7 adopt$ prior to ! plan's application = p>tition "u ?is section74 7,b7 ,! fund$ p]c5tage ( ! plan 7disreg>d+ p>tition$ b5efits7 at ! end ( ! #cj-ye> p]iod is project$ to be #hj p]c5t4 7#b7 ,basis ,! fund+ projections "u p>agraph 7#a7 %all be p]=m$ on a det]m9i/ic basis4 7h7 ,re/oration ( b5efit susp5sions ,an eligible multiemploy] plan t is p>tition$ "u ?is section %all-- 7#a7 re9/ate any b5efits t 7 susp5d$ "u section #cje7;e77#i7 or section #dbde7;a71 effective z ( ! fir/ mon? ! special p>tition ord] is effective1 = p>ticipants or b5efici>ies z ( ! effective date ( ! p>tition2 & 7#b7 provide paym5ts equal to ! am\nt ( b5efits previ\sly susp5d$ to any p>ticipants or b5efici>ies 9 pay /atus z ( ! effective date ( ! special p>tition1 payable 9 ! =m ( a lump sum )9 #c mon?s ( su* effective date or 9 equal mon?ly in/allm5ts ov] a p]iod ( #e ye>s1 ) no adju/m5t = int]e/4 7i7 ,adju/m5t ( special p>tition assi/ance 7#a7 ,9 g5]al ,e #e ye>s1 ! corporation %all adju/ ! special p>tition assi/ance describ$ 9 subsection 7e7 z necess>y = ! eligible multiemploy] plan to satisfy ! fund+ goals describ$ 9 subsection 7g74 ,if ! #cj-ye> p]iod describ$ 9 subsection 7g7 has laps$1 9 apply+ ?is p>agraph1 #e ye>s %all be sub/itut$ = #cj ye>s4 7#b7 ,submission ( in=mation ,an eligible multiemploy] plan t is ! subject ( a special p>tition ord] "u subsection 7a7 %all submit su* in=mation z ! corporation may require to det]m9e ! am\nt ( ! adju/m5t "u p>agraph 7#a74 7#c7 ,cessation ( adju/m5ts ,adju/m5ts "u ?is subsection ) respect to special p>tition assi/ance = an eligible multiemploy] plan %all cease & ! corporation %all p]man5tly assume liability = paym5t ( any b5efits transf]r$ to ! successor plan 7subject to subsection 7l77 beg9n+ ) ! fir/ plan ye> t ! fund$ p]c5tage ( ! eligible multiemploy] plan 7disreg>d+ p>tition$ b5efits7 is at lea/ #hj p]c5t & ! plan's project$ fund$ p]c5tage = ea* ( ! next #aj ye>s is at lea/ #hj p]c5t4 ,any accumulat$ fund+ defici5cy ( ! plan 7)9 ! mean+ ( section #cjd7;a77 %all be r$uc$ to z]o z ( ! fir/ day ( ! plan ye> = :i* p>tition assi/ance is p]man5t "u ?is p>agraph4 7j7 ,conditions on plans dur+ p>tition 7#a7 ,9 g5]al ,! corporation may impose1 by regulation1 reasonable conditions on an eligible multiemploy] plan t is p>tition$ "u section 7a7 relat+ to increases 9 future accrual rates & any retroactive b5efit improvem5ts1 allocation ( plan assets1 r$uctions 9 employ] contribution rates1 div]sion ( contributions to1 & allocation (1 exp5ses to o!r retirem5t plans1 & )drawal liability4 7#b7 ,limitations ,! corporation %all n impose conditions on an eligible multiemploy] plan z a condition ( or foll[+ receipt ( su* p>tition assi/ance "u ?is section relat+ to-- 7,a7 any r$uction 9 plan b5efits 7includ+ b5efits t may be adju/$ pursuant to section #cje7;e77#h772 7,b7 plan gov]nance1 includ+ selection (1 removal (1 & t]ms ( contracts )1 tru/ees1 actu>ies1 inve/m5t manag]s1 & o!r s]vice provid]s2 or 7,c7 any fund+ rules relat+ to ! plan t is p>tition$ "u ?is section4 7#c7 ,condition ,an eligible multiemploy] plan t is p>tition$ "u subsection 7a7 %all cont9ue to pay all premiums due "u section #djjg = p>ticipants & b5efici>ies 9 ! plan creat$ by a special p>tition ord] until ! plan ye> beg9n+ aft] a cessation ( adju/m5ts applies "u subsection 7i74 7k7 ,)drawal liability ,an employ]'s )drawal liability = purposes ( ?is title %all be calculat$ tak+ into acc\nt any plan liabilities t are p>tition$ "u subsection 7a7 until ! plan ye> beg9n+ aft] ! expiration ( #ae cal5d> ye>s f ! effective date ( ! p>tition4 7l7 ,cessation ( p>tition assi/ance ,if a plan t receives p>tition assi/ance "u ?is section becomes insolv5t = purposes ( section #dah;,e ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! plan %all no long] be eligible = assi/ance "u ?is section & %all be eligible = assi/ance "u section #dbfa4 7m7 ,report+ ,an eligible multiemploy] plan t receives p>tition assi/ance "u ?is section %all file ) ! corporation a report1 includ+ ! foll[+ in=mation1 9 su* mann] 7:i* may include electronic fil+ requirem5ts7 & at su* "t z ! corporation requires3 7#a7 ,! fund$ p]c5tage 7z def9$ 9 section #cje7;j77#b77 z ( ! fir/ day ( su* plan ye>1 & ! und]ly+ actu>ial value ( assets & liabilities tak5 into acc\nt 9 det]m9+ su* p]c5tage4 7#b7 ,! m>ket value ( ! assets ( ! plan 7det]m9$ z provid$ 9 p>agraph 7#a77 z ( ! la/ day ( ! plan ye> prec$+ su* plan ye>4 7#c7 ,! total value ( all contributions made by employ]s & employees dur+ ! plan ye> prec$+ su* plan ye>4 7#d7 ,! total value ( all b5efits paid dur+ ! plan ye> prec$+ su* plan ye>4 7#e7 ,ca% fl[ projections = su* plan ye> & ! #i succe$+ plan ye>s1 & ! assumptions us$ 9 mak+ su* projections4 7#f7 ,fund+ /&>d acc\nt projections = su* plan ye> & ! #i succe$+ plan ye>s1 & ! assumptions reli$ ^u 9 mak+ su* projections4 7#g7 ,! total value ( all inve/m5t ga9s or losses dur+ ! plan ye> prec$+ su* plan ye>4 7#h7 ,any significant r$uction 9 ! numb] ( active p>ticipants dur+ ! plan ye> prec$+ su* plan ye>1 & ! reason = su* r$uction4 7#i7 ,a li/ ( employ]s t )drew f ! plan 9 ! plan ye> prec$+ su* plan ye>1 ! paym5t s*$ule ) respect to su* )drawal liability1 & ! result+ r$uction 9 contributions4 7#aj7 ,a li/ ( employ]s t paid )drawal liability to ! plan dur+ ! plan ye> prec$+ su* plan ye> &1 = ea* employ]1 a total assessm5t ( ! )drawal liability paid1 ! annual paym5t am\nt1 & ! numb] ( ye>s rema9+ 9 ! paym5t s*$ule ) respect to su* )drawal liability4 7#aa7 ,any mat]ial *anges to b5efits1 accrual rates1 or contribution rates dur+ ! plan ye> prec$+ su* plan ye>1 & :e!r su* *anges relate to ! conditions ( ! p>tition assi/ance4 7#ab7 ,details reg>d+ any fund+ improvem5t plan or rehabilitation plan & updates to su* plan4 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>ies4 7#ad7 ,! in=mation conta9$ on ! mo/ rec5t annual fund+ notice submitt$ by ! plan "u section #aja7;f74 7#ae7 ,! in=mation conta9$ on ! mo/ rec5t annual return "u section #fjeh ( ! ,int]nal ,rev5ue ,code ( #aihf & actu>ial report "u section #fjei ( su* ,code ( ! plan4 7#af7 ,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 f9ancial reports1 & copies ( ! portions ( collective b>ga9+ agreem5ts relat+ to plan contributions1 fund+ cov]age1 or b5efits1 & su* o!r in=mation z ! corporation may reasonably require4 ,any in=mation disclos$ by a plan to ! corporation t c\ld id5tify individual employ]s %all be confid5tial & n subject to publication or disclosure4 7n7 ,report to ,congress 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section & annually !reaft]1 ! bo>d ( directors ( ! corporation %all submit to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions & ! ,committee on ,f9ance ( ! ,s5ate & ! ,committee on ,education & ,labor & ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives a detail$ report on ! implem5tation & adm9i/ration ( ?is section4 ,su* report %all include-- 7,a7 in=mation on ! "n & numb] ( multiemploy] plans t h appli$ = p>tition assi/ance "u ?is section2 7,b7 ! "n & numb] ( su* plans t h be5 approv$ = p>tition assi/ance "u ?is section & ! "n & numb] ( ! plans t h n be5 approv$ = special p>tition assi/ance2 7,c7 a detail$ rationale = any decision by ! corporation to n approve an application = special p>tition assi/ance2 7,d7 ! am\nt ( special p>tition assi/ance provid$ to eligible multiemploy] plans 7includ+ am\nts provid$ on an individual plan basis & 9 ! aggregate72 7,e7 ! "n & numb] ( ! multiemploy] plans t re/or$ b5efit susp5sions & provid$ lump sum or mon?ly in/allm5t paym5ts to p>ticipants or b5efici>ies2 7,f7 ! am\nt ( b5efits t 7 re/or$ & lump sum or mon?ly in/allm5t paym5ts t 7 paid 7includ+ am\nts provid$ on an individual plan basis & 9 ! aggregate72 7,g7 ! "n & numb] ( ! plans t receiv$ adju/m5ts to p>tition assi/ance "u subsection 7i72 7,h7 a li/ (1 & rationale =1 ea* reasonable condition impos$ by ! corporation on plans approv$ = special p>tition assi/ance "u ?is section2 7,i7 ! contracts t h be5 aw>d$ by ! corporation to implem5t or adm9i/] ?is section2 7,j7 ! numb]1 purpose1 & doll> am\nts ( ! contracts t h be5 aw>d$ to implem5t or adm9i/] ! section2 7,k7 a detail$ summ>y ( ! reports requir$ "u subsection 7m72 & 7,l7 a detail$ summ>y ( ! fe$back receiv$ on ! p5sion relief int]net website e/abli%$ "u subsection 7p74 7#b7 ,,pbgc c]tification ,! bo>d ( directors ( ! corporation %all include ) ! report "u p>agraph 7#a7 a c]tification & affirmation t ! am\nt ( special p>tition assi/ance provid$ to ea* plan "u ?is section is ! am\nt necess>y to meet its fund+ goals "u subsection 7g71 includ+1 if applicable1 any adju/m5t ( special p>tition assi/ance z det]m9$ "u subsection 7i74 7#c7 ,confid5tiality ,congress may publicize ! reports receiv$ "u p>agraph 7#a7 only aft] r$act+ all s5sitive or propriet>y in=mation4 7o7 ,,gao report ,n lat] ?an #a ye> aft] ! fir/ p>tition application is approv$ by ! corporation "u ?is section1 & bi5nially !reaft]1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions & ! ,committee on ,f9ance ( ! ,s5ate & ! ,committee on ,education & ,labor & ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives a detail$ report on ! actions ( ! corporation to implem5t & adm9i/] ?is section1 includ+ an exam9ation ( ! contracts aw>d$ by su* corporation to c>ry out ?is section & an analysis ( su* corporation's compliance ) subsections 7e7 & 7g74 7p7 ,special p>tition relief website 7#a7 ,e/abli%m5t ,n lat] ?an #abj days aft] ! date ( enactm5t ( ?is section1 ! corporation %all e/abli% & ma9ta9 a us]-fri5dly1 public-fac+ int]net website to fo/] great] acc\ntability & transp>5cy 9 ! implem5tation & adm9i/ration ( ?is section4 7#b7 ,purpose ,! int]net website e/abli%$ & ma9ta9$ "u p>agraph 7#a7 %all be a portal to key in=mation relat+ to ?is section = multiemploy] plan adm9i/rators & tru/ees1 plan p>ticipants1 b5efici>ies1 p>ticipat+ employ]s1 o!r /akehold]s1 & ! public4 7#c7 ,cont5t & function ,! int]net website e/abli%$ "u p>agraph 7#a7 %all-- 7,a7 describe ! nature & scope ( ! special p>tition au?ority & assi/ance "u ?is section 9 a mann] calculat$ to be und]/ood by ! av]age plan p>ticipant2 7,b7 include publi%$ guidance1 regulations1 & all o!r relevant in=mation on ! implem5tation & adm9i/ration ( ?is section2 7,c7 include1 ) respect to plan applications = special p>tition assi/ance-- 7i7 a g5]al description ( ! process by :i* eligible plans c apply = special p>tition assi/ance1 in=mation on h[ & :5 ! corporation w process & consid] plan applications2 7ii7 in=mation on h[ ! corporation w address any incomplete applications z specifi$ 9 "u ?is section2 7iii7 a li/ ( ! plans t h appli$ = special p>tition assi/ance &1 = ea* application1 ! date ( submission ( a complet$ application2 7iv7 ! text ( ea* plan's complet$ application = special p>tition assi/ance ) appropriate r$actions ( p]sonal1 propriet>y1 or s5sitive in=mation2 7v7 ! e/imat$ date t a decision w be made by ! corporation on ea* application2 7vi7 ! actual date :5 su* decision is made2 7vii7 ! corporation's decision on ea* application2 & 7viii7 z applicable1 a detail$ rationale = any decision n to approve a plan's application = special p>tition assi/ance2 7,d7 provide detail$ in=mation on ea* contract solicit$ & aw>d$ to implem5t or adm9i/] ?is section2 7,e7 include reports1 audits1 & o!r relevant ov]sight & acc\ntability in=mation on ?is section1 includ+ ! annual reports submitt$ by ! bo>d ( directors ( ! corporation to ,congress requir$ "u subsection 7n71 ! ,(fice ( ! ,inspector ,g5]al audits1 correspond5ce1 & publications1 & ! ,gov]nm5t ,acc\ntability ,(fice reports "u subsection 7o72 7,f7 provide a cle> means = multiemploy] plan adm9i/rators1 plan p>ticipants1 b5efici>ies1 o!r /akehold]s1 & ! public to contact ! corporation & provide fe$back on ! implem5tation & adm9i/ration ( ?is section2 & 7,g7 be regul>ly updat$ to c>ry out ! purposes ( ?is subsection4 7q7 ,(fice ( inspector g5]al ,!re is au?oriz$ to be appropriat$ to ! corporation's ,(fice ( ,inspector ,g5]al #bd1jjj1jjj = fiscal ye> #bjbj1 :i* %all rema9 available ?r\gh ,septemb] #cj1 #bjbh1 = sal>ies & exp5ses necess>y = conduct+ inve/igations & audits ( ! implem5tation & adm9i/ration ( ?is section4 7r7 ,application ( excise tax ,dur+ ! p]iod t a plan is subject to a p>tition ord] "u ?is section & prior to a cessation ( adju/m5ts pursuant to subsection 7i77#c71 ! plan %all n be subject to section #diga ( ! ,int]nal ,rev5ue ,code ( #aihf4 4 #ajb4 ,repeal ( b5efit susp5sions = multiemploy] plans 9 critical & decl9+ /atus 7a7 ,am5dm5t to ,int]nal ,rev5ue ,code ( #aihf ,p>agraph 7#i7 ( section #dcb7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is repeal$4 7b7 ,am5dm5t to ,employee ,retirem5t ,income ,security ,act ( #aigd ,p>agraph 7#i7 ( section #cje7;e7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajhe7;e77 is repeal$4 7c7 ,effective date ,! repeals made by ?is section %all n apply to plans t h be5 approv$ = a susp5sion ( b5efit "u section #dcb7;e77#i77;,g7 ( ! ,int]nal ,rev5ue ,code ( #aihf & section #cje7;e77#i77;,g7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajhe7;e77#i77;,g77 be=e ! date ( ! enactm5t ( ?is ,act4 #ajc4 ,tempor>y delay ( designation ( multiemploy] plans z 9 endang]$1 critical1 or critical & decl9+ /atus 7a7 ,9 g5]al ,not)/&+ ! actu>ial c]tification "u section #cje7;b77#c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb7;b77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 if a plan sponsor ( a multiemploy] plan elects ! application ( ?is section1 !n1 = purposes ( section #cje ( su* ,act & section #dcb ( su* ,code-- 7#a7 ! /atus ( ! plan = its fir/ plan ye> beg9n+ dur+ ! p]iod beg9n+ on ,m>* #a1 #bjbj1 & end+ on ,febru>y #bh1 #bjba1 or ! next succe$+ plan ye> 7z designat$ by ! plan sponsor 9 su* election71 %all be ! same z ! /atus ( su* plan "u su* sections = ! plan ye> prec$+ su* designat$ plan ye>1 & 7#b7 9 ! case ( a plan :i* 0 9 endang]$ or critical /atus = ! plan ye> prec$+ ! designat$ plan ye> describ$ 9 p>agraph 7#a71 ! plan %all n be requir$ to update its plan or s*$ules "u section #cje7;c77#f7 ( su* ,act & section #dcb7;c77#f7 ( su* ,code1 or section #cje7;e77#c77;,b7 ( su* ,act & section #dcb7;e77#c77;,b7 ( su* ,code1 :i*ev] is applicable1 until ! plan ye> foll[+ ! designat$ plan ye> describ$ 9 p>agraph 7#a74 ,if section #cje ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb ( ! ,int]nal ,rev5ue ,code ( #aihf did n apply to ! plan ye> prec$+ ! designat$ plan ye> describ$ 9 p>agraph 7#a71 ! plan actu>y %all make a c]tification ( ! /atus ( ! plan "u section #cje7;b77#c7 ( su* ,act & section #dcb7;b77#c7 ( su* ,code = ! prec$+ plan ye> 9 ! same mann] z if su* sections _h appli$ to su* prec$+ plan ye>4 7b7 ,exception = plans becom+ critical dur+ election ,if-- 7#a7 an election 0 made "u subsection 7a7 ) respect to a multiemploy] plan1 & 7#b7 su* plan has1 )\t reg>d to su* election1 be5 c]tifi$ by ! plan actu>y "u section #cje7;b77#c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb7;b77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf to be 9 critical /atus = ! designat$ plan ye> describ$ 9 subsection 7a77#a71 !n su* plan %all be treat$ z a plan 9 critical /atus = su* plan ye> = purposes ( apply+ section #diga7;g77#a77;,a7 ( su* ,code1 section #cjb7;b77#c7 ( su* ,act 7)\t reg>d to ! second s5t5ce !re(71 & section #dab7;b77#c7 ( su* ,code 7)\t reg>d to ! second s5t5ce !re(74 7c7 ,election & notice 7#a7 ,election ,an election "u subsection 7a7-- 7,a7 %all be made at su* "t & 9 su* mann] z ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate may prescribe &1 once made1 may be revok$ only ) ! cons5t ( ! ,secret>y1 & 7,b7 if made-- 7i7 be=e ! date ! annual c]tification is submitt$ to ! ,secret>y or ! ,secret>y's delegate "u section #cje7;b77#c7 ( su* ,act & section #dcb7;b77#c7 ( su* ,code1 %all be includ$ ) su* annual c]tification1 & 7ii7 aft] su* date1 %all be submitt$ to ! ,secret>y or ! ,secret>y's delegate n lat] ?an #cj days aft] ! date ( ! election4 7#b7 ,notice to p>ticipants 7,a7 ,9 g5]al ,not)/&+ section #cje7;b77#c77;,d7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb7;b77#c77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 if ! plan is nei!r 9 endang]$ nor critical /atus by reason ( an election made "u subsection 7a7-- 7i7 ! plan sponsor ( a multiemploy] plan %all n be requir$ to provide notice "u su* sections1 & 7ii7 ! plan sponsor %all provide to ! p>ticipants & b5efici>ies1 ! b>ga9+ p>ties1 ! ,p5sion ,b5efit ,gu>anty ,corporation1 & ! ,secret>y ( ,labor a notice ( ! election "u subsection 7a7 & su* o!r in=mation z ! ,secret>y ( ! ,treasury 79 consultation ) ! ,secret>y ( ,labor7 may require-- 7,i7 if ! election is made be=e ! date ! annual c]tification is submitt$ to ! ,secret>y or ! ,secret>y's delegate "u section #cje7;b77#c7 ( su* ,act & section #dcb7;b77#c7 ( su* ,code1 n lat] ?an #cj days aft] ! date ( ! c]tification1 & 7,,ii7 if ! election is made aft] su* date1 n lat] ?an #cj days aft] ! date ( ! election4 7,b7 ,notice ( endang]$ /atus ,not)/&+ section #cje7;b77#c77;,d7 ( su* ,act & section #dcb7;b77#c77;,d7 ( su* ,code1 if ! plan is c]tifi$ to be 9 critical /atus = any plan ye> b is 9 endang]$ /atus by reason ( an election made "u subsection 7a71 ! notice provid$ "u su* sections %all be ! notice :i* w\ld h be5 provid$ if ! plan _h be5 c]tifi$ to be 9 endang]$ /atus4 #ajd4 ,tempor>y ext5sion ( ! fund+ improvem5t & rehabilitation p]iods = multiemploy] p5sion plans 9 critical & endang]$ /atus = #bjbj or #bjba 7a7 ,9 g5]al ,if ! plan sponsor ( a multiemploy] plan :i* is 9 endang]$ or critical /atus = a plan ye> beg9n+ 9 #bjbj or #bjba 7det]m9$ aft] application ( section #d7 elects ! application ( ?is section1 !n1 = purposes ( section #cje ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 except z provid$ 9 p>agraph 7#b71 ! plan's fund+ improvem5t p]iod or rehabilitation p]iod1 :i*ev] is applicable1 %all be #ae ye>s r ?an #aj ye>s1 & 7#b7 9 ! case ( a plan 9 s]i\sly endang]$ /atus1 ! plan's fund+ improvem5t p]iod %all be #bj ye>s r ?an #ae ye>s4 7b7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,election ,an election "u ?is section %all be made at su* "t1 & 9 su* mann] & =m1 z 79 consultation ) ! ,secret>y ( ,labor7 ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate may prescribe4 7#b7 ,def9itions ,any t]m :i* is us$ 9 ?is section :i* is also us$ 9 section #cje ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb ( ! ,int]nal ,rev5ue ,code ( #aihf %all h ! same mean+ z :5 us$ 9 su* sections4 7c7 ,effective date ,?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 #aje4 ,adju/m5ts to fund+ /&>d acc\nt rules 7a7 ,adju/m5ts 7#a7 ,am5dm5t to ,employee ,retirem5t ,income ,security ,act ( #aigd ,section #cjd7;b77#h7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajhd7;b77 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,relief = #bjbj & #bjba ,a multiemploy] plan ) respect to :i* ! solv5cy te/ "u subp>agraph 7,c7 is met z ( ,febru>y #bi1 #bjbj1 may elect to apply ?is p>agraph by sub/itut+ ,febru>y #bi1 #bjbj = ,augu/ #ca1 #bjjh ea* place x appe>s 9 subp>agraphs 7,a77i71 7,b77i77,i71 & 7,b77i77,,ii7 7)\t reg>d to :e!r su* plan previ\sly elect$ ! application ( ?is p>agraph74 ,! prec$+ s5t5ce %all n apply to a plan ) respect to :i* a p>tition ord] is 9 effect "u section #dbcc;,a4 4 7#b7 ,am5dm5t to ,int]nal ,rev5ue ,code ( #aihf ,section #dca7;b77#h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,relief = #bjbj & #bjba ,a multiemploy] plan ) respect to :i* ! solv5cy te/ "u subp>agraph 7,c7 is met z ( ,febru>y #bi1 #bjbj1 may elect to apply ?is p>agraph by sub/itut+ ,febru>y #bi1 #bjbj = ,augu/ #ca1 #bjjh ea* place x appe>s 9 subp>agraphs 7,a77i71 7,b77i77,i71 & 7,b77i77,,ii7 7)\t reg>d to :e!r su* plan previ\sly elect$ ! application ( ?is p>agraph74 ,! prec$+ s5t5ce %all n apply to a plan ) respect to :i* a p>tition ord] is 9 effect "u section #dbcc;,a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd4 4 7b7 ,effective dates 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all take effect z ( ! fir/ day ( ! fir/ plan ye> end+ on or aft] ,febru>y #bi1 #bjbj1 except t any election a plan makes pursuant to ?is section t affects ! plan's fund+ /&>d acc\nt = ! fir/ plan ye> beg9n+ aft] ,febru>y #bi1 #bjbj1 %all be disreg>d$ = purposes ( apply+ ! provisions ( section #cje ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & section #dcb ( ! ,int]nal ,rev5ue ,code ( #aihf to su* plan ye>4 7#b7 ,re/rictions on b5efit increases ,not)/&+ p>agraph 7#a71 ! re/rictions on plan am5dm5ts increas+ b5efits 9 sections #cjd7;b77#h77;,d7 ( su* ,act & #dca7;b77#h77;,d7 ( su* ,code1 z appli$ by ! am5dm5ts made by ?is section1 %all take effect on ! date ( enactm5t ( ?is ,act4 #ajf4 ,,pbgc gu>antee = p>ticipants 9 multiemploy] plans ,section #djbb;,a7c77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acbb;a7c77#a77 is am5d$ by /rik+ subp>agraphs 7,a7 & 7,b7 & ins]t+ ! foll[+3 7,a7 #ajj p]c5t ( ! accrual rate up to #ae1 plus #ge p]c5t ( ! less] (-- 7i7 #gj2 or 7ii7 ! accrual rate1 if any1 9 excess ( #ae2 & 7,b7 ! numb] ( ! p>ticipant's ye>s ( cr$it$ s]vice4 ,= ea* cal5d> ye> aft] ! fir/ full cal5d> ye> foll[+ ! date ( ! enactm5t ( ! ,em]g5cy ,p5sion ,plan ,relief ,act ( #bjba1 ! accrual rates 9 subp>agraph 7,a7 %all increase by ! national av]age wage index 7z def9$ 9 section #bji7k77#a7 ( ! ,social ,security ,act74 ,= purposes ( ?is subsection1 ! rates applicable = det]m9+ ! gu>ante$ b5efits ( ! p>ticipants ( any plan %all be ! rates 9 effect = ! cal5d> ye> 9 :i* ! plan becomes insolv5t "u section #dbde or ! cal5d> ye> 9 :i* ! plan is t]m9at$1 if e>li]4 4 ,,ii ,relief = ,s+le ,employ] ,p5sion ,plans #bja4 ,ext5d$ amortization = s+le employ] plans 7a7 #ae-,ye> amortization "u ! ,int]nal ,rev5ue ,code ( #aihf ,section #dcj7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 #ae-ye> amortization ,) respect to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjai-- 7,a7 ! %ortfall amortization bases = all plan ye>s prec$+ ! fir/ plan ye> beg9n+ aft] ,decemb] #ca1 #bjai 7& all %ortfall amortization in/allm5ts det]m9$ ) respect to su* bases71 %all be r$uc$ to z]o1 & 7,b7 subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#b7 %all ea* be appli$ by sub/itut+ #ae-plan-ye> p]iod = #g-plan-ye> p]iod4 4 7b7 #ae-,ye> amortization "u ! ,employee ,retirem5t ,income ,security ,act ( #aigd ,section #cjc7;c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajhc7;c77 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 #ae-ye> amortization ,) respect to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjai-- 7,a7 ! %ortfall amortization bases = all plan ye>s prec$+ ! fir/ plan ye> beg9n+ aft] ,decemb] #ca1 #bjai 7& all %ortfall amortization in/allm5ts det]m9$ ) respect to su* bases71 %all be r$uc$ to z]o1 & 7,b7 subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#b7 %all ea* be appli$ by sub/itut+ #ae-plan-ye> p]iod = #g-plan-ye> p]iod4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjai4 #bjb4 ,ext5sion ( p5sion fund+ /abilization p]c5tages = s+le employ] plans 7a7 ,am5dm5ts to ,int]nal ,rev5ue ,code ( #aihf 7#a7 ,9 g5]al ,! table conta9$ 9 subclause 7,,ii7 ( section #dcj7;h77#b77;,c77iv7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 ,if ! cal5d> ye> is3,! applicable m9imum p]c5tage is3,! applicable maximum p]c5tage is3,any ye> 9 ! p]iod />t+ 9 #bjab & end+ 9 #bjaiijaaj;,any ye> 9 ! p]iod />t+ 9 #bjbj & end+ 9 #bjbeieajebjbfijaajbjbgheaaebjbhhjabjbjb igeabe;,aft] #bjbigjacj4 4 7#b7 ,floor on #be-ye> av]ages ,subclause 7,i7 ( section #dcj7;h77#b77;,c77iv7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,not)/&+ any?+ 9 ?is subclause1 if ! av]age ( ! fir/1 second1 or ?ird segm5t rate = any #be-ye> p]iod is less ?an #e p]c5t1 su* av]age %all be deem$ to be #e p]c5t44 7b7 ,am5dm5ts to ,employee ,retirem5t ,income ,security ,act ( #aigd 7#a7 ,9 g5]al ,! table conta9$ 9 subclause 7,,ii7 ( section #cjc7;h77#b77;,c77iv7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajhc7;h77#b77;,c77iv77,,ii77 is am5d$ to read z foll[s3 ,if ! cal5d> ye> is3,! applicable m9imum p]c5tage is3,! applicable maximum p]c5tage is3,any ye> 9 ! p]iod />t+ 9 #bjab & end+ 9 #bjaiijaaj;,any ye> 9 ! p]iod />t+ 9 #bjbj & end+ 9 #bjbeieajebjbfijaajbjbgheaaebjbhhjabjbjb igeabe;,aft] #bjbigjacj4 4 7#b7 ,con=m+ am5dm5ts 7,a7 ,9 g5]al ,section #aja7;f77#b77;,d7 ( su* ,act 7#bi ,u4,s4,c4 #ajba7;f77#b77;,d77 is am5d$-- 7i7 9 clause 7i7 by /rik+ & ! ,bip>tisan ,budget ,act ( #bjae bo? places x appe>s & ins]t+ 1 ! ,bip>tisan ,budget ,act ( #bjae1 & ! ,em]g5cy ,p5sion ,plan ,relief ,act ( #bjba1 & 7ii7 9 clause 7ii7 by /rik+ #bjbc & ins]t+ #bjbi4 7,b7 ,/atem5ts ,! ,secret>y ( ,labor %all modify ! /atem5ts requir$ "u subclauses 7,i7 & 7,,ii7 ( section #aja7;f77#b77;,d77i7 ( su* ,act to con=m to ! am5dm5ts made by ?is section4 7#c7 ,floor on #be-ye> av]ages ,subclause 7,i7 ( section #cjc7;h77#b77;,c77iv7 ( su* ,act 7#bi ,u4,s4,c4 #ajhc7;h77#b77;,c77iv77,,ii77 is am5d$ by add+ at ! end ! foll[+3 ,not)/&+ any?+ 9 ?is subclause1 if ! av]age ( ! fir/1 second1 or ?ird segm5t rate = any #be-ye> p]iod is less ?an #e p]c5t1 su* av]age %all be deem$ to be #e p]c5t44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjai4