Page:United States Statutes at Large Volume 120.djvu/817

 120 STAT. 786

hardship in the case of a multiemployer plan) shall include (but shall not be limited to) whether or not— ‘‘(A) the employer is operating at an economic loss, ‘‘(B) there is substantial unemployment or underemployment in the trade or business and in the industry concerned, ‘‘(C) the sales and profits of the industry concerned are depressed or declining, and ‘‘(D) it is reasonable to expect that the plan will be continued only if the waiver is granted. ‘‘(3) WAIVED FUNDING DEFICIENCY.—For purposes of this part, the term ‘waived funding deficiency’ means the portion of the minimum funding standard under subsection (a) (determined without regard to the waiver) for a plan year waived by the Secretary of the Treasury and not satisfied by employer contributions. ‘‘(4) SECURITY FOR WAIVERS FOR SINGLE-EMPLOYER PLANS, CONSULTATIONS.— ‘‘(A) SECURITY MAY BE REQUIRED.— ‘‘(i) IN GENERAL.—Except as provided in subparagraph (C), the Secretary of the Treasury may require an employer maintaining a defined benefit plan which is a single-employer plan (within the meaning of section 4001(a)(15)) to provide security to such plan as a condition for granting or modifying a waiver under paragraph (1). ‘‘(ii) SPECIAL RULES.—Any security provided under clause (i) may be perfected and enforced only by the Pension Benefit Guaranty Corporation, or at the direction of the Corporation, by a contributing sponsor (within the meaning of section 4001(a)(13)), or a member of such sponsor’s controlled group (within the meaning of section 4001(a)(14)). ‘‘(B) CONSULTATION WITH THE PENSION BENEFIT GUARANTY CORPORATION.—Except as provided in subparagraph (C), the Secretary of the Treasury shall, before granting or modifying a waiver under this subsection with respect to a plan described in subparagraph (A)(i)— ‘‘(i) provide the Pension Benefit Guaranty Corporation with— ‘‘(I) notice of the completed application for any waiver or modification, and ‘‘(II) an opportunity to comment on such application within 30 days after receipt of such notice, and ‘‘(ii) consider— ‘‘(I) any comments of the Corporation under clause (i)(II), and ‘‘(II) any views of any employee organization (within the meaning of section 3(4)) representing participants in the plan which are submitted in writing to the Secretary of the Treasury in connection with such application. Information provided to the Corporation under this subparagraph shall be considered tax return information and subject to the safeguarding and reporting requirements of section 6103(p) of the Internal Revenue Code of 1986.

Notice. Deadline.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

PUBLIC LAW 109–280—AUG. 17, 2006

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