Page:United States Statutes at Large Volume 120.djvu/853

 120 STAT. 822

‘‘(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 section and part III of this subchapter, 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 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 may require an employer maintaining a defined benefit plan which is a singleemployer plan (within the meaning of section 4001(a)(15) of the Employee Retirement Income Security Act of 1974) 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) of the Employee Retirement Income Security Act of 1974), or a member of such sponsor’s controlled group (within the meaning of section 4001(a)(14) of such Act). ‘‘(B) CONSULTATION WITH THE PENSION BENEFIT GUARANTY CORPORATION.—Except as provided in subparagraph (C), the Secretary 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) of the Employee Retirement Income Security Act of 1974) representing participants in the plan which are submitted in writing to the Secretary 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).

Notice. Deadline.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

PUBLIC LAW 109–280—AUG. 17, 2006

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