Page:United States Statutes at Large Volume 120.djvu/897

 120 STAT. 866 Regulations.

Notification.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

PUBLIC LAW 109–280—AUG. 17, 2006

period may be extended for not more than six months under regulations prescribed by the Secretary of the Treasury. ‘‘(d) EXTENSION OF AMORTIZATION PERIODS FOR MULTIEMPLOYER PLANS.— ‘‘(1) AUTOMATIC EXTENSION UPON APPLICATION BY CERTAIN PLANS.— ‘‘(A) IN GENERAL.—If the plan sponsor of a multiemployer plan— ‘‘(i) submits to the Secretary of the Treasury an application for an extension of the period of years required to amortize any unfunded liability described in any clause of subsection (b)(2)(B) or described in subsection (b)(4), and ‘‘(ii) includes with the application a certification by the plan’s actuary described in subparagraph (B), the Secretary of the Treasury shall extend the amortization period for the period of time (not in excess of 5 years) specified in the application. Such extension shall be in addition to any extension under paragraph (2). ‘‘(B) CRITERIA.—A certification with respect to a multiemployer plan is described in this subparagraph if the plan’s actuary certifies that, based on reasonable assumptions— ‘‘(i) absent the extension under subparagraph (A), the plan would have an accumulated funding deficiency in the current plan year or any of the 9 succeeding plan years, ‘‘(ii) the plan sponsor has adopted a plan to improve the plan’s funding status, ‘‘(iii) the plan is projected to have sufficient assets to timely pay expected benefits and anticipated expenditures over the amortization period as extended, and ‘‘(iv) the notice required under paragraph (3)(A) has been provided. ‘‘(C) TERMINATION.—The preceding provisions of this paragraph shall not apply with respect to any application submitted after December 31, 2014. ‘‘(2) ALTERNATIVE EXTENSION.— ‘‘(A) IN GENERAL.—If the plan sponsor of a multiemployer plan submits to the Secretary of the Treasury an application for an extension of the period of years required to amortize any unfunded liability described in any clause of subsection (b)(2)(B) or described in subsection (b)(4), the Secretary of the Treasury may extend the amortization period for a period of time (not in excess of 10 years reduced by the number of years of any extension under paragraph (1) with respect to such unfunded liability) if the Secretary of the Treasury makes the determination described in subparagraph (B). Such extension shall be in addition to any extension under paragraph (1). ‘‘(B) DETERMINATION.—The Secretary of the Treasury may grant an extension under subparagraph (A) if such Secretary determines that— ‘‘(i) such extension would carry out the purposes of this Act and would provide adequate protection for

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