Page:United States Statutes at Large Volume 120.djvu/899

 120 STAT. 868

PUBLIC LAW 109–280—AUG. 17, 2006 plan is on the shortfall funding method pursuant to this subsection. (5) USE OF SHORTFALL METHOD NOT TO PRECLUDE OTHER OPTIONS.—Nothing in this subsection shall be construed to affect a multiemployer plan’s ability to adopt the shortfall funding method with the Secretary’s permission under otherwise applicable regulations or to affect a multiemployer plan’s right to change funding methods, with or without the Secretary’s consent, as provided in applicable rules and regulations. (c) CONFORMING AMENDMENTS.— (1) Section 301 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1081) is amended by striking subsection (d). (2) The table of contents in section 1 of such Act (as amended by this Act) is amended by inserting after the item relating to section 303 the following new item:

‘‘Sec. 304. Minimum funding standards for multiemployer plans.’’.

(d) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall apply to plan years beginning after 2007. (2) SPECIAL RULE FOR CERTAIN AMORTIZATION EXTENSIONS.—If the Secretary of the Treasury grants an extension under section 304 of the Employee Retirement Income Security Act of 1974 and section 412(e) of the Internal Revenue Code of 1986 with respect to any application filed with the Secretary of the Treasury on or before June 30, 2005, the extension (and any modification thereof) shall be applied and administered under the rules of such sections as in effect before the enactment of this Act, including the use of the rate of interest determined under section 6621(b) of such Code.

29 USC 1081 note.

Applicability.

SEC. 202. ADDITIONAL FUNDING RULES FOR MULTIEMPLOYER PLANS IN ENDANGERED OR CRITICAL STATUS.

(a) IN GENERAL.—Part 3 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (as amended by the preceding provisions of this Act) is amended by inserting after section 304 the following new section: ‘‘ADDITIONAL

FUNDING RULES FOR MULTIEMPLOYER PLANS IN ENDANGERED STATUS OR CRITICAL STATUS

29 USC 1085.

Applicability.

Applicability.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

‘‘SEC. 305. (a) GENERAL RULE.—For purposes of this part, in the case of a multiemployer plan in effect on July 16, 2006— ‘‘(1) if the plan is in endangered status— ‘‘(A) the plan sponsor shall adopt and implement a funding improvement plan in accordance with the requirements of subsection (c), and ‘‘(B) the requirements of subsection (d) shall apply during the funding plan adoption period and the funding improvement period, and ‘‘(2) if the plan is in critical status— ‘‘(A) the plan sponsor shall adopt and implement a rehabilitation plan in accordance with the requirements of subsection (e), and ‘‘(B) the requirements of subsection (f) shall apply during the rehabilitation plan adoption period and the rehabilitation period.

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