Page:United States Statutes at Large Volume 120.djvu/901

 120 STAT. 870

‘‘(II) the present value of the reasonably anticipated employer and employee contributions for the current plan year, ‘‘(ii) the present value, as of the beginning of the current plan year, of nonforfeitable benefits of inactive participants is greater than the present value of nonforfeitable benefits of active participants, and ‘‘(iii) the plan has an accumulated funding deficiency for the current plan year, or is projected to have such a deficiency for any of the 4 succeeding plan years, not taking into account any extension of amortization periods under section 304(d). ‘‘(D) A plan is described in this subparagraph if the sum of— ‘‘(i) the fair market value of plan assets, plus ‘‘(ii) the present value of the reasonably anticipated employer contributions for the current plan year and each of the 4 succeeding plan years, assuming that the terms of all collective bargaining agreements pursuant to which the plan is maintained for the current plan year continue in effect for succeeding plan years, is less than the present value of all benefits projected to be payable under the plan during the current plan year and each of the 4 succeeding plan years (plus administrative expenses for such plan years). ‘‘(3) ANNUAL CERTIFICATION BY PLAN ACTUARY.— ‘‘(A) IN GENERAL.—Not later than the 90th day of each plan year of a multiemployer plan, the plan actuary shall certify to the Secretary of the Treasury and to the plan sponsor— ‘‘(i) whether or not the plan is in endangered status for such plan year and whether or not the plan is or will be in critical status for such plan year, and ‘‘(ii) in the case of a plan which is in a funding improvement or rehabilitation period, whether or not the plan is making the scheduled progress in meeting the requirements of its funding improvement or rehabilitation plan. ‘‘(B) ACTUARIAL PROJECTIONS OF ASSETS AND LIABILITIES.— ‘‘(i) IN GENERAL.—In making the determinations and projections under this subsection, the plan actuary shall make projections required for the current and succeeding plan years of the current value of the assets of the plan and the present value of all liabilities to participants and beneficiaries under the plan for the current plan year as of the beginning of such year. The actuary’s projections shall be based on reasonable actuarial estimates, assumptions, and methods that, except as provided in clause (iii), offer the actuary’s best estimate of anticipated experience under the plan. The projected present value of liabilities as of the beginning of such year shall be determined based on the most recent of either—

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PUBLIC LAW 109–280—AUG. 17, 2006

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