Page:United States Statutes at Large Volume 120.djvu/904

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 873

‘‘(i) INCREASE IN PLAN’S FUNDING PERCENTAGE.— The plan’s funded percentage as of the close of the funding improvement period equals or exceeds a percentage equal to the sum of— ‘‘(I) such percentage as of the beginning of such period, plus ‘‘(II) 33 percent of the difference between 100 percent and the percentage under subclause (I). ‘‘(ii) AVOIDANCE OF ACCUMULATED FUNDING DEFICIENCIES.—No accumulated funding deficiency for any plan year during the funding improvement period (taking into account any extension of amortization periods under section 304(d)). ‘‘(B) SERIOUSLY ENDANGERED PLANS.—In the case of a plan in seriously endangered status, except as provided in paragraph (5), subparagraph (A)(i)(II) shall be applied by substituting ‘20 percent’ for ‘33 percent’. ‘‘(4) FUNDING IMPROVEMENT PERIOD.—For purposes of this section— ‘‘(A) IN GENERAL.—The funding improvement period for any funding improvement plan adopted pursuant to this subsection is the 10-year period beginning on the first day of the first plan year of the multiemployer plan beginning after the earlier of— ‘‘(i) the second anniversary of the date of the adoption of the funding improvement plan, or ‘‘(ii) the expiration of the collective bargaining agreements in effect on the due date for the actuarial certification of endangered status for the initial determination year under subsection (b)(3)(A) and covering, as of such due date, at least 75 percent of the active participants in such multiemployer plan. ‘‘(B) SERIOUSLY ENDANGERED PLANS.—In the case of a plan in seriously endangered status, except as provided in paragraph (5), subparagraph (A) shall be applied by substituting ‘15-year period’ for ‘10-year period’. ‘‘(C) COORDINATION WITH CHANGES IN STATUS.— ‘‘(i) PLANS NO LONGER IN ENDANGERED STATUS.— If the plan’s actuary certifies under subsection (b)(3)(A) for a plan year in any funding plan adoption period or funding improvement period that the plan is no longer in endangered status and is not in critical status, the funding plan adoption period or funding improvement period, whichever is applicable, shall end as of the close of the preceding plan year. ‘‘(ii) PLANS IN CRITICAL STATUS.—If the plan’s actuary certifies under subsection (b)(3)(A) for a plan year in any funding plan adoption period or funding improvement period that the plan is in critical status, the funding plan adoption period or funding improvement period, whichever is applicable, shall end as of the close of the plan year preceding the first plan year in the rehabilitation period with respect to such status. ‘‘(D) PLANS IN ENDANGERED STATUS AT END OF PERIOD.—If the plan’s actuary certifies under subsection (b)(3)(A) for the first plan year following the close of the

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