Page:United States Statutes at Large Volume 120.djvu/906

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 875

‘‘(i) a collective bargaining agreement providing for contributions under a multiemployer plan that was in effect at the time the plan entered endangered status expires, and ‘‘(ii) after receiving one or more schedules from the plan sponsor under paragraph (1)(B), the bargaining parties with respect to such agreement fail to agree on changes to contribution or benefit schedules necessary to meet the applicable benchmarks in accordance with the funding improvement plan, the plan sponsor shall implement the schedule described in paragraph (1)(B)(i)(I) beginning on the date specified in subparagraph (B). ‘‘(B) DATE OF IMPLEMENTATION.—The date specified in this subparagraph is the earlier of the date— ‘‘(i) on which the Secretary certifies that the parties are at an impasse, or ‘‘(ii) which is 180 days after the date on which the collective bargaining agreement described in subparagraph (A) expires. ‘‘(8) FUNDING PLAN ADOPTION PERIOD.—For purposes of this section, the term ‘funding plan adoption period’ means the period beginning on the date of the certification under subsection (b)(3)(A) for the initial determination year and ending on the day before the first day of the funding improvement period. ‘‘(d) RULES FOR OPERATION OF PLAN DURING ADOPTION AND IMPROVEMENT PERIODS.— ‘‘(1) SPECIAL RULES FOR PLAN ADOPTION PERIOD.—During the funding plan adoption period— ‘‘(A) the plan sponsor may not accept a collective bargaining agreement or participation agreement with respect to the multiemployer plan that provides for— ‘‘(i) a reduction in the level of contributions for any participants, ‘‘(ii) a suspension of contributions with respect to any period of service, or ‘‘(iii) any new direct or indirect exclusion of younger or newly hired employees from plan participation, ‘‘(B) no amendment of the plan which increases the liabilities of the plan by reason of any increase in benefits, any change in the accrual of benefits, or any change in the rate at which benefits become nonforfeitable under the plan may be adopted unless the amendment is required as a condition of qualification under part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986 or to comply with other applicable law, and ‘‘(C) in the case of a plan in seriously endangered status, the plan sponsor shall take all reasonable actions which are consistent with the terms of the plan and applicable law and which are expected, based on reasonable assumptions, to achieve— ‘‘(i) an increase in the plan’s funded percentage, and ‘‘(ii) postponement of an accumulated funding deficiency for at least 1 additional plan year.

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