Page:United States Statutes at Large Volume 120.djvu/917

 120 STAT. 886

PUBLIC LAW 109–280—AUG. 17, 2006 subparagraph (D) of such section may be provided at any time after the date of enactment, so long as it is provided on or before the last date for providing the notice under such subparagraph. (3) SPECIAL RULE FOR CERTAIN RESTORED BENEFITS.—In the case of a multiemployer plan— (A) with respect to which benefits were reduced pursuant to a plan amendment adopted on or after January 1, 2002, and before June 30, 2005, and (B) which, pursuant to the plan document, the trust agreement, or a formal written communication from the plan sponsor to participants provided before June 30, 2005, provided for the restoration of such benefits, the amendments made by this section shall not apply to such benefit restorations to the extent that any restriction on the providing or accrual of such benefits would otherwise apply by reason of such amendments.

SEC. 203. MEASURES TO FORESTALL INSOLVENCY OF MULTIEMPLOYER PLANS.

29 USC 1426 note.

(a) ADVANCE DETERMINATION OF IMPENDING INSOLVENCY OVER 5 YEARS.—Section 4245(d)(1) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1426(d)(1)) is amended— (1) by striking ‘‘3 plan years’’ the second place it appears and inserting ‘‘5 plan years’’; and (2) by adding at the end the following new sentence: ‘‘If the plan sponsor makes such a determination that the plan will be insolvent in any of the next 5 plan years, the plan sponsor shall make the comparison under this paragraph at least annually until the plan sponsor makes a determination that the plan will not be insolvent in any of the next 5 plan years.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to determinations made in plan years beginning after 2007. SEC. 204. WITHDRAWAL LIABILITY REFORMS.

(a) UPDATE OF RULES RELATING TO LIMITATIONS ON WITHDRAWAL LIABILITY.— (1) INCREASE IN LIMITS.—Section 4225(a)(2) of such Act (29 U.S.C. 1405(a)(2)) is amended by striking the table contained therein and inserting the following new table: ‘‘If the liquidation or distribution value of the employer after the sale or exchange is—

The portion is—

Not more than $5,000,000 ....................................................... 30 percent of the amount. More than $5,000,000, but not more than $10,000,000 ........ $1,500,000, plus 35 percent the amount in excess $5,000,000. More than $10,000,000, but not more than $15,000,000 ...... $3,250,000, plus 40 percent the amount in excess $10,000,000. More than $15,000,000, but not more than $17,500,000 ...... $5,250,000, plus 45 percent the amount in excess $15,000,000. More than $17,500,000, but not more than $20,000,000 ...... $6,375,000, plus 50 percent the amount in excess $17,500,000.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

Jkt 059194

PO 00001

Frm 00884

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.109

APPS06

of of of of of of of of

PsN: PUBL001

�