Page:United States Statutes at Large Volume 120.djvu/928

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 897

percent of the plan’s current liability (as defined in paragraph (6)(D) without regard to clause (iv) thereof). ‘‘(iii) ADJUSTMENTS.—Information under clause (ii) shall, in accordance with regulations, be actuarially adjusted to reflect significant differences in participants. ‘‘(iv) LIMITATION.—A change in funding method to use a prior year valuation, as provided in clause (ii), may not be made unless as of the valuation date within the prior plan year, the value of the assets of the plan are not less than 125 percent of the plan’s current liability (as defined in paragraph (6)(D) without regard to clause (iv) thereof). ‘‘(8) TIME WHEN CERTAIN CONTRIBUTIONS DEEMED MADE.— For purposes of this section, any contributions for a plan year made by an employer after the last day of such plan year, but not later than two and one-half months after such day, shall be deemed to have been made on such last day. For purposes of this subparagraph, such two and one-half month period may be extended for not more than six months under regulations prescribed by the Secretary. ‘‘(d) EXTENSION OF AMORTIZATION PERIODS FOR MULTIEMPLOYER PLANS.— ‘‘(1) AUTOMATIC EXTENSION UPON APPLICATION BY CERTAIN PLANS.— ‘‘(A) IN GENERAL.—If the plan sponsor of a multiemployer plan— ‘‘(i) submits to the Secretary an application for an extension of the period of years required to amortize any unfunded liability described in any clause of subsection (b)(2)(B) or described in subsection (b)(4), and ‘‘(ii) includes with the application a certification by the plan’s actuary described in subparagraph (B), the Secretary shall extend the amortization period for the period of time (not in excess of 5 years) specified in the application. Such extension shall be in addition to any extension under paragraph (2). ‘‘(B) CRITERIA.—A certification with respect to a multiemployer plan is described in this subparagraph if the plan’s actuary certifies that, based on reasonable assumptions— ‘‘(i) absent the extension under subparagraph (A), the plan would have an accumulated funding deficiency in the current plan year or any of the 9 succeeding plan years, ‘‘(ii) the plan sponsor has adopted a plan to improve the plan’s funding status, ‘‘(iii) the plan is projected to have sufficient assets to timely pay expected benefits and anticipated expenditures over the amortization period as extended, and ‘‘(iv) the notice required under paragraph (3)(A) has been provided. ‘‘(C) TERMINATION.—The preceding provisions of this paragraph shall not apply with respect to any application submitted after December 31, 2014. ‘‘(2) ALTERNATIVE EXTENSION.—

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