Page:United States Statutes at Large Volume 120.djvu/934

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 903

‘‘(II) one proposal for increases in contributions under the plan necessary to achieve the applicable benchmarks, assuming no amendments reducing future benefit accruals under the plan, and ‘‘(ii) may, if the plan sponsor deems appropriate, prepare and provide the bargaining parties with additional information relating to contribution rates or benefit reductions, alternative schedules, or other information relevant to achieving the applicable benchmarks in accordance with the funding improvement plan. For purposes of this section, the term ‘applicable benchmarks’ means the requirements applicable to the multiemployer plan under paragraph (3) (as modified by paragraph (5)). ‘‘(2) EXCEPTION FOR YEARS AFTER PROCESS BEGINS.—Paragraph (1) shall not apply to a plan year if such year is in a funding plan adoption period or funding improvement period by reason of the plan being in endangered status for a preceding plan year. For purposes of this section, such preceding plan year shall be the initial determination year with respect to the funding improvement plan to which it relates. ‘‘(3) FUNDING IMPROVEMENT PLAN.—For purposes of this section— ‘‘(A) IN GENERAL.—A funding improvement plan is a plan which consists of the actions, including options or a range of options to be proposed to the bargaining parties, formulated to provide, based on reasonably anticipated experience and reasonable actuarial assumptions, for the attainment by the plan during the funding improvement period of the following requirements: ‘‘(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

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