Page:United States Statutes at Large Volume 120.djvu/944

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 913

‘‘(A) IN GENERAL.—Effective on the date the notice of certification of the plan’s critical status for the initial critical year under subsection (b)(3)(D) is sent, and notwithstanding section 411(d)(6), the plan shall not pay— ‘‘(i) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 411(b)(1)(A)), ‘‘(ii) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and ‘‘(iii) any other payment specified by the Secretary by regulations. ‘‘(B) EXCEPTION.—Subparagraph (A) shall not apply to a benefit which under section 411(a)(11) may be immediately distributed without the consent of the participant or to any makeup payment in the case of a retroactive annuity starting date or any similar payment of benefits owed with respect to a prior period. ‘‘(3) ADJUSTMENTS DISREGARDED IN WITHDRAWAL LIABILITY DETERMINATION.—Any benefit reductions under this subsection shall be disregarded in determining a plan’s unfunded vested benefits for purposes of determining an employer’s withdrawal liability under section 4201 of the Employee Retirement Income Security Act of 1974. ‘‘(4) SPECIAL RULES FOR PLAN ADOPTION PERIOD.—During the rehabilitation 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, and ‘‘(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 or to comply with other applicable law. ‘‘(g) EXPEDITED RESOLUTION OF PLAN SPONSOR DECISIONS.— If, within 60 days of the due date for adoption of a funding improvement plan or a rehabilitation plan under subsection (e), the plan sponsor of a plan in endangered status or a plan in critical status has not agreed on a funding improvement plan or rehabilitation plan, then any member of the board or group that constitutes the plan sponsor may require that the plan sponsor enter into an expedited dispute resolution procedure for the development and adoption of a funding improvement plan or rehabilitation plan. ‘‘(h) NONBARGAINED PARTICIPATION.— ‘‘(1) BOTH BARGAINED AND NONBARGAINED EMPLOYEEPARTICIPANTS.—In the case of an employer that contributes to a multiemployer plan with respect to both employees who are covered by one or more collective bargaining agreements

VerDate 14-DEC-2004

10:20 Jul 12, 2007

Jkt 059194

PO 00001

Frm 00911

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL001.109

Effective date.

Deadline.

APPS06

PsN: PUBL001

�