Page:United States Statutes at Large Volume 120.djvu/949

 120 STAT. 918

26 USC 418E note. 26 USC 4971 note.

PUBLIC LAW 109–280—AUG. 17, 2006

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 the determinations made in plan years beginning after 2007. SEC. 214. EXEMPTION FROM EXCISE TAXES FOR CERTAIN MULTIEMPLOYER PENSION PLANS.

(a) IN GENERAL.—Notwithstanding any other provision of law, no tax shall be imposed under subsection (a) or (b) of section 4971 of the Internal Revenue Code of 1986 with respect to any accumulated funding deficiency of a plan described in subsection (b) of this section for any taxable year beginning before the earlier of— (1) the taxable year in which the plan sponsor adopts a rehabilitation plan under section 305(e) of the Employee Retirement Income Security Act of 1974 and section 432(e) of such Code (as added by this Act); or (2) the taxable year that contains January 1, 2009. (b) PLAN DESCRIBED.—A plan described under this subsection is a multiemployer pension plan— (1) with less than 100 participants; (2) with respect to which the contributing employers participated in a Federal fishery capacity reduction program; (3) with respect to which employers under the plan participated in the Northeast Fisheries Assistance Program; and (4) with respect to which the annual normal cost is less than $100,000 and the plan is experiencing a funding deficiency on the date of enactment of this Act.

Subtitle C—Sunset of Additional Funding Rules SEC. 221. SUNSET OF ADDITIONAL FUNDING RULES.

(a) REPORT.—Not later than December 31, 2011, the Secretary of Labor, the Secretary of the Treasury, and the Executive Director of the Pension Benefit Guaranty Corporation shall conduct a study of the effect of the amendments made by this subtitle on the operation and funding status of multiemployer plans and shall report the results of such study, including any recommendations for legislation, to the Congress. (b) MATTERS INCLUDED IN STUDY.—The study required under subsection (a) shall include— (1) the effect of funding difficulties, funding rules in effect before the date of the enactment of this Act, and the amendments made by this subtitle on small businesses participating in multiemployer plans, (2) the effect on the financial status of small employers of— (A) funding targets set in funding improvement and rehabilitation plans and associated contribution increases, (B) funding deficiencies, (C) excise taxes, (D) withdrawal liability,

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