1.Short title; table of
contents
(a)This Act may be cited
as the Worker, Retiree, and Employer
Recovery Act of 2008
.
(b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—Technical corrections related to the Pension Protection
Act of 2006
Sec. 100. References in title.
Subtitle A—Technical corrections related to the Pension
Protection Act of 2006
Sec. 101. Amendments related to Title I.
Sec. 102. Amendments related to title II.
Sec. 103. Amendments related to title III.
Sec. 104. Amendments related to title IV.
Sec. 105. Amendments related to title V.
Sec. 106. Amendments related to title VI.
Sec. 107. Amendments related to title VII.
Sec. 108. Amendments related to title VIII.
Sec. 109. Amendments related to title IX.
Sec. 110. Amendments related to title X.
Sec. 111. Amendments related to title XI.
Sec. 112. Effective date.
Subtitle B—Other Provisions
Sec. 121. Amendments Related to Sections 102 and 112 of the
Pension Protection Act of 2006.
Sec. 122. Modification of interest rate assumption required
with respect to certain small employer plans.
Sec. 123. Determination of market rate of return for
governmental plans.
Sec. 124. Treatment of certain reimbursements from governmental
plans for medical care.
Sec. 125. Rollover of amounts received in airline carrier
bankruptcy to Roth IRAs.
Sec. 126. Determination of asset value for special airline
funding rules.
Sec. 127. Modification of penalty for failure to file
partnership returns.
Sec. 128. Modification of penalty for failure to file S
corporation returns.
Title II—Pension provisions relating to economic
crisis
Sec. 201. Temporary waiver of required minimum distribution
rules for certain retirement plans and accounts.
Sec. 202. Transition rule clarification.
Sec. 203. Temporary modification of application of limitation
on benefit accruals.
Sec. 204. Temporary delay of designation of multiemployer plans
as in endangered or critical status.
Sec. 205. Temporary extension of the funding improvement and
rehabilitation periods for multiemployer pension plans in critical and
endangered status for 2008 or 2009.
<enum>I</enum><header>Technical
corrections related to the Pension Protection Act of 2006</header>
<section id="H6F35F3548A5046168100B00AFE1CA19"><enum>100.</enum><header>References in
title</header><text display-inline="no-display-inline">For purposes of this
title:</text>
<paragraph id="H0B787A7D7C1B495FBC6BA38BF4A35DA3"><enum>(1)</enum><header>Amendment of
1986 Code</header><text>The term <term>1986 Code</term> means the Internal
Revenue Code of 1986.</text>
</paragraph><paragraph id="H847BCCFC1B9B45D6BD09335E4775E5A1"><enum>(2)</enum><header>Amendment of
ERISA</header><text>The term <term>ERISA</term> means the Employee Retirement
Income Security Act of 1974.</text>
</paragraph><paragraph id="H13067908B29C4FC891607BAF5D9FE9B5"><enum>(3)</enum><header>2006
Act</header><text>The term <term>2006 Act</term> means the Pension Protection
Act of 2006.</text>
</paragraph></section><subtitle id="H36713C9B920448C7A906C53E00812686"><enum>A</enum><header>Technical
corrections related to the Pension Protection Act of 2006</header>
<section id="H7047DCBA206A4D6F97D17FD19DBED519"><enum>101.</enum><header>Amendments
related to Title I</header>
<subsection id="H416891E433D145CB9FA772E70611287B"><enum>(a)</enum><header>Amendments
related to sections 101 and 111</header>
<paragraph id="H17A68422F7F94374833B9847D100B2D9"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="H524229B3AE724ED79DB1FBCE5B066C87"><enum>(A)</enum><text>Clause (i) of
section 302(c)(1)(A) of ERISA is amended by striking <quote>the plan is</quote>
and inserting <quote>the plan are</quote>.</text>
</subparagraph><subparagraph id="HC83BA05B55B64A6980EAC9D93E025E78"><enum>(B)</enum><text>Section 302(c)(7)
of ERISA is amended by inserting <quote>which reduces the accrued benefit of
any participant</quote> after <quote>subsection (d)(2)</quote> in subparagraph
(A).</text>
</subparagraph><subparagraph id="H874C319EE8ED406C81ADB654FA7BAFAC"><enum>(C)</enum><text>Section 302(d)(1)
of ERISA is amended by striking <quote>, the valuation date,</quote>.</text>
</subparagraph></paragraph><paragraph id="H8EBD01DEC8A540A2B4B94E8CDE9870EC"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="H44FCCBACC7B04638A098384E579B0242"><enum>(A)</enum><text>Clause (i) of
section 412(c)(1)(A) of the 1986 Code is amended by striking <quote>the plan
is</quote> and inserting <quote>the plan are</quote>.</text>
</subparagraph><subparagraph id="HEE5BDCA3FD82472BAD7F771901A8B23D"><enum>(B)</enum><text>Section 412(c)(7)
of the 1986 Code is amended by inserting <quote>which reduces the accrued
benefit of any participant</quote> after <quote>subsection (d)(2)</quote> in
subparagraph (A).</text>
</subparagraph><subparagraph id="H9C20338BD07C4506AAE1ADE576B66CC8"><enum>(C)</enum><text>Section 412(d)(1)
of the 1986 Code is amended by striking <quote>, the valuation
date,</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HCD0170E5998D41C88B95ED516251459F"><enum>(b)</enum><header>Amendments
related to sections 102 and 112</header>
<paragraph id="H8C818B7295344E08977B96AF1BA34C43"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="HA584007A509744D8A125B24FDEDB6E50"><enum>(A)</enum><text>Section 303(b) of
ERISA is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HF0CD48955D9049CBB427991EA932E890" style="OLC">
<subsection id="H91BCFB52EFF14868AC1D7DEFF75BB104"><enum>(b)</enum><header>Target normal
cost</header><text>For purposes of this section:</text>
<paragraph id="HB4893F5E01474D598DAAF2541DAFC67D"><enum>(1)</enum><header>In
general</header><text>Except as provided in subsection (i)(2) with respect to
plans in at-risk status, the term <term>target normal cost</term> means, for
any plan year, the excess of—</text>
<subparagraph id="HC2BA0D01246C4D3590C9C4B87E15B712"><enum>(A)</enum><text>the sum of—</text>
<clause id="H2FC4607468ED465187DB7B8B54342347"><enum>(i)</enum><text>the present value
of all benefits which are expected to accrue or to be earned under the plan
during the plan year, plus</text>
</clause><clause id="H9651D4AD906C4B3EB2E86768AB52EB9C"><enum>(ii)</enum><text>the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over</text>
</clause></subparagraph><subparagraph id="H56A224216F2B43A093B5BC2B47AC475E"><enum>(B)</enum><text>the amount of
mandatory employee contributions expected to be made during the plan
year.</text>
</subparagraph></paragraph><paragraph id="H4987DEC8ED204B0FBB56B4D7399E30DC"><enum>(2)</enum><header>Special rule for
increase in compensation</header><text>For purposes of this subsection, if any
benefit attributable to services performed in a preceding plan year is
increased by reason of any increase in compensation during the current plan
year, the increase in such benefit shall be treated as having accrued during
the current plan
year.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HE7E28320591B4B2782352800F0B4EA2B"><enum>(B)</enum><text>Section
303(c)(5)(B)(iii) of ERISA is amended by inserting <quote>beginning</quote>
before <quote>after 2008</quote>.</text>
</subparagraph><subparagraph id="H244A996D297243AC8698B987A6404DD1"><enum>(C)</enum><text>Section
303(c)(5)(B)(iv)(II) of ERISA is amended by inserting <quote>for such year
</quote> after <quote>beginning in 2007)</quote>.</text>
</subparagraph><subparagraph id="HC3DDBB96B74D4697A99176533B19DA89"><enum>(D)</enum><text>Section
303(f)(4)(A) of ERISA is amended by striking <quote>paragraph (2)</quote> and
inserting <quote>paragraph (3)</quote>.</text>
</subparagraph><subparagraph id="H4530D64214B14CF000EB502F85B031DB"><enum>(E)</enum><text>Section
303(h)(2)(F) of ERISA is amended—</text>
<clause id="H4D2797B684D140B200B0ADE7C3B68223"><enum>(i)</enum><text>by
striking <quote>section 205(g)(3)(B)(iii)(I)) for such month</quote> and
inserting <quote>section 205(g)(3)(B)(iii)(I) for such month)</quote>,
and</text>
</clause><clause id="HE10C69D2B5C44D529334A8762F004600"><enum>(ii)</enum><text>by
striking <quote>subparagraph (B)</quote> and inserting <quote>subparagraph
(C)</quote>.</text>
</clause></subparagraph><subparagraph id="H802F227C938D48299F44D3AE40DBE3F0"><enum>(F)</enum><text>Section 303(i) of
ERISA is amended—</text>
<clause id="HE777D7CF28E348B2AB66807156E74131"><enum>(i)</enum><text>in
paragraph (2)—</text>
<subclause id="H3019AA59D14F4959A717612B5830D529"><enum>(I)</enum><text>by striking
subparagraph (A) and inserting the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H74FE4948017A4A7400D6220081A0EB97" style="OLC">
<subparagraph id="H8C1ACA9C94F94A239025E0ACF4AB82CE"><enum>(A)</enum><text>the excess
of—</text>
<clause id="HD4D6C04DB3D348C4A46C0762EB84994F"><enum>(i)</enum><text>the sum of—</text>
<subclause id="HB83B83585F6D4A5EB32E1F004DC69031"><enum>(I)</enum><text>the present value
of all benefits which are expected to accrue or to be earned under the plan
during the plan year, determined using the additional actuarial assumptions
described in paragraph (1)(B), plus</text>
</subclause><subclause id="HD29EAFAF80DD4413822970A6C5D9E9B"><enum>(II)</enum><text>the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over</text>
</subclause></clause><clause id="HF763391219CE4FF4BAAB305900B7F9C2"><enum>(ii)</enum><text>the amount of
mandatory employee contributions expected to be made during the plan year,
plus</text>
</clause></subparagraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</subclause><subclause id="H90A610244ED54F928C7060E1D6A92263"><enum>(II)</enum><text>in subparagraph
(B), by striking <quote>the target normal cost (determined without regard to
this paragraph) of the plan for the plan year</quote> and inserting <quote>the
amount determined under subsection (b)(1)(A)(i) with respect to the plan for
the plan year</quote>, and</text>
</subclause></clause><clause id="H3C82F28199D145F1BE6CE3F19EE0072"><enum>(ii)</enum><text>by
striking <quote>subparagraph (A)(ii)</quote> in the last sentence of paragraph
(4)(B) and inserting <quote>subparagraph (A)</quote>.</text>
</clause></subparagraph><subparagraph id="HF847DA7F434A4AAE97ABB2CFA5013B13"><enum>(G)</enum><text>Section 303(j)(3)
of ERISA—</text>
<clause id="H35F70F7DF6DC4A46B20082D600C69690"><enum>(i)</enum><text>is
amended by adding at the end of subparagraph (A) the following new
sentence:<quote>In the case of plan years beginning in 2008, the funding
shortfall for the preceding plan year may be determined using such methods of
estimation as the Secretary of the Treasury may provide.</quote>,</text>
</clause><clause id="H4093B3391CB843259414DC7C4B02BB5C"><enum>(ii)</enum><text>by
adding at the end of subparagraph (E) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HCA00CF2EE38D47F2A17CD996B0F9F636" style="OLC">
<clause id="H327500859B2147CFA7C563AE3EC49DD4"><enum>(iii)</enum><header>Plan with
alternate valuation date</header><text>The Secretary of the Treasury shall
prescribe regulations for the application of this paragraph in the case of a
plan which has a valuation date other than the first day of the plan
year.</text>
</clause><after-quoted-block>,
and</after-quoted-block></quoted-block>
</clause><clause id="H59195C3E9A81440C00AAE591414C1880"><enum>(iii)</enum><text>by
striking <quote><header-in-text level="subparagraph" style="OLC">and short
years</header-in-text></quote> in the heading of subparagraph (E) and inserting
<quote><header-in-text level="subparagraph" style="OLC">, short years, and
years with alternate valuation date</header-in-text></quote>.</text>
</clause></subparagraph><subparagraph id="H2D20D2A3F281467E9823B04C90AB69E6"><enum>(H)</enum><text>Section
303(k)(6)(B) of ERISA is amended by striking <quote>, except</quote> and all
that follows and inserting a period.</text>
</subparagraph></paragraph><paragraph id="H059753F848114116B180EBE313A0B16B"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="H1256F2D026254CF1B024351314DBDA4E"><enum>(A)</enum><text>Section 430(b) of
the 1986 Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HB87CDF778A5C41849BC0A387A3EE3EE1" style="OLC">
<subsection id="H110E67FE2AD04265A94597669BE9CD87"><enum>(b)</enum><header>Target normal
cost</header><text>For purposes of this section:</text>
<paragraph id="H3C82B0FC83BA4F9D9DFEAE1A83C2D22"><enum>(1)</enum><header>In
general</header><text>Except as provided in subsection (i)(2) with respect to
plans in at-risk status, the term <term>target normal cost</term> means, for
any plan year, the excess of—</text>
<subparagraph id="H42978565322B4E2095D6C23208ACC22"><enum>(A)</enum><text>the sum of—</text>
<clause id="HC3F26A2249824F9BB708F324F581CAF4"><enum>(i)</enum><text>the present value
of all benefits which are expected to accrue or to be earned under the plan
during the plan year, plus</text>
</clause><clause id="H7C17026FF6C7454F8354BA3FC5405DED"><enum>(ii)</enum><text>the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over</text>
</clause></subparagraph><subparagraph id="H4680596DD53948429CE300A7B8A124CD"><enum>(B)</enum><text>the amount of
mandatory employee contributions expected to be made during the plan
year.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H19AB3AD881E14A2697573EFD88FA63CE"><enum>(2)</enum><header display-inline="yes-display-inline">Special rule for increase in
compensation</header><text display-inline="yes-display-inline">For purposes of
this subsection, if any benefit attributable to services performed in a
preceding plan year is increased by reason of any increase in compensation
during the current plan year, the increase in such benefit shall be treated as
having accrued during the current plan
year.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H6C3A826CD4BD4BAFBBA585A45080D4C"><enum>(B)</enum><text>Section
430(c)(5)(B)(iii) of the 1986 Code is amended by inserting
<quote>beginning</quote> before <quote>after 2008</quote>.</text>
</subparagraph><subparagraph id="H7F29BAE2F481401EBC4BC00BFB71D53"><enum>(C)</enum><text>Section
430(c)(5)(B)(iv)(II) of the 1986 Code is amended by inserting <quote>for such
year </quote> after <quote>beginning in 2007)</quote>.</text>
</subparagraph><subparagraph id="H31A5C332669C4274B26BD74DCD6290A6"><enum>(D)</enum><text>Section 430(f) of
the 1986 Code is amended—</text>
<clause id="H02AAEB652FEE46ACB23E18E7CE08A457"><enum>(i)</enum><text>by
striking <quote>as of the first day of the plan year</quote> the second place
it appears in the first sentence of paragraph (3)(A),</text>
</clause><clause id="H988A7EF82C5C418AB391F8EB00B43DF"><enum>(ii)</enum><text>by
striking <quote>paragraph (2)</quote> in paragraph (4)(A) and inserting
<quote>paragraph (3)</quote>,</text>
</clause><clause id="HCAE8505B9BDA48C793966D3EA81F0087"><enum>(iii)</enum><text>by
striking <quote>paragraph (1), (2), or (4) of section 206(g)</quote> in
paragraph (6)(B)(iii) and inserting <quote>subsection (b), (c), or (e) of
section 436</quote>,</text>
</clause><clause id="H13CA730295AD4416806E02FE287B27D1"><enum>(iv)</enum><text>by
striking <quote>the sum of</quote> in paragraph (6)(C), and</text>
</clause><clause id="H08BC2C55FBF54CD6989CFC369294EF8B"><enum>(v)</enum><text>by
striking <quote>of the Treasury</quote> in paragraph (8).</text>
</clause></subparagraph><subparagraph id="H210D26A3A8F04E3FA853756008CFCFD1"><enum>(E)</enum><text>Section 430(h)(2)
of the 1986 Code is amended—</text>
<clause id="HE70B280E6C614A5C8CA8D3E6CACDC48"><enum>(i)</enum><text>by
inserting <quote>and target normal cost</quote> after <quote>funding
target</quote> in subparagraph (B),</text>
</clause><clause id="H1732B68FD4924388AD48AFB36DC518D"><enum>(ii)</enum><text>by
striking <quote>liabilities</quote> and inserting <quote>benefits</quote> in
subparagraph (B),</text>
</clause><clause id="HA57D3420A67C45CF9C17B6C9506926C6"><enum>(iii)</enum><text>by
striking <quote>section 417(e)(3)(D)(i)) for such month</quote> in subparagraph
(F) and inserting <quote>section 417(e)(3)(D)(i) for such month)</quote>,
and</text>
</clause><clause id="H53A5C1D1B7F44AEE88307159AD86F5DF"><enum>(iv)</enum><text>by
striking <quote>subparagraph (B)</quote> in subparagraph (F) and inserting
<quote>subparagraph (C)</quote>.</text>
</clause></subparagraph><subparagraph id="H08B099F9B44A488C82CD11092582D95E"><enum>(F)</enum><text>Section 430(i) of
the 1986 Code is amended—</text>
<clause id="H353510A812F6464B843CCD21563133D"><enum>(i)</enum><text>in
paragraph (2)—</text>
<subclause id="HB9A5FE1069BE424CAA05EC60FD65FA82"><enum>(I)</enum><text>by striking
subparagraph (A) and inserting the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HB32E46EB8FB84490BEE3071BAA4865DA" style="OLC">
<subparagraph id="H4D9973D1221C4470AEB4A60506445E4"><enum>(A)</enum><text>the excess
of—</text>
<clause id="H58958D7CB2384E3593D20000C022FDC"><enum>(i)</enum><text>the
sum of—</text>
<subclause id="H22ED4B0877644613858C1112EFE1315C"><enum>(I)</enum><text>the present value
of all benefits which are expected to accrue or to be earned under the plan
during the plan year, determined using the additional actuarial assumptions
described in paragraph (1)(B), plus</text>
</subclause><subclause id="H157ED0D2DBFD4848BCED05021DB3E291"><enum>(II)</enum><text>the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over</text>
</subclause></clause><clause id="H055D6478C3CD4FE191567EDD56002991"><enum>(ii)</enum><text>the amount of
mandatory employee contributions expected to be made during the plan year,
plus</text>
</clause></subparagraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</subclause><subclause id="HEA345B26FA3545F9A391F3042E92050"><enum>(II)</enum><text>in subparagraph
(B), by striking <quote>the target normal cost (determined without regard to
this paragraph) of the plan for the plan year</quote> and inserting <quote>the
amount determined under subsection (b)(1)(A)(i) with respect to the plan for
the plan year</quote>, and</text>
</subclause></clause><clause commented="no" display-inline="no-display-inline" id="HEF444D04601D4E8A001329B886D6E62D"><enum>(ii)</enum><text>by striking
<quote>subparagraph (A)(ii)</quote> in the last sentence of paragraph (4)(B)
and inserting <quote>subparagraph (A)</quote>.</text>
</clause></subparagraph><subparagraph id="H6E031430F57A4BF3A512D5A68F0079DB"><enum>(G)</enum><text>Section 430(j)(3)
of the 1986 Code is amended—</text>
<clause id="HA24FE97D29984F330089FAB9CE88C13F"><enum>(i)</enum><text>by
adding at the end of subparagraph (A) the following new sentence: <quote>In the
case of plan years beginning in 2008, the funding shortfall for the preceding
plan year may be determined using such methods of estimation as the Secretary
may provide.</quote>,</text>
</clause><clause id="H72EB35BE0F2446ADA21CF14191A53EF3"><enum>(ii)</enum><text>by
striking <quote>section 302(c)</quote> in subparagraph (D)(ii)(II) and
inserting <quote>section 412(c)</quote>,</text>
</clause><clause id="HB79070688EA2419BA912D872D68BB709"><enum>(iii)</enum><text>by
adding at the end of subparagraph (E) the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HE7DCB64D349F4E3FB95E1B7B33839192" style="OLC">
<clause id="H2B1D4E90480740BC9DA8A9FCB2EEE3F6"><enum>(iii)</enum><header>Plan with
alternate valuation date</header><text>The Secretary shall prescribe
regulations for the application of this paragraph in the case of a plan which
has a valuation date other than the first day of the plan
year.</text>
</clause><after-quoted-block>,
and</after-quoted-block></quoted-block>
</clause><clause id="HFA170BAB4E2A45978E57FEC2BD4F64F4"><enum>(iv)</enum><text>by
striking <quote><header-in-text level="subparagraph" style="OLC">and short
years</header-in-text></quote> in the heading of subparagraph (E) and inserting
<quote><header-in-text level="subparagraph" style="OLC">, short years, and
years with alternate valuation date</header-in-text></quote>.</text>
</clause></subparagraph><subparagraph id="H5CE5DE5BFA6D4F829C9ED6EE5CA8A4D"><enum>(H)</enum><text>Section 430(k) of
the 1986 Code is amended—</text>
<clause id="H03651AE423DE49E6969253D307A25E11"><enum>(i)</enum><text>by
inserting <quote>(as provided under paragraph (2))</quote> after
<quote>applies</quote> in paragraph (1), and</text>
</clause><clause id="H464E9AC8EF2E4F5781E300AAD6C0855"><enum>(ii)</enum><text>by
striking <quote>, except</quote> and all that follows in paragraph (6)(B) and
inserting a period.</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="HCFA1DA02C8EB4A8095B90078C8361D36"><enum>(3)</enum><header>Effective
dates</header>
<subparagraph commented="no" id="HE6DE7F9004744310BE3765B8E0D1FEB5"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the amendments
made by paragraphs (1)(A), (1)(F)(i), (2)(A), and (2)(F)(i) shall apply to plan
years beginning after December 31, 2008.</text>
</subparagraph><subparagraph commented="no" id="HC103713AF95745C4BF89D12E12AC4BEE"><enum>(B)</enum><header>Election for
earlier application</header><text>The amendments made by such paragraphs shall
apply to a plan for the first plan year beginning after December 31, 2007, if
the plan sponsor makes the election under this subparagraph. An election under
this subparagraph shall be made at such time and in such manner as the
Secretary of the Treasury or the Secretary’s delegate may prescribe, and, once
made, may be revoked only with the consent of the Secretary.</text>
</subparagraph></paragraph></subsection><subsection id="HE7D5DBDCE2CB4A1093AE94FD2D255D4E"><enum>(c)</enum><header>Amendments
related to sections 103 and 113</header>
<paragraph id="HCC9531197A28466E826C5900BBE864EF"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="H968EE1A3D0594F39BCB9235816004252"><enum>(A)</enum><text>Section 101(j) of
ERISA is amended—</text>
<clause id="H70942DE0A52C4A35A23D5EE01C39004D"><enum>(i)</enum><text>in
paragraph (2), by striking <quote>section 206(g)(4)(B)</quote> and inserting
<quote>section 206(g)(4)(A)</quote>; and</text>
</clause><clause id="H4F8D0506160143BB97839DB8A3F13689"><enum>(ii)</enum><text>by
adding at the end the following: <quote>The Secretary of the Treasury, in
consultation with the Secretary, shall have the authority to prescribe rules
applicable to the notices required under this subsection.</quote>.</text>
</clause></subparagraph><subparagraph id="H799D95F72F9C42918FE4C9B883240877"><enum>(B)</enum><text>Section
206(g)(1)(B)(ii) of ERISA is amended by striking <quote>a funding</quote> and
inserting <quote>an adjusted funding</quote>.</text>
</subparagraph><subparagraph id="HE54A257C25B3465490A02DDE77E4B748"><enum>(C)</enum><text>The heading for
section 206(g)(1)(C) of ERISA is amended by inserting <quote><header-in-text level="subparagraph" style="OLC">benefit</header-in-text></quote> after
<quote><header-in-text level="subparagraph" style="OLC">event</header-in-text></quote>.</text>
</subparagraph><subparagraph id="H81BF5541D7D04C98988DD3AC37960051"><enum>(D)</enum><text>Section
206(g)(3)(E) of ERISA is amended by adding at the end the following new flush
sentence:</text>
<quoted-block display-inline="no-display-inline" id="H0DD29544F4FC475B8000337252979790" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="subparagraph">Such
term shall not include the payment of a benefit which under section 203(e) may
be immediately distributed without the consent of the
participant.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H5CDEB393FC6A45239FF1CFDD542117FE"><enum>(E)</enum><text>Section
206(g)(5)(A)(iv) of ERISA is amended by inserting <quote>adjusted</quote>
before <quote>funding</quote>.</text>
</subparagraph><subparagraph id="HE62D2AA470844A7DAB1227D05208F100"><enum>(F)</enum><text>Section
206(g)(9)(C) of ERISA is amended—</text>
<clause id="H6A61A49C50334C0E833B655354F55000"><enum>(i)</enum><text>by
striking <quote>without regard to this subparagraph and</quote> in clause (i),
and</text>
</clause><clause id="H561FE0F7001645EE99993DFB8CB3D291"><enum>(ii)</enum><text>in
clause (iii)—</text>
<subclause id="H45110CC8C07F4E9C89F42B525105023C"><enum>(I)</enum><text>by striking
<quote>without regard to this subparagraph</quote> and inserting <quote>without
regard to the reduction in the value of assets under section 303(f)(4)</quote>,
and</text>
</subclause><subclause id="H31C8E7D9AC1A4D1D843D00AC002D41EA"><enum>(II)</enum><text>by inserting
<quote>beginning</quote> before <quote>after</quote> each place it
appears.</text>
</subclause></clause></subparagraph><subparagraph id="HCB476ACB7B0C408285259D297B9EFAA2"><enum>(G)</enum><text>Section 206(g) of
ERISA is amended by redesignating paragraph (10) as paragraph (11) and by
inserting after paragraph (9) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H103EEB2DAAF74E25B1F776A2D33D073F" style="OLC">
<paragraph id="HF9A9271C658643E7BECDD4EBC848298"><enum>(10)</enum><header>Secretarial
authority for plans with alternate valuation date</header><text>In the case of
a plan which has designated a valuation date other than the first day of the
plan year, the Secretary of the Treasury may prescribe rules for the
application of this subsection which are necessary to reflect the alternate
valuation
date.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H465BC0CC5E164269B2E0BBCAADDCECD9"><enum>(H)</enum><text>Section 502(c)(4)
of ERISA is amended by striking <quote>by any person</quote> and all that
follows through the period and inserting <quote>by any person of subsection
(j), (k), or (l) of section 101 or section 514(e)(3).</quote>.</text>
</subparagraph></paragraph><paragraph id="HD4AA103D9A154CB1A7AE92954FD7C27"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="H8DB8EAAC5DE344AEA996BDC493DCC300"><enum>(A)</enum><text>Section 436(b)(2)
of the 1986 Code is amended—</text>
<clause id="HAB88FDA87B434004A490587BEE5640BC"><enum>(i)</enum><text>by
striking <quote>section 303</quote> and inserting <quote>section 430</quote> in
the matter preceding subparagraph (A), and</text>
</clause><clause id="HBF8BE6D11A3F4BD485DEC2FC65E966A4"><enum>(ii)</enum><text>by
striking <quote>a funding</quote> and inserting <quote>an adjusted
funding</quote> in subparagraph (B).</text>
</clause></subparagraph><subparagraph id="H72AFEC2293BD4791A7E5E44D6F52209D"><enum>(B)</enum><text>Section 436(b)(3)
of the 1986 Code is amended—</text>
<clause id="HF90FAFA8762949CC8EDDE48FE53615D"><enum>(i)</enum><text>by
inserting <quote><header-in-text level="paragraph" style="OLC">benefit</header-in-text></quote>
after <quote><header-in-text level="paragraph" style="OLC">event</header-in-text></quote> in the heading, and</text>
</clause><clause id="HF8CE00D3C22849D9A77724C545265525"><enum>(ii)</enum><text>by
striking <quote>any event</quote> in subparagraph (B) and inserting <quote>an
event</quote>.</text>
</clause></subparagraph><subparagraph id="H309CFFC556B74EDABEA0463E9DBB469D"><enum>(C)</enum><text>Section 436(d)(5)
of the 1986 Code is amended by adding at the end the following new flush
sentence:</text>
<quoted-block display-inline="no-display-inline" id="H209F13C1DD4743728F98AB226EA8DD07" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="paragraph">Such term
shall not include the payment of a benefit which under section 411(a)(11) may
be immediately distributed without the consent of the
participant.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HC9358A2BBE4E4C8A90D743D26E8BD7C"><enum>(D)</enum><text>Section 436(f) of
the 1986 Code is amended—</text>
<clause id="H852EE59784BC4009A7C2509900BB66BD"><enum>(i)</enum><text>by
inserting <quote>adjusted</quote> before <quote>funding</quote> in paragraph
(1)(D), and</text>
</clause><clause id="H56ECFA89B3B5465EA6649038C627632D"><enum>(ii)</enum><text>by
striking <quote>prefunding balance under section 430(f) or funding standard
carryover balance</quote> in paragraph (2) and inserting <quote>prefunding
balance or funding standard carryover balance under section
430(f)</quote>.</text>
</clause></subparagraph><subparagraph id="H1BF2880BFFB74F509FB3198EAB7F465B"><enum>(E)</enum><text>Section 436(j)(3)
of the 1986 Code is amended—</text>
<clause id="HD044E2C0DAEC42888410581E5FC66F07"><enum>(i)</enum><text>in
subparagraph (A)—</text>
<subclause id="H87043D9753234AEBB4CFA0A5C7D92800"><enum>(I)</enum><text>by striking
<quote>without regard to this paragraph and</quote>,</text>
</subclause><subclause id="H946C3707816B4EB800E698006269B5E0"><enum>(II)</enum><text>by striking
<quote>section 430(f)(4)(A)</quote> and inserting <quote>section
430(f)(4)</quote>, and</text>
</subclause><subclause id="H46D5FDBBE8D34D6083DF3616B27D2821"><enum>(III)</enum><text>by striking
<quote>paragraph (1)</quote> and inserting <quote>paragraphs (1) and
(2)</quote>, and</text>
</subclause></clause><clause id="H2194CB1A24AF45D5AC235DDE36EA7200"><enum>(ii)</enum><text>in
subparagraph (C)—</text>
<subclause id="HA469C1DCAB334D29903CD5C801A20078"><enum>(I)</enum><text>by striking
<quote>without regard to this paragraph</quote> and inserting <quote>without
regard to the reduction in the value of assets under section 430(f)(4)</quote>,
and</text>
</subclause><subclause id="H7AAA936381AF45EF9D72AA40FDDC6B5D"><enum>(II)</enum><text>by inserting
<quote>beginning</quote> before <quote>after</quote> each place it
appears.</text>
</subclause></clause></subparagraph><subparagraph id="H8E1BAA694E69428BB3D12E3DFF000662"><enum>(F)</enum><text>Section 436 of the
1986 Code is amended by redesignating subsection (k) as subsection (m) and by
inserting after subsection (j) the following new subsections:</text>
<quoted-block display-inline="no-display-inline" id="H66D0B4192C1F45E8BBA9A0AC004D5836" style="OLC">
<subsection id="H6AC3B30C14BC44C4819D003F7B7F4D1D"><enum>(k)</enum><header>Secretarial
authority for plans with alternate valuation date</header><text>In the case of
a plan which has designated a valuation date other than the first day of the
plan year, the Secretary may prescribe rules for the application of this
section which are necessary to reflect the alternate valuation date.</text>
</subsection><subsection id="HC531DEA76B6944CBB9F01B9F39FDFDB"><enum>(l)</enum><header>Single-employer
plan</header><text>For purposes of this section, the term <term>single-employer
plan</term> means a plan which is not a multiemployer
plan.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H49B8A442D1EF4AD4B0AC967009B68A8"><enum>(3)</enum><header>Amendments to
2006 Act</header><text>Sections 103(c)(2)(A)(ii) and 113(b)(2)(A)(ii) of the
2006 Act are each amended—</text>
<subparagraph id="H7DA4BEFB93F540B0BF898968FC448DFC"><enum>(A)</enum><text>by striking
<quote>subsection</quote> and inserting <quote>section</quote>, and</text>
</subparagraph><subparagraph id="HE5BD2282CEE547D6A390B7A1AD68FC67"><enum>(B)</enum><text>by striking
<quote>subparagraph</quote> and inserting <quote>paragraph</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H265C6D99B93A4D9B89EC0070AE358B80"><enum>(d)</enum><header>Amendments
related to sections 107 and 114</header>
<paragraph id="HBA12E1F697944748B9ACAB7B17D46805"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="H6D6B159AC9704A29A3E03E6530F093BE"><enum>(A)</enum><text>Section 103(d) of
ERISA is amended—</text>
<clause id="H67013E03C7374CFC85D3D91461A48239"><enum>(i)</enum><text>in
paragraph (3), by striking <quote>the normal costs, the accrued
liabilities</quote> and inserting <quote>the normal costs or target normal
costs, the accrued liabilities or funding target</quote>, and</text>
</clause><clause id="H699DA5B4D7304C898900348D5E3E00BD"><enum>(ii)</enum><text>by
striking paragraph (7) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H31205121D6A54B848D844B4E7D5D491C" style="OLC">
<paragraph id="HCAF958608FB8469287FB0114E54118B5"><enum>(7)</enum><text>A certification of
the contribution necessary to reduce the minimum required contribution
determined under section 303, or the accumulated funding deficiency determined
under section 304, to
zero.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HBC5CF37236924E3EAF7CE32787FF05C2"><enum>(B)</enum><text>Section 4071 of
ERISA is amended by striking <quote>as section 303(k)(4) or 307(e)</quote> and
inserting <quote>or section 303(k)(4),</quote>.</text>
</subparagraph></paragraph><paragraph id="H28BDE5209FC84F5397AD7C30C049FA65"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="H3735C97936D64E3A8D39FE01B6296DDA"><enum>(A)</enum><text>Section 401(a)(29)
of the 1986 Code is amended by striking <quote><header-in-text level="paragraph" style="OLC">on plans in at-risk
status</header-in-text></quote> in the heading.</text>
</subparagraph><subparagraph id="HB7D27C2BF04144BCA3A386B818771125"><enum>(B)</enum><text>Section
401(a)(32)(C) of the 1986 Code is amended—</text>
<clause id="H585FE81862EA4C50BCD285B7CEFC57BB"><enum>(i)</enum><text>by
striking <quote>section 430(j)</quote> and inserting <quote>section
430(j)(3)</quote>, and</text>
</clause><clause id="HE174C7DBCC224516BBDBBA1E86227B40"><enum>(ii)</enum><text>by
striking <quote>paragraph (5)(A)</quote> and inserting <quote>section
430(j)(4)(A)</quote>.</text>
</clause></subparagraph><subparagraph id="H6D77BDA2A3B84CF2B2DE454098D81C00"><enum>(C)</enum><text>Section 401(a)(33)
of the 1986 Code is amended—</text>
<clause id="H72140B21D2D44ED18E8E0761027DD423"><enum>(i)</enum><text>by
striking <quote>section 412(c)(2)</quote> in subparagraph (B)(iii) and
inserting <quote>section 412(d)(2)</quote>, and</text>
</clause><clause id="HCCBC0F97B49242D5A6997D4D5204C2C"><enum>(ii)</enum><text>by
striking <quote>section 412(b)(2) (without regard to subparagraph (B)
thereof)</quote> in subparagraph (D) and inserting <quote>section 412(b)(1),
without regard to section 412(b)(2)</quote>.</text>
</clause></subparagraph><subparagraph id="H3405CF7FA6EA4F74B86FE802D824DE7B"><enum>(D)</enum><text>Section 411 of the
1986 Code is amended—</text>
<clause id="HC5CBA6A54D6749D8B9729DAF681CAD4E"><enum>(i)</enum><text>by
striking <quote>section 412(c)(2)</quote> in subsection (a)(3)(C) and inserting
<quote>section 412(d)(2)</quote>, and</text>
</clause><clause id="HD23D973D0EFE4E7C809E1640A2657F03"><enum>(ii)</enum><text>by
striking <quote>section 412(e)(2)</quote> in subsection (d)(6)(A) and inserting
<quote>section 412(d)(2)</quote>.</text>
</clause></subparagraph><subparagraph id="HAC132B81BA37476FADEFF77B6289667"><enum>(E)</enum><text>Section
414(l)(2)(B)(i)(I) of the 1986 Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H494281A9402549DEBBC98F137C22FC56" style="OLC">
<subclause id="H8565CBE7B7714ECB87E0057907BD00B7"><enum>(I)</enum><text>the sum of the
funding target and target normal cost determined under section 430,
over</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H8F620F1BEFC6470A89CD0542725674D4"><enum>(F)</enum><text>Section 4971 of
the 1986 Code is amended—</text>
<clause id="H8C83E74A467E4E788DED784B9694B900"><enum>(i)</enum><text>by
striking <quote>required minimum</quote> in subsection (b)(1) and inserting
<quote>minimum required</quote>,</text>
</clause><clause id="HF2FA3C715326473086A46F0386948E57"><enum>(ii)</enum><text>by
inserting <quote>or unpaid minimum required contribution, whichever is
applicable</quote> after <quote>accumulated funding deficiency</quote> each
place it appears in subsections (c)(3) and (d)(1), and</text>
</clause><clause id="H12E3DDD48072416AA80091A413CFB4C"><enum>(iii)</enum><text>by
striking <quote>section 412(a)(1)(A)</quote> in subsection (e)(1) and inserting
<quote>section 412(a)(2)</quote>.</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="H329F56EA0D6647569CC405E98B1649ED"><enum>(3)</enum><header>Amendment to
2006 Act</header><text>Section 114 of the 2006 Act is amended by adding at the
end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H1AE4FE93BD294120965870DA9546927E" style="OLC">
<subsection commented="no" id="HD184642EF4FF4E8AA8889F438378B8E7"><enum>(g)</enum><header>Effective
dates</header>
<paragraph commented="no" id="H83F610793CE24875A562BB00CDEEA199"><enum>(1)</enum><header>In
general</header><text>The amendments made by this section shall apply to plan
years beginning after 2007.</text>
</paragraph><paragraph commented="no" id="H9FAC4F5CBB7F45F8003CEE4172AA00ED"><enum>(2)</enum><header>Excise
tax</header><text>The amendments made by subsection (e) shall apply to taxable
years beginning after 2007, but only with respect to plan years described in
paragraph (1) which end with or within any such taxable
year.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="H5151F25C36CB4177B063B288AECEAB2E"><enum>(e)</enum><header>Amendment
related to section 116</header><text>Section 409A(b)(3)(A)(ii) of the 1986 Code
is amended by inserting <quote>to an applicable covered employee</quote> after
<quote>under the plan</quote>.</text>
</subsection></section><section commented="no" id="H422C3C1A60644D419CE81294623FE400"><enum>102.</enum><header>Amendments
related to title II</header>
<subsection commented="no" id="H2A61642F66F84F6D9D42938644569977"><enum>(a)</enum><header>Amendment
related to sections 201 and 211</header><text>Section 201(b)(2)(A) of the 2006
Act is amended by striking <quote>has not used</quote> and inserting <quote>has
not adopted, or ceased using,</quote>.</text>
</subsection><subsection commented="no" id="H66CBA8191C914F3383ED498B83AE4177"><enum>(b)</enum><header>Amendments
related to sections 202 and 212</header>
<paragraph commented="no" id="H30039AB1579C410E9FCBF8C12196BA79"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph commented="no" id="H06AA7FAF75154E66BAA6ECE115845B5"><enum>(A)</enum><text>Section 302(b)(3)
of ERISA is amended by striking <quote>the plan adopts</quote> and inserting
<quote>the plan sponsor adopts</quote>.</text>
</subparagraph><subparagraph commented="no" id="HFE90969B6EA74AD78030F6E9A9B4E71E"><enum>(B)</enum><text>Section
305(b)(3)(C) of ERISA is amended by striking <quote>section 101(b)(4)</quote>
and inserting <quote>section 101(b)(1)</quote>.</text>
</subparagraph><subparagraph commented="no" id="HCA9332BE544146EFA6753312BEA52B88"><enum>(C)</enum><text>Section
305(b)(3)(D) of ERISA is amended by striking <quote>The Secretary</quote> in
clause (iii) and inserting <quote>The Secretary of the Treasury, in
consultation with the Secretary</quote>.</text>
</subparagraph><subparagraph commented="no" id="H13F727440B3B46A0BCF101B0147FFD55"><enum>(D)</enum><text>Section 305(c)(7)
of ERISA is amended—</text>
<clause commented="no" id="HCFD202554390498AAC506FBF8B7C7965"><enum>(i)</enum><text>by striking
<quote>to agree on</quote> and all that follows in subparagraph (A)(ii) and
inserting <quote>to adopt a contribution schedule with terms consistent with
the funding improvement plan and a schedule from the plan sponsor,</quote>,
and</text>
</clause><clause commented="no" id="H2DC80C5E879546D39661A1B9BAFC8B29"><enum>(ii)</enum><text>by striking
subparagraph (B) and inserting the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H43B491E01EB14993B07350B2D2EEF916" style="OLC">
<subparagraph commented="no" id="H2D13852E667142BBB000B8F4606ED800"><enum>(B)</enum><header>Date of
implementation</header><text>The date specified in this subparagraph is the
date which is 180 days after the date on which the collective bargaining
agreement described in subparagraph (A)
expires.</text>
</subparagraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</clause><clause commented="no" id="H8B74BF50947F47BE80A0516533CFE8F8"><enum>(iii)</enum><text>by adding at the
end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H3FC6033BCF8A41CAA602789600E6BA47" style="OLC">
<subparagraph commented="no" id="H04346C1BAC194907A878E6EEB2E7AFE3"><enum>(C)</enum><header>Failure to make
scheduled contributions</header><text>Any failure to make a contribution under
a schedule of contribution rates provided under this paragraph shall be treated
as a delinquent contribution under section 515 and shall be enforceable as
such.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph commented="no" id="H215C254BE9B649009B727B800000F366"><enum>(E)</enum><text>Section 305(e) of
ERISA is amended—</text>
<clause commented="no" id="H5354D140430543E099F02F1100C3C0F1"><enum>(i)</enum><text>in paragraph
(3)(C)—</text>
<subclause commented="no" id="HDA8BE00889BC48909BE241029076F636"><enum>(I)</enum><text>by striking all
that follows <quote>to adopt a</quote> in clause (i)(II) and inserting
<quote>to adopt a contribution schedule with terms consistent with the
rehabilitation plan and a schedule from the plan sponsor under paragraph
(1)(B)(i),</quote>,</text>
</subclause><subclause commented="no" id="H2B9024D9983441E8A442DD74ADB46DD4"><enum>(II)</enum><text>by striking
clause (ii) and inserting the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H1DDD31E031A8485C817C841DD6FA1435" style="OLC">
<clause id="H9B0C4931CD9F4291B6EC6516BBF564B"><enum>(ii)</enum><header>Date of
implementation</header><text>The date specified in this clause is the date
which is 180 days after the date on which the collective bargaining agreement
described in clause (i) expires.</text>
</clause><after-quoted-block>,
and</after-quoted-block></quoted-block>
</subclause><subclause commented="no" id="H35DDEA9FB8DD49DC8B2FFFED6EA54E4"><enum>(III)</enum><text>by adding at the
end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H34C553DE70A74E6A958913E5184C2B31" style="OLC">
<clause commented="no" id="HD3B8B6F177224DEFB80749482767193E"><enum>(iii)</enum><header>Failure to
make scheduled contributions</header><text>Any failure to make a contribution
under a schedule of contribution rates provided under this subsection shall be
treated as a delinquent contribution under section 515 and shall be enforceable
as
such.</text>
</clause><after-quoted-block>,</after-quoted-block></quoted-block>
</subclause></clause><clause commented="no" id="HF1647501437A492EA0230067A1AB2C06"><enum>(ii)</enum><text>in paragraph
(4)—</text>
<subclause commented="no" id="H41FFFCD3748148FF99BFE22BBB00CE9D"><enum>(I)</enum><text>by striking
<quote>the date of</quote> in subparagraph (A)(ii), and</text>
</subclause><subclause commented="no" id="H151E015DC0014CAB945F91991091E46F"><enum>(II)</enum><text>by striking
<quote>and taking</quote> in subparagraph (B) and inserting <quote>but
taking</quote>,</text>
</subclause></clause><clause commented="no" id="H386A935144B04BFE89002C7E239003E6"><enum>(iii)</enum><text>in paragraph
(6)—</text>
<subclause commented="no" id="H4DCCF9D563E5418285FEAC27F2C4F3DA"><enum>(I)</enum><text>by striking
<quote>paragraph (1)(B)(i)</quote> and inserting <quote>the last sentence of
paragraph (1)</quote>, and</text>
</subclause><subclause commented="no" id="H77A07A5206C64DA68000EF7E2579E9B"><enum>(II)</enum><text>by striking
<quote>established</quote> and inserting <quote>establish</quote>,</text>
</subclause></clause><clause commented="no" id="HF3AD4EB93A3D472995983160B33B3647"><enum>(iv)</enum><text>in paragraph
(8)(C)(iii)—</text>
<subclause commented="no" id="H8776D3F101E64CE2AC84733874B27DBB"><enum>(I)</enum><text>by striking
<quote>the Secretary</quote> in subclause (I) and inserting <quote>the
Secretary of the Treasury, in consultation with the Secretary</quote>,
and</text>
</subclause><subclause commented="no" id="H3098F72B84C54C62B4F2772D987F362B"><enum>(II)</enum><text>by striking
<quote>Secretary</quote> in the last sentence and inserting <quote>Secretary of
the Treasury</quote>, and</text>
</subclause></clause><clause commented="no" id="H2554E66251874C7C9006A85F42F2833F"><enum>(v)</enum><text>by striking
<quote>an employer's withdrawal liability</quote> in paragraph (9)(B) and
inserting <quote>the allocation of unfunded vested benefits to an
employer</quote>.</text>
</clause></subparagraph><subparagraph commented="no" id="H1758EAF2BDCC496A93D82269A0AD235D"><enum>(F)</enum><text>Section
305(f)(2)(A)(i) of ERISA is amended by adding at the end the following:
<quote>to a participant or beneficiary whose annuity starting date (as defined
in section 205(h)(2)) occurs after the date such notice is
sent,</quote>.</text>
</subparagraph><subparagraph commented="no" id="H568E9EBCDE964367A00700C0444B4BA8"><enum>(G)</enum><text>Section 305(g) of
ERISA is amended by inserting <quote>under subsection (c)</quote> after
<quote>funding improvement plan</quote> the first place it appears.</text>
</subparagraph><subparagraph commented="no" id="HEAC36D601D934DCB826C93BDBB25357"><enum>(H)</enum><text>Section 502(c)(2)
of ERISA is amended by striking <quote>101(b)(4)</quote> and inserting
<quote>101(b)(1)</quote>.</text>
</subparagraph><subparagraph commented="no" id="H3574819421B24F8EAE5C89FD9817703C"><enum>(I)</enum><text>Section
502(c)(8)(A) of ERISA is amended by inserting <quote>plan</quote> after
<quote>multiemployer</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="HB9EF887233834064A298007441AA5233"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph commented="no" id="H61343F60368B47CEA0312E00C568945C"><enum>(A)</enum><text>Section
432(b)(3)(C) of the 1986 Code is amended by striking <quote>section
101(b)(4)</quote> and inserting <quote>section 101(b)(1)</quote>.</text>
</subparagraph><subparagraph commented="no" id="HC857889793DD45DCAD5D7C7100FE928B"><enum>(B)</enum><text>Section
432(b)(3)(D)(iii) of the 1986 Code is amended by striking <quote>The Secretary
of Labor</quote> and inserting <quote>The Secretary, in consultation with the
Secretary of Labor</quote>.</text>
</subparagraph><subparagraph commented="no" id="HD721CC52B200499F9FDA23F3827900FC"><enum>(C)</enum><text>Section 432(c) of
the 1986 Code is amended—</text>
<clause commented="no" id="HFA332BA4F487488A957E66D442A3F986"><enum>(i)</enum><text>in paragraph (3),
by striking <quote>section 304(d)</quote> in subparagraph (A)(ii) and inserting
<quote>section 431(d)</quote>, and</text>
</clause><clause commented="no" id="H18FF49E461F445FF9B05F92D085990D6"><enum>(ii)</enum><text>in paragraph
(7)—</text>
<subclause commented="no" id="H3519B4BE7577460A8EA1288400106FC5"><enum>(I)</enum><text>by striking
<quote>to agree on</quote> and all that follows in subparagraph (A)(ii) and
inserting <quote>to adopt a contribution schedule with terms consistent with
the funding improvement plan and a schedule from the plan sponsor,</quote>,
and</text>
</subclause><subclause commented="no" id="HFBA2FDBD9D234AE496B149E3861DA01"><enum>(II)</enum><text>by striking
subparagraph (B) and inserting the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HC138112454C44B958926DA4B6C827569" style="OLC">
<subparagraph commented="no" id="H59D46E1B084E4E91933600004D21CBB7"><enum>(B)</enum><header>Date of
implementation</header><text>The date specified in this subparagraph is the
date which is 180 days after the date on which the collective bargaining
agreement described in subparagraph (A)
expires.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subclause></clause></subparagraph><subparagraph commented="no" id="H880EB6460C2945D486658E775F8FDED0"><enum>(D)</enum><text>Section 432(e) of
the 1986 Code is amended—</text>
<clause commented="no" id="H83280B008AD842A2A772687222716FF9"><enum>(i)</enum><text>in paragraph
(3)(C)—</text>
<subclause commented="no" id="HEA9C1ADB4F574FB3B2A56269883864D0"><enum>(I)</enum><text>by striking all
that follows <quote>to adopt a</quote> in clause (i)(II) and inserting
<quote>to adopt a contribution schedule with terms consistent with the
rehabilitation plan and a schedule from the plan sponsor under paragraph
(1)(B)(i),</quote>, and</text>
</subclause><subclause commented="no" id="HAF78D54676984EEA006D009EE87538BC"><enum>(II)</enum><text>by striking
clause (ii) and inserting the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H963F43F9AB5D441C86B971A2514D6DB0" style="OLC">
<clause commented="no" id="HA6B44477A21E41849DE9615269AA91F6"><enum>(ii)</enum><header>Date of
implementation</header><text>The date specified in this clause is the date
which is 180 days after the date on which the collective bargaining agreement
described in clause (i)
expires.</text>
</clause><after-quoted-block>,</after-quoted-block></quoted-block>
</subclause></clause><clause commented="no" id="H5AA309E423094F83869043DE6C4E55BA"><enum>(ii)</enum><text>in paragraph
(4)—</text>
<subclause commented="no" id="HE441BBB1D48A4C6680C069111C4854D3"><enum>(I)</enum><text>by striking
<quote>the date of</quote> in subparagraph (A)(ii), and</text>
</subclause><subclause commented="no" id="H714247187B2542FA959D106FA34EB025"><enum>(II)</enum><text>by striking
<quote>and taking</quote> in subparagraph (B) and inserting <quote>but
taking</quote>,</text>
</subclause></clause><clause commented="no" id="H08BA8A337526445EB3BE4CEC127C740"><enum>(iii)</enum><text>in paragraph
(6)—</text>
<subclause commented="no" id="H59C82476D1504EEEB843E55567001D79"><enum>(I)</enum><text>by striking
<quote>paragraph (1)(B)(i)</quote> and inserting <quote>the last sentence of
paragraph (1)</quote>, and</text>
</subclause><subclause commented="no" id="H0B894F0AE147478BB3CF39F444CCF2B5"><enum>(II)</enum><text>by striking
<quote>established</quote> and inserting <quote>establish</quote>,</text>
</subclause></clause><clause commented="no" id="H3E5338B495BD483600C7DEDD225BE46"><enum>(iv)</enum><text>in paragraph
(8)—</text>
<subclause commented="no" id="HB5325CEC0BE040CAB3FC26066F261243"><enum>(I)</enum><text>by striking
<quote>section 204(g)</quote> in subparagraph (A)(i) and inserting
<quote>section 411(d)(6)</quote>,</text>
</subclause><subclause commented="no" id="HC09E76E349A64CFB9510A8E8C8822619"><enum>(II)</enum><text>by inserting
<quote>of the Employee Retirement Income Security Act of 1974</quote> after
<quote>4212(a)</quote> in subparagraph (C)(i)(II),</text>
</subclause><subclause commented="no" id="HDD60AB00373B47EF9545AEE99094CEA4"><enum>(III)</enum><text>by striking
<quote>the Secretary of Labor</quote> in subparagraph (C)(iii)(I) and inserting
<quote>the Secretary, in consultation with the Secretary of Labor</quote>,
and</text>
</subclause><subclause commented="no" id="H170334A1448E47AAB6FCD282AA1807A"><enum>(IV)</enum><text>by striking
<quote>the Secretary of Labor</quote> in the last sentence of subparagraph
(C)(iii) and inserting <quote>the Secretary</quote>, and</text>
</subclause></clause><clause commented="no" id="H6BAC73A0B00A4A67A91E13EBA0AE15D9"><enum>(v)</enum><text>by striking
<quote>an employer's withdrawal liability</quote> in paragraph (9)(B) and
inserting <quote>the allocation of unfunded vested benefits to an
employer</quote>.</text>
</clause></subparagraph><subparagraph commented="no" id="H88C98DAA95B14F0FB0C448DAAEA42F4B"><enum>(E)</enum><text>Section
432(f)(2)(A)(i) of the 1986 Code is amended—</text>
<clause commented="no" id="H15D95CD3DF0F40DA896E00B6C2A3DCFC"><enum>(i)</enum><text>by striking
<quote>section 411(b)(1)(A)</quote> and inserting <quote>section
411(a)(9)</quote>; and</text>
</clause><clause commented="no" id="H7FD927676E8648E59597E92765202652"><enum>(ii)</enum><text>by inserting at
the end the following: <quote>to a participant or beneficiary whose annuity
starting date (as defined in section 417(f)(2)) occurs after the date such
notice is sent,</quote>.</text>
</clause></subparagraph><subparagraph commented="no" id="HB2FBF98BCF1941A1A688AD795434D5B8"><enum>(F)</enum><text>Section 432(g) of
the 1986 Code is amended by inserting <quote>under subsection (c)</quote> after
<quote>funding improvement plan</quote> the first place it appears.</text>
</subparagraph><subparagraph commented="no" id="H87B3B71A58674564BA13301D32763863"><enum>(G)</enum><text>Section 432(i) of
the 1986 Code is amended—</text>
<clause commented="no" id="HF9AC7BF5296B4A4FA228C95B80305F95"><enum>(i)</enum><text>by striking
<quote>section 412(a)</quote> in paragraph (3) and inserting <quote>section
431(a)</quote>, and</text>
</clause><clause commented="no" id="H064D7964DC114EB286682DD73670D4A0"><enum>(ii)</enum><text>by striking
paragraph (9) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H559DA3BFA409415CABAF3B7CBFA656B7" style="OLC">
<paragraph commented="no" id="H62CB709899B14E7EA900E7D3F829D052"><enum>(9)</enum><header>Plan
sponsor</header><text>For purposes of this section, section 431, and section
4971(g):</text>
<subparagraph commented="no" id="HBD155BEF1D0C4A2381788B5469F5947F"><enum>(A)</enum><header>In
general</header><text>The term <term>plan sponsor</term> means, with respect to
any multiemployer plan, the association, committee, joint board of trustees, or
other similar group of representatives of the parties who establish or maintain
the plan.</text>
</subparagraph><subparagraph commented="no" id="H87D9A1F3F7CD48568E00495E7BB94000"><enum>(B)</enum><header>Special rule for
section <enum-in-header>404(c)</enum-in-header> plans</header><text>In the case
of a plan described in section 404(c) (or a continuation of such plan), such
term means the bargaining parties described in paragraph
(1).</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph commented="no" id="H77D6192E1F334FEB8B3572D0C93B28F"><enum>(H)</enum><text>Section 412(b)(3)
of the 1986 Code is amended by striking <quote>the plan adopts</quote> and
inserting <quote>the plan sponsor adopts</quote>.</text>
</subparagraph><subparagraph commented="no" id="H5D05262960E64EE284E7BFF093B2D31B"><enum>(I)</enum><text>Section 4971(g)(4)
of the 1986 Code is amended—</text>
<clause commented="no" id="H0EC9E8894C8A41BCADE0A47E5433C3AE"><enum>(i)</enum><text>in subparagraph
(B)(ii), by striking <quote>first day of</quote> and inserting <quote>day
following the close of</quote>, and</text>
</clause><clause commented="no" id="HF2602FFF1DE9491786912087B0DA39D"><enum>(ii)</enum><text>by striking clause
(ii) of subparagraph (C) and inserting the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="HB97D6EAA0ADC49B5B623DA653C8688CF" style="OLC">
<clause commented="no" id="H65C98CF8AE504F0C8777A6D2A522B770"><enum>(ii)</enum><header>Plan
sponsor</header><text>For purposes of clause (i), the term <term>plan
sponsor</term> has the meaning given such term by section
432(i)(9).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph commented="no" id="HACC9A1FDD4684545931232ABEC6DEF71"><enum>(3)</enum><header>Amendments to
2006 Act</header>
<subparagraph commented="no" id="H2312A7950A1E4EE68CB384A5D60096D8"><enum>(A)</enum><text>Section 212(b)(2)
of the 2006 Act is amended by striking <quote>Section 4971(c)(2) of such
Code</quote> and inserting <quote>Section 4971(e)(2) of such
Code</quote>.</text>
</subparagraph><subparagraph commented="no" id="HFDDFB4E4E1E34B7DACF1E0CADD0058E"><enum>(B)</enum><text>Section 212(e)(1)
of the 2006 Act is amended by inserting <quote>, except that the amendments
made by subsection (b) shall apply to taxable years beginning after 2007, but
only with respect to plan years beginning after 2007 which end with or within
any such taxable year</quote> before the period at the end.</text>
</subparagraph><subparagraph commented="no" id="H2C4847AC6ADA407B8C988CF3F1181085"><enum>(C)</enum><text>Section 212(e)(2)
of the 2006 Act is amended by striking <quote>section 305(b)(3) of the Employee
Retirement Income Security Act of 1974</quote> and inserting <quote>section
432(b)(3) of the Internal Revenue Code of 1986</quote>.</text>
</subparagraph></paragraph></subsection></section><section id="HA450881462B34938BCEE00F6A067D7B6"><enum>103.</enum><header>Amendments
related to title III</header>
<subsection id="H536316C5F03644FE8371753DFAC051F4"><enum>(a)</enum><header>Amendment
related to section 301</header><text>Clause (ii) of section 101(c)(2)(A) of the
Pension Funding Equity Act of 2004, as amended by section 301(c) of the 2006
Act, is amended by striking <quote>2008</quote> and inserting
<quote>2009</quote>.</text>
</subsection><subsection id="H4D36C431DEE5443BA93171DCAE515F00"><enum>(b)</enum><header>Amendments
related to section 302</header>
<paragraph id="H995AD06791DC41AB888CC600732B2519"><enum>(1)</enum><header>Amendment to
ERISA</header><text>Section 205(g)(3)(B)(iii)(II) of ERISA is amended by
striking <quote>section 205(g)(3)(B)(iii)(II)</quote> and inserting
<quote>section 205(g)(3)(A)(ii)(II)</quote>.</text>
</paragraph><paragraph id="H66194ECBDAC94E16AA7BA0A3F6623B10"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="HBDCDD00A10F3440CB4EC1F76497B78C8"><enum>(A)</enum><text>Section
417(e)(3)(D)(i) of the 1986 Code is amended by striking <quote>clause
(ii)</quote> and inserting <quote>subparagraph (C)</quote>.</text>
</subparagraph><subparagraph id="HDB080FAE64974EE19F2BB5B8B7B5944F"><enum>(B)</enum><clause commented="no" display-inline="yes-display-inline" id="HEEF2EF0B6E664E6FA3193BFCD9000058"><enum>(i)</enum><text>Section 415(b)(2)(E)(v)
of the 1986 Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HA9C968FEB37F4CE3BABE6B4B7B33B8C1" style="OLC">
<clause id="HAFD9D05D8CE64A1FA0B476A4003FB9A3"><enum>(v)</enum><text>For purposes of
adjusting any benefit or limitation under subparagraph (B), (C), or (D), the
mortality table used shall be the applicable mortality table (within the
meaning of section
417(e)(3)(B)).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause><clause id="H1598060EB85844F29421325DC3CA42B" indent="up1"><enum>(ii)</enum><subclause commented="no" display-inline="yes-display-inline" id="HBFF3EAFC42E342AF80E003C073EC0B0"><enum>(I)</enum><text>Except as provided in
subclause (II), the amendment made by clause (i) shall apply to years beginning
after December 31, 2008.</text>
</subclause><subclause id="HBB382F8FF9CE4A28A4692D24801FBCC9" indent="up1"><enum>(II)</enum><text>A plan sponsor may elect to have
the amendment made by clause (i) apply to any year beginning after December 31,
2007, and before January 1, 2009, or to any portion of any such year.</text>
</subclause></clause></subparagraph></paragraph></subsection></section><section id="H47059A915947401EAC31A366A58941F7"><enum>104.</enum><header>Amendments
related to title IV</header>
<subsection id="HA4CBB5B065864180B21560483FB7B73C"><enum>(a)</enum><header>Amendment
related to section 401</header><text>Section 4006(a)(3)(A)(i) of ERISA is
amended by striking <quote>1990</quote> and inserting
<quote>2005</quote>.</text>
</subsection><subsection id="H803DD09CD1714305A01B50B66D1700CD"><enum>(b)</enum><header>Amendment
related to section 402</header><text>Section 402(c)(1)(A) of the 2006 Act is
amended by striking <quote>commercial airline</quote> and inserting
<quote>commercial</quote>.</text>
</subsection><subsection id="HB564A573BD6E411CAFB489A7136937F6"><enum>(c)</enum><header>Amendment
related to section 408</header><text>Section 4044(e) of ERISA, as added by
section 408(b)(2) of the 2006 Act, is redesignated as subsection (f).</text>
</subsection><subsection id="H9EB095067E164F6695C252C9BB5301BD"><enum>(d)</enum><header>Amendments
related to section 409</header><text>Section 4041(b)(5)(A) of ERISA is amended
by striking <quote>subparagraph (B)</quote> and inserting <quote>subparagraphs
(B) and (D)</quote>.</text>
</subsection><subsection id="H5FB1F4710CD149D892604553F76647AF"><enum>(e)</enum><header>Amendments
related to section 410</header><text>Section 4050(d)(4)(A) of ERISA is
amended—</text>
<paragraph id="HFF814C2C3A6648888D36B8D9947211D8"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of clause (i), and</text>
</paragraph><paragraph id="H497F692B01CD445FB781CDE1957CD986"><enum>(2)</enum><text>by striking clause
(ii) and inserting the following new clauses:</text>
<quoted-block display-inline="no-display-inline" id="H971F6A933502412BBA2D8B76D1F04034" style="OLC">
<clause id="H5929BF118702479880B1AF3C141733DF"><enum>(ii)</enum><text>which is not a
plan described in paragraph (2), (3), (4), (6), (7), (8), (9), (10), or (11) of
section 4021(b), and</text>
</clause><clause id="H970AE7B1CB094C29AF0955EB00B7E526"><enum>(iii)</enum><text>which, was a
plan described in section 401(a) of the Internal Revenue Code of 1986 which
includes a trust exempt from tax under section 501(a) of such Code,
and</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="HF155BC61BED943DF984B4FC0E1556059"><enum>105.</enum><header>Amendments
related to title V</header>
<subsection id="H8D51B08F1ABC48F088D4DED400726345"><enum>(a)</enum><header>Amendment
related to section 501</header><text>Section 101(f)(2)(B)(ii) of ERISA is
amended—</text>
<paragraph id="H4B76A94B008C4CB5A6BF305D1B79E02C"><enum>(1)</enum><text>by striking
<quote>for which the latest annual report filed under section 104(a) was
filed</quote> in subclause (I)(aa) and inserting <quote>to which the notice
relates</quote>, and</text>
</paragraph><paragraph id="H4ED77DBEF96849EAB9EBB339B624411"><enum>(2)</enum><text>by
striking subclause (II) and inserting the following new subclause:</text>
<quoted-block display-inline="no-display-inline" id="H21EE05674A1849A3B63289AA84AB3BC" style="OLC">
<subclause id="HCB95FB00DE374BD4816210B59BA73753"><enum>(II)</enum><text>in the case of a
multiemployer plan, a statement, for the plan year to which the notice relates
and the preceding 2 plan years, of the value of the plan assets (determined
both in the same manner as under section 304 and under the rules of subclause
(I)(bb)) and the value of the plan liabilities (determined in the same manner
as under section 304 except that the method specified in section 305(i)(8)
shall be
used),</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H10A5DA35B0C749EE82FB497D00D77F34"><enum>(b)</enum><header>Amendments
related to section 502</header>
<paragraph id="H994DF82C2024468494DB65725C5DF590"><enum>(1)</enum><text>Section 101(k)(2)
of ERISA is amended by filing at the end the following new flush
sentence:</text>
<quoted-block display-inline="no-display-inline" id="H286C9426FAEA4362963285C438C9B33E" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="paragraph">Subparagraph (C)(i) shall not apply
to individually identifiable information with respect to any plan investment
manager or adviser, or with respect to any other person (other than an employee
of the plan) preparing a financial report required to be included under
paragraph
(1)(B).</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H6D1F1B824E994ADE9BD969F026BB1C88"><enum>(2)</enum><text>Section 4221 of
ERISA is amended by striking subsection (e) and by redesignating subsections
(f) and (g) as subsections (e) and (f), respectively.</text>
</paragraph></subsection><subsection id="H93762518611449E2A148F7CEC85995BE"><enum>(c)</enum><header>Amendments
related to section 503</header>
<paragraph id="HCA6CAA0256024075998ECEE526A6DFB"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="H9F3BBDEB003942BEB2009E4B22275BE5"><enum>(A)</enum><text>Section 104(b)(3)
of ERISA is amended by—</text>
<clause id="HC847B8D2EC9C48E4970187B36147A823"><enum>(i)</enum><text>striking
<quote>section 103(f)</quote> and inserting <quote>section 101(f)</quote>,
and</text>
</clause><clause id="H3C6E982B5F594C4092ABA4DFCDB2EAF4"><enum>(ii)</enum><text>striking
<quote>the administrators</quote> and inserting <quote>the
administrator</quote>.</text>
</clause></subparagraph><subparagraph id="HFBACFE19E66A4F3FAB49CA2DEBC144E9"><enum>(B)</enum><text>Section
104(d)(1)(E)(ii) of ERISA is amended by inserting <quote>funding</quote> after
<quote>plan's</quote>.</text>
</subparagraph></paragraph><paragraph id="HEFEB9A959BC0481C9B90C5224DEE3C10"><enum>(2)</enum><header>Amendments to
2006 Act</header><text>Section 503(e) of the 2006 Act is amended by striking
<quote>section 101(f)</quote> and inserting <quote>section
104(d)</quote>.</text>
</paragraph></subsection><subsection id="H953528DBF9AE4618A1AC246C2452166E"><enum>(d)</enum><header>Amendment
related to section 505</header><text>Section 4010(d)(2)(B) of ERISA is amended
by striking <quote>section 302(d)(2)</quote> and inserting <quote>section
303(d)(2)</quote>.</text>
</subsection><subsection id="H088104D04C1E4C3C8F681CAF20E363E"><enum>(e)</enum><header>Amendments
related to section 506</header>
<paragraph id="HE2DF10CCC1E84A2DBABD000034C5DD82"><enum>(1)</enum><text>Section
4041(c)(2)(D)(i) of ERISA is amended by striking <quote>subsection
(a)(2)</quote> the second place it appears and inserting <quote>subparagraph
(A) or the regulations under subsection (a)(2)</quote>.</text>
</paragraph><paragraph id="HE4C2B02F12664F0BA8A8F77001B9283C"><enum>(2)</enum><text>Section
4042(c)(3)(C)(i) of ERISA is amended—</text>
<subparagraph id="HECA5AD8D02B1422CA3BFE4F182BF51D0"><enum>(A)</enum><text>by striking
<quote>and plan sponsor</quote> and inserting <quote>, the plan sponsor, or the
corporation</quote>, and</text>
</subparagraph><subparagraph id="H39013B37E5C94BB1B66285C92D64FEF5"><enum>(B)</enum><text>by striking
<quote>subparagraph (A)(i)</quote> and inserting <quote>subparagraph
(A)</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H97096EA5395844ADB14393D5CA986380"><enum>(f)</enum><header>Amendments
related to section 508</header><text>Section 209(a) of ERISA is amended—</text>
<paragraph id="H6CBCACE1ADD148B59744949627659BC"><enum>(1)</enum><text>in
paragraph (1)—</text>
<subparagraph id="H4CAFC6E65D6C42A9B24791D28E31408B"><enum>(A)</enum><text>by striking
<quote>regulations prescribed by the Secretary</quote> and inserting
<quote>such regulations as the Secretary may prescribe</quote>, and</text>
</subparagraph><subparagraph id="H88F122C0820C497FB18F208C9CDAFB43"><enum>(B)</enum><text>by striking the
last sentence and inserting <quote>The report required under this paragraph
shall be in the same form, and contain the same information, as periodic
benefit statements under section 105(a).</quote>, and</text>
</subparagraph></paragraph><paragraph id="H3D8F0B2980734B8698592F68F9F16E2F"><enum>(2)</enum><text>by striking
paragraph (2) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="HCB355889EFF446F7A926441BAE477DA4" style="OLC">
<paragraph id="HF54FE5244F5E4B17A3B49B99C115B04F"><enum>(2)</enum><text>If more than one
employer adopts a plan, each such employer shall furnish to the plan
administrator the information necessary for the administrator to maintain the
records, and make the reports, required by paragraph (1). Such administrator
shall maintain the records, and make the reports, required by paragraph
(1).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H72DC29207C454A5897CA33073BBAE36D"><enum>(g)</enum><header>Amendment
related to section 509</header><text>Section 101(i)(8)(B) of ERISA is amended
to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H79E422AB488D495380FBE747448BD0F8" style="OLC">
<subparagraph id="H103AD6F2A2BD4445A135C1EA06B01887"><enum>(B)</enum><header>One-participant
retirement plan</header><text>For purposes of subparagraph (A), the term
<term>one-participant retirement plan</term> means a retirement plan that on
the first day of the plan year—</text>
<clause id="HCF55D3332FC84C72A8F559C128D22EA9"><enum>(i)</enum><text>covered only one
individual (or the individual and the individual's spouse) and the individual
(or the individual and the individual's spouse) owned 100 percent of the plan
sponsor (whether or not incorporated), or</text>
</clause><clause id="H4A1809B2C8734DD6BF0248EC8ED86100"><enum>(ii)</enum><text>covered only one
or more partners (or partners and their spouses) in the plan
sponsor.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H69BD8A07ED904D52821F12D973590024"><enum>106.</enum><header>Amendments
related to title VI</header>
<subsection id="HA015B213B815431498C99762F5BCB46"><enum>(a)</enum><header>Amendments
related to section <enum-in-header>601</enum-in-header></header>
<paragraph id="H833831DBDA1C481DB77B58101DD73C79"><enum>(1)</enum><header>Amendments to
ERISA</header>
<subparagraph id="H51678F5BF4DB405A8264202086560744"><enum>(A)</enum><text>Section
408(g)(3)(D)(ii) of ERISA is amended by striking <quote>subsection
(b)(14)(B)(ii)</quote> and inserting <quote>subsection
(b)(14)(A)(ii)</quote>.</text>
</subparagraph><subparagraph id="H90ECBFBBC6384952B411E5002740FFBA"><enum>(B)</enum><text>Section
408(g)(6)(A)(i) of ERISA is amended by striking <quote>financial
adviser</quote> and inserting <quote>fiduciary adviser</quote>.</text>
</subparagraph><subparagraph id="H89D5E895638640AEBC652F97E24600BD"><enum>(C)</enum><text>Section
408(g)(11)(A) of ERISA is amended—</text>
<clause id="H12D516137D5245AC8EC180431951A8AD"><enum>(i)</enum><text>by
striking <quote>the participant</quote> each place it appears and inserting
<quote>a participant</quote>, and</text>
</clause><clause id="H287A702ED1AD467AA177DC7809CEF671"><enum>(ii)</enum><text>by
striking <quote>section 408(b)(4)</quote> in clause (ii) and inserting
<quote>subsection (b)(4)</quote>.</text>
</clause></subparagraph></paragraph><paragraph id="HC6DB833EBE5C4CCCBEDF2C80C5B8E500"><enum>(2)</enum><header>Amendments to
1986 Code</header>
<subparagraph id="H6A197F01A8714EE8963631FBF8086561"><enum>(A)</enum><text>Section
4975(d)(17) of the 1986 Code, in the matter preceding subparagraph (A), is
amended by striking <quote>and that permits</quote> and inserting <quote>that
permits</quote>.</text>
</subparagraph><subparagraph id="H4DA261203E4D4589B594034F587068DD"><enum>(B)</enum><text>Section 4975(f)(8)
of the 1986 Code is amended—</text>
<clause id="H6F8F0EB03FDC420AA7AEB1D41BB7DC69"><enum>(i)</enum><text>in
subparagraph (A), by striking <quote>subsection (b)(14)</quote> and inserting
<quote>subsection (d)(17)</quote>,</text>
</clause><clause id="H9337E3591D3349359380507DCCB882E6"><enum>(ii)</enum><text>in
subparagraph (C)(iv)(II), by striking <quote>subsection (b)(14)(B)(ii)</quote>
and inserting <quote>(d)(17)(A)(ii)</quote>,</text>
</clause><clause id="H5F2FC0981D664473BC33379EDA344940"><enum>(iii)</enum><text>in
subparagraph (F)(i)(I), by striking <quote>financial adviser</quote> and
inserting <quote>fiduciary adviser,</quote>,</text>
</clause><clause id="H8DB8DAEA9DE14F98A17B03C1E4513E40"><enum>(iv)</enum><text>in
subparagraph (I), by striking <quote>section 406</quote> and inserting
<quote>subsection (c)</quote>, and</text>
</clause><clause id="H4A2DEBB07F2B449098C6308812956FA9"><enum>(v)</enum><text>in
subparagraph (J)(i)—</text>
<subclause id="H416073B82AD04A1993D85C7D3E07E313"><enum>(I)</enum><text>by striking
<quote>the participant</quote> each place it appears and inserting <quote>a
participant</quote>,</text>
</subclause><subclause id="HB5AE8FB3854D424BA12F90A837CFD00"><enum>(II)</enum><text>in the matter
preceding subclause (I), by inserting <quote>referred to in subsection
(e)(3)(B)</quote> after <quote>investment advice</quote>, and</text>
</subclause><subclause id="H080EF5BDFC2247098783B1B00E5AB86"><enum>(III)</enum><text>in subclause
(II), by striking <quote>section 408(b)(4)</quote> and inserting
<quote>subsection (d)(4)</quote>.</text>
</subclause></clause></subparagraph></paragraph><paragraph id="H9BD8357F48A54697B1A5C650FEB96199"><enum>(3)</enum><header>Amendment to
2006 Act</header><text>Section 601(b)(4) of the 2006 Act is amended by striking
<quote>section 4975(c)(3)(B)</quote> and inserting <quote>section
4975(e)(3)(B)</quote>.</text>
</paragraph></subsection><subsection commented="no" id="HC9E799A5F132469EAFF5126C019209D3"><enum>(b)</enum><header>Amendments
related to section 611</header>
<paragraph commented="no" id="HF9604C10D1114DDE826249002CD92DDC"><enum>(1)</enum><header>Amendment to
ERISA</header><text>Section 408(b)(18)(C) of ERISA is amended by striking
<quote>or less</quote>.</text>
</paragraph><paragraph commented="no" id="H5E9AAD9A1E0345259DCD8111C944F40"><enum>(2)</enum><header>Amendments to
1986 Code</header><text>Section 4975(d) of the 1986 Code is amended—</text>
<subparagraph commented="no" id="H43DE0EB158994D5A85864C5BC840E441"><enum>(A)</enum><text>in the matter
preceding subparagraph (A) of paragraph (18)—</text>
<clause commented="no" id="HE156EFC2505844480080D93DC9068046"><enum>(i)</enum><text>by striking
<quote>party in interest</quote> and inserting <quote>disqualified
person</quote>, and</text>
</clause><clause commented="no" id="HBB3A1F3CA4AA41798514720215BA8471"><enum>(ii)</enum><text>by striking
<quote>subsection (e)(3)(B)</quote> and inserting <quote>subsection
(e)(3)</quote>,</text>
</clause></subparagraph><subparagraph commented="no" id="H5439AF5BEFCA448787129C97217CAE41"><enum>(B)</enum><text>in paragraphs
(19), (20), and (21), by striking <quote>party in interest</quote> each place
it appears and inserting <quote>disqualified person</quote>, and</text>
</subparagraph><subparagraph commented="no" id="HA83B583C3FE144DEA1F4003CD340CCDA"><enum>(C)</enum><text>by striking
<quote>or less</quote> in paragraph (21)(C).</text>
</subparagraph></paragraph></subsection><subsection id="H0C86A1CC8F014E1DA94E90EC14B75D3"><enum>(c)</enum><header>Amendments
related to section 612</header><text>Section 4975(f)(11)(B)(i) of the 1986 Code
is amended by—</text>
<paragraph id="HD9B6B7059099484598B52818F2730542"><enum>(1)</enum><text>inserting
<quote>of the Employee Retirement Income Security Act of 1974</quote> after
<quote>section 407(d)(1)</quote>, and</text>
</paragraph><paragraph id="HBAEBCB58D923430280C5FA362508721E"><enum>(2)</enum><text>inserting
<quote>of such Act</quote> after <quote>section 407(d)(2)</quote>.</text>
</paragraph></subsection><subsection id="H7CDBF849977544AA9D50705935E0B829"><enum>(d)</enum><header>Amendments
related to section 624</header><text>Section 404(c)(5) of ERISA is amended by
striking <quote>participant</quote> each place it appears and inserting
<quote>participant or beneficiary</quote>.</text>
</subsection></section><section id="H0163827C4F344A97B75EEE3C36CBD9F2"><enum>107.</enum><header>Amendments
related to title VII</header>
<subsection id="H8ABB334B0D1D40CFA147F407006FB86E"><enum>(a)</enum><header>Amendments to
ERISA</header>
<paragraph id="H4459EF1CC1E647E2A100BA85C7D683C9"><enum>(1)</enum><text>Section
203(f)(1)(B) of ERISA is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HA4E3B58A15194D94AE73CC9672257255" style="OLC">
<subparagraph id="H11100E74AD7847F796B3323DBCB66EAA"><enum>(B)</enum><text>the requirements
of section 204(c) or 205(g), or the requirements of subsection (e), with
respect to accrued benefits derived from employer
contributions,</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HD8B8B80E4F8D4FC5A35F80FBE58EE0B4"><enum>(2)</enum><text>Section 204(b)(5)
of ERISA is amended—</text>
<subparagraph id="H930F01748E9D44D58EB33A46FEDE15B"><enum>(A)</enum><text>by striking
<quote>clause</quote> in subparagraph (A)(iii) and inserting
<quote>subparagraph</quote>, and</text>
</subparagraph><subparagraph id="H0844B2DEC9E3493CB4A526A3B4708E9B"><enum>(B)</enum><text>by inserting
<quote>otherwise</quote> before <quote>allowable</quote> in subparagraph
(C).</text>
</subparagraph></paragraph><paragraph id="H8D94627F5D70415299DAA5D8EBBCE66"><enum>(3)</enum><text>Subclause (II) of
section 204(b)(5)(B)(i) of ERISA is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H3AEE4CAD745B477092E8F4B9CADA167" style="OLC">
<subclause commented="no" display-inline="no-display-inline" id="H5CC4FCF498D44EAFBF6FEAA59F04D84"><enum>(II)</enum><header display-inline="yes-display-inline">Preservation of capital</header><text display-inline="yes-display-inline">An applicable defined benefit plan shall be
treated as failing to meet the requirements of paragraph (1)(H) unless the plan
provides that an interest credit (or equivalent amount) of less than zero shall
in no event result in the account balance or similar amount being less than the
aggregate amount of contributions credited to the
account.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H33042EED1A1D4BA68552F56EFB8649EF"><enum>(b)</enum><header>Amendments to
1986 Code</header>
<paragraph id="H07C22B98126E4BBDB9C912EAD37719A"><enum>(1)</enum><text>Section 411(b)(5)
of the 1986 Code is amended—</text>
<subparagraph id="H23331A0BC433459A92899C10234107EF"><enum>(A)</enum><text>by striking
<quote>clause</quote> in subparagraph (A)(iii) and inserting
<quote>subparagraph</quote>, and</text>
</subparagraph><subparagraph id="HA27A0A43D7484B1C8B1E04DA3B389E33"><enum>(B)</enum><text>by inserting
<quote>otherwise</quote> before <quote>allowable</quote> in subparagraph
(C).</text>
</subparagraph></paragraph><paragraph id="H16F3E45775CB4B7895858D67C955911C"><enum>(2)</enum><text>Section
411(a)(13)(A) of the 1986 Code is amended—</text>
<subparagraph id="HA0659FF537704B5984D846DB54E03132"><enum>(A)</enum><text>by striking
<quote>paragraph (2)</quote> in clause (i) and inserting <quote>subparagraph
(B)</quote>,</text>
</subparagraph><subparagraph id="HF9C7A080F40941FC921B6194EF8907F5"><enum>(B)</enum><text>by striking clause
(ii) and inserting the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H1F719AE8C4DC4298946012D198AB63C" style="OLC">
<clause id="H4E739ECE47024FBE8B12E44524BDC9C4"><enum>(ii)</enum><text>the requirements
of subsection (a)(11) or (c), or the requirements of section 417(e), with
respect to accrued benefits derived from employer
contributions,</text>
</clause><after-quoted-block>,
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HE85B7D40D6F94ECABC4210E5E00020E8"><enum>(C)</enum><text>by striking
<quote>paragraph (3)</quote> in the matter following clause (ii) and inserting
<quote>subparagraph (C)</quote>.</text>
</subparagraph></paragraph><paragraph id="H10397FEC32354E079248EE4C8698FCE4"><enum>(3)</enum><text>Subclause (II) of
section 411(b)(5)(B)(i) of the 1986 Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H4FB17AB8E3BF4821AE8CD4086E2DDB" style="OLC">
<subclause id="HF33553E9B6D04D11A2D9C78C5C253DBD"><enum>(II)</enum><header>Preservation of
capital</header><text>An applicable defined benefit plan shall be treated as
failing to meet the requirements of paragraph (1)(H) unless the plan provides
that an interest credit (or equivalent amount) of less than zero shall in no
event result in the account balance or similar amount being less than the
aggregate amount of contributions credited to the
account.</text>
</subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H22268EB9C6504916BF669558CC7DBC7E"><enum>(c)</enum><header>Amendments to
2006 Act</header>
<paragraph id="H6C910D9C3F5F42FC82E0A56ED8B69D91"><enum>(1)</enum><text>Section 701(d)(2)
of the 2006 Act is amended by striking <quote>204(g)</quote> and inserting
<quote>205(g)</quote>.</text>
</paragraph><paragraph id="H39BD231243484B598B5EC73FE0F968A3"><enum>(2)</enum><text>Section 701(e) of
the 2006 Act is amended—</text>
<subparagraph id="HD8D1EAEB14F54FCE9C38C79515887FF4"><enum>(A)</enum><text>by inserting
<quote>on or</quote> after <quote>period</quote> in paragraph (3),</text>
</subparagraph><subparagraph id="H287BD24069C84F9D960202AB27DE2684"><enum>(B)</enum><text>in paragraph
(4)—</text>
<clause id="HCF058BEF1B174E08BD0062D9FAF85800"><enum>(i)</enum><text>by
inserting <quote>the earlier of </quote> after <quote>before</quote> in the
matter preceding subparagraph (A), and</text>
</clause><clause id="HA1F98BD74DC349B19735D88631ED9388"><enum>(ii)</enum><text>by
striking <quote>earlier</quote> and inserting <quote>later</quote> in
subparagraph (A),</text>
</clause></subparagraph><subparagraph id="H791D720D14AC4A82AF09D0D990E1CE6C"><enum>(C)</enum><text>by inserting
<quote>on or</quote> before <quote>after</quote> each place it appears in
paragraph (5), and</text>
</subparagraph><subparagraph id="HF9611A85947745B1AFE7E62021C94B87"><enum>(D)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H8E7171424AAD472F8EF2F3C598F0744C" style="OLC">
<paragraph id="H298748CDA2784D4781A37188002FF3FB"><enum>(6)</enum><header>Special rule for
vesting requirements</header><text>The requirements of section 203(f)(2) of the
Employee Retirement Income Security Act of 1974 and section 411(a)(13)(B) of
the Internal Revenue Code of 1986 (as added by this Act)—</text>
<subparagraph id="H43E9577A36C941C491AC35B3EDF2D91"><enum>(A)</enum><text>shall not apply to
a participant who does not have an hour of service after the effective date of
such requirements (as otherwise determined under this subsection); and</text>
</subparagraph><subparagraph id="HD0F009F4D4604A1BA973EEB479709CF"><enum>(B)</enum><text>in the case of a
plan other than a plan described in paragraph (3) or (4), shall apply to plan
years ending on or after June 29,
2005.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection></section><section id="H4B77F4E6974F4411AAE753B53B68B91"><enum>108.</enum><header>Amendments
related to title VIII</header>
<subsection id="H7929D61BDA3B4AD59EB2261FB882FE4D"><enum>(a)</enum><header>Amendments
related to section 801</header>
<paragraph id="HC724DEF7CED948619D6C9ECF66679FD"><enum>(1)</enum><text>Section 404(o) of
the 1986 Code is amended—</text>
<subparagraph id="H8D5CB64B46BF41D5B0F793735752E293"><enum>(A)</enum><text>by striking
<quote>430(g)(2)</quote> in paragraph (2)(A)(ii) and inserting
<quote>430(g)(3)</quote>, and</text>
</subparagraph><subparagraph id="H3A60B1B4B0AC4A99B948FA7956857948"><enum>(B)</enum><text>by striking
<quote>412(f)(4)</quote> in paragraph (4)(B) and inserting
<quote>412(d)(3)</quote>.</text>
</subparagraph></paragraph><paragraph id="HD88A6214BF90428A9E384B003F20AFC9"><enum>(2)</enum><text>Section
404(a)(7)(A) of the 1986 Code is amended—</text>
<subparagraph id="HDF25ADB0C4CC4EEDA4CB9FD4E6E40800"><enum>(A)</enum><text>by striking the
next to last sentence, and</text>
</subparagraph><subparagraph id="H3B43C3BB5A9C4B7E988752228EA68F3D"><enum>(B)</enum><text>by striking
<quote>the plan's funding shortfall determined under section 430</quote> in the
last sentence and inserting <quote>the excess (if any) of the plan's funding
target (as defined in section 430(d)(1)) over the value of the plan's assets
(as determined under section 430(g)(3))</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H74112A9389F84E548269595B2158BB95"><enum>(b)</enum><header>Amendment
related to section 802</header><text>Section 404(a)(1)(D)(i) of the 1986 Code
is amended by striking <quote>431(c)(6)(C)</quote> and inserting
<quote>431(c)(6)(D)</quote>.</text>
</subsection><subsection id="HCD1A2540186A4529BFAF3D4F3DA86B38"><enum>(c)</enum><header>Amendment
related to section 803</header><text>Clause (iii) of section 404(a)(7)(C) of
the 1986 Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HCACAC805DADD43BEBCEC0399C1E7CB53" style="OLC">
<clause id="HD445E88C5A39468DA7FAE43601C2A589"><enum>(iii)</enum><header>Limitation</header><text>In
the case of employer contributions to 1 or more defined contribution
plans—</text>
<subclause id="H022A608BE00143C590AFC6AC6B5200FE"><enum>(I)</enum><text>if such
contributions do not exceed 6 percent of the compensation otherwise paid or
accrued during the taxable year to the beneficiaries under such plans, this
paragraph shall not apply to such contributions or to employer contributions to
the defined benefit plans to which this paragraph would otherwise apply by
reason of contributions to the defined contribution plans, and</text>
</subclause><subclause id="H185D797B0A474FD183F89C9948086FAA"><enum>(II)</enum><text>if such
contributions exceed 6 percent of such compensation, this paragraph shall be
applied by only taking into account such contributions to the extent of such
excess.</text>
</subclause><continuation-text continuation-text-level="clause">For purposes
of this clause, amounts carried over from preceding taxable years under
subparagraph (B) shall be treated as employer contributions to 1 or more
defined contributions plans to the extent attributable to employer
contributions to such plans in such preceding taxable
years.</continuation-text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H77B18BED9CCF422AA1DD8EB3ED2963DE"><enum>(d)</enum><header>Amendments
related to section 824</header>
<paragraph id="H8CF9A3509D5A4B68A2E348ACEB001F70"><enum>(1)</enum><text>Section
408A(c)(3)(B) of the 1986 Code, as in effect after the amendments made by
section 824(b)(1) of the 2006 Act, is amended—</text>
<subparagraph id="H0F05F66E812546068D3E6C26F0F508BF"><enum>(A)</enum><text>by striking the
second <quote>an</quote> before <quote>eligible</quote>,</text>
</subparagraph><subparagraph id="H71BEB50EEF764A2E9CAED1EB1313EA5F"><enum>(B)</enum><text>by striking
<quote>other than a Roth IRA</quote>, and</text>
</subparagraph><subparagraph id="HA87CDEA7DC6042E1ACE3B374DFFAB384"><enum>(C)</enum><text>by adding at the
end the following new flush sentence:</text>
<continuation-text continuation-text-level="subparagraph"><quote>This subparagraph shall not
apply to a qualified rollover contribution from a Roth IRA or to a qualified
rollover contribution from a designated Roth account which is a rollover
contribution described in section 402A(c)(3)(A).</quote>
</continuation-text></subparagraph></paragraph><paragraph id="HE26A837482C44D95AF2CDE8DB687833C"><enum>(2)</enum><text>Section
408A(d)(3)(B), as in effect after the amendments made by section 824(b)(2)(B)
of the 2006 Act, is amended by striking <quote>(other than a Roth IRA)</quote>
and by inserting at the end the following new sentence: <quote>This paragraph
shall not apply to a distribution which is a qualified rollover contribution
from a Roth IRA or a qualified rollover contribution from a designated Roth
account which is a rollover contribution described in section
402A(c)(3)(A)</quote>.</text>
</paragraph></subsection><subsection id="H6669897D86C44A7CBAC44883A890CBCD"><enum>(e)</enum><header>Amendment to
section 827</header><text>The first sentence of section 72(t)(2)(G)(iv) of the
1986 Code is amended by inserting <quote>on or</quote> before
<quote>before</quote>.</text>
</subsection><subsection id="H45EA99D57F514A1589A8467D57D07EF5"><enum>(f)</enum><header>Amendments
related to section 829</header>
<paragraph id="H31A85F1B2F3B4B2EBF932CBBB35DC1E7"><enum>(1)</enum><text>Section 402(c)(11)
of the 1986 Code is amended—</text>
<subparagraph id="H6F58248F2E63417D85060094A8D34225"><enum>(A)</enum><text>by inserting
<quote>described in paragraph (8)(B)(iii)</quote> after <quote>eligible
retirement plan</quote> in subparagraph (A), and</text>
</subparagraph><subparagraph id="HF3C7716C8652425CB1C8108F94D900C3"><enum>(B)</enum><text>by striking
<quote>trust</quote> before <quote>designated beneficiary</quote> in
subparagraph (B).</text>
</subparagraph></paragraph><paragraph id="HCF3E2067609F44D6907E5998154700DB"><enum>(2)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="HDB235EE44F564C6C00B3FD0579FFDAE8"><enum>(A)</enum><text>Section 402(f)(2)(A) of
the 1986 Code is amended by adding at the end the following new sentence:
<quote>Such term shall include any distribution to a designated beneficiary
which would be treated as an eligible rollover distribution by reason of
subsection (c)(11), or section 403(a)(4)(B), 403(b)(8)(B), or 457(e)(16)(B), if
the requirements of subsection (c)(11) were satisfied.</quote></text>
</subparagraph><subparagraph id="HFEC59EC9853C49319499E623128352C5" indent="up1"><enum>(B)</enum><text>Clause (i) of section 402(c)(11)(A) of
the 1986 Code is amended by striking <quote>for purposes of this
subsection</quote>.</text>
</subparagraph><subparagraph id="HACF25A6F28AC4BCAAEFFB2C9F3F9943" indent="up1"><enum>(C)</enum><text>The amendments made by this paragraph
shall apply with respect to plan years beginning after December 31,
2009.</text>
</subparagraph></paragraph></subsection><subsection id="HCAD71143285F4897A99D2F98A47BAADC"><enum>(g)</enum><header>Amendment
related to section 832</header><text>Section 415(f) of the 1986 Code is amended
by striking paragraph (2) and by redesignating paragraph (3) as paragraph
(2).</text>
</subsection><subsection id="HF98C9E75AF4745BF005C3739C88DBA71"><enum>(h)</enum><header>Amendments
related to section 833</header>
<paragraph id="HBACE51C5944A4385B8D2CDCA2932E8D"><enum>(1)</enum><text>Section
408A(c)(3)(C) of the 1986 Code, as added by section 833(c) of the 2006 Act, is
redesignated as subparagraph (E).</text>
</paragraph><paragraph id="HC225E7FE11DB470BBD095FBC1000F91F"><enum>(2)</enum><text>In the case of
taxable years beginning after December 31, 2009, section 408A(c)(3)(E) of the
1986 Code (as redesignated by paragraph (1))—</text>
<subparagraph id="H0E89A3C8276E4DD78767C72694812C59"><enum>(A)</enum><text>is redesignated as
subparagraph (D), and</text>
</subparagraph><subparagraph id="H3DB5155E6A06408B926B522EF8CE2118"><enum>(B)</enum><text>is amended by
striking <quote>subparagraph (C)(ii)</quote> and inserting <quote>subparagraph
(B)(ii)</quote>.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H7B3F597233D544B49D9289CDAF8AB47"><enum>(i)</enum><header display-inline="yes-display-inline">Amendments related to section 841</header>
<paragraph commented="no" display-inline="no-display-inline" id="H7E2AA564DEB148C6A277B86D6C6B0698"><enum>(1)</enum><text>Section
420(c)(1)(A) of the 1986 Code is amended by adding at the end the following new
sentence: <quote>In the case of a qualified future transfer or collectively
bargained transfer to which subsection (f) applies, any assets so transferred
may also be used to pay liabilities described in subsection
(f)(2)(C).</quote></text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H90AE0977D1F340A980B2FD2E814800F2"><enum>(2)</enum><text>Section 420(f)(2)
of the 1986 Code is amended by striking <quote>such</quote> before <quote>the
applicable</quote> in subparagraph (D)(i)(I).</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HD54A69C4152E4110AD3FAAF6895DFF4"><enum>(3)</enum><text>Section
4980(c)(2)(B) of the 1986 Code is amended by striking <quote>or</quote> at the
end of clause (i), by striking the period at the end of clause (ii) and
inserting <quote>, or</quote>, and by adding at the end the following new
clause:</text>
<quoted-block display-inline="no-display-inline" id="H2F3A76C068934E23B2C21F67CAE21992" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H6D16F8A65E334B3000AEF74CCB016E6E"><enum>(iii)</enum><text>any transfer
described in section
420(f)(2)(B)(ii)(II).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HED5B70C8753A4A18B0B7D6CB3178272F"><enum>(j)</enum><header>Amendments
related to section 845</header>
<paragraph commented="no" display-inline="no-display-inline" id="H607BA25ADCBA4D2C939B309BA8FDE67E"><enum>(1)</enum><text>Subsection (l) of
section 402 of the 1986 Code is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H75BF43204E83409A8394592BCA000077"><enum>(A)</enum><text>in paragraph
(1)—</text>
<clause id="HE958390EC2E346EFA6B1B8EE00E3B02C"><enum>(i)</enum><text>by
inserting <quote>maintained by the employer described in paragraph
(4)(B)</quote> after <quote>an eligible retirement plan</quote>, and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="HBDB41245780840AFB0E48E5059BCB937"><enum>(ii)</enum><text>by striking
<quote>of the employee, his spouse, or dependents (as defined in section
152)</quote> ,</text>
</clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H562A9693BE734C858288AC1719EA0341"><enum>(B)</enum><text>in paragraph
(4)(D), by—</text>
<clause commented="no" display-inline="no-display-inline" id="HEA5AF891C578435AAC54784FD1CC17C5"><enum>(i)</enum><text>inserting
<quote>(as defined in section 152)</quote> after <quote>dependents</quote>,
and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H79853D75D7694C83BEF472CCE27974D3"><enum>(ii)</enum><text>striking
<quote>health insurance plan</quote> and inserting <quote>health plan</quote>,
and</text>
</clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H518B676CBC7D40C183B28D0781A16239"><enum>(C)</enum><text>in paragraph
(5)(A), by striking <quote>health insurance plan</quote> and inserting
<quote>health plan</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HDAF3284AB5C949489894AC6B8F9CCAF6"><enum>(2)</enum><text>Subparagraph (B)
of section 402(l)(3) of the 1986 Code is amended by striking <quote>all amounts
distributed from all eligible retirement plans were treated as 1 contract for
purposes of determining the inclusion of such distribution under section
72</quote> and inserting <quote>all amounts to the credit of the eligible
public safety officer in all eligible retirement plans maintained by the
employer described in paragraph (4)(B) were distributed during such taxable
year and all such plans were treated as 1 contract for purposes of determining
under section 72 the aggregate amount which would have been so
includible</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HCEFE714A6C4C443681519CB26EDD00C7"><enum>(k)</enum><header>Amendments
related to section 854</header>
<paragraph commented="no" display-inline="no-display-inline" id="H0B50386F05074293B76BE0247B22D57"><enum>(1)</enum><text>Section
3121(b)(5)(E) of the 1986 Code is amended by striking <quote>or special trial
judge</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HC23381FCF4544DABA2EFB481A6AFD467"><enum>(2)</enum><text>Section
210(a)(5)(E) of the Social Security Act is amended by striking <quote>or
special trial judge</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H4224C34C8EC94138901FC51881312DE2"><enum>(l)</enum><header>Amendments
related to section 856</header><text>Section 856 of the 2006 Act, and the
amendments made by such section, are hereby repealed, and the Internal Revenue
Code of 1986 shall be applied and administered as if such sections and
amendments had not been enacted.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H01833453C0514B4CA72783AE5EC259A7"><enum>(m)</enum><header>Amendment
related to section 864</header><text>Section 864(a) of the 2006 Act is amended
by striking <quote>Reconciliation</quote>.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H9E9143D3BBCB4099BE1C4DAC96886153"><enum>109.</enum><header>Amendments
related to title IX</header>
<subsection commented="no" display-inline="no-display-inline" id="H25A29CE9F58C429BB354A4D452AEF300"><enum>(a)</enum><header>Amendment
related to section 901</header><text>Section 401(a)(35)(E)(iv) of the 1986 Code
is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HA70C11F27E1A4B018F3901EB40859EC5" style="OLC">
<clause commented="no" display-inline="no-display-inline" id="H96C65DA923C543F499F7D070C5C149A0"><enum>(iv)</enum><header>One-participant
retirement plan</header><text>For purposes of clause (iii), the term
<term>one-participant retirement plan</term> means a retirement plan that on
the first day of the plan year—</text>
<subclause commented="no" display-inline="no-display-inline" id="H4F158D844D924445BB6DC73B04B6C4F"><enum>(I)</enum><text>covered only one
individual (or the individual and the individual's spouse) and the individual
(or the individual and the individual's spouse) owned 100 percent of the plan
sponsor (whether or not incorporated), or</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="H73F2918F8969471A93A9EFA139D1E40"><enum>(II)</enum><text>covered only one
or more partners (or partners and their spouses) in the plan
sponsor.</text>
</subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H203F52A54F734718A276E444919757FC"><enum>(b)</enum><header>Amendments
related to section 902</header>
<paragraph commented="no" display-inline="no-display-inline" id="H3D8FD4F058064F1A9468C853C6C3E966"><enum>(1)</enum><text>Section
401(k)(13)(D)(i)(I) of the 1986 Code is amended by striking <quote>such
compensation as exceeds 1 percent but does not</quote> and inserting
<quote>such contributions as exceed 1 percent but do not</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H4A4F7D6C86834EC98F7E1D83D7A31556"><enum>(2)</enum><text>Sections
401(k)(8)(E) and 411(a)(3)(G) of the 1986 Code are each amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H970967221B7E41519C13AA9BA2B9B4AE"><enum>(A)</enum><text>by striking
<quote>an erroneous automatic contribution</quote> and inserting <quote>a
permissible withdrawal</quote>, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H03C683339C974BD4979F28A0062F5E1E"><enum>(B)</enum><text>by striking
<quote><header-in-text level="subparagraph" style="OLC">erroneous automatic
contribution</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="subparagraph" style="OLC">permissible
withdrawal</header-in-text></quote>.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6413D5AEBF6F40D68012D515889F5580"><enum>(3)</enum><text>Section
402(g)(2)(A)(ii) of the 1986 Code is amended by inserting <quote>through the
end of such taxable year</quote> after <quote>such amount</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H9B53C025433F47CDBC1CB38F2B01047F"><enum>(4)</enum><text>Section 414(w)(3)
of the 1986 Code is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H92D371877E65475C923D9F02586121F"><enum>(A)</enum><text>in subparagraph
(B), by inserting <quote>and</quote> after the comma at the end,</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H4693CA2A60EE4545B2F539E8B57EB39"><enum>(B)</enum><text>by striking
subparagraph (C), and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H41FC4CACD58343669CEA1FE9FA9309D1"><enum>(C)</enum><text>by redesignating
subparagraph (D) as subparagraph (C).</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HF57816EAA8B54DF2BB008ED08D55F661"><enum>(5)</enum><text>Section 414(w)(5)
of the 1986 Code is amended by striking <quote>and</quote> at the end of
subparagraph (B), by striking the period at the end of subparagraph (C) and
inserting a comma, and by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="HBA9032ADEB9E42EA8B7D14D0A77725F6" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H5A4B747ACD664662A868325FF2C338C1"><enum>(D)</enum><text>a simplified
employee pension the terms of which provide for a salary reduction arrangement
described in section 408(k)(6), and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HEDDEA3C2DF9843E0BA6173DD49A0663B"><enum>(E)</enum><text>a simple
retirement account (as defined in section
408(p)).</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HE0B0785BB74B43B692987BF13700D08"><enum>(6)</enum><text>Section 414(w)(6)
of the 1986 Code is amended by inserting <quote>or for purposes of applying the
limitation under section 402(g)(1)</quote> before the period at the end.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HA9B26972F5644CA59E167D7209C71237"><enum>(c)</enum><header>Amendments
related to section 903</header>
<paragraph commented="no" display-inline="no-display-inline" id="H8962CB256EDD457200B6558E2BD7B64F"><enum>(1)</enum><header>Amendment of
1986 Code</header><text>Section 414(x)(1) of the 1986 Code is amended by adding
at the end of paragraph (1) the following new sentence: <quote>In the case of a
termination of the defined benefit plan and the applicable defined contribution
plan forming part of an eligible combined plan, the plan administrator shall
terminate each such plan separately.</quote></text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6B6A9730ADFA4E8191259532A1620309"><enum>(2)</enum><header>Amendments of
ERISA</header><text>Section 210(e) of ERISA is amended—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HB433DD2049B54B3390FFE100CAAB6141"><enum>(A)</enum><text>by adding at the
end of paragraph (1) the following new sentence: <quote>In the case of a
termination of the defined benefit plan and the applicable defined contribution
plan forming part of an eligible combined plan, the plan administrator shall
terminate each such plan separately.</quote>, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HDB776C75275B443FA36250420056DDC2"><enum>(B)</enum><text>by striking
paragraph (3) and by redesignating paragraphs (4), (5), and (6) as paragraphs
(3), (4), and (5), respectively.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H48A6C81433E943668DA0EF8852AAD7B5"><enum>(d)</enum><header>Amendments
related to section 906</header>
<paragraph commented="no" display-inline="no-display-inline" id="HE8F5C8C1E48C4F50A706D1B845807BF7"><enum>(1)</enum><text>Section
906(b)(1)(B)(ii) of the 2006 Act is amended by striking <quote>paragraph
(1)</quote> and inserting <quote>paragraph (10)</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HB745EC7391664FE0B5FE3B30C28700A8"><enum>(2)</enum><text>Section 4021(b) of
ERISA is amended by inserting <quote>or</quote> at the end of paragraph (12),
by striking <quote>; or</quote> at the end of paragraph (13) and inserting a
period, and by striking paragraph (14).</text>
</paragraph></subsection></section><section id="H2E5794E914684E8A8CC0780484A8C9B3"><enum>110.</enum><header>Amendments
related to title X</header>
<subsection id="HD7E36A32115446859C921375BFC35755"><enum>(a)</enum><header>Amendments to
Railroad Retirement Act</header>
<paragraph id="HAAE22232633641459917F752CF585511"><enum>(1)</enum><text>Section 14(b) of
the Railroad Retirement Act of 1974 (45 U.S.C. 231m(b)) is amended by adding at
the end the following:</text>
<quoted-block display-inline="no-display-inline" id="HC5E3A30DDE2C4C98BE0065612727C2D2" style="OLC">
<paragraph id="H2EB54593EC794830B692F7E99CEE5D60"><enum>(3)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="H9A6448BF60DF483EBA50EE37BCE59B4"><enum>(A)</enum><text>Payments made pursuant to
paragraph (2) of this subsection shall not require that the employee be
entitled to an annuity under section 2(a)(1) of this Act: Provided, however,
That where an employee is not entitled to such an annuity, payments made
pursuant to paragraph (2) may not begin before the month in which the following
three conditions are satisfied:</text>
<clause id="HEBC8214B47FD4BDD88EE40E9154447BF" indent="up1"><enum>(i)</enum><text>The employee has completed ten
years of service in the railroad industry or, five years of service all of
which accrues after December 31, 1995.</text>
</clause><clause id="H8A3C873ADE7545008B6872C367162305" indent="up1"><enum>(ii)</enum><text>The spouse or former spouse
attains age 62.</text>
</clause><clause id="H1CF456E381384256ADFF4C96AF2F03E4" indent="up1"><enum>(iii)</enum><text>The employee attains age 62 (or
if deceased, would have attained age 62).</text>
</clause></subparagraph><subparagraph id="H74CDD6039A674E46A800FB1FC18E832F" indent="up1"><enum>(B)</enum><text>Payments made pursuant to paragraph
(2) of this subsection shall terminate upon the death of the spouse or former
spouse, unless the court document provides for termination at an earlier date.
Notwithstanding the language in a court order, that portion of payments made
pursuant to paragraph (2) which represents payments computed pursuant to
section 3(f)(2) of this Act shall not be paid after the death of the
employee.</text>
</subparagraph><subparagraph id="HAD2946FD2B6C486E9C87F860BC821923" indent="up1"><enum>(C)</enum><text>If the employee is not entitled to an
annuity under section 2(a)(1) of this Act, payments made pursuant to paragraph
(2) of this subsection shall be computed as though the employee were entitled
to an
annuity.</text>
</subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HA6676B07861A453C8888E363B6C851CE"><enum>(2)</enum><text>Subsection (d) of
section 5 of the Railroad Retirement Act (45 U.S.C. 231d) is repealed.</text>
</paragraph></subsection><subsection id="HA22F9D1557564F87A2456156B676A38"><enum>(b)</enum><header>Effective
dates</header>
<paragraph id="HA21E1630C58049CAA14517E5B71144B"><enum>(1)</enum><header>Subsection
<enum-in-header>(a)(1)</enum-in-header></header><text>The amendment made by
subsection (a)(1) shall apply with respect to payments due for months after
August 2007. If, prior to the effective date of such amendment, payment
pursuant to paragraph (2) of section 14(b) of the Railroad Retirement Act of
1974 (45 U.S.C. 231m(b)) was terminated because of the employee's death,
payment to the former spouse may be reinstated for months after August
2007.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H77C10DA9E6BB48629FE72E9800232BAC"><enum>(2)</enum><header>Subsection
<enum-in-header>(a)(2)</enum-in-header></header><text>The amendment made by
subsection (a)(2) shall take effect upon the date of the enactment of this
Act.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="H25441B7825754CA3B74F8FB14900C99C"><enum>111.</enum><header>Amendments
related to title XI</header>
<subsection commented="no" display-inline="no-display-inline" id="H97B06F014D294ED1B902005EE8D83C23"><enum>(a)</enum><header>Amendment
related to section 1104</header><text>Section 1104(d)(1) of the 2006 Act is
amended by striking <quote>Act</quote> the first place it appears and inserting
<quote>section</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H1443BE8B3CB446E3A3F88749619FB45E"><enum>(b)</enum><header>Amendments
related to section 1105</header><text>Section 3304(a) of the 1986 Code is
amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="HECD722067B5C4A139E7EC8DB367CF15C"><enum>(1)</enum><text>in paragraph
(15)—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H4EE8FA285364465EA984EB7F5D39C89B"><enum>(A)</enum><text>by redesignating
clauses (i) and (ii) of subparagraph (A) as subclauses (I) and (II),</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H212EDEBB00CF4647B6CEB4CAFB25D84"><enum>(B)</enum><text>by redesignating
subparagraphs (A) and (B) as clauses (i) and (ii),</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HF9F2FAC918FC4026841ECBD2D2083590"><enum>(C)</enum><text>by striking the
semicolon at the end of clause (ii) (as so redesignated) and inserting <quote>,
and</quote>,</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H2545C617A4F742A3839917D5568CA631"><enum>(D)</enum><text>by striking
<quote>(15)</quote> and inserting <quote>(15)(A) subject to subparagraph
(B),</quote>, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H2B07CE80BFC44BC4AC29BF0023DE5E85"><enum>(E)</enum><text>by adding at the
end the following:</text>
<quoted-block display-inline="no-display-inline" id="H4907AE6660FD4361878965D8AE4304D" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H5E30B6E008DB4184A2E91D9286BF7D"><enum>(B)</enum><text>the amount of
compensation shall not be reduced on account of any payments of governmental or
other pensions, retirement or retired pay, annuity, or other similar payments
which are not includible in the gross income of the individual for the taxable
year in which it was paid because it was part of a rollover
distribution;</text>
</subparagraph><after-quoted-block>,
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H41E8CCB906B5409F8784CA833DE0E283"><enum>(2)</enum><text>by striking the
last sentence.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H5BA390C8309842CC8CC2A903CF8BCDF1"><enum>(c)</enum><header>Amendments
related to section 1106</header><text>Section 3(37)(G) of ERISA is amended
by—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H30E6EE8820B7477FA98575A892AEFBE8"><enum>(1)</enum><text>striking
<quote>paragraph</quote> each place it appears in clauses (ii), (iii), and
(v)(I) and inserting <quote>subparagraph</quote>,</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HD74A2707892A4096A780136F4D12E425"><enum>(2)</enum><text>striking
<quote>subclause (i)(II)</quote> in clause (iii) and inserting <quote>clause
(i)(II)</quote>,</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H30AFDA27B51048EFA71F3CEBA1B9FD71"><enum>(3)</enum><text>striking
<quote>subparagraph</quote> in clause (v)(II) and inserting
<quote>clause</quote>, and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H4F3C99ABD6D64ADDA6DEEBDE003091AA"><enum>(4)</enum><text>by striking
<quote>section 101(b)(4)</quote> in clause (v)(III) and inserting
<quote>section 101(b)(1)</quote>.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="H323634A99C7B4031AA78AE8C4E106346" section-type="subsequent-section"><enum>112.</enum><header>Effective
date</header><text display-inline="no-display-inline">Except as otherwise
provided in this subtitle, the amendments made by this subtitle shall take
effect as if included in the provisions of the 2006 Act to which the amendments
relate.</text>
</section></subtitle><subtitle id="HA31041A5EA00455A8CFD6326B7D3C59"><enum>B</enum><header>Other
Provisions</header>
<section id="H7B398BB557A145FF003C53DD7282289B"><enum>121.</enum><header>Amendments
Related to Sections 102 and 112 of the Pension Protection Act of 2006</header>
<subsection id="H7C520887FA544549B19986D113A79575"><enum>(a)</enum><header>Amendment of
ERISA</header><text display-inline="yes-display-inline">The last sentence of
section 303(g)(3)(B) of ERISA is amended to read as follows: <quote>Any such
averaging shall be adjusted for contributions, distributions, and expected
earnings (as determined by the plan’s actuary on the basis of an assumed
earnings rate specified by the actuary but not in excess of the third segment
rate applicable under subsection (h)(2)(C)(iii)), as specified by the Secretary
of the Treasury.</quote>.</text>
</subsection><subsection id="H5E93669E2B014F0B81B8870989275792"><enum>(b)</enum><header>Amendment of
1986 Code</header><text>The last sentence of section 430(g)(3)(B) of the 1986
Code is amended to read as follows: <quote>Any such averaging shall be adjusted
for contributions, distributions, and expected earnings (as determined by the
plan’s actuary on the basis of an assumed earnings rate specified by the
actuary but not in excess of the third segment rate applicable under subsection
(h)(2)(C)(iii)), as specified by the Secretary.</quote>.</text>
</subsection><subsection id="H667C7E50DE3F480FA6D8906CD992CFFB"><enum>(c)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendments made by
this section shall take effect as if included in the provisions of the 2006 Act
to which the amendments relate.</text>
</subsection></section><section id="HD9D275B98D28433ABA7CC474F7CFA092"><enum>122.</enum><header>Modification of
interest rate assumption required with respect to certain small employer
plans</header>
<subsection id="H0D64F2681AB146679B2B726E4FAD81D2"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (E) of
section 415(b)(2) of the 1986 Code (relating to limitation on certain
assumptions) is amended by adding at the end the following new clause:</text>
<quoted-block display-inline="no-display-inline" id="H009344ADDDBD41439166102C34A65EA9" style="OLC">
<clause id="H189704C6797B4325A6A691B333471257"><enum>(vi)</enum><text display-inline="yes-display-inline">In the case of a plan maintained by an
eligible employer (as defined in section 408(p)(2)(C)(i)), clause (ii) shall be
applied without regard to subclause (II)
thereof.</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HAA781746F2114B2C99367D236342365E"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to years
beginning after December 31, 2008.</text>
</subsection></section><section id="HAC747A65F6D542F08551C33024FB598C" section-type="subsequent-section"><enum>123.</enum><header>Determination of
market rate of return for governmental plans</header>
<subsection id="H039F0D9CD9D343CFAAC947480096DCF"><enum>(a)</enum><header>Amendment of
ADEA</header><text display-inline="yes-display-inline">Section
4(i)(10)(B)(i)(III) of the Age Discrimination in Employment Act of 1967 (29
U.S.C. 623(i)(10)(B)(i)(III)) is amended by adding at the end the following:
<quote>In the case of a governmental plan (as defined in the first sentence of
section 414(d) of the Internal Revenue Code of 1986), a rate of return or a
method of crediting interest established pursuant to any provision of Federal,
State, or local law (including any administrative rule or policy adopted in
accordance with any such law) shall be treated as a market rate of return for
purposes of subclause (I) and a permissible method of crediting interest for
purposes of meeting the requirements of subclause (I), except that this
sentence shall only apply to a rate of return or method of crediting interest
if such rate or method does not violate any other requirement of this
Act.</quote>.</text>
</subsection><subsection id="H3EC78344E3BA45909D98740000ED2833"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall take effect as if
included in the provisions of the Pension Protection Act of 2006 to which such
amendment relates.</text>
</subsection></section><section display-inline="no-display-inline" id="HD973494A07CB4783A6ACEFCAB18D4491" section-type="subsequent-section"><enum>124.</enum><header>Treatment of certain
reimbursements from governmental plans for medical care</header>
<subsection id="HDBFB7E72E4EB4B08A31115C1B307C800"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 105 of the
1986 Code (relating to amounts received under accident and health plans) is
amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H1FD77DEC3D574880BEC09B16FF8DA974" style="OLC">
<subsection id="HF7ADEE2CA85A47FA86AEC2BA69E7031"><enum>(j)</enum><header>Special rule for
certain governmental plans</header>
<paragraph id="H6AB761D5115F4771B1331B4F94006541"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">For purposes of
subsection (b), amounts paid (directly or indirectly) to the taxpayer from an
accident or health plan described in paragraph (2) shall not fail to be
excluded from gross income solely because such plan, on or before January 1,
2008, provides for reimbursements of health care expenses of a deceased plan
participant’s beneficiary.</text>
</paragraph><paragraph id="H54730680F7F84A34A02B07117CE146B9"><enum>(2)</enum><header>Plan
described</header><text display-inline="yes-display-inline">An accident or
health plan is described in this paragraph if such plan is funded by a medical
trust that is established in connection with a public retirement system and
that—</text>
<subparagraph id="H784C67CFCD9F49840066F395EDE48A2"><enum>(A)</enum><text>has been authorized
by a State legislature, or</text>
</subparagraph><subparagraph id="H6FC9AF8D1019454BAB069E5DACB0FC"><enum>(B)</enum><text>has received a
favorable ruling from the Internal Revenue Service that the trust’s income is
not includible in gross income under section
115.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H70BC94D427A44FD0AA3B933806CA02BF"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall apply to payments
before, on, or after the date of the enactment of this Act.</text>
</subsection></section><section display-inline="no-display-inline" id="HD5F5D7EE7FF84C4C9965F1F18748862C" section-type="subsequent-section"><enum>125.</enum><header>Rollover of amounts
received in airline carrier bankruptcy to Roth IRAs</header>
<subsection id="H222739ACBEB14ADBA5548C20BCFDBDA"><enum>(a)</enum><header>General
rule</header><text display-inline="yes-display-inline">If a qualified airline
employee receives any airline payment amount and transfers any portion of such
amount to a Roth IRA within 180 days of receipt of such amount (or, if later,
within 180 days of the date of the enactment of this Act), then such amount (to
the extent so transferred) shall be treated as a qualified rollover
contribution described in section 408A(e) of the Internal Revenue Code of 1986,
and the limitations described in section 408A(c)(3) of such Code shall not
apply to any such transfer.</text>
</subsection><subsection id="H66D9AF07575C43D4B43D00BB4EE6BD06"><enum>(b)</enum><header>Definitions and
special rules</header><text>For purposes of this section—</text>
<paragraph id="HEADCEA8BE4094458B95F00ACB015334E"><enum>(1)</enum><header>Airline payment
amount</header>
<subparagraph id="HFCCF3C32B9E14E4594EBBCD74E170036"><enum>(A)</enum><header>In
general</header><text>The term <term>airline payment amount</term> means any
payment of any money or other property which is payable by a commercial
passenger airline carrier to a qualified airline employee—</text>
<clause id="H448AF4413F9D4E8E825CD98F000025ED"><enum>(i)</enum><text>under the approval
of an order of a Federal bankruptcy court in a case filed after September 11,
2001, and before January 1, 2007, and</text>
</clause><clause id="HF901D92EA15A4B378D1764609B3BDDC0"><enum>(ii)</enum><text>in
respect of the qualified airline employee’s interest in a bankruptcy claim
against the carrier, any note of the carrier (or amount paid in lieu of a note
being issued), or any other fixed obligation of the carrier to pay a lump sum
amount.</text>
</clause><continuation-text continuation-text-level="subparagraph">The
amount of such payment shall be determined without regard to any requirement to
deduct and withhold tax from such payment under sections 3102(a) and
3402(a).</continuation-text></subparagraph><subparagraph id="H4DBE4F11978C44A2BF8CB131EBEB511F"><enum>(B)</enum><header>Exception</header><text>An
airline payment amount shall not include any amount payable on the basis of the
carrier’s future earnings or profits.</text>
</subparagraph></paragraph><paragraph id="HBF4D36066BC34F1A80912109013033DB"><enum>(2)</enum><header>Qualified
airline employee</header><text>The term <term>qualified airline employee</term>
means an employee or former employee of a commercial passenger airline carrier
who was a participant in a defined benefit plan maintained by the carrier
which—</text>
<subparagraph id="HAE12018CBAC14CEABFF4A18EA529EB3D"><enum>(A)</enum><text>is a plan
described in section 401(a) of the Internal Revenue Code of 1986 which includes
a trust exempt from tax under section 501(a) of such Code, and</text>
</subparagraph><subparagraph id="HEE28685DCE5D4A4CAAA8DE8366C5E212"><enum>(B)</enum><text>was terminated or
became subject to the restrictions contained in paragraphs (2) and (3) of
section 402(b) of the Pension Protection Act of 2006.</text>
</subparagraph></paragraph><paragraph id="HB7D136E76E814597BF88066C059717BF"><enum>(3)</enum><header>Reporting
requirements</header><text>If a commercial passenger airline carrier pays 1 or
more airline payment amounts, the carrier shall, within 90 days of such payment
(or, if later, within 90 days of the date of the enactment of this Act),
report—</text>
<subparagraph id="H30A3FBDF7A9B41F8A3C1192EBBFCB031"><enum>(A)</enum><text>to the Secretary
of the Treasury, the names of the qualified airline employees to whom such
amounts were paid, and</text>
</subparagraph><subparagraph id="HBF8B4911318E42B1958EBA0B85E682E"><enum>(B)</enum><text>to the Secretary
and to such employees, the years and the amounts of the payments.</text>
</subparagraph><continuation-text continuation-text-level="paragraph">Such reports
shall be in such form, and contain such additional information, as the
Secretary may prescribe.</continuation-text></paragraph></subsection><subsection id="H2045A6D0BBB74EDB0074A6F14E07AF5D"><enum>(c)</enum><header>Effective
date</header><text>This section shall apply to transfers made after the date of
the enactment of this Act with respect to airline payment amounts paid before,
on, or after such date.</text>
</subsection></section><section id="H38E9CE2C4CF84BA684D3F2896EF075B7"><enum>126.</enum><header>Determination
of asset value for special airline funding rules</header>
<subsection id="HE27D237811CA417E00D721006F2822A0"><enum>(a)</enum><header>In
general</header><text>Section 402(e)(4)(C) of the 2006 Act is amended to read
as follows:</text>
<quoted-block display-inline="no-display-inline" id="HCE0EF8C6759546CEBF26D5072BC0FC" style="OLC">
<subparagraph id="H14E022C1895C4F3C869F54792FA56E69"><enum>(C)</enum><text>the value of plan
assets shall be determined under sections 303(g)(3) of such Act and 430(g)(3)
of such
Code.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3F6B8509557A4321B33B9EBADC78F8AD"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to plan years
beginning after December 31, 2007.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H95B0F58E297A48B89212FF4C83E454F1" section-type="subsequent-section"><enum>127.</enum><header>Modification of
penalty for failure to file partnership returns</header>
<subsection commented="no" display-inline="no-display-inline" id="HB3F30691F7064E9EA42F26D1DF90CBCF"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 6698(b)(1) of
the 1986 Code is amended by striking <quote>$85</quote> and inserting
<quote>$89</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HFD7A5F33DC7447D5B600945288896B7B"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall apply to returns
required to be filed after December 31, 2008.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H8B395A5D01694B13BA08BDF3DC6624EA" section-type="subsequent-section"><enum>128.</enum><header>Modification of
penalty for failure to file S corporation returns</header>
<subsection commented="no" display-inline="no-display-inline" id="HD1C5645DF3314E62B1D7DBF530924487"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 6699(b)(1) of
the 1986 Code is amended by striking <quote>$85</quote> and inserting
<quote>$89</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H1FC4B7AFF83E4CCE80D9351EE153A3E2"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall apply to returns
required to be filed after December 31, 2008.</text>
</subsection></section></subtitle><enum>II</enum><header>Pension
provisions relating to economic crisis</header>
<section id="HBB5B3BA54DD54EA9BF9083FDF678A3F1"><enum>201.</enum><header>Temporary
waiver of required minimum distribution rules for certain retirement plans and
accounts</header>
<subsection id="HB08F990CB76B4AAB93072E7EC9F3E1D9"><enum>(a)</enum><header>In
general</header><text>Section 401(a)(9) of the Internal Revenue Code of 1986
(relating to required distributions) is amended by adding at the end the
following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HBD5C4F02E33140F8A22360B356CC455" style="OLC">
<subparagraph id="HA93E199A49904E1F99034FA96DA2F011"><enum>(H)</enum><header>Temporary waiver
of minimum required distribution</header>
<clause id="HC36D26489E544E2FB3186FF07F663506"><enum>(i)</enum><header>In
general</header><text>The requirements of this paragraph shall not apply for
calendar year 2009 to—</text>
<subclause id="HF7C727256C2F4CBFA4602D6C2B6212C9"><enum>(I)</enum><text>a defined
contribution plan which is described in this subsection or in section 403(a) or
403(b),</text>
</subclause><subclause id="H066DBFB6A92941D6A1C7D894DB688800"><enum>(II)</enum><text>a defined
contribution plan which is an eligible deferred compensation plan described in
section 457(b) but only if such plan is maintained by an employer described in
section 457(e)(1)(A), or</text>
</subclause><subclause id="HD23E9454E7F148268F29BB9F937FEB43"><enum>(III)</enum><text>an individual
retirement plan.</text>
</subclause></clause><clause id="HF52490EF42F146B2B949D46FB2C62EF"><enum>(ii)</enum><header>Special rules
regarding waiver period</header><text>For purposes of this paragraph—</text>
<subclause id="HEA4B40D14EDC4087AD7C2739CF9900B6"><enum>(I)</enum><text>the required
beginning date with respect to any individual shall be determined without
regard to this subparagraph for purposes of applying this paragraph for
calendar years after 2009, and</text>
</subclause><subclause id="H8A37F3A2BFAD4FF4A8BB49C1E2369FBA"><enum>(II)</enum><text>if clause (ii) of
subparagraph (B) applies, the 5-year period described in such clause shall be
determined without regard to calendar year
2009.</text>
</subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3C475EB6855B43C3918551D25B46BD8D"><enum>(b)</enum><header>Eligible
rollover distributions</header><text>Section 402(c)(4) of the Internal Revenue
Code of 1986 (defining eligible rollover distribution) is amended by adding at
the end the following new flush sentence:</text>
<quoted-block display-inline="no-display-inline" id="H6104F2226B5B4010BA50662918ABB9A7" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="paragraph">If all or
any portion of a distribution during 2009 is treated as an eligible rollover
distribution but would not be so treated if the minimum distribution
requirements under section 401(a)(9) had applied during 2009, such distribution
shall not be treated as an eligible rollover distribution for purposes of
section 401(a)(31) or 3405(c) or subsection (f) of this
section.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HF6D10171EAC342A9BFE3158CF2C6200"><enum>(c)</enum><header>Effective
dates</header>
<paragraph id="H5C1C7F64CC1F4EC88E13F696452728CE"><enum>(1)</enum><header>In
general</header><text>The amendments made by this section shall apply for
calendar years beginning after December 31, 2008.</text>
</paragraph><paragraph id="H4C0D46AD79194CA793AA6F5D2E902C6"><enum>(2)</enum><header>Provisions
relating to plan or contract amendments</header>
<subparagraph id="HA71108889EC44857BADF2692787DA3BB"><enum>(A)</enum><header>In
general</header><text>If this paragraph applies to any pension plan or contract
amendment, such pension plan or contract shall not fail to be treated as being
operated in accordance with the terms of the plan during the period described
in subparagraph (B)(ii) solely because the plan operates in accordance with
this section.</text>
</subparagraph><subparagraph id="H4F3340337F4F42858C5F245F49AF13ED"><enum>(B)</enum><header>Amendments to
which paragraph applies</header>
<clause id="H6CFFFA1DA9DC4BCB8C53DE04A8641D58"><enum>(i)</enum><header>In
general</header><text>This paragraph shall apply to any amendment to any
pension plan or annuity contract which—</text>
<subclause id="H84F28A88158647AEBDEBEA89E94C62F7"><enum>(I)</enum><text>is made pursuant
to the amendments made by this section, and</text>
</subclause><subclause id="HC1D515D84B3D40D695F03F2243535015"><enum>(II)</enum><text>is made on or
before the last day of the first plan year beginning on or after January 1,
2011.</text>
</subclause><continuation-text continuation-text-level="clause">In the case of
a governmental plan, subclause (II) shall be applied by substituting
<quote>2012</quote> for <quote>2011</quote>.</continuation-text></clause><clause id="H7511F58A3CCA4C06B49E5E5CBF48C17F"><enum>(ii)</enum><header>Conditions</header><text>This
paragraph shall not apply to any amendment unless during the period beginning
on the effective date of the amendment and ending on December 31, 2009, the
plan or contract is operated as if such plan or contract amendment were in
effect.</text>
</clause></subparagraph></paragraph></subsection></section><section commented="no" id="H6FDB6E4B53264C8382228F77DBFCA216"><enum>202.</enum><header>Transition rule
clarification</header>
<subsection commented="no" id="H039F761B624B445389C8005BAC00F15D"><enum>(a)</enum><header>Amendment to
ERISA</header><text>Subparagraph (B) of section 303(c)(5) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1083(c)(5)) is
amended—</text>
<paragraph commented="no" id="H52DBEF3FFA754D5C924D5EB3FAE357A9"><enum>(1)</enum><text>by striking clause
(iii) and redesignating clause (iv) as clause (iii); and</text>
</paragraph><paragraph commented="no" id="H5236BA8CF3854951AD530075CEAB0500"><enum>(2)</enum><text>by striking clause
(i) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="HF3682725862C4B4985DCEC2492B312B1" style="OLC">
<clause commented="no" id="H365274B48B2341B00081D09FD73D36E1"><enum>(i)</enum><header>In
general</header><text>Except as provided in clause (iii), in the case of plan
years beginning after 2007 and before 2011, only the applicable percentage of
the funding target shall be taken into account under paragraph (3)(A) in
determining the funding shortfall for purposes of paragraph (3)(A) and
subparagraph
(A).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="H25155C8C669A4025A79283AA824C0004"><enum>(b)</enum><header>Amendment to
1986 Code</header><text>Subparagraph (B) of section 430(c)(5) of the Internal
Revenue Code of 1986 is amended—</text>
<paragraph commented="no" id="H107620D4E92E4564B9F12C36797CA8F8"><enum>(1)</enum><text>by striking clause
(iii) and redesignating clause (iv) as clause (iii); and</text>
</paragraph><paragraph commented="no" id="HAE29DBF338D9414DAF95FBB8BCBDE200"><enum>(2)</enum><text>by striking clause
(i) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H18D03641E60C4E17B949A9163FCE1602" style="OLC">
<clause commented="no" id="H153E9E731B7849AEA814D54DDE71DBA0"><enum>(i)</enum><header>In
general</header><text>Except as provided in clause (iii), in the case of plan
years beginning after 2007 and before 2011, only the applicable percentage of
the funding target shall be taken into account under paragraph (3)(A) in
determining the funding shortfall for purposes of paragraph (3)(A) and
subparagraph
(A).</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H4881E003282D4F4CA8C8CF5961902787"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by subsections (a) and (b) shall apply
as if included in the enactment of sections 102 and 112, respectively, of the
Pension Protection Act of 2006.</text>
</subsection></section><section id="H13A701A132E34A878E62003FBFC83498"><enum>203.</enum><header>Temporary
modification of application of limitation on benefit accruals</header><text display-inline="no-display-inline">In the case of the first plan year beginning
during the period beginning on October 1, 2008, and ending on September 30,
2009, sections 206(g)(4)(A) of the Employee Retirement Income Security Act of
1974 (29 U.S.C. 1056(g)(4)(A)) and 436(e)(1) of the Internal Revenue Code of
1986 shall be applied by substituting the plan's adjusted funding target
attainment percentage for the preceding plan year for such percentage for such
plan year but only if the adjusted funding target attainment percentage for the
preceding plan year is greater.</text>
</section><section id="H86F89C4493DF442400EBFEE5751382B6"><enum>204.</enum><header>Temporary delay
of designation of multiemployer plans as in endangered or critical
status</header>
<subsection id="H491C4F1ECA2C46A995EA8C15599EC7B2"><enum>(a)</enum><header>In
general</header><text>Notwithstanding the actuarial certification under section
305(b)(3) of the Employee Retirement Income Security Act of 1974 and section
432(b)(3) of the Internal Revenue Code of 1986, if a plan sponsor of a
multiemployer plan elects the application of this section, then, for purposes
of section 305 of such Act and section 432 of such Code—</text>
<paragraph id="HE961E76B89EC41E0B0A0D284B43600AE"><enum>(1)</enum><text>the status of the
plan for its first plan year beginning during the period beginning on October
1, 2008, and ending on September 30, 2009, shall be the same as the status of
such plan under such sections for the plan year preceding such plan year,
and</text>
</paragraph><paragraph id="HA69584C87BEB468ABAE9BA6F1C5078E5"><enum>(2)</enum><text>in the case of a
plan which was in endangered or critical status for the preceding plan year
described in paragraph (1), the plan shall not be required to update its plan
or schedules under section 305(c)(6) of such Act and section 432(c)(6) of such
Code, or section 305(e)(3)(B) of such Act and section 432(e)(3)(B) of such
Code, whichever is applicable, until the plan year following the first plan
year described in paragraph (1).</text>
</paragraph><continuation-text continuation-text-level="subsection">If section
305 of the Employee Retirement Income Security Act of 1974 and section 432 of
the Internal Revenue Code of 1986 did not apply to the preceding plan year
described in paragraph (1), the plan actuary shall make a certification of the
status of the plan under section 305(b)(3) of such Act and section 432(b)(3) of
such Code for the preceding plan year in the same manner as if such sections
had applied to such preceding plan year.</continuation-text></subsection><subsection id="HC1CC945141A44EF9919FF5AEE5D5A62F"><enum>(b)</enum><header>Exception for
plans becoming critical during election</header><text>If—</text>
<paragraph id="H0B2AB7370EB34083B4993D8B33620055"><enum>(1)</enum><text>an election was
made under subsection (a) with respect to a multiemployer plan, and</text>
</paragraph><paragraph id="H28564EFC30CD45C6BED73D8DA3CA1EC"><enum>(2)</enum><text>such plan has,
without regard to such election, been certified by the plan actuary under
section 305(b)(3) of such Act and section 432(b)(3) of such Code to be in
critical status for the first plan year described in subsection (a)(1),</text>
</paragraph><continuation-text continuation-text-level="subsection">then such
plan shall be treated as a plan in critical status for such plan year for
purposes of applying section 4971(g)(1)(A) of such Code, section 302(b)(3) of
such Act (without regard to the second sentence thereof), and section 412(b)(3)
of such Code (without regard to the second sentence thereof).</continuation-text></subsection><subsection id="H6DDDB4753E0548CAB4A8E777D2543100"><enum>(c)</enum><header>Election and
notice</header>
<paragraph id="H658ADB0B7A4C447A0009E26847DE7C62"><enum>(1)</enum><header>Election</header><text>An
election under subsection (a) shall—</text>
<subparagraph id="H1CEA345FC6BD4942B641001207A948C7"><enum>(A)</enum><text>be made at such
time and in such manner as the Secretary of the Treasury or the Secretary's
delegate may prescribe and, once made, may be revoked only with the consent of
the Secretary, and</text>
</subparagraph><subparagraph id="H6CCF26CBCEC14E99AAF3DFC4D8FE8C3C"><enum>(B)</enum><text>if the election is
made—</text>
<clause id="HCC8E27E5E0674A1FB0D4292BC3B2F900"><enum>(i)</enum><text>before the date
the annual certification is submitted to the Secretary or the Secretary's
delegate under section 305(b)(3) of such Act and section 432(b)(3) of such
Code, be included with such annual certification, and</text>
</clause><clause id="HD493B812A3E64C22B100E908D80665D6"><enum>(ii)</enum><text>after such date,
be submitted to the Secretary or the Secretary's delegate not later than 30
days after the date of the election.</text>
</clause></subparagraph></paragraph><paragraph id="H94BC3ECFB0F244DEA7AEE01ED42E165F"><enum>(2)</enum><header>Notice to
participants</header>
<subparagraph id="H0FD9EB8B13A04AF9A222FE058EC01FE4"><enum>(A)</enum><header>In
general</header><text>Notwithstanding section 305(b)(3)(D) of such Act and
section 431(b)(3)(D) of such Code, if the plan is neither in endangered nor
critical status by reason of an election made under subsection (a)—</text>
<clause id="H0674CC23161148BE00BD9D4F6636D9F3"><enum>(i)</enum><text>the
plan sponsor of a multiemployer plan shall not be required to provide notice
under such sections, and</text>
</clause><clause id="H4F7877C0E57149158886E5608240BC9D"><enum>(ii)</enum><text>the
plan sponsor shall provide to the participants and beneficiaries, the
bargaining parties, the Pension Benefit Guaranty Corporation, and the Secretary
of Labor a notice of the election and such other information as the Secretary
of the Treasury (in consultation with the Secretary of Labor) may
require—</text>
<subclause id="HACCC97667B9A47F098CEECE0D1F95401"><enum>(I)</enum><text>if the election is
made before the date the annual certification is submitted to the Secretary or
the Secretary's delegate under section 305(b)(3) of such Act and section
432(b)(3) of such Code, not later than 30 days after the date of the
certification, and</text>
</subclause><subclause id="HE50C18664CC746C8AC3F9F63C2731D23"><enum>(II)</enum><text>if the election
is made after such date, not later than 30 days after the date of the
election.</text>
</subclause></clause></subparagraph><subparagraph id="HA7928D9B80614684B08D40A42151F8D8"><enum>(B)</enum><header>Notice of
endangered status</header><text>Notwithstanding section 305(b)(3)(D) of such
Act and section 431(b)(3)(D) of such Code, if the plan is certified to be in
critical status for any plan year but is in endangered status by reason of an
election made under subsection (a), the notice provided under such sections
shall be the notice which would have been provided if the plan had been
certified to be in endangered status.</text>
</subparagraph></paragraph></subsection></section><section commented="no" id="HEC7CF0D9FBC24041A86C936185B8FDB"><enum>205.</enum><header>Temporary
extension of the funding improvement and rehabilitation periods for
multiemployer pension plans in critical and endangered status for 2008 or
2009</header>
<subsection commented="no" id="HDC261BCB92A64C7E880017EA001642E5"><enum>(a)</enum><header>In
general</header><text>If the plan sponsor of a multiemployer plan which is in
endangered or critical status for a plan year beginning in 2008 or 2009
(determined after application of section 204) elects the application of this
section, then, for purposes of section 305 of the Employee Retirement Income
Security Act of 1974 and section 432 of the Internal Revenue Code of
1986—</text>
<paragraph commented="no" id="H921600CA5F9A4903832B031989856954"><enum>(1)</enum><text>except as provided
in paragraph (2), the plan's funding improvement period or rehabilitation
period, whichever is applicable, shall be 13 years rather than 10 years,
and</text>
</paragraph><paragraph commented="no" id="H609D079976CC482AAB001F4DF7A60070"><enum>(2)</enum><text>in the case of a
plan in seriously endangered status, the plan's funding improvement period
shall be 18 years rather than 15 years.</text>
</paragraph></subsection><subsection commented="no" id="H512D03EA187743D2A9B08DB9C117F526"><enum>(b)</enum><header>Definitions and
special rules</header><text>For purposes of this section—</text>
<paragraph commented="no" id="H313F018058FA4C329BA5EB953B6D3555"><enum>(1)</enum><header>Election</header><text>An
election under this section shall be made at such time, and in such manner and
form, as (in consultation with the Secretary of Labor) the Secretary of the
Treasury or the Secretary's delegate may prescribe.</text>
</paragraph><paragraph commented="no" id="HA685A551CC3C42E891FC00B9F52EFCB"><enum>(2)</enum><header>Definitions</header><text>Any
term which is used in this section which is also used in section 305 of the
Employee Retirement Income Security Act of 1974 and section 432 of the Internal
Revenue Code of 1986 shall have the same meaning as when used in such
sections.</text>
</paragraph></subsection><subsection commented="no" id="H6FA83FF1F9264525A6AFE7C0E0675C"><enum>(c)</enum><header>Effective
date</header><text>This section shall apply to plan years beginning after
December 31, 2007.</text>
</subsection></section>
Passed the House of
Representatives December 10, 2008.
Lorraine C. Miller,
Clerk.