[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4915 Engrossed Amendment Senate (EAS)]

                  In the Senate of the United States,

                                                     December 18, 2010.
    Resolved, That the bill from the House of Representatives (H.R. 
4915) entitled ``An Act to amend the Internal Revenue Code of 1986 to 
extend the funding and expenditure authority of the Airport and Airway 
Trust Fund, to amend title 49, United States Code, to extend 
authorizations for the airport improvement program, and for other 
purposes.'', do pass with the following

                              AMENDMENTS:

            Strike all after the enacting clause and insert the 
      following:

SECTION 1. DEFINITION OF ELIGIBLE PLAN YEAR.

    (a) Amendment to ERISA.--Clause (v) of section 303(c)(2)(D) of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1083(c)(2)(D)), as added by section 201(a)(1) of the Preservation of 
Access to Care for Medicare Beneficiaries and Pension Relief Act of 
2010, is amended--
            (1) by striking ``on or after the date of the enactment of 
        this subparagraph'' and inserting ``on or after June 25, 2010 
        (March 10, 2010, in the case of an eligible plan)'', and
            (2) by adding at the end the following new sentence: ``For 
        purposes of the preceding sentence, a plan shall be treated as 
        an eligible plan only if, as of the date of the election with 
        respect to the plan under clause (i)--
                    ``(A) the plan sponsor is not a debtor in a case 
                under title 11, United States Code, or similar Federal 
                or State law,
                    ``(B) there are no unpaid minimum required 
                contributions with respect to the plan for purposes of 
                section 4971 of the Internal Revenue Code of 1986 
                (imposing an excise tax when minimum required 
                contributions are not paid by the due date for the plan 
                year),
                    ``(C) there are no outstanding liens in favor of 
                the plan under subsection (k), and
                    ``(D) the plan sponsor has not initiated a distress 
                termination of the plan under section 4041.''.
    (b) Amendment to Internal Revenue Code of 1986.--Clause (v) of 
section 430(c)(2)(D) of the Internal Revenue Code of 1986, as added by 
section 201(b)(1) of the Preservation of Access to Care for Medicare 
Beneficiaries and Pension Relief Act of 2010, is amended--
            (1) by striking ``on or after the date of the enactment of 
        this subparagraph'' and inserting ``on or after June 25, 2010 
        (March 10, 2010, in the case of an eligible plan)'', and
            (2) by adding at the end the following new sentence: ``For 
        purposes of the preceding sentence, a plan shall be treated as 
        an eligible plan only if, as of the date of the election with 
        respect to the plan under clause (i)--
                    ``(A) the plan sponsor is not a debtor in a case 
                under title 11, United States Code, or similar Federal 
                or State law,
                    ``(B) there are no unpaid minimum required 
                contributions with respect to the plan for purposes of 
                section 4971 (imposing an excise tax when minimum 
                required contributions are not paid by the due date for 
                the plan year),
                    ``(C) there are no outstanding liens in favor of 
                the plan under subsection (k), and
                    ``(D) the plan sponsor has not initiated a distress 
                termination of the plan under section 4041 of the 
                Employee Retirement Income Security Act of 1974.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendments made by the provisions of the 
Preservation of Access to Care for Medicare Beneficiaries and Pension 
Relief Act of 2010 to which the amendments relate.

SEC. 2. ELIGIBLE CHARITY PLANS.

    (a) Definition of Eligible Charity Plans.--
            (1) In general.--Section 104(d) of the Pension Protection 
        Act of 2006, as added by section 202(b) of the Preservation of 
        Access to Care for Medicare Beneficiaries and Pension Relief 
        Act of 2010, is amended to read as follows:
    ``(d) Eligible Charity Plan Defined.--For purposes of this section, 
a plan shall be treated as an eligible charity plan for a plan year 
if--
            ``(1) the plan is maintained by one or more employers 
        employing employees who are accruing benefits based on service 
        for the plan year,
            ``(2) such employees are employed in at least 20 States,
            ``(3) more than 98 percent of such employees are employed 
        by an employer described in section 501(c)(3) of such Code and 
        the primary exempt purpose of each such employer is to provide 
        services with respect to children, and
            ``(4) the plan sponsor elects (at such time and in such 
        form and manner as shall be prescribed by the Secretary of the 
        Treasury) to be so treated.
Any election under this subsection may be revoked only with the consent 
of the Secretary of the Treasury.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect as if included in the amendment made by the 
        provision of the Preservation of Access to Care for Medicare 
        Beneficiaries and Pension Relief Act of 2010 to which the 
        amendment relates (determined after application of the 
        amendment made by subsection (c)), except that a plan sponsor 
        may elect to apply such amendment to plan years beginning on or 
        after January 1, 2011.
    (b) Regulations.--The Secretary of the Treasury may prescribe such 
regulations as may be necessary to carry out the purposes of the 
amendments made by section 202(b) of the Preservation of Access to Care 
for Medicare Beneficiaries and Pension Relief Act of 2010 and the 
amendment made by subsection (a).
    (c) Application of New Rules to Eligible Charity Plans.--
            (1) In general.--Paragraph (2) of section 202(c) of the 
        Preservation of Access to Care for Medicare Beneficiaries and 
        Pension Relief Act of 2010 is amended to read as follows:
            ``(2) Eligible charity plans.--The amendments made by 
        subsection (b) shall apply to plan years beginning after 
        December 31, 2010, except that a plan sponsor may elect to 
        apply such amendments to plan years beginning after an earlier 
        date.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect as if included in the amendment made by the 
        provision of the Preservation of Access to Care for Medicare 
        Beneficiaries and Pension Relief Act of 2010 to which the 
        amendment relates.

SEC. 3. SUSPENSION OF CERTAIN FUNDING LEVEL LIMITATIONS.

    (a) Limitations on Benefit Accruals.--Section 203 of the Worker, 
Retiree, and Employer Recovery Act of 2008 (Public Law 110-458; 122 
Stat. 5118) is amended--
            (1) by striking ``the first plan year beginning during the 
        period beginning on October 1, 2008, and ending on September 
        30, 2009'' and inserting ``any plan year beginning during the 
        period beginning on October 1, 2008, and ending on December 31, 
        2011'';
            (2) by striking ``substituting'' and all that follows 
        through ``for such plan year'' and inserting ``substituting for 
        such percentage the plan's adjusted funding target attainment 
        percentage for the last plan year ending before September 30, 
        2009,''; and
            (3) by striking ``for the preceding plan year is greater'' 
        and inserting ``for such last plan year is greater''.
    (b) Social Security Level-income Options.--
            (1) ERISA amendment.--Section 206(g)(3)(E) of the Employee 
        Retirement Income Security Act of 1974 is amended by adding at 
        the end the following new sentence: ``For purposes of applying 
        clause (i) in the case of payments the annuity starting date 
        for which occurs on or before December 31, 2011, payments under 
        a social security leveling option shall be treated as not in 
        excess of the monthly amount paid under a single life annuity 
        (plus an amount not in excess of a social security supplement 
        described in the last sentence of section 204(b)(1)(G)).''.
            (2) IRC amendment.--Section 436(d)(5) of the Internal 
        Revenue Code of 1986 is amended by adding at the end the 
        following new sentence: ``For purposes of applying subparagraph 
        (A) in the case of payments the annuity starting date for which 
        occurs on or before December 31, 2011, payments under a social 
        security leveling option shall be treated as not in excess of 
        the monthly amount paid under a single life annuity (plus an 
        amount not in excess of a social security supplement described 
        in the last sentence of section 411(a)(9)).''.
            (3) Effective date.--
                    (A) In general.--The amendments made by this 
                subsection shall apply to annuity payments the annuity 
                starting date for which occurs on or after January 1, 
                2011.
                    (B) Permitted application.--A plan shall not be 
                treated as failing to meet the requirements of sections 
                206(g) of the Employee Retirement Income Security Act 
                of 1974 (as amended by this subsection) and section 
                436(d) of the Internal Revenue Code of 1986 (as so 
                amended) if the plan sponsor elects to apply the 
                amendments made by this subsection to payments the 
                annuity starting date for which occurs before January 
                1, 2011.
    (c) Repeal of Related Provisions.--The provisions of, and the 
amendments made by, section 203 of the Preservation of Access to Care 
for Medicare Beneficiaries and Pension Relief Act of 2010 are repealed 
and the Employee Retirement Income Security Act of 1974, the Internal 
Revenue Code of 1986, and the Worker, Retiree, and Employer Recovery 
Act of 2008 (Public Law 110-458; 122 Stat. 5118) shall be applied as if 
such section had never been enacted.

SEC. 4. OPTIONAL USE OF 30-YEAR AMORTIZATION PERIODS.

    (a) Amendment to ERISA.--Paragraph (8) of section 304(b) of the 
Employee Retirement Income Security Act of 1974, as amended by the 
Preservation of Access to Care for Medicare Beneficiaries and Pension 
Relief Act of 2010, is amended by striking ``after August 31, 2008'' 
each place it appears in subparagraphs (A)(i), (B)(i)(I), and 
(B)(i)(II), and inserting ``on or after June 30, 2008''.
    (b) Amendment to Internal Revenue Code of 1986 .--Paragraph (8) of 
section 431(b) of the Internal Revenue Code of 1986, as amended by the 
Preservation of Access to Care for Medicare Beneficiaries and Pension 
Relief Act of 2010, is amended by striking ``after August 31, 2008'' 
each place it appears in subparagraphs (A)(i) and (B)(i)(I) and 
inserting ``on or after June 30, 2008''.
    (c) Effective Date and Special Rules.--The amendments made by this 
section shall take effect as of the first day of the first plan year 
beginning on or after June 30, 2008, except that any election a plan 
sponsor makes pursuant to this section or the amendments made thereby 
that affects the plan's funding standard account for any plan year 
beginning before October 1, 2009, shall be disregarded for purposes of 
applying the provisions of section 305 of the Employee Retirement 
Income Security Act of 1974 and section 432 of the Internal Revenue 
Code of 1986 to that plan year.

            Amend the title so as to read: ``An Act to amend the 
        Internal Revenue Code of 1986 to make technical corrections to 
        the pension funding provisions of the Preservation of Access to 
        Care for Medicare Beneficiaries and Pension Relief Act of 
        2010.''.

            Attest:

                                                             Secretary.
111th CONGRESS

  2d Session

                               H.R. 4915

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                               AMENDMENTS