December 10, 2008 CONGRESSIONAL RECORD — HOUSE H10935 

[Roll No. 690] 

AYES—237 

Abercrombie 

Ackerman 

Allen 

Altmire 

Andrews 

Arcuri 

Baca 

Baird 

Baldwin 

Barrow 

Barton (TX) 

Bean 

Becerra 

Berkley 

Berman 

Berry 

Bishop (GA) 

Bishop (NY) 

Blumenauer 

Boren 

Boswell 

Boucher 

Boyda (KS) 

Brady (PA) 

Braley (IA) 

Brown, Corrine 

Buyer 

Camp (MI) 

Capito 

Capps 

Capuano 

Carnahan 

Carney 

Carson 

Castle 

Castor 

Cazayoux 

Chandler 

Clarke 

Clay 

Cleaver 

Clyburn 

Cohen 

Conyers 

Costello 

Courtney 

Cramer 

Crowley 

Cuellar 

Cummings 

Davis (CA) 

Davis (IL) 

Davis, Lincoln 

DeFazio 

DeGette 

DeLauro 

Dicks 

Dingell 

Doggett 

Donnelly 

Doyle 

Edwards (MD) 

Edwards (TX) 

Ehlers 

Ellsworth 

Emerson 

Engel 

English (PA) 

Eshoo 

Etheridge 

Farr 

Fattah 

Foster 

Frank (MA) 

Frelinghuysen 

Fudge 

Gillibrand 

Gonzalez 

Green, Al 

Green, Gene 

Grijalva 

Hall (NY) 

Hare 

Harman 

Higgins 

Hill 

Hinchey 

Hinojosa 

Hirono 

Hodes 

Hoekstra 

Holden 

Holt 

Honda 

Hoyer 

Hunter 

Inslee 

Israel 

Jackson (IL) 

Jackson-Lee 

(TX) 

Jefferson 

Johnson (GA) 

Kanjorski 

Kaptur 

Kennedy 

Kildee 

Kilpatrick 

Kind 

King (NY) 

Klein (FL) 

Knollenberg 

Kucinich 

LaHood 

Lampson 

Langevin 

Larsen (WA) 

Larson (CT) 

LaTourette 

Lee 

Levin 

Lewis (GA) 

Lewis (KY) 

Lipinski 

Loebsack 

Lofgren, Zoe 

Lowey 

Lynch 

Mahoney (FL) 

Maloney (NY) 

Manzullo 

Markey 

Matsui 

McCarthy (NY) 

McCollum (MN) 

McCotter 

McCrery 

McDermott 

McGovern 

McHugh 

McNerney 

McNulty 

Meek (FL) 

Meeks (NY) 

Melancon 

Michaud 

Miller (MI) 

Miller (NC) 

Miller, George 

Mollohan 

Moore (KS) 

Moore (WI) 

Moran (VA) 

Murphy (CT) 

Murphy, Patrick 

Murphy, Tim 

Murtha 

Nadler 

Napolitano 

Neal (MA) 

Oberstar 

Obey 

Olver 

Ortiz 

Pallone 

Pascrell 

Pastor 

Payne 

Pelosi 

Perlmutter 

Pomeroy 

Porter 

Price (NC) 

Ramstad 

Rangel 

Regula 

Reyes 

Richardson 

Rogers (MI) 

Ross 

Rothman 

Roybal-Allard 

Ruppersberger 

Rush 

Ryan (OH) 

Ryan (WI) 

Salazar 

Sa ́nchez, Linda 

T. 

Sanchez, Loretta 

Sarbanes 

Schakowsky 

Schiff 

Schwartz 

Scott (GA) 

Scott (VA) 

Serrano 

Sestak 

Shea-Porter 

Sherman 

Sires 

Skelton 

Slaughter 

Smith (NJ) 

Smith (WA) 

Solis 

Souder 

Space 

Speier 

Spratt 

Stupak 

Sutton 

Tanner 

Tauscher 

Taylor 

Thompson (CA) 

Thompson (MS) 

Tierney 

Towns 

Tsongas 

Udall (CO) 

Udall (NM) 

Upton 

Van Hollen 

Vela ́ zquez 

Visclosky 

Walsh (NY) 

Wasserman 

Schultz 

Waters 

Watt 

Waxman 

Weiner 

Welch (VT) 

Wexler 

Wilson (OH) 

Woolsey 

Wu 

Yarmuth 

Young (AK) 

NOES—170 

Aderholt 

Akin 

Alexander 

Bachmann 

Bachus 

Barrett (SC) 

Bartlett (MD) 

Biggert 

Bilbray 

Bilirakis 

Bishop (UT) 

Blackburn 

Blunt 

Boehner 

Bonner 

Bono Mack 

Boozman 

Boustany 

Boyd (FL) 

Brady (TX) 

Broun (GA) 

Brown (SC) 

Brown-Waite, 

Ginny 

Buchanan 

Burgess 

Burton (IN) 

Butterfield 

Calvert 

Cannon 

Cantor 

Cardoza 

Carter 

Chabot 

Childers 

Coble 

Cole (OK) 

Conaway 

Cooper 

Crenshaw 

Culberson 

Davis (AL) 

Davis (KY) 

Davis, David 

Deal (GA) 

Dent 

Diaz-Balart, L. 

Diaz-Balart, M. 

Drake 

Dreier 

Duncan 

Fallin 

Feeney 

Ferguson 

Filner 

Flake 

Forbes 

Fortenberry 

Fossella 

Foxx 

Franks (AZ) 

Gallegly 

Garrett (NJ) 

Gerlach 

Giffords 

Gingrey 

Gohmert 

Goode 

Goodlatte 

Granger 

Graves 

Hall (TX) 

Hastings (WA) 

Hayes 

Heller 

Hensarling 

Herger 

Herseth Sandlin 

Hobson 

Hulshof 

Inglis (SC) 

Issa 

Johnson (IL) 

Johnson, Sam 

Jones (NC) 

Jordan 

Kagen 

King (IA) 

Kingston 

Kirk 

Kline (MN) 

Lamborn 

Latham 

Latta 

Lewis (CA) 

Linder 

LoBiondo 

Lucas 

Lungren, Daniel 

E. 

Mack 

Marchant 

Marshall 

Matheson 

McCarthy (CA) 

McCaul (TX) 

McHenry 

McIntyre 

McKeon 

McMorris 

Rodgers 

Mica 

Miller (FL) 

Mitchell 

Moran (KS) 

Musgrave 

Myrick 

Neugebauer 

Nunes 

Paul 

Pearce 

Pence 

Peterson (MN) 

Petri 

Pickering 

Pitts 

Platts 

Poe 

Price (GA) 

Putnam 

Radanovich 

Rahall 

Rehberg 

Reichert 

Reynolds 

Rodriguez 

Rogers (AL) 

Rogers (KY) 

Ros-Lehtinen 

Roskam 

Royce 

Sali 

Saxton 

Scalise 

Schmidt 

Sessions 

Shadegg 

Shays 

Shimkus 

Shuler 

Shuster 

Simpson 

Smith (NE) 

Smith (TX) 

Stark 

Stearns 

Sullivan 

Terry 

Thornberry 

Tiahrt 

Tiberi 

Turner 

Walden (OR) 

Walz (MN) 

Wamp 

Weller 

Westmoreland 

Whitfield (KY) 

Wilson (NM) 

Wilson (SC) 

Wittman (VA) 

Wolf 

Young (FL) 

ANSWERED ‘‘PRESENT’’—1 

Campbell (CA) 

NOT VOTING—26 

Costa 

Cubin 

Delahunt 

Doolittle 

Ellison 

Emanuel 

Everett 

Gilchrest 

Gordon 

Gutierrez 

Hastings (FL) 

Hooley 

Johnson, E. B. 

Keller 

Kuhl (NY) 

Miller, Gary 

Peterson (PA) 

Pryce (OH) 

Renzi 

Rohrabacher 

Sensenbrenner 

Snyder 

Tancredo 

Walberg 

Watson 

Weldon (FL) 

b 2046 

So the bill was passed. 

The result of the vote was announced 

as above recorded. 

A motion to reconsider was laid on 

the table. 

f 

MESSAGE FROM THE SENATE 

A message from the Senate by Ms. 

Curtis, one of its clerks, announced 

that the Senate has passed without 

amendment bills of the House of the 

following titles: 

H.R. 6184. An act to provide for a program 

for circulating quarter dollar coins that are 

emblematic of a national park or other national site in each State, the District of Columbia, and each territory of the United 

States, and for other purposes. 

H.R. 7311. An act to authorize appropriations for fiscal years 2008 through 2011 for the 

Trafficking Victims Protection Act of 2000, 

to enhance measures to combat trafficking 

in persons, and for other purposes. 

The message also announced that the 

Senate has passed a bill and a Joint 

Resolution of the following titles in 

which the concurrence of the House is 

requested: 

S. 3731. An act to amend the Emergency 

Economic Stabilization Act of 2008 (division 

A of Public Law 110–343) to provide the Special Inspector General with additional authorities and responsibilities, and for other 

purposes. 

S.J. Res. 46. Joint resolution ensuring that 

the compensation and other emoluments attached to the office of Secretary of State are 

those which were in effect on January 1, 2007. 

The message also announced that 

pursuant to Public Law 101–549, the 

Chair, on behalf of the Majority Leader, appoints the following individuals 

to the Board of Directors of the Mickey 

Leland National Urban Air Toxics Research Center: 

Jane Delgado, of the District of Columbia. 

John Hiatt, of Nevada. 

f 

WORKER, RETIREE, AND 

EMPLOYER RECOVERY ACT OF 2008 

Mr. POMEROY. Mr. Speaker, I ask 

unanimous consent that the Committees on Ways and Means and Education 

and Labor be discharged from further 

consideration of the bill (H.R. 7327) to 

make technical corrections related to 

the Pension Protection Act of 2006, and 

for other purposes, and ask for its immediate consideration in the House. 

The Clerk read the title of the bill. 

The SPEAKER pro tempore (Mr. 

LAMPSON). Is there objection to the request of the gentleman from North Dakota? 

There was no objection. 

The text of the bill is as follows: 

H.R. 7327 

Be it enacted by the Senate and House of Representatives of the United States of America in 

Congress assembled, 

SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

(a) SHORT TITLE.—This Act may be cited as 

the ‘‘Worker, Retiree, and Employer Recovery Act of 2008’’. 

(b) TABLE OF CONTENTS.—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. 

H10936 CONGRESSIONAL RECORD — HOUSE December 10, 2008 

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. 

TITLE I—TECHNICAL CORRECTIONS RELATED TO THE PENSION PROTECTION 

ACT OF 2006 

SEC. 100. REFERENCES IN TITLE. 

For purposes of this title: 

(1) AMENDMENT OF 1986 CODE.—The term 

‘‘1986 Code’’ means the Internal Revenue 

Code of 1986. 

(2) AMENDMENT OF ERISA.—The term 

‘‘ERISA’’ means the Employee Retirement 

Income Security Act of 1974. 

(3) 2006 ACT.—The term ‘‘2006 Act’’ means 

the Pension Protection Act of 2006. 

Subtitle A—Technical Corrections Related to 

the Pension Protection Act of 2006 

SEC. 101. AMENDMENTS RELATED TO TITLE I. 

(a) AMENDMENTS RELATED TO SECTIONS 101 

AND 111.— 

(1) AMENDMENTS TO ERISA.— 

(A) Clause (i) of section 302(c)(1)(A) of 

ERISA is amended by striking ‘‘the plan is’’ 

and inserting ‘‘the plan are’’. 

(B) Section 302(c)(7) of ERISA is amended 

by inserting ‘‘which reduces the accrued benefit of any participant’’ after ‘‘subsection 

(d)(2)’’ in subparagraph (A). 

(C) Section 302(d)(1) of ERISA is amended 

by striking ‘‘, the valuation date,’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Clause (i) of section 412(c)(1)(A) of the 

1986 Code is amended by striking ‘‘the plan 

is’’ and inserting ‘‘the plan are’’. 

(B) Section 412(c)(7) of the 1986 Code is 

amended by inserting ‘‘which reduces the accrued benefit of any participant’’ after ‘‘subsection (d)(2)’’ in subparagraph (A). 

(C) Section 412(d)(1) of the 1986 Code is 

amended by striking ‘‘, the valuation date,’’. 

(b) AMENDMENTS RELATED TO SECTIONS 102 

AND 112.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 303(b) of ERISA is amended to 

read as follows: 

‘‘(b) TARGET NORMAL COST.—For purposes 

of this section: 

‘‘(1) IN GENERAL.—Except as provided in 

subsection (i)(2) with respect to plans in atrisk status, the term ‘target normal cost’ 

means, for any plan year, the excess of— 

‘‘(A) the sum of— 

‘‘(i) the present value of all benefits which 

are expected to accrue or to be earned under 

the plan during the plan year, plus 

‘‘(ii) the amount of plan-related expenses 

expected to be paid from plan assets during 

the plan year, over 

‘‘(B) the amount of mandatory employee 

contributions expected to be made during 

the plan year. 

‘‘(2) SPECIAL RULE FOR INCREASE IN COMPENSATION.—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.’’. 

(B) Section 303(c)(5)(B)(iii) of ERISA is 

amended by inserting ‘‘beginning’’ before 

‘‘after 2008’’. 

(C) Section 303(c)(5)(B)(iv)(II) of ERISA is 

amended by inserting ‘‘for such year’’ after 

‘‘beginning in 2007)’’. 

(D) Section 303(f)(4)(A) of ERISA is amended by striking ‘‘paragraph (2)’’ and inserting 

‘‘paragraph (3)’’. 

(E) Section 303(h)(2)(F) of ERISA is amended— 

(i) by striking ‘‘section 205(g)(3)(B)(iii)(I)) 

for such month’’ and inserting ‘‘section 

205(g)(3)(B)(iii)(I) for such month)’’, and 

(ii) by striking ‘‘subparagraph (B)’’ and inserting ‘‘subparagraph (C)’’. 

(F) Section 303(i) of ERISA is amended— 

(i) in paragraph (2)— 

(I) by striking subparagraph (A) and inserting the following new subparagraph: 

‘‘(A) the excess of— 

‘‘(i) the sum of— 

‘‘(I) 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 

‘‘(II) the amount of plan-related expenses 

expected to be paid from plan assets during 

the plan year, over 

‘‘(ii) the amount of mandatory employee 

contributions expected to be made during 

the plan year, plus’’, and 

(II) in subparagraph (B), by striking ‘‘the 

target normal cost (determined without regard to this paragraph) of the plan for the 

plan year’’ and inserting ‘‘the amount determined under subsection (b)(1)(A)(i) with respect to the plan for the plan year’’, and 

(ii) by striking ‘‘subparagraph (A)(ii)’’ in 

the last sentence of paragraph (4)(B) and inserting ‘‘subparagraph (A)’’. 

(G) Section 303(j)(3) of ERISA— 

(i) is amended by adding at the end of subparagraph (A) the following new sentence: 

‘‘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.’’, 

(ii) by adding at the end of subparagraph 

(E) the following new clause: 

‘‘(iii) PLAN WITH ALTERNATE VALUATION

DATE.—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.’’, and 

(iii) by striking ‘‘AND SHORT YEARS’’ in the 

heading of subparagraph (E) and inserting ‘‘, 

SHORT YEARS, AND YEARS WITH ALTERNATE

VALUATION DATE’’. 

(H) Section 303(k)(6)(B) of ERISA is amended by striking ‘‘, except’’ and all that follows 

and inserting a period. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 430(b) of the 1986 Code is 

amended to read as follows: 

‘‘(b) TARGET NORMAL COST.—For purposes 

of this section: 

‘‘(1) IN GENERAL.—Except as provided in 

subsection (i)(2) with respect to plans in atrisk status, the term ‘target normal cost’ 

means, for any plan year, the excess of— 

‘‘(A) the sum of— 

‘‘(i) the present value of all benefits which 

are expected to accrue or to be earned under 

the plan during the plan year, plus 

‘‘(ii) the amount of plan-related expenses 

expected to be paid from plan assets during 

the plan year, over 

‘‘(B) the amount of mandatory employee 

contributions expected to be made during 

the plan year. 

‘‘(2) SPECIAL RULE FOR INCREASE IN COMPENSATION.—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.’’. 

(B) Section 430(c)(5)(B)(iii) of the 1986 Code 

is amended by inserting ‘‘beginning’’ before 

‘‘after 2008’’. 

(C) Section 430(c)(5)(B)(iv)(II) of the 1986 

Code is amended by inserting ‘‘for such 

year’’ after ‘‘beginning in 2007)’’. 

(D) Section 430(f) of the 1986 Code is amended— 

(i) by striking ‘‘as of the first day of the 

plan year’’ the second place it appears in the 

first sentence of paragraph (3)(A), 

(ii) by striking ‘‘paragraph (2)’’ in paragraph (4)(A) and inserting ‘‘paragraph (3)’’, 

(iii) by striking ‘‘paragraph (1), (2), or (4) of 

section 206(g)’’ in paragraph (6)(B)(iii) and inserting ‘‘subsection (b), (c), or (e) of section 

436’’, 

(iv) by striking ‘‘the sum of’’ in paragraph 

(6)(C), and 

(v) by striking ‘‘of the Treasury’’ in paragraph (8). 

(E) Section 430(h)(2) of the 1986 Code is 

amended— 

(i) by inserting ‘‘and target normal cost’’ 

after ‘‘funding target’’ in subparagraph (B), 

(ii) by striking ‘‘liabilities’’ and inserting 

‘‘benefits’’ in subparagraph (B), 

(iii) by striking ‘‘section 417(e)(3)(D)(i)) for 

such month’’ in subparagraph (F) and inserting ‘‘section 417(e)(3)(D)(i) for such month)’’, 

and 

(iv) by striking ‘‘subparagraph (B)’’ in subparagraph (F) and inserting ‘‘subparagraph 

(C)’’. 

(F) Section 430(i) of the 1986 Code is amended— 

(i) in paragraph (2)— 

(I) by striking subparagraph (A) and inserting the following new subparagraph: 

‘‘(A) the excess of— 

‘‘(i) the sum of— 

‘‘(I) 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 

‘‘(II) the amount of plan-related expenses 

expected to be paid from plan assets during 

the plan year, over 

‘‘(ii) the amount of mandatory employee 

contributions expected to be made during 

the plan year, plus’’, and 

(II) in subparagraph (B), by striking ‘‘the 

target normal cost (determined without regard to this paragraph) of the plan for the 

plan year’’ and inserting ‘‘the amount determined under subsection (b)(1)(A)(i) with respect to the plan for the plan year’’, and 

(ii) by striking ‘‘subparagraph (A)(ii)’’ in 

the last sentence of paragraph (4)(B) and inserting ‘‘subparagraph (A)’’. 

(G) Section 430(j)(3) of the 1986 Code is 

amended— 

(i) by adding at the end of subparagraph 

(A) the following new sentence: ‘‘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.’’, 

(ii) by striking ‘‘section 302(c)’’ in subparagraph (D)(ii)(II) and inserting ‘‘section 

412(c)’’, 

(iii) by adding at the end of subparagraph 

(E) the following new clause: 

‘‘(iii) PLAN WITH ALTERNATE VALUATION

DATE.—The Secretary shall prescribe regulations for the application of this paragraph in 

December 10, 2008 CONGRESSIONAL RECORD — HOUSE H10937 

the case of a plan which has a valuation date 

other than the first day of the plan year.’’, 

and 

(iv) by striking ‘‘AND SHORT YEARS’’ in the 

heading of subparagraph (E) and inserting ‘‘, 

SHORT YEARS, AND YEARS WITH ALTERNATE

VALUATION DATE’’. 

(H) Section 430(k) of the 1986 Code is 

amended— 

(i) by inserting ‘‘(as provided under paragraph (2))’’ after ‘‘applies’’ in paragraph (1), 

and 

(ii) by striking ‘‘, except’’ and all that follows in paragraph (6)(B) and inserting a period. 

(3) EFFECTIVE DATES.— 

(A) IN GENERAL.—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. 

(B) ELECTION FOR EARLIER APPLICATION.— 

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. 

(c) AMENDMENTS RELATED TO SECTIONS 103 

AND 113.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 101(j) of ERISA is amended— 

(i) in paragraph (2), by striking ‘‘section 

206(g)(4)(B)’’ and inserting ‘‘section 

206(g)(4)(A)’’; and 

(ii) by adding at the end the following: 

‘‘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.’’. 

(B) Section 206(g)(1)(B)(ii) of ERISA is 

amended by striking ‘‘a funding’’ and inserting ‘‘an adjusted funding’’. 

(C) The heading for section 206(g)(1)(C) of 

ERISA is amended by inserting ‘‘BENEFIT’’ 

after ‘‘EVENT’’. 

(D) Section 206(g)(3)(E) of ERISA is amended by adding at the end the following new 

flush sentence: 

‘‘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.’’. 

(E) Section 206(g)(5)(A)(iv) of ERISA is 

amended by inserting ‘‘adjusted’’ before 

‘‘funding’’. 

(F) Section 206(g)(9)(C) of ERISA is amended— 

(i) by striking ‘‘without regard to this subparagraph and’’ in clause (i), and 

(ii) in clause (iii)— 

(I) by striking ‘‘without regard to this subparagraph’’ and inserting ‘‘without regard to 

the reduction in the value of assets under 

section 303(f)(4)’’, and 

(II) by inserting ‘‘beginning’’ before 

‘‘after’’ each place it appears. 

(G) Section 206(g) of ERISA is amended by 

redesignating paragraph (10) as paragraph 

(11) and by inserting after paragraph (9) the 

following new paragraph: 

‘‘(10) SECRETARIAL AUTHORITY FOR PLANS

WITH ALTERNATE VALUATION DATE.—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.’’. 

(H) Section 502(c)(4) of ERISA is amended 

by striking ‘‘by any person’’ and all that follows through the period and inserting ‘‘by 

any person of subsection (j), (k), or (l) of section 101 or section 514(e)(3).’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 436(b)(2) of the 1986 Code is 

amended— 

(i) by striking ‘‘section 303’’ and inserting 

‘‘section 430’’ in the matter preceding subparagraph (A), and 

(ii) by striking ‘‘a funding’’ and inserting 

‘‘an adjusted funding’’ in subparagraph (B). 

(B) Section 436(b)(3) of the 1986 Code is 

amended— 

(i) by inserting ‘‘BENEFIT’’ after ‘‘EVENT’’ in 

the heading, and 

(ii) by striking ‘‘any event’’ in subparagraph (B) and inserting ‘‘an event’’. 

(C) Section 436(d)(5) of the 1986 Code is 

amended by adding at the end the following 

new flush sentence: 

‘‘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.’’. 

(D) Section 436(f) of the 1986 Code is amended— 

(i) by inserting ‘‘adjusted’’ before ‘‘funding’’ in paragraph (1)(D), and 

(ii) by striking ‘‘prefunding balance under 

section 430(f) or funding standard carryover 

balance’’ in paragraph (2) and inserting 

‘‘prefunding balance or funding standard carryover balance under section 430(f)’’. 

(E) Section 436(j)(3) of the 1986 Code is 

amended— 

(i) in subparagraph (A)— 

(I) by striking ‘‘without regard to this 

paragraph and’’, 

(II) by striking ‘‘section 430(f)(4)(A)’’ and 

inserting ‘‘section 430(f)(4)’’, and 

(III) by striking ‘‘paragraph (1)’’ and inserting ‘‘paragraphs (1) and (2)’’, and 

(ii) in subparagraph (C)— 

(I) by striking ‘‘without regard to this 

paragraph’’ and inserting ‘‘without regard to 

the reduction in the value of assets under 

section 430(f)(4)’’, and 

(II) by inserting ‘‘beginning’’ before 

‘‘after’’ each place it appears. 

(F) 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: 

‘‘(k) SECRETARIAL AUTHORITY FOR PLANS

WITH ALTERNATE VALUATION DATE.—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. 

‘‘(l) SINGLE-EMPLOYER PLAN.—For purposes 

of this section, the term ‘single-employer 

plan’ means a plan which is not a multiemployer plan.’’. 

(3) AMENDMENTS TO 2006 ACT.—Sections 

103(c)(2)(A)(ii) and 113(b)(2)(A)(ii) of the 2006 

Act are each amended— 

(A) by striking ‘‘subsection’’ and inserting 

‘‘section’’, and 

(B) by striking ‘‘subparagraph’’ and inserting ‘‘paragraph’’. 

(d) AMENDMENTS RELATED TO SECTIONS 107 

AND 114.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 103(d) of ERISA is amended— 

(i) in paragraph (3), by striking ‘‘the normal costs, the accrued liabilities’’ and inserting ‘‘the normal costs or target normal 

costs, the accrued liabilities or funding target’’, and 

(ii) by striking paragraph (7) and inserting 

the following new paragraph: 

‘‘(7) 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.’’. 

(B) Section 4071 of ERISA is amended by 

striking ‘‘as section 303(k)(4) or 307(e)’’ and 

inserting ‘‘or section 303(k)(4),’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 401(a)(29) of the 1986 Code is 

amended by striking ‘‘ON PLANS IN AT-RISK

STATUS’’ in the heading. 

(B) Section 401(a)(32)(C) of the 1986 Code is 

amended— 

(i) by striking ‘‘section 430(j)’’ and inserting ‘‘section 430(j)(3)’’, and 

(ii) by striking ‘‘paragraph (5)(A)’’ and inserting ‘‘section 430(j)(4)(A)’’. 

(C) Section 401(a)(33) of the 1986 Code is 

amended— 

(i) by striking ‘‘section 412(c)(2)’’ in subparagraph (B)(iii) and inserting ‘‘section 

412(d)(2)’’, and 

(ii) by striking ‘‘section 412(b)(2) (without 

regard to subparagraph (B) thereof)’’ in subparagraph (D) and inserting ‘‘section 

412(b)(1), without regard to section 412(b)(2)’’. 

(D) Section 411 of the 1986 Code is amended— 

(i) by striking ‘‘section 412(c)(2)’’ in subsection (a)(3)(C) and inserting ‘‘section 

412(d)(2)’’, and 

(ii) by striking ‘‘section 412(e)(2)’’ in subsection (d)(6)(A) and inserting ‘‘section 

412(d)(2)’’. 

(E) Section 414(l)(2)(B)(i)(I) of the 1986 Code 

is amended to read as follows: 

‘‘(I) the sum of the funding target and target normal cost determined under section 

430, over’’. 

(F) Section 4971 of the 1986 Code is amended— 

(i) by striking ‘‘required minimum’’ in subsection (b)(1) and inserting ‘‘minimum required’’, 

(ii) by inserting ‘‘or unpaid minimum required contribution, whichever is applicable’’ after ‘‘accumulated funding deficiency’’ 

each place it appears in subsections (c)(3) 

and (d)(1), and 

(iii) by striking ‘‘section 412(a)(1)(A)’’ in 

subsection (e)(1) and inserting ‘‘section 

412(a)(2)’’. 

(3) AMENDMENT TO 2006 ACT.—Section 114 of 

the 2006 Act is amended by adding at the end 

the following new subsection: 

‘‘(g) EFFECTIVE DATES.— 

‘‘(1) IN GENERAL.—The amendments made 

by this section shall apply to plan years beginning after 2007. 

‘‘(2) EXCISE TAX.—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.’’. 

(e) AMENDMENT RELATED TO SECTION 116.— 

Section 409A(b)(3)(A)(ii) of the 1986 Code is 

amended by inserting ‘‘to an applicable covered employee’’ after ‘‘under the plan’’. 

SEC. 102. AMENDMENTS RELATED TO TITLE II. 

(a) AMENDMENT RELATED TO SECTIONS 201 

AND 211.—Section 201(b)(2)(A) of the 2006 Act 

is amended by striking ‘‘has not used’’ and 

inserting ‘‘has not adopted, or ceased 

using,’’. 

(b) AMENDMENTS RELATED TO SECTIONS 202 

AND 212.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 302(b)(3) of ERISA is amended 

by striking ‘‘the plan adopts’’ and inserting 

‘‘the plan sponsor adopts’’. 

(B) Section 305(b)(3)(C) of ERISA is amended by striking ‘‘section 101(b)(4)’’ and inserting ‘‘section 101(b)(1)’’. 

(C) Section 305(b)(3)(D) of ERISA is amended by striking ‘‘The Secretary’’ in clause (iii) 

and inserting ‘‘The Secretary of the Treasury, in consultation with the Secretary’’. 

(D) Section 305(c)(7) of ERISA is amended— 

(i) by striking ‘‘to agree on’’ and all that 

follows in subparagraph (A)(ii) and inserting 

‘‘to adopt a contribution schedule with 

terms consistent with the funding improvement plan and a schedule from the plan 

sponsor,’’, and 

H10938 CONGRESSIONAL RECORD — HOUSE December 10, 2008 

(ii) by striking subparagraph (B) and inserting the following new subparagraph: 

‘‘(B) DATE OF IMPLEMENTATION.—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.’’, and 

(iii) by adding at the end the following new 

subparagraph: 

‘‘(C) FAILURE TO MAKE SCHEDULED CONTRIBUTIONS.—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.’’. 

(E) Section 305(e) of ERISA is amended— 

(i) in paragraph (3)(C)— 

(I) by striking all that follows ‘‘to adopt a’’ 

in clause (i)(II) and inserting ‘‘to adopt a 

contribution schedule with terms consistent 

with the rehabilitation plan and a schedule 

from the plan sponsor under paragraph 

(1)(B)(i),’’, 

(II) by striking clause (ii) and inserting the 

following new clause: 

‘‘(ii) DATE OF IMPLEMENTATION.—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.’’, and 

(III) by adding at the end the following new 

clause: 

‘‘(iii) FAILURE TO MAKE SCHEDULED CONTRIBUTIONS.—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.’’, 

(ii) in paragraph (4)— 

(I) by striking ‘‘the date of’’ in subparagraph (A)(ii), and 

(II) by striking ‘‘and taking’’ in subparagraph (B) and inserting ‘‘but taking’’, 

(iii) in paragraph (6)— 

(I) by striking ‘‘paragraph (1)(B)(i)’’ and inserting ‘‘the last sentence of paragraph (1)’’, 

and 

(II) by striking ‘‘established’’ and inserting 

‘‘establish’’, 

(iv) in paragraph (8)(C)(iii)— 

(I) by striking ‘‘the Secretary’’ in subclause (I) and inserting ‘‘the Secretary of the 

Treasury, in consultation with the Secretary’’, and 

(II) by striking ‘‘Secretary’’ in the last 

sentence and inserting ‘‘Secretary of the 

Treasury’’, and 

(v) by striking ‘‘an employer’s withdrawal 

liability’’ in paragraph (9)(B) and inserting 

‘‘the allocation of unfunded vested benefits 

to an employer’’. 

(F) Section 305(f)(2)(A)(i) of ERISA is 

amended by adding at the end the following: 

‘‘to a participant or beneficiary whose annuity starting date (as defined in section 

205(h)(2)) occurs after the date such notice is 

sent,’’. 

(G) Section 305(g) of ERISA is amended by 

inserting ‘‘under subsection (c)’’ after ‘‘funding improvement plan’’ the first place it appears. 

(H) Section 502(c)(2) of ERISA is amended 

by striking ‘‘101(b)(4)’’ and inserting 

‘‘101(b)(1)’’. 

(I) Section 502(c)(8)(A) of ERISA is amended by inserting ‘‘plan’’ after ‘‘multiemployer’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 432(b)(3)(C) of the 1986 Code is 

amended by striking ‘‘section 101(b)(4)’’ and 

inserting ‘‘section 101(b)(1)’’. 

(B) Section 432(b)(3)(D)(iii) of the 1986 Code 

is amended by striking ‘‘The Secretary of 

Labor’’ and inserting ‘‘The Secretary, in consultation with the Secretary of Labor’’. 

(C) Section 432(c) of the 1986 Code is 

amended— 

(i) in paragraph (3), by striking ‘‘section 

304(d)’’ in subparagraph (A)(ii) and inserting 

‘‘section 431(d)’’, and 

(ii) in paragraph (7)— 

(I) by striking ‘‘to agree on’’ and all that 

follows in subparagraph (A)(ii) and inserting 

‘‘to adopt a contribution schedule with 

terms consistent with the funding improvement plan and a schedule from the plan 

sponsor,’’, and 

(II) by striking subparagraph (B) and inserting the following new subparagraph: 

‘‘(B) DATE OF IMPLEMENTATION.—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.’’. 

(D) Section 432(e) of the 1986 Code is 

amended— 

(i) in paragraph (3)(C)— 

(I) by striking all that follows ‘‘to adopt a’’ 

in clause (i)(II) and inserting ‘‘to adopt a 

contribution schedule with terms consistent 

with the rehabilitation plan and a schedule 

from the plan sponsor under paragraph 

(1)(B)(i),’’, and 

(II) by striking clause (ii) and inserting the 

following new clause: 

‘‘(ii) DATE OF IMPLEMENTATION.—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.’’, 

(ii) in paragraph (4)— 

(I) by striking ‘‘the date of’’ in subparagraph (A)(ii), and 

(II) by striking ‘‘and taking’’ in subparagraph (B) and inserting ‘‘but taking’’, 

(iii) in paragraph (6)— 

(I) by striking ‘‘paragraph (1)(B)(i)’’ and inserting ‘‘the last sentence of paragraph (1)’’, 

and 

(II) by striking ‘‘established’’ and inserting 

‘‘establish’’, 

(iv) in paragraph (8)— 

(I) by striking ‘‘section 204(g)’’ in subparagraph (A)(i) and inserting ‘‘section 411(d)(6)’’, 

(II) by inserting ‘‘of the Employee Retirement Income Security Act of 1974’’ after 

‘‘4212(a)’’ in subparagraph (C)(i)(II), 

(III) by striking ‘‘the Secretary of Labor’’ 

in subparagraph (C)(iii)(I) and inserting ‘‘the 

Secretary, in consultation with the Secretary of Labor’’, and 

(IV) by striking ‘‘the Secretary of Labor’’ 

in the last sentence of subparagraph (C)(iii) 

and inserting ‘‘the Secretary’’, and 

(v) by striking ‘‘an employer’s withdrawal 

liability’’ in paragraph (9)(B) and inserting 

‘‘the allocation of unfunded vested benefits 

to an employer’’. 

(E) Section 432(f)(2)(A)(i) of the 1986 Code is 

amended— 

(i) by striking ‘‘section 411(b)(1)(A)’’ and 

inserting ‘‘section 411(a)(9)’’; and 

(ii) by inserting at the end the following: 

‘‘to a participant or beneficiary whose annuity starting date (as defined in section 

417(f)(2)) occurs after the date such notice is 

sent,’’. 

(F) Section 432(g) of the 1986 Code is 

amended by inserting ‘‘under subsection (c)’’ 

after ‘‘funding improvement plan’’ the first 

place it appears. 

(G) Section 432(i) of the 1986 Code is amended— 

(i) by striking ‘‘section 412(a)’’ in paragraph (3) and inserting ‘‘section 431(a)’’, and 

(ii) by striking paragraph (9) and inserting 

the following new paragraph: 

‘‘(9) PLAN SPONSOR.—For purposes of this 

section, section 431, and section 4971(g): 

‘‘(A) IN GENERAL.—The term ‘plan sponsor’ 

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. 

‘‘(B) SPECIAL RULE FOR SECTION 404(c) 

PLANS.—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).’’. 

(H) Section 412(b)(3) of the 1986 Code is 

amended by striking ‘‘the plan adopts’’ and 

inserting ‘‘the plan sponsor adopts’’. 

(I) Section 4971(g)(4) of the 1986 Code is 

amended— 

(i) in subparagraph (B)(ii), by striking 

‘‘first day of’’ and inserting ‘‘day following 

the close of’’, and 

(ii) by striking clause (ii) of subparagraph 

(C) and inserting the following new clause: 

‘‘(ii) PLAN SPONSOR.—For purposes of 

clause (i), the term ‘plan sponsor’ has the 

meaning given such term by section 

432(i)(9).’’. 

(3) AMENDMENTS TO 2006 ACT.— 

(A) Section 212(b)(2) of the 2006 Act is 

amended by striking ‘‘Section 4971(c)(2) of 

such Code’’ and inserting ‘‘Section 4971(e)(2) 

of such Code’’. 

(B) Section 212(e)(1) of the 2006 Act is 

amended by inserting ‘‘, 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’’ before the period at the 

end. 

(C) Section 212(e)(2) of the 2006 Act is 

amended by striking ‘‘section 305(b)(3) of the 

Employee Retirement Income Security Act 

of 1974’’ and inserting ‘‘section 432(b)(3) of 

the Internal Revenue Code of 1986’’. 

SEC. 103. AMENDMENTS RELATED TO TITLE III. 

(a) AMENDMENT RELATED TO SECTION 301.— 

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 ‘‘2008’’ and inserting ‘‘2009’’. 

(b) AMENDMENTS RELATED TO SECTION 302.— 

(1) AMENDMENT TO ERISA.—Section 

205(g)(3)(B)(iii)(II) of ERISA is amended by 

striking ‘‘section 205(g)(3)(B)(iii)(II)’’ and inserting ‘‘section 205(g)(3)(A)(ii)(II)’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 417(e)(3)(D)(i) of the 1986 Code 

is amended by striking ‘‘clause (ii)’’ and inserting ‘‘subparagraph (C)’’. 

(B)(i) Section 415(b)(2)(E)(v) of the 1986 

Code is amended to read as follows: 

‘‘(v) 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)).’’. 

(ii)(I) Except as provided in subclause (II), 

the amendment made by clause (i) shall 

apply to years beginning after December 31, 

2008. 

(II) 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. 

SEC. 104. AMENDMENTS RELATED TO TITLE IV. 

(a) AMENDMENT RELATED TO SECTION 401.— 

Section 4006(a)(3)(A)(i) of ERISA is amended 

by striking ‘‘1990’’ and inserting ‘‘2005’’. 

(b) AMENDMENT RELATED TO SECTION 402.— 

Section 402(c)(1)(A) of the 2006 Act is amended by striking ‘‘commercial airline’’ and inserting ‘‘commercial’’. 

(c) AMENDMENT RELATED TO SECTION 408.— 

Section 4044(e) of ERISA, as added by section 

408(b)(2) of the 2006 Act, is redesignated as 

subsection (f). 

(d) AMENDMENTS RELATED TO SECTION 409.— 

Section 4041(b)(5)(A) of ERISA is amended by 

striking ‘‘subparagraph (B)’’ and inserting 

‘‘subparagraphs (B) and (D)’’. 

(e) AMENDMENTS RELATED TO SECTION 410.— 

Section 4050(d)(4)(A) of ERISA is amended— 

December 10, 2008 CONGRESSIONAL RECORD — HOUSE H10939 

(1) by striking ‘‘and’’ at the end of clause 

(i), and 

(2) by striking clause (ii) and inserting the 

following new clauses: 

‘‘(ii) which is not a plan described in paragraph (2), (3), (4), (6), (7), (8), (9), (10), or (11) 

of section 4021(b), and 

‘‘(iii) 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’’. 

SEC. 105. AMENDMENTS RELATED TO TITLE V. 

(a) AMENDMENT RELATED TO SECTION 501.— 

Section 101(f)(2)(B)(ii) of ERISA is amended— 

(1) by striking ‘‘for which the latest annual 

report filed under section 104(a) was filed’’ in 

subclause (I)(aa) and inserting ‘‘to which the 

notice relates’’, and 

(2) by striking subclause (II) and inserting 

the following new subclause: 

‘‘(II) 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),’’. 

(b) AMENDMENTS RELATED TO SECTION 502.— 

(1) Section 101(k)(2) of ERISA is amended 

by filing at the end the following new flush 

sentence: 

‘‘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).’’. 

(2) Section 4221 of ERISA is amended by 

striking subsection (e) and by redesignating 

subsections (f) and (g) as subsections (e) and 

(f), respectively. 

(c) AMENDMENTS RELATED TO SECTION 503.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 104(b)(3) of ERISA is amended 

by— 

(i) striking ‘‘section 103(f)’’ and inserting 

‘‘section 101(f)’’, and 

(ii) striking ‘‘the administrators’’ and inserting ‘‘the administrator’’. 

(B) Section 104(d)(1)(E)(ii) of ERISA is 

amended by inserting ‘‘funding’’ after 

‘‘plan’s’’. 

(2) AMENDMENTS TO 2006 ACT.—Section 503(e) 

of the 2006 Act is amended by striking ‘‘section 101(f)’’ and inserting ‘‘section 104(d)’’. 

(d) AMENDMENT RELATED TO SECTION 505.— 

Section 4010(d)(2)(B) of ERISA is amended by 

striking ‘‘section 302(d)(2)’’ and inserting 

‘‘section 303(d)(2)’’. 

(e) AMENDMENTS RELATED TO SECTION 506.— 

(1) Section 4041(c)(2)(D)(i) of ERISA is 

amended by striking ‘‘subsection (a)(2)’’ the 

second place it appears and inserting ‘‘subparagraph (A) or the regulations under subsection (a)(2)’’. 

(2) Section 4042(c)(3)(C)(i) of ERISA is 

amended— 

(A) by striking ‘‘and plan sponsor’’ and inserting ‘‘, the plan sponsor, or the corporation’’, and 

(B) by striking ‘‘subparagraph (A)(i)’’ and 

inserting ‘‘subparagraph (A)’’. 

(f) AMENDMENTS RELATED TO SECTION 508.— 

Section 209(a) of ERISA is amended— 

(1) in paragraph (1)— 

(A) by striking ‘‘regulations prescribed by 

the Secretary’’ and inserting ‘‘such regulations as the Secretary may prescribe’’, and 

(B) by striking the last sentence and inserting ‘‘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).’’, and 

(2) by striking paragraph (2) and inserting 

the following: 

‘‘(2) 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).’’. 

(g) AMENDMENT RELATED TO SECTION 509.— 

Section 101(i)(8)(B) of ERISA is amended to 

read as follows: 

‘‘(B) ONE-PARTICIPANT RETIREMENT PLAN.— 

For purposes of subparagraph (A), the term 

‘one-participant retirement plan’ means a 

retirement plan that on the first day of the 

plan year— 

‘‘(i) 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 

‘‘(ii) covered only one or more partners (or 

partners and their spouses) in the plan sponsor.’’. 

SEC. 106. AMENDMENTS RELATED TO TITLE VI. 

(a) AMENDMENTS RELATED TO SECTION 601.— 

(1) AMENDMENTS TO ERISA.— 

(A) Section 408(g)(3)(D)(ii) of ERISA is 

amended by striking ‘‘subsection 

(b)(14)(B)(ii)’’ and inserting ‘‘subsection 

(b)(14)(A)(ii)’’. 

(B) Section 408(g)(6)(A)(i) of ERISA is 

amended by striking ‘‘financial adviser’’ and 

inserting ‘‘fiduciary adviser’’. 

(C) Section 408(g)(11)(A) of ERISA is 

amended— 

(i) by striking ‘‘the participant’’ each place 

it appears and inserting ‘‘a participant’’, and 

(ii) by striking ‘‘section 408(b)(4)’’ in clause 

(ii) and inserting ‘‘subsection (b)(4)’’. 

(2) AMENDMENTS TO 1986 CODE.— 

(A) Section 4975(d)(17) of the 1986 Code, in 

the matter preceding subparagraph (A), is 

amended by striking ‘‘and that permits’’ and 

inserting ‘‘that permits’’. 

(B) Section 4975(f)(8) of the 1986 Code is 

amended— 

(i) in subparagraph (A), by striking ‘‘subsection (b)(14)’’ and inserting ‘‘subsection 

(d)(17)’’, 

(ii) in subparagraph (C)(iv)(II), by striking 

‘‘subsection (b)(14)(B)(ii)’’ and inserting 

‘‘(d)(17)(A)(ii)’’, 

(iii) in subparagraph (F)(i)(I), by striking 

‘‘financial adviser’’ and inserting ‘‘fiduciary 

adviser,’’, 

(iv) in subparagraph (I), by striking ‘‘section 406’’ and inserting ‘‘subsection (c)’’, and 

(v) in subparagraph (J)(i)— 

(I) by striking ‘‘the participant’’ each place 

it appears and inserting ‘‘a participant’’, 

(II) in the matter preceding subclause (I), 

by inserting ‘‘referred to in subsection 

(e)(3)(B)’’ after ‘‘investment advice’’, and 

(III) in subclause (II), by striking ‘‘section 

408(b)(4)’’ and inserting ‘‘subsection (d)(4)’’. 

(3) AMENDMENT TO 2006 ACT.—Section 

601(b)(4) of the 2006 Act is amended by striking ‘‘section 4975(c)(3)(B)’’ and inserting 

‘‘section 4975(e)(3)(B)’’. 

(b) AMENDMENTS RELATED TO SECTION 611.— 

(1) AMENDMENT TO ERISA.—Section 

408(b)(18)(C) of ERISA is amended by striking 

‘‘or less’’. 

(2) AMENDMENTS TO 1986 CODE.—Section 

4975(d) of the 1986 Code is amended— 

(A) in the matter preceding subparagraph 

(A) of paragraph (18)— 

(i) by striking ‘‘party in interest’’ and inserting ‘‘disqualified person’’, and 

(ii) by striking ‘‘subsection (e)(3)(B)’’ and 

inserting ‘‘subsection (e)(3)’’, 

(B) in paragraphs (19), (20), and (21), by 

striking ‘‘party in interest’’ each place it appears and inserting ‘‘disqualified person’’, 

and 

(C) by striking ‘‘or less’’ in paragraph 

(21)(C). 

(c) AMENDMENTS RELATED TO SECTION 612.— 

Section 4975(f)(11)(B)(i) of the 1986 Code is 

amended by— 

(1) inserting ‘‘of the Employee Retirement 

Income Security Act of 1974’’ after ‘‘section 

407(d)(1)’’, and 

(2) inserting ‘‘of such Act’’ after ‘‘section 

407(d)(2)’’. 

(d) AMENDMENTS RELATED TO SECTION 624.— 

Section 404(c)(5) of ERISA is amended by 

striking ‘‘participant’’ each place it appears 

and inserting ‘‘participant or beneficiary’’. 

SEC. 107. AMENDMENTS RELATED TO TITLE VII. 

(a) AMENDMENTS TO ERISA.— 

(1) Section 203(f)(1)(B) of ERISA is amended to read as follows: 

‘‘(B) the requirements of section 204(c) or 

205(g), or the requirements of subsection (e), 

with respect to accrued benefits derived from 

employer contributions,’’. 

(2) Section 204(b)(5) of ERISA is amended— 

(A) by striking ‘‘clause’’ in subparagraph 

(A)(iii) and inserting ‘‘subparagraph’’, and 

(B) by inserting ‘‘otherwise’’ before ‘‘allowable’’ in subparagraph (C). 

(3) Subclause (II) of section 204(b)(5)(B)(i) 

of ERISA is amended to read as follows: 

‘‘(II) PRESERVATION OF CAPITAL.—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.’’. 

(b) AMENDMENTS TO 1986 CODE.— 

(1) Section 411(b)(5) of the 1986 Code is 

amended— 

(A) by striking ‘‘clause’’ in subparagraph 

(A)(iii) and inserting ‘‘subparagraph’’, and 

(B) by inserting ‘‘otherwise’’ before ‘‘allowable’’ in subparagraph (C). 

(2) Section 411(a)(13)(A) of the 1986 Code is 

amended— 

(A) by striking ‘‘paragraph (2)’’ in clause 

(i) and inserting ‘‘subparagraph (B)’’, 

(B) by striking clause (ii) and inserting the 

following new clause: 

‘‘(ii) the requirements of subsection (a)(11) 

or (c), or the requirements of section 417(e), 

with respect to accrued benefits derived from 

employer contributions,’’, and 

(C) by striking ‘‘paragraph (3)’’ in the matter following clause (ii) and inserting ‘‘subparagraph (C)’’. 

(3) Subclause (II) of section 411(b)(5)(B)(i) 

of the 1986 Code is amended to read as follows: 

‘‘(II) PRESERVATION OF CAPITAL.—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.’’. 

(c) AMENDMENTS TO 2006 ACT.— 

(1) Section 701(d)(2) of the 2006 Act is 

amended by striking ‘‘204(g)’’ and inserting 

‘‘205(g)’’. 

(2) Section 701(e) of the 2006 Act is amended— 

(A) by inserting ‘‘on or’’ after ‘‘period’’ in 

paragraph (3), 

(B) in paragraph (4)— 

(i) by inserting ‘‘the earlier of’’ after ‘‘before’’ in the matter preceding subparagraph 

(A), and 

(ii) by striking ‘‘earlier’’ and inserting 

‘‘later’’ in subparagraph (A), 

(C) by inserting ‘‘on or’’ before ‘‘after’’ 

each place it appears in paragraph (5), and 

(D) by adding at the end the following new 

paragraph: 

H10940 CONGRESSIONAL RECORD — HOUSE December 10, 2008 

‘‘(6) SPECIAL RULE FOR VESTING REQUIREMENTS.—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)— 

‘‘(A) 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 

‘‘(B) 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.’’. 

SEC. 108. AMENDMENTS RELATED TO TITLE VIII. 

(a) AMENDMENTS RELATED TO SECTION 801.— 

(1) Section 404(o) of the 1986 Code is amended— 

(A) by striking ‘‘430(g)(2)’’ in paragraph 

(2)(A)(ii) and inserting ‘‘430(g)(3)’’, and 

(B) by striking ‘‘412(f)(4)’’ in paragraph 

(4)(B) and inserting ‘‘412(d)(3)’’. 

(2) Section 404(a)(7)(A) of the 1986 Code is 

amended— 

(A) by striking the next to last sentence, 

and 

(B) by striking ‘‘the plan’s funding shortfall determined under section 430’’ in the last 

sentence and inserting ‘‘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))’’. 

(b) AMENDMENT RELATED TO SECTION 802.— 

Section 404(a)(1)(D)(i) of the 1986 Code is 

amended by striking ‘‘431(c)(6)(C)’’ and inserting ‘‘431(c)(6)(D)’’. 

(c) AMENDMENT RELATED TO SECTION 803.— 

Clause (iii) of section 404(a)(7)(C) of the 1986 

Code is amended to read as follows: 

‘‘(iii) LIMITATION.—In the case of employer 

contributions to 1 or more defined contribution plans— 

‘‘(I) 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 

‘‘(II) 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. 

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.’’. 

(d) AMENDMENTS RELATED TO SECTION 824.— 

(1) 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— 

(A) by striking the second ‘‘an’’ before ‘‘eligible’’, 

(B) by striking ‘‘other than a Roth IRA’’, 

and 

(C) by adding at the end the following new 

flush sentence: 

‘‘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).’’ 

(2) 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 

‘‘(other than a Roth IRA)’’ and by inserting 

at the end the following new sentence: ‘‘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)’’. 

(e) AMENDMENT TO SECTION 827.—The first 

sentence of section 72(t)(2)(G)(iv) of the 1986 

Code is amended by inserting ‘‘on or’’ before 

‘‘before’’. 

(f) AMENDMENTS RELATED TO SECTION 829.— 

(1) Section 402(c)(11) of the 1986 Code is 

amended— 

(A) by inserting ‘‘described in paragraph 

(8)(B)(iii)’’ after ‘‘eligible retirement plan’’ 

in subparagraph (A), and 

(B) by striking ‘‘trust’’ before ‘‘designated 

beneficiary’’ in subparagraph (B). 

(2)(A) Section 402(f)(2)(A) of the 1986 Code is 

amended by adding at the end the following 

new sentence: ‘‘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.’’ 

(B) Clause (i) of section 402(c)(11)(A) of the 

1986 Code is amended by striking ‘‘for purposes of this subsection’’. 

(C) The amendments made by this paragraph shall apply with respect to plan years 

beginning after December 31, 2009. 

(g) AMENDMENT RELATED TO SECTION 832.— 

Section 415(f) of the 1986 Code is amended by 

striking paragraph (2) and by redesignating 

paragraph (3) as paragraph (2). 

(h) AMENDMENTS RELATED TO SECTION 833.— 

(1) Section 408A(c)(3)(C) of the 1986 Code, as 

added by section 833(c) of the 2006 Act, is redesignated as subparagraph (E). 

(2) 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))— 

(A) is redesignated as subparagraph (D), 

and 

(B) is amended by striking ‘‘subparagraph 

(C)(ii)’’ and inserting ‘‘subparagraph (B)(ii)’’. 

(i) AMENDMENTS RELATED TO SECTION 841.— 

(1) Section 420(c)(1)(A) of the 1986 Code is 

amended by adding at the end the following 

new sentence: ‘‘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).’’ 

(2) Section 420(f)(2) of the 1986 Code is 

amended by striking ‘‘such’’ before ‘‘the applicable’’ in subparagraph (D)(i)(I). 

(3) Section 4980(c)(2)(B) of the 1986 Code is 

amended by striking ‘‘or’’ at the end of 

clause (i), by striking the period at the end 

of clause (ii) and inserting ‘‘, or’’, and by 

adding at the end the following new clause: 

‘‘(iii) any transfer described in section 

420(f)(2)(B)(ii)(II).’’. 

(j) AMENDMENTS RELATED TO SECTION 845.— 

(1) Subsection (l) of section 402 of the 1986 

Code is amended— 

(A) in paragraph (1)— 

(i) by inserting ‘‘maintained by the employer described in paragraph (4)(B)’’ after 

‘‘an eligible retirement plan’’, and 

(ii) by striking ‘‘of the employee, his 

spouse, or dependents (as defined in section 

152)’’ , 

(B) in paragraph (4)(D), by— 

(i) inserting ‘‘(as defined in section 152)’’ 

after ‘‘dependents’’, and 

(ii) striking ‘‘health insurance plan’’ and 

inserting ‘‘health plan’’, and 

(C) in paragraph (5)(A), by striking ‘‘health 

insurance plan’’ and inserting ‘‘health plan’’. 

(2) Subparagraph (B) of section 402(l)(3) of 

the 1986 Code is amended by striking ‘‘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’’ and inserting ‘‘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’’. 

(k) AMENDMENTS RELATED TO SECTION

854.— 

(1) Section 3121(b)(5)(E) of the 1986 Code is 

amended by striking ‘‘or special trial judge’’. 

(2) Section 210(a)(5)(E) of the Social Security Act is amended by striking ‘‘or special 

trial judge’’. 

(l) AMENDMENTS RELATED TO SECTION 856.— 

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. 

(m) AMENDMENT RELATED TO SECTION 864.— 

Section 864(a) of the 2006 Act is amended by 

striking ‘‘Reconciliation’’. 

SEC. 109. AMENDMENTS RELATED TO TITLE IX. 

(a) AMENDMENT RELATED TO SECTION 901.— 

Section 401(a)(35)(E)(iv) of the 1986 Code is 

amended to read as follows: 

‘‘(iv) ONE-PARTICIPANT RETIREMENT PLAN.— 

For purposes of clause (iii), the term ‘oneparticipant retirement plan’ means a retirement plan that on the first day of the plan 

year— 

‘‘(I) 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 

‘‘(II) covered only one or more partners (or 

partners and their spouses) in the plan sponsor.’’. 

(b) AMENDMENTS RELATED TO SECTION 902.— 

(1) Section 401(k)(13)(D)(i)(I) of the 1986 

Code is amended by striking ‘‘such compensation as exceeds 1 percent but does not’’ 

and inserting ‘‘such contributions as exceed 

1 percent but do not’’. 

(2) Sections 401(k)(8)(E) and 411(a)(3)(G) of 

the 1986 Code are each amended— 

(A) by striking ‘‘an erroneous automatic 

contribution’’ and inserting ‘‘a permissible 

withdrawal’’, and 

(B) by striking ‘‘ERRONEOUS AUTOMATIC

CONTRIBUTION’’ in the heading and inserting 

‘‘PERMISSIBLE WITHDRAWAL’’. 

(3) Section 402(g)(2)(A)(ii) of the 1986 Code 

is amended by inserting ‘‘through the end of 

such taxable year’’ after ‘‘such amount’’. 

(4) Section 414(w)(3) of the 1986 Code is 

amended— 

(A) in subparagraph (B), by inserting 

‘‘and’’ after the comma at the end, 

(B) by striking subparagraph (C), and 

(C) by redesignating subparagraph (D) as 

subparagraph (C). 

(5) Section 414(w)(5) of the 1986 Code is 

amended by striking ‘‘and’’ 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: 

‘‘(D) a simplified employee pension the 

terms of which provide for a salary reduction 

arrangement described in section 408(k)(6), 

and 

‘‘(E) a simple retirement account (as defined in section 408(p)).’’. 

(6) Section 414(w)(6) of the 1986 Code is 

amended by inserting ‘‘or for purposes of applying the limitation under section 402(g)(1)’’ 

before the period at the end. 

(c) AMENDMENTS RELATED TO SECTION 903.— 

(1) AMENDMENT OF 1986 CODE.—Section 

414(x)(1) of the 1986 Code is amended by adding at the end of paragraph (1) the following 

new sentence: ‘‘In the case of a termination 

of the defined benefit plan and the applicable 

December 10, 2008 CONGRESSIONAL RECORD — HOUSE H10941 

defined contribution plan forming part of an 

eligible combined plan, the plan administrator shall terminate each such plan separately.’’ 

(2) AMENDMENTS OF ERISA.—Section 210(e) 

of ERISA is amended— 

(A) by adding at the end of paragraph (1) 

the following new sentence: ‘‘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.’’, and 

(B) by striking paragraph (3) and by redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively. 

(d) AMENDMENTS RELATED TO SECTION 906.— 

(1) Section 906(b)(1)(B)(ii) of the 2006 Act is 

amended by striking ‘‘paragraph (1)’’ and inserting ‘‘paragraph (10)’’. 

(2) Section 4021(b) of ERISA is amended by 

inserting ‘‘or’’ at the end of paragraph (12), 

by striking ‘‘; or’’ at the end of paragraph 

(13) and inserting a period, and by striking 

paragraph (14). 

SEC. 110. AMENDMENTS RELATED TO TITLE X. 

(a) AMENDMENTS TO RAILROAD RETIREMENT

ACT.— 

(1) 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: 

‘‘(3)(A) 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: 

‘‘(i) 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. 

‘‘(ii) The spouse or former spouse attains 

age 62. 

‘‘(iii) The employee attains age 62 (or if deceased, would have attained age 62). 

‘‘(B) 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. 

‘‘(C) 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.’’. 

(2) Subsection (d) of section 5 of the Railroad Retirement Act (45 U.S.C. 231d) is repealed. 

(b) EFFECTIVE DATES.— 

(1) SUBSECTION (a)(1).—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. 

(2) SUBSECTION (a)(2).—The amendment 

made by subsection (a)(2) shall take effect 

upon the date of the enactment of this Act. 

SEC. 111. AMENDMENTS RELATED TO TITLE XI. 

(a) AMENDMENT RELATED TO SECTION 1104.— 

Section 1104(d)(1) of the 2006 Act is amended 

by striking ‘‘Act’’ the first place it appears 

and inserting ‘‘section’’. 

(b) AMENDMENTS RELATED TO SECTION

1105.—Section 3304(a) of the 1986 Code is 

amended— 

(1) in paragraph (15)— 

(A) by redesignating clauses (i) and (ii) of 

subparagraph (A) as subclauses (I) and (II), 

(B) by redesignating subparagraphs (A) and 

(B) as clauses (i) and (ii), 

(C) by striking the semicolon at the end of 

clause (ii) (as so redesignated) and inserting 

‘‘, and’’, 

(D) by striking ‘‘(15)’’ and inserting 

‘‘(15)(A) subject to subparagraph (B),’’, and 

(E) by adding at the end the following: 

‘‘(B) 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;’’, and 

(2) by striking the last sentence. 

(c) AMENDMENTS RELATED TO SECTION

1106.—Section 3(37)(G) of ERISA is amended 

by— 

(1) striking ‘‘paragraph’’ each place it appears in clauses (ii), (iii), and (v)(I) and inserting ‘‘subparagraph’’, 

(2) striking ‘‘subclause (i)(II)’’ in clause 

(iii) and inserting ‘‘clause (i)(II)’’, 

(3) striking ‘‘subparagraph’’ in clause 

(v)(II) and inserting ‘‘clause’’, and 

(4) by striking ‘‘section 101(b)(4)’’ in clause 

(v)(III) and inserting ‘‘section 101(b)(1)’’. 

SEC. 112. EFFECTIVE DATE. 

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. 

Subtitle B—Other Provisions 

SEC. 121. AMENDMENTS RELATED TO SECTIONS 

102 AND 112 OF THE PENSION PROTECTION ACT OF 2006. 

(a) AMENDMENT OF ERISA.—The last sentence of section 303(g)(3)(B) of ERISA is 

amended to read as follows: ‘‘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.’’. 

(b) AMENDMENT OF 1986 CODE.—The last 

sentence of section 430(g)(3)(B) of the 1986 

Code is amended to read as follows: ‘‘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.’’. 

(c) EFFECTIVE DATE.—The amendments 

made by this section shall take effect as if 

included in the provisions of the 2006 Act to 

which the amendments relate. 

SEC. 122. MODIFICATION OF INTEREST RATE ASSUMPTION REQUIRED WITH RESPECT TO CERTAIN SMALL EMPLOYER PLANS. 

(a) IN GENERAL.—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: 

‘‘(vi) 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.’’. 

(b) EFFECTIVE DATE.—The amendment 

made by this section shall apply to years beginning after December 31, 2008. 

SEC. 123. DETERMINATION OF MARKET RATE OF 

RETURN FOR GOVERNMENTAL 

PLANS. 

(a) AMENDMENT OF ADEA.—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: ‘‘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.’’. 

(b) EFFECTIVE DATE.—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. 

SEC. 124. TREATMENT OF CERTAIN REIMBURSEMENTS FROM GOVERNMENTAL 

PLANS FOR MEDICAL CARE. 

(a) IN GENERAL.—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: 

‘‘(j) SPECIAL RULE FOR CERTAIN GOVERNMENTAL PLANS.— 

‘‘(1) IN GENERAL.—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. 

‘‘(2) PLAN DESCRIBED.—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— 

‘‘(A) has been authorized by a State legislature, or 

‘‘(B) has received a favorable ruling from 

the Internal Revenue Service that the trust’s 

income is not includible in gross income 

under section 115.’’. 

(b) EFFECTIVE DATE.—The amendment 

made by subsection (a) shall apply to payments before, on, or after the date of the enactment of this Act. 

SEC. 125. ROLLOVER OF AMOUNTS RECEIVED IN 

AIRLINE CARRIER BANKRUPTCY TO 

ROTH IRAS. 

(a) GENERAL RULE.—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. 

(b) DEFINITIONS AND SPECIAL RULES.—For 

purposes of this section— 

(1) AIRLINE PAYMENT AMOUNT.— 

(A) IN GENERAL.—The term ‘‘airline payment amount’’ means any payment of any 

money or other property which is payable by 

a commercial passenger airline carrier to a 

qualified airline employee— 

(i) under the approval of an order of a Federal bankruptcy court in a case filed after 

H10942 CONGRESSIONAL RECORD — HOUSE December 10, 2008 

September 11, 2001, and before January 1, 

2007, and 

(ii) 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. 

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). 

(B) EXCEPTION.—An airline payment 

amount shall not include any amount payable on the basis of the carrier’s future earnings or profits. 

(2) QUALIFIED AIRLINE EMPLOYEE.—The 

term ‘‘qualified airline employee’’ 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— 

(A) 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 

(B) 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. 

(3) REPORTING REQUIREMENTS.—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— 

(A) to the Secretary of the Treasury, the 

names of the qualified airline employees to 

whom such amounts were paid, and 

(B) to the Secretary and to such employees, the years and the amounts of the payments. 

Such reports shall be in such form, and contain such additional information, as the Secretary may prescribe. 

(c) EFFECTIVE DATE.—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. 

SEC. 126. DETERMINATION OF ASSET VALUE FOR 

SPECIAL AIRLINE FUNDING RULES. 

(a) IN GENERAL.—Section 402(e)(4)(C) of the 

2006 Act is amended to read as follows: 

‘‘(C) the value of plan assets shall be determined under sections 303(g)(3) of such Act 

and 430(g)(3) of such Code.’’. 

(b) EFFECTIVE DATE.—The amendment 

made by this section shall apply to plan 

years beginning after December 31, 2007. 

SEC. 127. MODIFICATION OF PENALTY FOR FAILURE TO FILE PARTNERSHIP RETURNS. 

(a) IN GENERAL.—Section 6698(b)(1) of the 

1986 Code is amended by striking ‘‘$85’’ and 

inserting ‘‘$89’’. 

(b) EFFECTIVE DATE.—The amendment 

made by subsection (a) shall apply to returns 

required to be filed after December 31, 2008. 

SEC. 128. MODIFICATION OF PENALTY FOR FAILURE TO FILE S CORPORATION RETURNS. 

(a) IN GENERAL.—Section 6699(b)(1) of the 

1986 Code is amended by striking ‘‘$85’’ and 

inserting ‘‘$89’’. 

(b) EFFECTIVE DATE.—The amendment 

made by subsection (a) shall apply to returns 

required to be filed after December 31, 2008. 

TITLE II—PENSION PROVISIONS 

RELATING TO ECONOMIC CRISIS 

SEC. 201. TEMPORARY WAIVER OF REQUIRED 

MINIMUM DISTRIBUTION RULES 

FOR CERTAIN RETIREMENT PLANS 

AND ACCOUNTS. 

(a) IN GENERAL.—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: 

‘‘(H) TEMPORARY WAIVER OF MINIMUM REQUIRED DISTRIBUTION.— 

‘‘(i) IN GENERAL.—The requirements of this 

paragraph shall not apply for calendar year 

2009 to— 

‘‘(I) a defined contribution plan which is 

described in this subsection or in section 

403(a) or 403(b), 

‘‘(II) 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 

‘‘(III) an individual retirement plan. 

‘‘(ii) SPECIAL RULES REGARDING WAIVER PERIOD.—For purposes of this paragraph— 

‘‘(I) 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 

‘‘(II) if clause (ii) of subparagraph (B) applies, the 5-year period described in such 

clause shall be determined without regard to 

calendar year 2009.’’. 

(b) ELIGIBLE ROLLOVER DISTRIBUTIONS.— 

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: 

‘‘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.’’. 

(c) EFFECTIVE DATES.— 

(1) IN GENERAL.—The amendments made by 

this section shall apply for calendar years 

beginning after December 31, 2008. 

(2) PROVISIONS RELATING TO PLAN OR CONTRACT AMENDMENTS.— 

(A) IN GENERAL.—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. 

(B) AMENDMENTS TO WHICH PARAGRAPH APPLIES.— 

(i) IN GENERAL.—This paragraph shall apply 

to any amendment to any pension plan or 

annuity contract which— 

(I) is made pursuant to the amendments 

made by this section, and 

(II) is made on or before the last day of the 

first plan year beginning on or after January 

1, 2011. 

In the case of a governmental plan, subclause (II) shall be applied by substituting 

‘‘2012’’ for ‘‘2011’’. 

(ii) CONDITIONS.—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. 

SEC. 202. TRANSITION RULE CLARIFICATION. 

(a) AMENDMENT TO ERISA.—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— 

(1) by striking clause (iii) and redesignating clause (iv) as clause (iii); and 

(2) by striking clause (i) and inserting the 

following: 

‘‘(i) IN GENERAL.—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).’’. 

(b) AMENDMENT TO 1986 CODE.—Subparagraph (B) of section 430(c)(5) of the Internal 

Revenue Code of 1986 is amended— 

(1) by striking clause (iii) and redesignating clause (iv) as clause (iii); and 

(2) by striking clause (i) and inserting the 

following: 

‘‘(i) IN GENERAL.—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).’’. 

(c) EFFECTIVE DATE.—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. 

SEC. 203. TEMPORARY MODIFICATION OF APPLICATION OF LIMITATION ON BENEFIT 

ACCRUALS. 

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. 

SEC. 204. TEMPORARY DELAY OF DESIGNATION 

OF MULTIEMPLOYER PLANS AS IN 

ENDANGERED OR CRITICAL STATUS. 

(a) IN GENERAL.—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— 

(1) 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 

(2) 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). 

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. 

(b) EXCEPTION FOR PLANS BECOMING CRITICAL DURING ELECTION.—If— 

(1) an election was made under subsection 

(a) with respect to a multiemployer plan, 

and 

(2) 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), 

December 10, 2008 CONGRESSIONAL RECORD — HOUSE H10943 

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). 

(c) ELECTION AND NOTICE.— 

(1) ELECTION.—An election under subsection (a) shall— 

(A) 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 

(B) if the election is made— 

(i) 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 

(ii) after such date, be submitted to the 

Secretary or the Secretary’s delegate not 

later than 30 days after the date of the election. 

(2) NOTICE TO PARTICIPANTS.— 

(A) IN GENERAL.—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)— 

(i) the plan sponsor of a multiemployer 

plan shall not be required to provide notice 

under such sections, and 

(ii) 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— 

(I) 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 

(II) if the election is made after such date, 

not later than 30 days after the date of the 

election. 

(B) NOTICE OF ENDANGERED STATUS.—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. 

SEC. 205. TEMPORARY EXTENSION OF THE FUNDING IMPROVEMENT AND REHABILITATION PERIODS FOR MULTIEMPLOYER PENSION PLANS IN CRITICAL AND ENDANGERED STATUS 

FOR 2008 OR 2009. 

(a) IN GENERAL.—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— 

(1) 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 

(2) in the case of a plan in seriously endangered status, the plan’s funding improvement period shall be 18 years rather than 15 

years. 

(b) DEFINITIONS AND SPECIAL RULES.—For 

purposes of this section— 

(1) ELECTION.—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. 

(2) DEFINITIONS.—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. 

(c) EFFECTIVE DATE.—This section shall 

apply to plan years beginning after December 31, 2007. 

Mr. POMEROY. Mr. Speaker, I rise today in 

favor of moving this bill, H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 

2008, forward in an expedited manner. 

Mr. Speaker, this Congress needs to provide pension funding relief rightaway before 

adjourning in order to prevent needless unemployment and unnecessary freezing of pension 

plans. We also need to help seniors who are 

forced to take funds out of retirement accounts 

that are much lower than balances at the end 

of last year. 

This bill is important to workers so that their 

retirement years will be more secure, and to 

employers so that the cost of the defined benefit pensions, which they are committed to offering their employees, will be more predictable. This bill also provided relief to retirees 

over age 70 and a half who are required to 

take a distribution from their IRA or 401(k). 

I commend the Chairman and Ranking 

Member of the Ways and Means Committee, 

and the Chairman and Ranking Member of the 

Education and Labor Committee for bringing a 

bill to the floor that helps retirees, workers and 

pension plans cope with the unprecedented 

volatile investment environment while also including technical tax and ERISA provisions 

that give the added clarity retirement plans 

needed to comply with the Pension Protection 

Act. 

Let me also extend thanks to the staff of the 

Ways and Means Committee, and the Education and Labor Committee and their counterparts in the Senate. Their hard work brings us 

to this point. 

It is imperative that we act now. 

Facing the most severe recession in decades, U.S. companies will need to plan a 

careful business strategy and keep a firm control on expenses. According to a survey of 

Chief Executive Officers (CEOs), pension 

costs have become a major concern in this fiscal environment as sizeable increases in pension funding requirements due to the significant market declines will make an economic 

recovery more challenging. 

The bill takes important steps to help corporations remain committed to providing retirement promises to workers through defined 

benefit plans. In addition, the bill includes similar critical relief for multi-employers’ pension 

plans that cover union workers at many smaller employers especially those in construction 

industry. At the same time if workers are covered in a plan and its funding level falls below 

a level at which benefit restrictions would 

apply the bill allows those plans to look at 

their 2008 funding level and protect workers 

from a mandated frozen pension. 

We do not want to put employers in a no 

win pinch when they would have to choose 

between providing pensions or keeping employees on their jobs. Our Nation’s pension 

plan is a voluntary system and employers can 

decide that offering a pension simply no 

longer makes good business sense. Tonight 

Congress tells employers we understand that 

and we want to help you meet your pension 

obligations in a predictable way. 

For those retirees who must take a distribution from their IRA or 401(k) account that 

today has a dramatically lower value than the 

account at the end of last year, the bill will 

allow them to not take such distributions in 

2009. 

In conclusion, just let me say that American 

workers are anxious about their retirement security. Today, the House of Representatives is 

acting to address and to reduce this uneasiness. It is a very important bill, and I urge its 

adoption. 

The bill was ordered to be engrossed 

and read a third time, was read the 

third time, and passed, and a motion to 

reconsider was laid on the table. 

f 

SHORT-TERM ANALOG FLASH AND 

EMERGENCY READINESS ACT 

Mrs. CAPPS. Mr. Speaker, I ask 

unanimous consent that the Committee on Energy and Commerce be 

discharged from further consideration 

of the Senate bill (S. 3663) to require 

the Federal Communications Commission to provide for a short-term extension of the analog television broadcasting authority so that essential 

public safety announcements and digital television transition information 

may be provided for a short time during the transition to digital television 

broadcasting, and ask for its immediate consideration in the House. 

The Clerk read the title of the Senate 

bill. 

The SPEAKER pro tempore. Is there 

objection to the request of the gentlewoman from California? 

There was no objection. 

The text of the Senate bill is as follows: 

S. 3663 

Be it enacted by the Senate and House of Representatives of the United States of America in 

Congress assembled, 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Short-term 

Analog Flash and Emergency Readiness 

Act’’. 

SEC. 2. COMMISSION ACTION REQUIRED. 

(a) PROGRAM REQUIRED.—Notwithstanding 

any other provision of law, the Federal Communications Commission shall, not later 

than January 15, 2009, develop and implement a program to encourage and permit, to 

the extent technically feasible and subject to 

such limitations as the Commission finds to 

be consistent with the public interest and 

the requirements of this Act, the broadcasting in the analog television service of 

only the public safety information and digital transition information specified in subsection (b) during the 30-day period beginning on the day after the date established by 

law under section 3002(b) of the Digital Television Transition and Public Safety Act of 

2005 for termination of all licenses for fullpower television stations in the analog television service and the cessation of broadcasting by full-power stations in the analog 

television service. 

(b) INFORMATION REQUIRED.—The program 

required by subsection (a) shall provide for 

the broadcast of—