```

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2282 Introduced in Senate (IS)]

108th CONGRESS
  2d Session
                                S. 2282

 To amend the Employee Retirement Income Security Act of 1974 and the 
   Internal Revenue Code of 1986 to temporarily replace the 30-year 
   Treasury rate with a rate based on long-term corporate bonds for 
certain pension plan funding requirements and other provisions, and for 
                            other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 5, 2004

 Mr. Kennedy (for himself, Mr. Baucus, and Mr. Daschle) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL

 
 To amend the Employee Retirement Income Security Act of 1974 and the 
   Internal Revenue Code of 1986 to temporarily replace the 30-year 
   Treasury rate with a rate based on long-term corporate bonds for 
certain pension plan funding requirements and other provisions, and for 
                            other purposes.

    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 ``Fairness in Pension Stability Act''.

                        TITLE I--PENSION FUNDING

SEC. 101. TEMPORARY REPLACEMENT OF 30-YEAR TREASURY RATE.

    (a) Employee Retirement Income Security Act of 1974.--
            (1) Determination of permissible range.--
                    (A) In general.--Clause (ii) of section 
                302(b)(5)(B) of the Employee Retirement Income Security 
                Act of 1974 is amended by redesignating subclause (II) 
                as subclause (III) and by inserting after subclause (I) 
                the following new subclause:
                            ``(II) Special rule for years 2004 and 
                        2005.--In the case of plan years beginning 
                        after December 31, 2003, and before January 1, 
                        2006, the term `permissible range' means a rate 
of interest which is not above, and not more than 10 percent below, the 
weighted average of the rates of interest on amounts invested 
conservatively in long-term corporate bonds during the 4-year period 
ending on the last day before the beginning of the plan year. Such 
rates shall be determined by the Secretary of the Treasury on the basis 
of 2 or more indices that are selected periodically by the Secretary of 
the Treasury and that are in the top 3 quality levels available. The 
Secretary of the Treasury shall make the permissible range, and the 
indices and methodology used to determine the average rate, publicly 
available.''.
                    (B) Secretarial authority.--Subclause (III) of 
                section 302(b)(5)(B)(ii) of such Act, as redesignated 
                by subparagraph (A), is amended--
                            (i) by inserting ``or (II)'' after 
                        ``subclause (I)'' the first place it appears, 
                        and
                            (ii) by striking ``subclause (I)'' the 
                        second place it appears and inserting ``such 
                        subclause''.
                    (C) Conforming amendment.--Subclause (I) of section 
                302(b)(5)(B)(ii) of such Act is amended by inserting 
                ``or (III)'' after ``subclause (II)''.
            (2) Determination of current liability.--Clause (i) of 
        section 302(d)(7)(C) of such Act is amended by adding at the 
        end the following new subclause:
                                    ``(IV) Special rule for 2004 and 
                                2005.--For plan years beginning in 2004 
                                or 2005, notwithstanding subclause (I), 
                                the rate of interest used to determine 
                                current liability under this subsection 
                                shall be the rate of interest under 
                                subsection (b)(5).''.
            (3) Conforming amendment.--Paragraph (7) of section 302(e) 
        of such Act is amended to read as follows:
            ``(7) Special rule for 2002.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (d)(7)(C)(i)(III), for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2002, 
        the current liability for the preceding plan year shall be 
        redetermined using 120 percent as the specified percentage 
        determined under subsection (d)(7)(C)(i)(II).''.
            (4) PBGC.--Clause (iii) of section 4006(a)(3)(E) of such 
        Act is amended by adding at the end the following new 
        subclause:
            ``(V) In the case of plan years beginning after December 
        31, 2003, and before January 1, 2006, the annual yield taken 
        into account under subclause (II) shall be the annual rate of 
        interest determined by the Secretary of the Treasury on amounts 
        invested conservatively in long-term corporate bonds for the 
        month preceding the month in which the plan year begins. For 
        purposes of the preceding sentence, the Secretary of the 
        Treasury shall determine such rate of interest on the basis of 
        2 or more indices that are selected periodically by the 
        Secretary of the Treasury and that are in the top 3 quality 
        levels available. The Secretary of the Treasury shall make the 
        permissible range, and the indices and methodology used to 
        determine the rate, publicly available.''.
    (b) Internal Revenue Code of 1986.--
            (1) Determination of permissible range.--
                    (A) In general.--Clause (ii) of section 
                412(b)(5)(B) of the Internal Revenue Code of 1986 is 
                amended by redesignating subclause (II) as subclause 
                (III) and by inserting after subclause (I) the 
                following new subclause:
                                    ``(II) Special rule for years 2004 
                                and 2005.--In the case of plan years 
                                beginning after December 31, 2003, and 
                                before January 1, 2006, the term 
                                `permissible range' means a rate of 
                                interest which is not above, and not 
                                more than 10 percent below, the 
                                weighted average of the rates of 
                                interest on amounts invested 
                                conservatively in long-term corporate 
                                bonds during the 4-year period ending 
                                on the last day before the beginning of 
                                the plan year. Such rates shall be 
                                determined by the Secretary on the 
                                basis of 2 or more indices that are 
                                selected periodically by the Secretary 
                                and that are in the top 3 quality 
                                levels available. The Secretary shall 
                                make the permissible range, and the 
                                indices and methodology used to 
                                determine the average rate, publicly 
                                available.''.
                    (B) Secretarial authority.--Subclause (III) of 
                section 412(b)(5)(B)(ii) of such Code, as redesignated 
                by subparagraph (A), is amended--
                            (i) by inserting ``or (II)'' after 
                        ``subclause (I)'' the first place it appears, 
                        and
                            (ii) by striking ``subclause (I)'' the 
                        second place it appears and inserting ``such 
                        subclause''.
                    (C) Conforming amendment.--Subclause (I) of section 
                412(b)(5)(B)(ii) of such Code is amended by inserting 
                ``or (III)'' after ``subclause (II)''.
            (2) Determination of current liability.--Clause (i) of 
        section 412(l)(7)(C) of such Code is amended by adding at the 
        end the following new subclause:
                                    ``(IV) Special rule for 2004 and 
                                2005.--For plan years beginning in 2004 
                                or 2005, notwithstanding subclause (I), 
                                the rate of interest used to determine 
                                current liability under this subsection 
                                shall be the rate of interest under 
                                subsection (b)(5).''.
            (3) Conforming amendment.--Paragraph (7) of section 412(m) 
        of such Code is amended to read as follows:
            ``(7) Special rule for 2002.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (l)(7)(C)(i)(III), for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2002, 
        the current liability for the preceding plan year shall be 
        redetermined using 120 percent as the specified percentage 
        determined under subsection (l)(7)(C)(i)(II).''.
            (4) Limitation on certain assumptions.--Section 
        415(b)(2)(E)(ii) of such Code is amended by inserting ``, 
        except that in the case of plan years beginning in 2004 or 
        2005, `5.5 percent' shall be substituted for `5 percent' in 
        clause (i)'' before the period at the end.
            (5) Election to disregard modification for deduction 
        purposes.--Section 404(a)(1) of such Code is amended by adding 
        at the end the following new subparagraph:
                    ``(F) Election to disregard modified interest 
                rate.--An employer may elect to disregard subsections 
                (b)(5)(B)(ii)(II) and (l)(7)(C)(i)(IV) of section 412 
                solely for purposes of determining the interest rate 
                used in calculating the maximum amount of the deduction 
                allowable under this section for contributions to a 
                plan to which this paragraph applies.''.
    (c) Provisions Relating to Plan Amendments.--
            (1) In general.--If this subsection applies to any plan or 
        annuity contract amendment--
                    (A) such plan or contract shall be treated as being 
                operated in accordance with the terms of the plan or 
                contract during the period described in paragraph 
                (2)(B)(i), and
                    (B) except as provided by the Secretary of the 
                Treasury, such plan shall not fail to meet the 
                requirements of section 411(d)(6) of the Internal 
                Revenue Code of 1986 and section 204(g) of the Employee 
                Retirement Income Security Act of 1974 by reason of 
                such amendment.
            (2) Amendments to which section applies.--
                    (A) In general.--This subsection shall apply to any 
                amendment to any plan or annuity contract which is 
                made--
                            (i) pursuant to any amendment made by this 
                        section, and
                            (ii) on or before the last day of the first 
                        plan year beginning on or after January 1, 
                        2006.
                    (B) Conditions.--This subsection shall not apply to 
                any plan or annuity contract amendment unless--
                            (i) during the period beginning on the date 
                        the amendment described in subparagraph (A)(i) 
                        takes effect and ending on the date described 
                        in subparagraph (A)(ii) (or, if earlier, the 
                        date the plan or contract amendment is 
                        adopted), the plan or contract is operated as 
                        if such plan or contract amendment were in 
                        effect; and
                            (ii) such plan or contract amendment 
                        applies retroactively for such period.
    (d) Effective Date.--
            (1) In general.--Except as provided in paragraphs (2) and 
        (3), the amendments made by this section shall apply to plan 
        years beginning after December 31, 2003.
            (2) Lookback rules.--For purposes of applying subsections 
        (d)(9)(B)(ii) and (e)(1) of section 302 of the Employee 
        Retirement Income Security Act of 1974 and subsections 
        (l)(9)(B)(ii) and (m)(1) of section 412 of the Internal Revenue 
        Code of 1986 to plan years beginning after December 31, 2003, 
        the amendments made by this section may be applied as if such 
        amendments had been in effect for all prior plan years. The 
        Secretary of the Treasury may prescribe simplified assumptions 
        which may be used in applying the amendments made by this 
        section to such prior plan years.
            (3) Transition rule for section 415 limitation.--In the 
        case of any participant or beneficiary receiving a distribution 
        after December 31, 2003 and before January 1, 2005, the amount 
        payable under any form of benefit subject to section 417(e)(3) 
        of the Internal Revenue Code of 1986 and subject to adjustment 
        under section 415(b)(2)(B) of such Code shall not, solely by 
        reason of the amendment made by subsection (b)(4), be less than 
        the amount that would have been so payable had the amount 
        payable been determined using the applicable interest rate in 
        effect as of the last day of the last plan year beginning 
        before January 1, 2004.

SEC. 102. ELECTION OF ALTERNATIVE DEFICIT REDUCTION CONTRIBUTION.

    (a) Amendment of ERISA.--Section 302(d) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1082(d)) is amended by adding at 
the end the following new paragraph:
            ``(12) Election for certain plans.--
                    ``(A) In general.--In the case of a defined benefit 
                plan established and maintained by an applicable 
                employer, if this subsection did not apply to the plan 
                for the plan year beginning in 2000 (determined without 
                regard to paragraph (6)), then, at the election of the 
                employer, the increased amount under paragraph (1) for 
                any applicable plan year shall be the greater of--
                            ``(i) 20 percent of the increased amount 
                        under paragraph (1) determined without regard 
                        to this paragraph, or
                            ``(ii) the increased amount which would be 
                        determined under paragraph (1) if the deficit 
                        reduction contribution under paragraph (2) for 
                        the applicable plan year were determined 
                        without regard to subparagraphs (A), (B), and 
                        (D) of paragraph (2).
                    ``(B) Restrictions on benefit increases.--No 
                amendment which increases the liabilities of the plan 
                by reason of any increase in benefits, any change in 
                the accrual of benefits, or any change in the rate at 
                which benefits become nonforfeitable under the plan 
                shall be adopted during any applicable plan year, 
                unless--
                            ``(i) the funded current liability 
                        percentage (as defined in paragraph (8)(B)) as 
                        of the end of such plan year is projected 
                        (taking into account the effect of the 
                        amendment) to be at least 75 percent,
                            ``(ii) the amendment provides for an 
                        increase in benefits under a formula which is 
                        not based on a participant's compensation, but 
                        only if the rate of such increase is not in 
                        excess of the contemporaneous rate of increase 
                        in average wages of participants covered by the 
                        amendment,
                            ``(iii) the amendment is required by a 
                        collective bargaining agreement which is in 
                        effect on the date of enactment of this 
                        subparagraph, or
                            ``(iv) the amendment is otherwise described 
                        in subparagraph (A) or (C) of section 
                        304(b)(2).
                If a plan is amended during any applicable plan year in 
                violation of the preceding sentence, any election under 
                this paragraph shall not apply to any applicable plan 
year ending on or after the date on which such amendment is adopted.
                    ``(C) Applicable employer.--For purposes of this 
                paragraph, the term `applicable employer' means an 
                employer which is--
                            ``(i) a commercial passenger airline,
                            ``(ii) primarily engaged in the production 
                        or manufacture of a steel mill product or the 
                        mining or processing of iron ore pellets, or
                            ``(iii) an organization described in 
                        section 501(c)(5) of the Internal Revenue Code 
                        of 1986 and which established the plan to which 
                        this paragraph applies on June 30, 1955.
                    ``(D) Applicable plan year.--For purposes of this 
                paragraph--
                            ``(i) In general.--The term `applicable 
                        plan year' means any plan year beginning after 
                        December 27, 2003, and before December 28, 
                        2005, for which the employer elects the 
                        application of this paragraph.
                            ``(ii) Limitation on number of years which 
                        may be elected.--An election may not be made 
                        under this paragraph with respect to more than 
                        2 plan years.
                    ``(E) Notice requirements for plans electing 
                alternative deficit reduction contributions.--
                            ``(i) In general.--If an employer elects an 
                        alternative deficit reduction contribution 
                        under this paragraph and section 412(l)(12) of 
                        the Internal Revenue Code of 1986 for any year, 
                        the employer shall provide, within 30 days (120 
                        days in the case of an employer described in 
                        subparagraph (C)(ii)) of filing the election 
                        for such year, written notice of the election 
                        to participants and beneficiaries and to the 
                        Pension Benefit Guaranty Corporation.
                            ``(ii) Notice to participants and 
                        beneficiaries.--The notice under clause (i) to 
                        participants and beneficiaries shall include 
                        with respect to any election--
                                    ``(I) the due date of the 
                                alternative deficit reduction 
                                contribution and the amount by which 
                                such contribution was reduced from the 
                                amount which would have been owed if 
                                the election were not made, and
                                    ``(II) a description of the 
                                benefits under the plan which are 
                                eligible to be guaranteed by the 
                                Pension Benefit Guaranty Corporation 
                                and an explanation of the limitations 
                                on the guarantee and the circumstances 
                                under which such limitations apply, 
                                including the maximum guaranteed 
                                monthly benefits which the Pension 
                                Benefit Guaranty Corporation would pay 
                                if the plan terminated while 
                                underfunded.
                            ``(iii) Notice to pbgc.--The notice under 
                        clause (i) to the Pension Benefit Guaranty 
                        Corporation shall include--
                                    ``(I) the information described in 
                                clause (ii)(I),
                                    ``(II) the number of years it will 
                                take to restore the plan to full 
                                funding if the employer only makes the 
                                required contributions, and
                                    ``(III) information as to how the 
                                amount by which the plan is underfunded 
                                compares with the capitalization of the 
                                employer making the election.
                    ``(F) Election.--An election under this paragraph 
                shall be made at such time and in such manner as the 
                Secretary of the Treasury may prescribe.''
    (b) Amendment of 1986 Code.--Section 412(l) of the Internal Revenue 
Code of 1986 (relating to applicability of subsection) is amended by 
adding at the end the following new paragraph:
            ``(12) Election for certain plans.--
                    ``(A) In general.--In the case of a defined benefit 
                plan established and maintained by an applicable 
                employer, if this subsection did not apply to the plan 
                for the plan year beginning in 2000 (determined without 
                regard to paragraph (6)), then/, at the election of the 
                employer, the increased amount under paragraph (1) for 
                any applicable plan year shall be the greater of--
                            ``(i) 20 percent of the increased amount 
                        under paragraph (1) determined without regard 
                        to this paragraph, or
                            ``(ii) the increased amount which would be 
                        determined under paragraph (1) if the deficit 
                        reduction contribution under paragraph (2) for 
                        the applicable plan year were determined 
                        without regard to subparagraphs (A), (B), and 
                        (D) of paragraph (2).
                    ``(B) Restrictions on benefit increases.--No 
                amendment which increases the liabilities of the plan 
                by reason of any increase in benefits, any change in 
                the accrual of benefits, or any change in the rate at 
                which benefits become nonforfeitable shall be adopted 
                during any applicable plan year, unless--
                            ``(i) the funded current liability 
                        percentage (as defined in paragraph (8)(B)) as 
                        of the end of such plan year is projected 
                        (taking into account the effect of the 
                        amendment) to be at least 75 percent,
                            ``(ii) the amendment provides for an 
                        increase in benefits under a formula which is 
                        not based on a participant's compensation, but 
                        only if the rate of such increase is not in 
                        excess of the contemporaneous rate of increase 
in average wages of participants covered by the amendment,
                            ``(iii) the amendment is required by a 
                        collective bargaining agreement which is in 
                        effect on the date of enactment of this 
                        subparagraph, or
                            ``(iv) the amendment is otherwise described 
                        in subparagraph (A) or (C) of subsection 
                        (f)(2).
                If a plan is amended during any applicable plan year in 
                violation of the preceding sentence, any election under 
                this paragraph shall not apply to any applicable plan 
                year ending on or after the date on which such 
                amendment is adopted.
                    ``(C) Applicable employer.--For purposes of this 
                paragraph, the term `applicable employer' means an 
                employer which is--
                            ``(i) a commercial passenger airline,
                            ``(ii) primarily engaged in the production 
                        or manufacture of a steel mill product or the 
                        mining or processing of iron ore pellets, or
                            ``(iii) an organization described in 
                        section 501(c)(5) and which established the 
                        plan to which this paragraph applies on June 
                        30, 1955.
                    ``(D) Applicable plan year.--For purposes of this 
                paragraph--
                            ``(i) In general.--The term `applicable 
                        plan year' means any plan year beginning after 
                        December 27, 2003, and before December 28, 
                        2005, for which the employer elects the 
                        application of this paragraph.
                            ``(ii) Limitation on number of years which 
                        may be elected.--An election may not be made 
                        under this paragraph with respect to more than 
                        2 plan years.
                    ``(E) Election.--An election under this paragraph 
                shall be made at such time and in such manner as the 
                Secretary may prescribe.''
    (c) Effect of Election.--An election under section 412(l)(12) of 
the Internal Revenue Code of 1986 or section 302(d)(12) of the Employee 
Retirement Income Security Act of 1974 (as added by this section) with 
respect to a plan shall not invalidate any obligation (pursuant to a 
collective bargaining agreement in effect on the date of the election) 
to provide benefits, to change the accrual of benefits, or to change 
the rate at which benefits become nonforfeitable under the plan .
    (d) Penalty for Failing To Provide Notice.--Section 502(c)(3) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1132(c)(3)) is amended by inserting ``or who fails to meet the 
requirements of section 302(d)(12)(E) with respect to any person'' 
after ``101(e)(2) with respect to any person''.

SEC. 103. MULTIEMPLOYER PLAN FUNDING NOTICES.

    (a) In General.--Section 101 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1021) is amended by inserting after 
subsection (e) the following new subsection:
    ``(f) Multiemployer Defined Benefit Plan Funding Notices.--
            ``(1) In general.--The administrator of a defined benefit 
        plan which is a multiemployer plan shall for each plan year 
        provide a plan funding notice to each plan participant and 
        beneficiary, to each labor organization representing such 
        participants or beneficiaries, to each employer that has an 
        obligation to contribute under the plan, and to the Pension 
        Benefit Guaranty Corporation.
            ``(2) Information contained in notices.--
                    ``(A) Identifying information.--Each notice 
                required under paragraph (1) shall contain identifying 
                information, including the name of the plan, the 
                address and phone number of the plan administrator and 
                the plan's principal administrative officer, each plan 
                sponsor's employer identification number, and the plan 
                number of the plan.
                    ``(B) Specific information.--A plan funding notice 
                under paragraph (1) shall include--
                            ``(i) a statement as to whether the plan's 
                        funded current liability percentage (as defined 
                        in section 302(d)(8)(B)) for the plan year to 
                        which the notice relates is at least 100 
                        percent (and, if not, the actual percentage);
                            ``(ii) a statement of the value of the 
                        plan's assets, the amount of benefit payments, 
                        and the ratio of the assets to the payments for 
                        the plan year to which the notice relates;
                            ``(iii) a summary of the rules governing 
                        insolvent multiemployer plans, including the 
                        limitations on benefit payments and any 
                        potential benefit reductions and suspensions 
                        (and the potential effects of such limitations, 
                        reductions, and suspensions on the plan); and
                            ``(iv) a general description of the 
                        benefits under the plan which are eligible to 
                        be guaranteed by the Pension Benefit Guaranty 
                        Corporation, along with an explanation of the 
                        limitations on the guarantee and the 
                        circumstances under which such limitations 
                        apply.
                    ``(C) Other information.--Each notice under 
                paragraph (1) shall include any additional information 
                which the plan administrator elects to include to the 
                extent not inconsistent with regulations prescribed by 
                the Secretary.
            ``(3) Time for providing notice.--Any notice under 
        paragraph (1) shall be provided no later than two months after 
        the deadline (including extensions) for filing the annual 
        report for the plan year to which the notice relates.
            ``(4) Form and manner.--Any notice under paragraph (1)--
                    ``(A) shall be provided in a form and manner 
                prescribed in regulations of the Secretary,
                    ``(B) shall be written in a manner so as to be 
                understood by the average plan participant, and
                    ``(C) may be provided in written, electronic, or 
                other appropriate form to the extent such form is 
                reasonably accessible to persons to whom the notice is 
                required to be provided.''
    (b) Penalties.--Section 502(c)(1) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1132(c)(1)) is amended by striking ``or 
section 101(e)(1)'' and inserting ``, section 101(e)(1), or section 
101(f)''.
    (c) Regulations and Model Notice.--The Secretary of Labor shall, 
not later than 1 year after the date of the enactment of this Act, 
issue regulations (including a model notice) necessary to implement the 
amendments made by this section.
    (d) Effective Date.--The amendments made by this section shall 
apply to plan years beginning after December 31, 2004.

SEC. 104. AMORTIZATION HIATUS FOR NET EXPERIENCE LOSSES IN 
              MULTIEMPLOYER PLANS.

    (a) Employee Retirement Income Security Act of 1974.--
            (1) In general.--Section 302(b)(7) of the Employee 
        Retirement Income Security Act of 1974 (29 U.S.C.1082(b)(7)) is 
        amended by adding at the end the following new subparagraph:
                    ``(F) Amortization hiatus.--
                            ``(i) Election to amortize.--
                                    ``(I) In general.--If the 15-year 
                                amortization period under paragraph 
                                (2)(B)(iv) with respect to the net 
                                experience loss of an eligible 
                                multiemployer plan would, but for this 
                                subparagraph, begin in any plan year 
                                beginning after June 30, 2002, and 
                                before July 1, 2006, the plan may 
                                elect, with respect to 80 percent of 
                                such net experience loss, to have such 
                                period begin in any plan year selected 
                                by the plan from either of the 2 
                                immediately succeeding plan years.
                                    ``(II) Limitation.--Notwithstanding 
                                clause (i), a plan may elect to have 
                                this subparagraph apply to the 
                                amortization of net experience losses 
                                with respect to only 2 plan years 
                                beginning after June 30, 2002, and 
                                before July 1, 2006.
                            ``(ii) Restrictions on benefit increases.--
                        An amendment which increases the liabilities of 
                        the plan by reason of any increase in benefits, 
                        any change in the accrual of benefits, or any 
                        change in the rate at which benefits become 
                        nonforfeitable under the plan shall not take 
                        effect for any plan year in the hiatus period. 
                        The preceding sentence shall not apply to a 
                        plan amendment described in subparagraph (A) or 
                        (C) of section 304(b)(2).
                            ``(iii) Benefit increases attributable to 
                        increases in contributions.--Clause (ii) shall 
                        not apply to an increase in benefits for a 
                        group of participants resulting solely from an 
                        increase in the contributions made on their 
                        behalf (and not from any action taken to amend 
                        the terms of the plan), but only if the plan's 
                        actuary certifies that the amount of the 
                        increase in contributions scheduled under the 
                        terms of the plan for any year will in the 
                        aggregate exceed the increase in the charges to 
                        the funding standard account for such year 
                        attributable to the corresponding scheduled 
                        increase in benefits.
                            ``(iv) Eligible multiemployer plan.--For 
                        purposes of this subparagraph, the term 
                        `eligible multiemployer plan' means a 
                        multiemployer plan--
                                    ``(I) which had a net investment 
                                loss for the last plan year of the plan 
                                ending before April 1, 2003, of at 
                                least 4 percent, and
                                    ``(II) with respect to which the 
                                plan's actuary certifies (not taking 
                                into account the application of this 
                                subparagraph) that the plan is 
                                projected to have an accumulated 
                                funding deficiency (within the meaning 
                                of subsection (a)(2)) for any plan year 
                                beginning after December 31, 2002, and 
                                on or before December 31, 2008.
                        For purposes of subclause (I), a plan's net 
                        investment loss shall be determined in the 
                        manner specified in guidance provided by the 
                        Secretary of the Treasury on the basis of the 
                        actual fair market value of the assets of the 
                        plan. In making the projection under subclause 
                        (II), the actuary shall use the actuarial 
                        assumptions and methods used in the plan 
                        valuation for the last plan year of the plan 
                        ending before the date of the enactment of this 
                        subparagraph, with the interest rate used in 
                        such assumptions applied to the fair market 
                        value of the assets, and take into account 
                        contribution rates, benefit levels, and all 
                        other relevant facts and circumstances in 
                        effect as of the valuation date for such last 
                        plan year.
                            ``(v) Exception to treatment of eligible 
                        multiemployer plan.--In no event shall a plan 
                        be treated as an eligible multiemployer plan 
                        under clause (iv) if--
                                    ``(I) for any taxable year 
                                beginning during the 10-year period 
                                preceding the first plan year for which 
                                an election is made under clause (i), 
                                any employer required to contribute to 
                                the plan failed to timely pay any 
                                excise tax imposed under section 4971 
                                of the Internal Revenue Code of 1986 
                                with respect to the plan, or
                                    ``(II) with respect to any of the 
                                plan years beginning after June 30, 
                                1993, and before the first plan year 
                                for which an election is made under 
                                clause (i), a waiver was granted under 
                                section 303 of this Act or section 
                                412(d) of the Internal Revenue Code of 
                                1986 with respect to the plan or an 
                                extension of an amortization period was 
                                granted under section 304 of this Act 
                                or section 412(e) of such Code with 
                                respect to the plan.
                            ``(vi) Hiatus period.--For purposes of this 
                        subparagraph, the term `hiatus period' means 
                        any period during which the amortization of a 
                        net experience loss is suspended by reason of 
                        this subparagraph.
                            ``(vii) Interest accrued during hiatus.--
                        Interest shall accrue (at the rate specified 
                        for multiemployer plans under section 304(a)) 
                        during a hiatus period on the portion of the 
                        net experience loss the amortization of which 
                        is suspended during such period by reason of 
                        this subparagraph. Such interest shall be added 
                        to the amount of such portion of the net 
                        experience loss in determining the amount to be 
                        amortized at the end of the hiatus period.
                            ``(viii) Notice.--If a plan elects an 
                        amortization hiatus under this subparagraph and 
                        section 412(b)(7)(F) of the Internal Revenue 
                        Code of 1986 for any plan year, the plan 
                        administrator shall provide, within 30 days of 
                        filing the election for such year, written 
                        notice of the election to participants and 
                        beneficiaries, to each labor organization 
                        representing such participants or 
                        beneficiaries, and to each employer that has an 
                        obligation to contribute under the plan. Such 
                        notice shall include with respect to any 
                        election the amount of the net experience loss 
                        to be deferred and the period of the deferral. 
                        Such notice shall also include--
                                    ``(I) a description of the maximum 
                                guaranteed monthly benefits for which 
                                the Pension Benefit Guaranty 
                                Corporation would provide financial 
                                assistance if the plan became 
                                insolvent, and
                                    ``(II) such other information as 
                                the plan administrator elects to the 
                                extent the inclusion of such 
                                information is not inconsistent with 
                                regulations prescribed by the 
                                Secretary.
                            ``(ix) Election.--An election under this 
                        subparagraph shall be made at such time and in 
                        such manner as the Secretary of the Treasury 
                        may prescribe.''
            (2) Penalty.--Section 502(c)(4) of such Act (29 U.S.C. 
        1132(c)(4)) is amended to read as follows:
            ``(4) The Secretary may assess a civil penalty of not more 
        than $1,000 a day for each violation by any person of section 
        302(b)(7)(F)(viii).''
    (b) Internal Revenue Code of 1986.--
            (1) In general.--Section 412(b)(7) of the Internal Revenue 
        Code of 1986 (relating to special rules for multiemployer 
        plans) is amended by adding at the end the following new 
        subparagraph:
                    ``(F) Amortization hiatus.--
                            ``(i) Election to amortize.--
                                    ``(I) In general.--If the 15-year 
                                amortization period under paragraph 
                                (2)(B)(iv) with respect to the net 
                                experience loss of an eligible 
                                multiemployer plan would, but for this 
                                subparagraph, begin in any plan year 
                                beginning after June 30, 2002, and 
                                before July 1, 2006, the plan may 
                                elect, with respect to 80 percent of 
                                such net experience loss, to have such 
                                period begin in any plan year selected 
                                by the plan from either of the 2 
                                immediately succeeding plan years.
                                    ``(II) Limitation.--Notwithstanding 
                                clause (i), a plan may elect to have 
                                this subparagraph apply to the 
                                amortization of net experience losses 
                                with respect to only 2 plan years 
                                beginning after June 30, 2002, and 
                                before July 1, 2006.
                            ``(ii) Restrictions on benefit increases.--
                        An amendment which increases the liabilities of 
                        the plan by reason of any increase in benefits, 
                        any change in the accrual of benefits, or any 
                        change in the rate at which benefits become 
                        nonforfeitable under the plan shall not take 
                        effect for any plan year in the hiatus period. 
                        The preceding sentence shall not apply to a 
                        plan amendment described in subparagraph (A) or 
                        (C) of subsection (f)(2).
                            ``(iii) Benefit increases attributable to 
                        increases in contributions.--Clause (ii) shall 
                        not apply to an increase in benefits for a 
                        group of participants resulting solely from an 
                        increase in the contributions made on their 
                        behalf (and not from any action taken to amend 
                        the terms of the plan), but only if the plan's 
                        actuary certifies that the amount of the 
                        increase in contributions scheduled under the 
                        terms of the plan for any year will in the 
                        aggregate exceed the increase in the charges to 
                        the funding standard account for such year 
                        attributable to the corresponding scheduled 
                        increase in benefits.
                            ``(iv) Eligible multiemployer plan.--For 
                        purposes of this subparagraph, the term 
                        `eligible multiemployer plan' means a 
                        multiemployer plan--
                                    ``(I) which had a net investment 
                                loss for the last plan year of the 
plan ending before April 1, 2003, of at least 4 percent, and
                                    ``(II) with respect to which the 
                                plan's actuary certifies (not taking 
                                into account the application of this 
                                subparagraph) that the plan is 
                                projected to have an accumulated 
                                funding deficiency (within the meaning 
                                of subsection (a)) for any plan year 
                                beginning after December 31, 2002, and 
                                on or before December 31, 2008.
                        For purposes of subclause (I), a plan's net 
                        investment loss shall be determined in the 
                        manner specified in guidance provided by the 
                        Secretary of the Treasury on the basis of the 
                        actual fair market value of the assets of the 
                        plan. In making the projection under subclause 
                        (II), the actuary shall use the actuarial 
                        assumptions and methods used in the plan 
                        valuation for the last plan year of the plan 
                        ending before the date of the enactment of this 
                        subparagraph, with the interest rate used in 
                        such assumptions applied to the fair market 
                        value of the assets, and take into account 
                        contribution rates, benefit levels, and all 
                        other relevant facts and circumstances in 
                        effect as of the valuation date for such last 
                        plan year.
                            ``(v) Exception to treatment of eligible 
                        multiemployer plan.--In no event shall a plan 
                        be treated as an eligible multiemployer plan 
                        under clause (iv) if--
                                    ``(I) for any taxable year 
                                beginning during the 10-year period 
                                preceding the first plan year for which 
                                an election is made under clause (i), 
                                any employer required to contribute to 
                                the plan failed to timely pay any 
                                excise tax imposed under section 4971 
                                with respect to the plan, or
                                    ``(II) with respect to any of the 
                                plan years beginning after June 30, 
                                1993, and before the first plan year 
                                for which an election is made under 
                                clause (i), a waiver was granted under 
                                section 412(d) or section 303 of the 
                                Employee Retirement Income Security Act 
                                of 1974 with respect to the plan or an 
                                extension of an amortization period was 
                                granted under subsection (e) or section 
                                304 of such Act with respect to the 
                                plan.
                            ``(vi) Hiatus period.--For purposes of this 
                        subparagraph, the term `hiatus period' means 
                        any period during which the amortization of a 
                        net experience loss is suspended by reason of 
                        this subparagraph.
                            ``(vii) Interest accrued during hiatus.--
                        Interest shall accrue (at the rate specified 
                        for multiemployer plans under section 412(e)) 
                        during a hiatus period on the portion of the 
                        net experience loss the amortization of which 
                        is suspended during such period by reason of 
                        this subparagraph. Such interest shall be added 
                        to the amount of such portion of the net 
                        experience loss in determining the amount to be 
                        amortized at the end of the hiatus period.
                            ``(viii) Election.--An election under this 
                        subparagraph shall be made at such time and in 
                        such manner as the Secretary may prescribe.''
            (2) Qualification requirement.--Section 401(a) of such Code 
        is amended by inserting after paragraph (34) the following new 
        paragraph:
            ``(35) Benefit increases in certain multiemployer plans.--A 
        trust which is part of a plan shall not constitute a qualified 
        trust under this section if the plan adopts an amendment during 
        a hiatus period (within the meaning of section 
        412(b)(7)(F)(vi)) which the plan is prohibited from adopting by 
        reason of section 412(b)(7)(F)(ii).''.

                       TITLE II--OTHER PROVISIONS

SEC. 201. 2-YEAR EXTENSION OF TRANSITION RULE TO PENSION FUNDING 
              REQUIREMENTS.

    (a) In General.--Section 769(c) of the Retirement Protection Act of 
1994, as added by section 1508 of the Taxpayer Relief Act of 1997, is 
amended--
            (1) by inserting ``except as provided in paragraph (3),'' 
        before ``the transition rules'', and
            (2) by adding at the end the following:
    ``(3) Special rules.--In the case of plan years beginning in 2004 
and 2005, the following transition rules shall apply in lieu of the 
transition rules described in paragraph (2):
                    ``(A) For purposes of section 412(l)(9)(A) of the 
                Internal Revenue Code of 1986 and section 302(d)(9)(A) 
                of the Employee Retirement Income Security Act of 1974, 
                the funded current liability percentage for any plan 
                year shall be treated as not less than 90 percent.
                    ``(B) For purposes of section 412(m) of the 
                Internal Revenue Code of 1986 and section 302(e) of the 
                Employee Retirement Income Security Act of 1974, the 
                funded current liability percentage for any plan year 
                shall be treated as not less than 100 percent.
                    ``(C) For purposes of determining unfunded vested 
                benefits under section 4006(a)(3)(E)(iii) of the 
                Employee Retirement Income Security Act of 1974, the 
                mortality table shall be the mortality table used by 
                the plan.''
    (b) Effective Date.--The amendments made by this section shall 
apply to plan years beginning after December 31, 2003.

SEC. 202. PROCEDURES APPLICABLE TO DISPUTES INVOLVING PENSION PLAN 
              WITHDRAWAL LIABILITY.

    (a) In General.--Section 4221 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1401) is amended by adding at the end 
the following new subsection:
    ``(f) Procedures Applicable to Certain Disputes.--
            ``(1) In general.--If--
                    ``(A) a plan sponsor of a plan determines that--
                            ``(i) a complete or partial withdrawal of 
                        an employer has occurred, or
                            ``(ii) an employer is liable for withdrawal 
                        liability payments with respect to the complete 
                        or partial withdrawal of an employer from the 
                        plan,
                    ``(B) such determination is based in whole or in 
                part on a finding by the plan sponsor under section 
                4212(c) that a principal purpose of a transaction that 
                occurred before January 1, 1999, was to evade or avoid 
                withdrawal liability under this subtitle, and
                    ``(C) such transaction occurred at least 5 years 
                before the date of the complete or partial withdrawal,
        then the special rules under paragraph (2) shall be used in 
        applying subsections (a) and (d) of this section and section 
        4219(c) to the employer.
            ``(2) Special rules.--
                    ``(A) Determination.--Notwithstanding subsection 
                (a)(3)--
                            ``(i) a determination by the plan sponsor 
                        under paragraph (1)(B) shall not be presumed to 
                        be correct, and
                            ``(ii) the plan sponsor shall have the 
                        burden to establish, by a preponderance of the 
                        evidence, the elements of the claim under 
                        section 4212(c) that a principal purpose of the 
                        transaction was to evade or avoid withdrawal 
                        liability under this subtitle.
                Nothing in this subparagraph shall affect the burden of 
                establishing any other element of a claim for 
                withdrawal liability under this subtitle.
                    ``(B) Procedure.--Notwithstanding subsection (d) 
                and section 4219(c), if an employer contests the plan 
                sponsor's determination under paragraph (1) through an 
                arbitration proceeding pursuant to subsection (a), or 
                through a claim brought in a court of competent 
                jurisdiction, the employer shall not be obligated to 
                make any withdrawal liability payments until a final 
                decision in the arbitration proceeding, or in court, 
                upholds the plan sponsor's determination.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to any employer that receives a notification under section 
4219(b)(1) of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1399(b)(1)) after October 31, 2003.

SEC. 203. EXTENSION OF TRANSFERS OF EXCESS PENSION ASSETS TO RETIREE 
              HEALTH ACCOUNTS.

    (a) Amendment of Internal Revenue Code of 1986.--Paragraph (5) of 
section 420(b) of the Internal Revenue Code of 1986 (relating to 
expiration) is amended by striking ``December 31, 2005'' and inserting 
``December 31, 2013''.
    (b) Amendments of ERISA.--
            (1) Section 101(e)(3) of the Employee Retirement Income 
        Security Act of 1974 (29 U.S.C. 1021(e)(3)) is amended by 
        striking ``Tax Relief Extension Act of 1999'' and inserting 
        ``Fairness in Pension Stability Act''.
            (2) Section 403(c)(1) of such Act (29 U.S.C. 1103(c)(1)) is 
        amended by striking ``Tax Relief Extension Act of 1999'' and 
        inserting ``Fairness in Pension Stability Act''.
            (3) Paragraph (13) of section 408(b) of such Act (29 U.S.C. 
        1108(b)(3)) is amended--
                    (A) by striking ``January 1, 2006'' and inserting 
                ``January 1, 2014'', and
                    (B) by striking ``Tax Relief Extension Act of 
                1999'' and inserting ``Fairness in Pension Stability 
                Act''.

SEC. 204. CLARIFICATION OF EXEMPTION FROM TAX FOR SMALL PROPERTY AND 
              CASUALTY INSURANCE COMPANIES.

    (a) In General.--Section 501(c)(15)(A) of the Internal Revenue Code 
of 1986 is amended to read as follows:
            ``(A) Insurance companies (as defined in section 816(a)) 
        other than life (including interinsurers and reciprocal 
        underwriters) if--
                    ``(i)(I) the gross receipts for the taxable year do 
                not exceed $600,000, and
                    ``(II) more than 50 percent of such gross receipts 
                consist of premiums, or
                    ``(ii) in the case of a mutual insurance company--
                            ``(I) the gross receipts of which for the 
                        taxable year do not exceed $150,000, and
                            ``(II) more than 35 percent of such gross 
                        receipts consist of premiums.
        Clause (ii) shall not apply to a company if any employee of the 
        company, or a member of the employee's family (as defined in 
        section 2032A(e)(2)), is an employee of another company exempt 
        from taxation by reason of this paragraph (or would be so 
        exempt but for this sentence).''.
    (b) Controlled Group Rule.--Section 501(c)(15)(C) of the Internal 
Revenue Code of 1986 is amended by inserting ``, except that in 
applying section 831(b)(2)(B)(ii) for purposes of this subparagraph, 
subparagraphs (B) and (C) of section 1563(b)(2) shall be disregarded'' 
before the period at the end.
    (c) Definition of Insurance Company for Section 831.--Section 831 
of the Internal Revenue Code of 1986 is amended by redesignating 
subsection (c) as subsection (d) and by inserting after subsection (b) 
the following new subsection:
    ``(c) Insurance Company Defined.--For purposes of this section, the 
term `insurance company' has the meaning given to such term by section 
816(a)).''.
    (d) Conforming Amendment.--Clause (i) of section 831(b)(2)(A) of 
the Internal Revenue Code of 1986 is amended by striking ``exceed 
$350,000 but''.
    (e) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to taxable years beginning after December 31, 2003.
            (2) Transition rule for companies in bankruptcy.--In the 
        case of a company or association which--
                    (A) for the taxable year which includes April 1, 
                2004, meets the requirements of section 501(c)(15)(A) 
                of the Internal Revenue Code of 1986, as in effect for 
                the taxable year beginning before January 1, 2004, and
                    (B) on April 1, 2004, is in a receivership, 
                foreclosure, or similar proceeding under the 
                supervision of a State court,
        the amendments made by this section shall apply to taxable 
        years beginning after the earlier of the date such proceeding 
        ends or December 31, 2007.

SEC. 205. REPEAL OF REDUCTION OF DEDUCTIONS FOR MUTUAL LIFE INSURANCE 
              COMPANIES.

    (a) In General.--Section 809 of the Internal Revenue Code of 1986 
(relating to reductions in certain deduction of mutual life insurance 
companies) is hereby repealed.
    (b) Conforming Amendments.--
            (1) Subsections (a)(2)(B) and (b)(1)(B) of section 807 of 
        such Code are each amended by striking ``the sum of (i)'' and 
        by striking ``plus (ii) any excess described in section 
        809(a)(2) for the taxable year,''.
            (2)(A) The last sentence of section 807(d)(1) of such Code 
        is amended by striking ``section 809(b)(4)(B)'' and inserting 
        ``paragraph (6)''.
            (B) Subsection (d) of section 807 of such Code is amended 
        by adding at the end the following new paragraph:
            ``(6) Statutory reserves.--The term `statutory reserves' 
        means the aggregate amount set forth in the annual statement 
        with respect to items described in section 807(c). Such term 
        shall not include any reserve attributable to a deferred and 
        uncollected premium if the establishment of such reserve is not 
        permitted under section 811(c).''
            (3) Subsection (c) of section 808 of such Code is amended 
        to read as follows:
    ``(c) Amount of Deduction.--The deduction for policyholder 
dividends for any taxable year shall be an amount equal to the 
policyholder dividends paid or accrued during the taxable year.''
            (4) Subparagraph (A) of section 812(b)(3) of such Code is 
        amended by striking ``sections 808 and 809'' and inserting 
        ``section 808''.
            (5) Subsection (c) of section 817 of such Code is amended 
        by striking ``(other than section 809)''.
            (6) Subsection (c) of section 842 of such Code is amended 
        by striking paragraph (3) and by redesignating paragraph (4) as 
        paragraph (3).
            (7) The table of sections for subpart C of part I of 
        subchapter L of chapter 1 of such Code is amended by striking 
        the item relating to section 809.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 206. CONFIRMATION OF ANTITRUST STATUS OF GRADUATE MEDICAL RESIDENT 
              MATCHING PROGRAMS.

    (a) Findings and Purposes.--
            (1) Findings.--Congress makes the following findings:
                    (A) For over 50 years, most United States medical 
                school seniors and the large majority of graduate 
                medical education programs (popularly known as 
                ``residency programs'') have chosen to use a matching 
                program to match medical students with residency 
                programs to which they have applied. These matching 
                programs have been an integral part of an educational 
                system that has produced the finest physicians and 
                medical researchers in the world.
                    (B) Before such matching programs were instituted, 
                medical students often felt pressure, at an 
                unreasonably early stage of their medical education, to 
                seek admission to, and accept offers from, residency 
                programs. As a result, medical students often made 
                binding commitments before they were in a position to 
                make an informed decision about a medical specialty or 
                a residency program and before residency programs could 
                make an informed assessment of students' 
                qualifications. This situation was inefficient, 
                chaotic, and unfair and it often led to placements that 
                did not serve the interests of either medical students 
                or residency programs.
                    (C) The original matching program, now operated by 
                the independent non-profit National Resident Matching 
                Program and popularly known as ``the Match,'' was 
                developed and implemented more than 50 years ago in 
                response to widespread student complaints about the 
                prior process. This Program includes on its board of 
                directors individuals nominated by medical student 
                organizations as well as by major medical education and 
                hospital associations.
                    (D) The Match uses a computerized mathematical 
                algorithm, as students had recommended, to analyze the 
                preferences of students and residency programs and 
                match students with their highest preferences from 
                among the available positions in residency programs 
                that listed them. Students thus obtain a residency 
                position in the most highly ranked program on their 
                list that has ranked them sufficiently high among its 
                preferences. Each year, about 85 percent of 
                participating United States medical students secure a 
                place in one of their top 3 residency program choices.
                    (E) Antitrust lawsuits challenging the matching 
                process, regardless of their merit or lack thereof, 
                have the potential to undermine this highly efficient, 
                pro-competitive, and long-standing process. The costs 
                of defending such litigation would divert the scarce 
                resources of our country's teaching hospitals and 
medical schools from their crucial missions of patient care, physician 
training, and medical research. In addition, such costs may lead to 
abandonment of the matching process, which has effectively served the 
interests of medical students, teaching hospitals, and patients for 
over half a century.
            (2) Purposes.--It is the purpose of this section to--
                    (A) confirm that the antitrust laws do not prohibit 
                sponsoring, conducting, or participating in a graduate 
                medical education residency matching program, or 
                agreeing to do so; and
                    (B) ensure that those who sponsor, conduct or 
                participate in such matching programs are not subjected 
                to the burden and expense of defending against 
                litigation that challenges such matching programs under 
                the antitrust laws.
    (b) Application of Antitrust Laws to Graduate Medical Education 
Residency Matching Programs.--
            (1) Definitions.--In this subsection:
                    (A) Antitrust laws.--The term ``antitrust laws''--
                            (i) has the meaning given such term in 
                        subsection (a) of the first section of the 
                        Clayton Act (15 U.S.C. 12(a)), except that such 
                        term includes section 5 of the Federal Trade 
                        Commission Act (15 U.S.C. 45) to the extent 
                        such section 5 applies to unfair methods of 
                        competition; and
                            (ii) includes any State law similar to the 
                        laws referred to in clause (i).
                    (B) Graduate medical education program.--The term 
                ``graduate medical education program'' means--
                            (i) a residency program for the medical 
                        education and training of individuals following 
                        graduation from medical school;
                            (ii) a program, known as a specialty or 
                        subspecialty fellowship program, that provides 
                        more advanced training; and
                            (iii) an institution or organization that 
                        operates, sponsors or participates in such a 
                        program.
                    (C) Graduate medical education residency matching 
                program.--The term ``graduate medical education 
                residency matching program'' means a program (such as 
                those conducted by the National Resident Matching 
                Program) that, in connection with the admission of 
                students to graduate medical education programs, uses 
                an algorithm and matching rules to match students in 
                accordance with the preferences of students and the 
                preferences of graduate medical education programs.
                    (D) Student.--The term ``student'' means any 
                individual who seeks to be admitted to a graduate 
                medical education program.
            (2) Confirmation of Antitrust Status.--It shall not be 
        unlawful under the antitrust laws to sponsor, conduct, or 
        participate in a graduate medical education residency matching 
        program, or to agree to sponsor, conduct, or participate in 
        such a program. Evidence of any of the conduct described in the 
        preceding sentence shall not be admissible in Federal court to 
        support any claim or action alleging a violation of the 
        antitrust laws.
            (3) Applicability.--Nothing in this section shall be 
        construed to exempt from the antitrust laws any agreement on 
        the part of 2 or more graduate medical education programs to 
        fix the amount of the stipend or other benefits received by 
        students participating in such programs.
    (c) Effective Date.--This section shall take effect on the date of 
enactment of this Act, shall apply to conduct whether it occurs prior 
to, on, or after such date of enactment, and shall apply to all 
judicial and administrative actions or other proceedings pending on 
such date of enactment.
                                 <all>
```