H. R. 7327—6 
(2)(A), and (2)(F)(i) shall apply to plan years beginning 
after December 31, 2008. 
(B) ELECTION FOR EARLIER APPLICATION.—The amend-
ments 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 subpara-
graph. 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 Sec-
retary of the Treasury, in consultation with the Sec-
retary, shall have the authority to prescribe rules 
applicable to the notices required under this sub-
section.’’. 
(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 subpara-
graph and’’ in clause (i), and 
(ii) in clause (iii)— 
(I) by striking ‘‘without regard to this subpara-
graph’’ and inserting ‘‘without regard to the reduc-
tion 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 redesig-
nating 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—
H. R. 7327—7 
(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 with-
out the consent of the participant.’’. 
(D) Section 436(f) of the 1986 Code is amended— 
(i) by inserting ‘‘adjusted’’ before ‘‘funding’’ in para-
graph (1)(D), and 
(ii) by striking ‘‘prefunding balance under section 
430(f) or funding standard carryover balance’’ in para-
graph (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 para-
graph 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 para-
graph’’ and inserting ‘‘without regard to the reduc-
tion 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 redesig-
nating 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 multiem-
ployer 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 ‘‘para-
graph’’. 
(d) AMENDMENTS RELATED TO SECTIONS 107 AND 114.— 
(1) AMENDMENTS TO ERISA.— 
(A) Section 103(d) of ERISA is amended—
H. R. 7327—8 
(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 ‘‘sec-
tion 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 con-
tribution, 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 sub-
section: 
‘‘(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.’’.
H. R. 7327—9 
(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 Sec-
retary’’. 
(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 con-
tribution 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.’’, 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 contribu-
tion 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
CONTRIBU-
TIONS.—Any failure to make a contribution under a
H. R. 7327—10 
schedule of contribution rates provided under this sub-
section 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 bene-
ficiary 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.’’.