I 
117TH CONGRESS 
1ST SESSION 
H. R. 409 
To provide relief for multiemployer and single employer pension plans, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 21, 2021 
Mr. NEAL introduced the following bill; which was referred to the Committee 
on Education and Labor, and in addition to the Committee on Ways and 
Means, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To provide relief for multiemployer and single employer 
pension plans, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Emergency Pension 
Plan Relief Act of 2021’’. 
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TITLE I—RELIEF FOR MULTIEM-
PLOYER PENSION PLANS 
SEC. 101. SPECIAL PARTITION RELIEF. 
(a) APPROPRIATION.—Section 4005 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1305) 
is amended by adding at the end the following: 
‘‘(i)(1) An eighth fund shall be established for parti-
tion assistance to multiemployer pension plans, as pro-
vided under section 4233A, and to pay for necessary ad-
ministrative and operating expenses relating to such as-
sistance. 
‘‘(2) There is appropriated from the general fund 
such amounts as necessary for the costs of providing parti-
tion assistance under section 4233A and necessary admin-
istrative and operating expenses. The eighth fund estab-
lished under this subsection shall be credited with such 
amounts from time to time as the Secretary of the Treas-
ury determines appropriate, from the general fund of the 
Treasury, and such amounts shall remain available until 
expended.’’. 
(b) SPECIAL
PARTITION
AUTHORITY.—The Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1001 et seq.) is amended by inserting after section 
4233 the following: 
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‘‘SEC. 4233A. SPECIAL PARTITION RELIEF. 
‘‘(a) SPECIAL PARTITION AUTHORITY.— 
‘‘(1) IN GENERAL.—Upon the application of a 
plan sponsor of an eligible multiemployer plan for 
partition of the plan under this section, the corpora-
tion shall order a partition of the plan in accordance 
with this section. 
‘‘(2) INAPPLICABILITY OF CERTAIN REPAYMENT 
OBLIGATION.—A plan receiving partition assistance 
pursuant to this section shall not be subject to re-
payment obligations under section 4261(b)(2). 
‘‘(b) ELIGIBLE PLANS.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, a multiemployer plan is an eligible multiem-
ployer plan if— 
‘‘(A) the plan is in critical and declining 
status 
(within 
the 
meaning 
of 
section 
305(b)(6)) in any plan year beginning in 2020 
through 2024; 
‘‘(B) a suspension of benefits has been ap-
proved with respect to the plan under section 
305(e)(9) as of the date of the enactment of 
this section; 
‘‘(C) in any plan year beginning in 2020 
through 2024, the plan is certified by the plan 
actuary to be in critical status (within the 
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meaning of section 305(b)(2)), has a modified 
funded percentage of less than 40 percent, and 
has a ratio of active to inactive participants 
which is less than 2 to 3; or 
‘‘(D) the plan is insolvent for purposes of 
section 418E of the Internal Revenue Code of 
1986 as of the date of enactment of this sec-
tion, if the plan became insolvent after Decem-
ber 16, 2014, and has not been terminated by 
such date of enactment. 
‘‘(2) MODIFIED
FUNDED
PERCENTAGE.—For 
purposes of paragraph (1)(C), the term ‘modified 
funded percentage’ means the percentage equal to a 
fraction the numerator of which is current value of 
plan assets (as defined in section 3(26) of such Act) 
and the denominator of which is current liabilities 
(as defined in section 431(c)(6)(D) of such Code and 
section 304(c)(6)(D) of such Act). 
‘‘(c) APPLICATIONS FOR SPECIAL PARTITION.— 
‘‘(1) GUIDANCE.—The corporation shall issue 
guidance setting forth requirements for special parti-
tion applications under this section not later than 
120 days after the date of the enactment of this sec-
tion. In such guidance, the corporation shall— 
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‘‘(A) limit the materials required for a spe-
cial partition application to the minimum nec-
essary to make a determination on the applica-
tion; and 
‘‘(B) provide for an alternate application 
for special partition under this section, which 
may be used by a plan that has been approved 
for a partition under section 4233 before the 
date of enactment of this section. 
‘‘(2) TEMPORARY PRIORITY CONSIDERATION OF 
APPLICATIONS.— 
‘‘(A) IN GENERAL.—The corporation may 
specify in guidance under paragraph (1) that, 
during the first 2 years following the date of 
enactment of this section, special partition ap-
plications will be provided priority consider-
ation, if— 
‘‘(i) the plan is likely to become insol-
vent within 5 years of the date of enact-
ment of this section; 
‘‘(ii) the corporation projects a plan to 
have a present value of financial assistance 
payments under section 4261 that exceeds 
$1,000,000,000 if the special partition is 
not ordered; 
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‘‘(iii) the plan has implemented ben-
efit suspensions under section 305(e)(9) as 
of the date of the enactment of this sec-
tion; or 
‘‘(iv) the corporation determines it ap-
propriate based on other circumstances. 
‘‘(B) NO EFFECT ON AMOUNT OF ASSIST-
ANCE.—A plan that is approved for special par-
tition assistance under this section shall not re-
ceive reduced special partition assistance on ac-
count of not receiving priority consideration 
under subparagraph (A). 
‘‘(3) ACTUARIAL ASSUMPTIONS AND OTHER IN-
FORMATION.—The corporation shall accept assump-
tions incorporated in a multiemployer plan’s deter-
mination that it is in critical status or critical and 
declining status (within the meaning of section 
305(b)), or that the plan’s modified funded percent-
age is less than 40 percent, unless such assumptions 
are clearly erroneous. The corporation may require 
such other information as the corporation deter-
mines appropriate for making a determination of eli-
gibility and the amount of special partition assist-
ance necessary under this section. 
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‘‘(4) APPLICATION DEADLINE.—Any application 
by a plan for special partition assistance under this 
section shall be submitted no later than December 
31, 2026, and any revised application for special 
partition assistance shall be submitted no later than 
December 31, 2027. 
‘‘(5) NOTICE OF APPLICATION.—Not later than 
120 days after the date of enactment of this section, 
the corporation shall issue guidance requiring multi-
employer plans to notify participants and bene-
ficiaries that the plan has applied for partition 
under this section, after the corporation has deter-
mined that the application is complete. Such notice 
shall reference the special partition relief internet 
website described in subsection (p). 
‘‘(d) DETERMINATIONS ON APPLICATIONS.—A plan’s 
application for special partition under this section that is 
timely filed in accordance with guidance issued under sub-
section (c)(1) shall be deemed approved and the corpora-
tion shall issue a special partition order unless the cor-
poration notifies the plan within 120 days of the filing 
of the application that the application is incomplete or the 
plan is not eligible under this section. Such notice shall 
specify the reasons the plan is ineligible for a special parti-
tion or information needed to complete the application. If 
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a plan is denied partition under this subsection, the plan 
may submit a revised application under this section. Any 
revised application for special partition submitted by a 
plan shall be deemed approved unless the corporation noti-
fies the plan within 120 days of the filing of the revised 
application that the application is incomplete or the plan 
is not eligible under this section. A special partition order 
issued by the corporation shall be effective no later than 
120 days after a plan’s special partition application is ap-
proved by the corporation or deemed approved. 
‘‘(e) AMOUNT AND MANNER OF SPECIAL PARTITION 
ASSISTANCE.— 
‘‘(1) IN GENERAL.—The liabilities of an eligible 
multiemployer plan that the corporation assumes 
pursuant to a special partition order under this sec-
tion shall be the amount necessary for the plan to 
meet its funding goals described in subsection (g). 
‘‘(2) NO CAP.—Liabilities assumed by the cor-
poration pursuant to a special partition order under 
this section shall not be capped by the guarantee 
under section 4022A. The corporation shall have dis-
cretion on how liabilities of the plan are partitioned. 
‘‘(f) SUCCESSOR PLAN.— 
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‘‘(1) IN GENERAL.—The plan created by a spe-
cial partition order under this section is a successor 
plan to which section 4022A applies. 
‘‘(2) PLAN
SPONSOR
AND
ADMINISTRATOR.— 
The plan sponsor of an eligible multiemployer plan 
prior to the special partition and the administrator 
of such plan shall be the plan sponsor and the ad-
ministrator, respectively, of the plan created by the 
partition. 
‘‘(g) FUNDING GOALS.— 
‘‘(1) IN
GENERAL.—The funding goals of a 
multiemployer plan eligible for partition under this 
section are both of the following: 
‘‘(A) The plan will remain solvent over 30 
years with no reduction in a participant’s or 
beneficiary’s accrued benefit (except to the ex-
tent of a reduction in accordance with section 
305(e)(8) adopted prior to the plan’s applica-
tion for partition under this section). 
‘‘(B) The funded percentage of the plan 
(disregarding partitioned benefits) at the end of 
the 30-year period is projected to be 80 percent. 
‘‘(2) BASIS.—The funding projections under 
paragraph (1) shall be performed on a deterministic 
basis. 
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‘‘(h) RESTORATION OF BENEFIT SUSPENSIONS.—An 
eligible multiemployer plan that is partitioned under this 
section shall— 
‘‘(1) reinstate any benefits that were suspended 
under section 305(e)(9) or section 4245(a), effective 
as of the first month the special partition order is 
effective, for participants or beneficiaries as of the 
effective date of the partition; and 
‘‘(2) provide payments equal to the amount of 
benefits previously suspended to any participants or 
beneficiaries in pay status as of the effective date of 
the special partition, payable in the form of a lump 
sum within 3 months of such effective date or in 
equal monthly installments over a period of 5 years, 
with no adjustment for interest. 
‘‘(i) ADJUSTMENT OF SPECIAL PARTITION ASSIST-
ANCE.— 
‘‘(1) IN GENERAL.—Every 5 years, the corpora-
tion shall adjust the special partition assistance de-
scribed in subsection (e) as necessary for the eligible 
multiemployer plan to satisfy the funding goals de-
scribed in subsection (g). If the 30-year period de-
scribed in subsection (g) has lapsed, in applying this 
paragraph, 5 years shall be substituted for 30 years. 
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‘‘(2) SUBMISSION OF INFORMATION.—An eligi-
ble multiemployer plan that is the subject of a spe-
cial partition order under subsection (a) shall submit 
such information as the corporation may require to 
determine the amount of the adjustment under para-
graph (1). 
‘‘(3) CESSATION
OF
ADJUSTMENTS.—Adjust-
ments under this subsection with respect to special 
partition assistance for an eligible multiemployer 
plan shall cease and the corporation shall perma-
nently assume liability for payment of any benefits 
transferred to the successor plan (subject to sub-
section (l)) beginning with the first plan year that 
the funded percentage of the eligible multiemployer 
plan (disregarding partitioned benefits) is at least 
80 percent and the plan’s projected funded percent-
age for each of the next 10 years is at least 80 per-
cent. Any accumulated funding deficiency of the 
plan (within the meaning of section 304(a)) shall be 
reduced to zero as of the first day of the plan year 
for which partition assistance is permanent under 
this paragraph. 
‘‘(j) CONDITIONS ON PLANS DURING PARTITION.— 
‘‘(1) IN GENERAL.—The corporation may im-
pose, by regulation, reasonable conditions on an eli-
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gible multiemployer plan that is partitioned under 
section (a) relating to increases in future accrual 
rates and any retroactive benefit improvements, allo-
cation of plan assets, reductions in employer con-
tribution rates, diversion of contributions to, and al-
location of, expenses to other retirement plans, and 
withdrawal liability. 
‘‘(2) LIMITATIONS.—The corporation shall not 
impose conditions on an eligible multiemployer plan 
as a condition of or following receipt of such parti-
tion assistance under this section relating to— 
‘‘(A) any reduction in plan benefits (in-
cluding benefits that may be adjusted pursuant 
to section 305(e)(8)); 
‘‘(B) plan governance, including selection 
of, removal of, and terms of contracts with, 
trustees, actuaries, investment managers, and 
other service providers; or 
‘‘(C) any funding rules relating to the plan 
that is partitioned under this section. 
‘‘(3) CONDITION.—An eligible multiemployer 
plan that is partitioned under subsection (a) shall 
continue to pay all premiums due under section 
4007 for participants and beneficiaries in the plan 
created by a special partition order until the plan 
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year beginning after a cessation of adjustments ap-
plies under subsection (i). 
‘‘(k) WITHDRAWAL LIABILITY.—An employer’s with-
drawal liability for purposes of this title shall be calculated 
taking into account any plan liabilities that are partitioned 
under subsection (a) until the plan year beginning after 
the expiration of 15 calendar years from the effective date 
of the partition. 
‘‘(l) CESSATION OF PARTITION ASSISTANCE.—If a 
plan that receives partition assistance under this section 
becomes insolvent for purposes of section 418E of the In-
ternal Revenue Code of 1986, the plan shall no longer be 
eligible for assistance under this section and shall be eligi-
ble for assistance under section 4261. 
‘‘(m) REPORTING.—An eligible multiemployer plan 
that receives partition assistance under this section shall 
file with the corporation a report, including the following 
information, in such manner (which may include electronic 
filing requirements) and at such time as the corporation 
requires: 
‘‘(1) The funded percentage (as defined in sec-
tion 305(j)(2)) as of the first day of such plan year, 
and the underlying actuarial value of assets and li-
abilities taken into account in determining such per-
centage. 
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‘‘(2) The market value of the assets of the plan 
(determined as provided in paragraph (1)) as of the 
last day of the plan year preceding such plan year. 
‘‘(3) The total value of all contributions made 
by employers and employees during the plan year 
preceding such plan year. 
‘‘(4) The total value of all benefits paid during 
the plan year preceding such plan year. 
‘‘(5) Cash flow projections for such plan year 
and the 9 succeeding plan years, and the assump-
tions used in making such projections. 
‘‘(6) Funding standard account projections for 
such plan year and the 9 succeeding plan years, and 
the assumptions relied upon in making such projec-
tions. 
‘‘(7) The total value of all investment gains or 
losses during the plan year preceding such plan year. 
‘‘(8) Any significant reduction in the number of 
active participants during the plan year preceding 
such plan year, and the reason for such reduction. 
‘‘(9) A list of employers that withdrew from the 
plan in the plan year preceding such plan year, the 
payment schedule with respect to such withdrawal li-
ability, and the resulting reduction in contributions. 
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‘‘(10) A list of employers that paid withdrawal 
liability to the plan during the plan year preceding 
such plan year and, for each employer, a total as-
sessment of the withdrawal liability paid, the annual 
payment amount, and the number of years remain-
ing in the payment schedule with respect to such 
withdrawal liability. 
‘‘(11) Any material changes to benefits, accrual 
rates, or contribution rates during the plan year pre-
ceding such plan year, and whether such changes re-
late to the conditions of the partition assistance. 
‘‘(12) Details regarding any funding improve-
ment plan or rehabilitation plan and updates to such 
plan. 
‘‘(13) The number of participants and bene-
ficiaries during the plan year preceding such plan 
year who are active participants, the number of par-
ticipants and beneficiaries in pay status, and the 
number of terminated vested participants and bene-
ficiaries. 
‘‘(14) The information contained on the most 
recent annual funding notice submitted by the plan 
under section 101(f). 
‘‘(15) The information contained on the most 
recent annual return under section 6058 of the In-
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ternal Revenue Code of 1986 and actuarial report 
under section 6059 of such Code of the plan. 
‘‘(16) Copies of the plan document and amend-
ments, other retirement benefit or ancillary benefit 
plans relating to the plan and contribution obliga-
tions under such plans, a breakdown of administra-
tive expenses of the plan, participant census data 
and distribution of benefits, the most recent actu-
arial valuation report as of the plan year, financial 
reports, and copies of the portions of collective bar-
gaining agreements relating to plan contributions, 
funding coverage, or benefits, and such other infor-
mation as the corporation may reasonably require. 
Any information disclosed by a plan to the corporation 
that could identify individual employers shall be confiden-
tial and not subject to publication or disclosure. 
‘‘(n) REPORT TO CONGRESS.— 
‘‘(1) IN GENERAL.—Not later than 1 year after 
the date of enactment of this section and annually 
thereafter, the board of directors of the corporation 
shall submit to the Committee on Health, Edu-
cation, Labor, and Pensions and the Committee on 
Finance of the Senate and the Committee on Edu-
cation and Labor and the Committee on Ways and 
Means of the House of Representatives a detailed re-
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port on the implementation and administration of 
this section. Such report shall include— 
‘‘(A) information on the name and number 
of multiemployer plans that have applied for 
partition assistance under this section; 
‘‘(B) the name and number of such plans 
that have been approved for partition assistance 
under this section and the name and number of 
the plans that have not been approved for spe-
cial partition assistance; 
‘‘(C) a detailed rationale for any decision 
by the corporation to not approve an applica-
tion for special partition assistance; 
‘‘(D) the amount of special partition as-
sistance provided to eligible multiemployer 
plans (including amounts provided on an indi-
vidual plan basis and in the aggregate); 
‘‘(E) the name and number of the multi-
employer plans that restored benefit suspen-
sions and provided lump sum or monthly in-
stallment payments to participants or bene-
ficiaries; 
‘‘(F) the amount of benefits that were re-
stored and lump sum or monthly installment 
payments that were paid (including amounts 
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provided on an individual plan basis and in the 
aggregate); 
‘‘(G) the name and number of the plans 
that received adjustments to partition assist-
ance under subsection (i); 
‘‘(H) a list of, and rationale for, each rea-
sonable condition imposed by the corporation on 
plans approved for special partition assistance 
under this section; 
‘‘(I) the contracts that have been awarded 
by the corporation to implement or administer 
this section; 
‘‘(J) the number, purpose, and dollar 
amounts of the contracts that have been award-
ed to implement or administer the section; 
‘‘(K) a detailed summary of the reports re-
quired under subsection (m); and 
‘‘(L) a detailed summary of the feedback 
received on the pension relief internet website 
established under subsection (p). 
‘‘(2) PBGC CERTIFICATION.—The board of di-
rectors of the corporation shall include with the re-
port under paragraph (1) a certification and affir-
mation that the amount of special partition assist-
ance provided to each plan under this section is the 
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amount necessary to meet its funding goals under 
subsection (g), including, if applicable, any adjust-
ment of special partition assistance as determined 
under subsection (i). 
‘‘(3) CONFIDENTIALITY.—Congress may pub-
licize the reports received under paragraph (1) only 
after redacting all sensitive or proprietary informa-
tion. 
‘‘(o) GAO REPORT.—Not later than 1 year after the 
first partition application is approved by the corporation 
under this section, and biennially thereafter, the Comp-
troller General of the United States shall submit to the 
Committee on Health, Education, Labor, and Pensions 
and the Committee on Finance of the Senate and the 
Committee on Education and Labor and the Committee 
on Ways and Means of the House of Representatives a 
detailed report on the actions of the corporation to imple-
ment and administer this section, including an examina-
tion of the contracts awarded by such corporation to carry 
out this section and an analysis of such corporation’s com-
pliance with subsections (e) and (g). 
‘‘(p) SPECIAL PARTITION RELIEF WEBSITE.— 
‘‘(1) ESTABLISHMENT.—Not later than 120 
days after the date of enactment of this section, the 
corporation shall establish and maintain a user- 
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friendly, public-facing internet website to foster 
greater accountability and transparency in the im-
plementation and administration of this section. 
‘‘(2) PURPOSE.—The internet website estab-
lished and maintained under paragraph (1) shall be 
a portal to key information relating to this section 
for multiemployer plan administrators and trustees, 
plan participants, beneficiaries, participating em-
ployers, other stakeholders, and the public. 
‘‘(3) CONTENT AND FUNCTION.—The internet 
website established under paragraph (1) shall— 
‘‘(A) describe the nature and scope of the 
special partition authority and assistance under 
this section in a manner calculated to be under-
stood by the average plan participant; 
‘‘(B) include published guidance, regula-
tions, and all other relevant information on the 
implementation and administration of this sec-
tion; 
‘‘(C) include, with respect to plan applica-
tions for special partition assistance— 
‘‘(i) a general description of the proc-
ess by which eligible plans can apply for 
special partition assistance, information on 
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how and when the corporation will process 
and consider plan applications; 
‘‘(ii) information on how the corpora-
tion will address any incomplete applica-
tions as specified in under this section; 
‘‘(iii) a list of the plans that have ap-
plied for special partition assistance and, 
for each application, the date of submis-
sion of a completed application; 
‘‘(iv) the text of each plan’s completed 
application for special partition assistance 
with appropriate redactions of personal, 
proprietary, or sensitive information; 
‘‘(v) the estimated date that a deci-
sion will be made by the corporation on 
each application; 
‘‘(vi) the actual date when such deci-
sion is made; 
‘‘(vii) the corporation’s decision on 
each application; and 
‘‘(viii) as applicable, a detailed ration-
ale for any decision not to approve a plan’s 
application for special partition assistance; 
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‘‘(D) provide detailed information on each 
contract solicited and awarded to implement or 
administer this section; 
‘‘(E) include reports, audits, and other rel-
evant oversight and accountability information 
on this section, including the annual reports 
submitted by the board of directors of the cor-
poration to Congress required under subsection 
(n), the Office of the Inspector General audits, 
correspondence, and publications, and the Gov-
ernment Accountability Office reports under 
subsection (o); 
‘‘(F) provide a clear means for multiem-
ployer plan administrators, plan participants, 
beneficiaries, other stakeholders, and the public 
to contact the corporation and provide feedback 
on the implementation and administration of 
this section; and 
‘‘(G) be regularly updated to carry out the 
purposes of this subsection. 
‘‘(q) OFFICE OF INSPECTOR GENERAL.—There is au-
thorized to be appropriated to the corporation’s Office of 
Inspector General $24,000,000 for fiscal year 2020, which 
shall remain available through September 30, 2028, for 
salaries and expenses necessary for conducting investiga-
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pamtmann on DSKBC07HB2PROD with BILLS
tions and audits of the implementation and administration 
of this section. 
‘‘(r) APPLICATION OF EXCISE TAX.—During the pe-
riod that a plan is subject to a partition order under this 
section and prior to a cessation of adjustments pursuant 
to subsection (i)(3), the plan shall not be subject to section 
4971 of the Internal Revenue Code of 1986.’’. 
SEC. 102. REPEAL OF BENEFIT SUSPENSIONS FOR MULTI-
EMPLOYER PLANS IN CRITICAL AND DECLIN-
ING STATUS. 
(a) AMENDMENT TO INTERNAL REVENUE CODE OF 
1986.—Paragraph (9) of section 432(e) of the Internal 
Revenue Code of 1986 is repealed. 
(b) AMENDMENT TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.—Paragraph (9) of section 
305(e) of the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1085(e)) is repealed. 
(c) EFFECTIVE DATE.—The repeals made by this 
section shall not apply to plans that have been approved 
for a suspension of benefit under section 432(e)(9)(G) of 
the Internal Revenue Code of 1986 and section 
305(e)(9)(G) of the Employee Retirement Income Security 
Act of 1974 (29 U.S.C. 1085(e)(9)(G)) before the date 
of the enactment of this Act. 
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pamtmann on DSKBC07HB2PROD with BILLS
SEC. 103. TEMPORARY DELAY OF DESIGNATION OF MULTI-
EMPLOYER PLANS AS IN ENDANGERED, CRIT-
ICAL, OR CRITICAL AND DECLINING STATUS. 
(a) IN GENERAL.—Notwithstanding the actuarial 
certification under section 305(b)(3) of the Employee Re-
tirement 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 March 1, 
2020, and ending on February 28, 2021, or the next 
succeeding plan year (as designated by the plan 
sponsor in such election), shall be the same as the 
status of such plan under such sections for the plan 
year preceding such designated plan year, and 
(2) in the case of a plan which was in endan-
gered or critical status for the plan year preceding 
the designated 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 
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pamtmann on DSKBC07HB2PROD with BILLS
year following the designated plan year described in 
paragraph (1). 
If section 305 of the Employee Retirement Income Secu-
rity Act of 1974 and section 432 of the Internal Revenue 
Code of 1986 did not apply to the plan year preceding 
the designated 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 pre-
ceding 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 elec-
tion, been certified by the plan actuary under section 
305(b)(3) of the Employee Retirement Income Secu-
rity Act of 1974 and section 432(b)(3) of the Inter-
nal Revenue Code of 1986 to be in critical status for 
the designated plan year described in subsection 
(a)(1), then such plan shall be treated as a plan in 
critical status for such plan year for purposes of ap-
plying section 4971(g)(1)(A) of such Code, section 
302(b)(3) of such Act (without regard to the second 
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pamtmann on DSKBC07HB2PROD with BILLS
sentence thereof), and section 412(b)(3) of such 
Code (without regard to the second sentence there-
of). 
(c) ELECTION AND NOTICE.— 
(1) ELECTION.—An election under subsection 
(a)— 
(A) 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, and 
(B) if made— 
(i) before the date the annual certifi-
cation 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, shall be included 
with such annual certification, and 
(ii) after such date, shall 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 sec-
tion 305(b)(3)(D) of the Employee Retirement 
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Income Security Act of 1974 and section 
432(b)(3)(D) of the Internal Revenue Code of 
1986, 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 multiem-
ployer plan shall not be required to provide 
notice under such sections, and 
(ii) the plan sponsor shall provide to 
the participants and beneficiaries, the bar-
gaining parties, the Pension Benefit Guar-
anty Corporation, and the Secretary of 
Labor a notice of the election under sub-
section (a) and such other information as 
the Secretary of the Treasury (in consulta-
tion with the Secretary of Labor) may re-
quire— 
(I) if the election is made before 
the date the annual certification is 
submitted to the Secretary or the Sec-
retary’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 certifi-
cation, and 
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(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 432(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 pro-
vided if the plan had been certified to be in en-
dangered status. 
SEC. 104. TEMPORARY EXTENSION OF THE FUNDING IM-
PROVEMENT AND REHABILITATION PERIODS 
FOR MULTIEMPLOYER PENSION PLANS IN 
CRITICAL AND ENDANGERED STATUS FOR 
2020 OR 2021. 
(a) IN GENERAL.—If the plan sponsor of a multiem-
ployer plan which is in endangered or critical status for 
a plan year beginning in 2020 or 2021 (determined after 
application of section 4) elects the application of this sec-
tion, 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— 
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(1) except as provided in paragraph (2), the 
plan’s funding improvement period or rehabilitation 
period, whichever is applicable, shall be 15 years 
rather than 10 years, and 
(2) in the case of a plan in seriously endan-
gered status, the plan’s funding improvement period 
shall be 20 years rather than 15 years. 
(b) DEFINITIONS AND SPECIAL RULES.—For pur-
poses 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 Sec-
retary’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, 2019. 
SEC. 105. ADJUSTMENTS TO FUNDING STANDARD ACCOUNT 
RULES. 
(a) ADJUSTMENTS.— 
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(1) AMENDMENT TO EMPLOYEE RETIREMENT 
INCOME SECURITY ACT OF 1974.—Section 304(b)(8) 
of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1084(b)) is amended by adding at 
the end the following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A mul-
tiemployer plan with respect to which the sol-
vency test under subparagraph (C) is met as of 
February 29, 2020, may elect to apply this 
paragraph by substituting ‘February 29, 2020’ 
for ‘August 31, 2008’ each place it appears in 
subparagraphs (A)(i), (B)(i)(I), and (B)(i)(II) 
(without regard to whether such plan previously 
elected the application of this paragraph). The 
preceding sentence shall not apply to a plan 
with respect to which a partition order is in ef-
fect under section 4233A.’’. 
(2) AMENDMENT TO INTERNAL REVENUE CODE 
OF 1986.—Section 431(b)(8) of the Internal Revenue 
Code of 1986 is amended by adding at the end the 
following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A mul-
tiemployer plan with respect to which the sol-
vency test under subparagraph (C) is met as of 
February 29, 2020, may elect to apply this 
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