H. R. 1319—190 
‘‘(1) IN GENERAL.—Special financial assistance under this 
section shall be a transfer of funds in the amount necessary 
as demonstrated by the plan sponsor on the application for 
such special financial assistance, in accordance with the 
requirements described in subsection (j). Special financial 
assistance shall be paid to such plan as soon as practicable 
upon approval of the application by the corporation. 
‘‘(2) NO CAP.—Special financial assistance granted by the 
corporation under this section shall not be capped by the guar-
antee under 4022A. 
‘‘(j) DETERMINATION OF AMOUNT OF SPECIAL FINANCIAL ASSIST-
ANCE.— 
‘‘(1) IN GENERAL.—The amount of financial assistance pro-
vided to a multiemployer plan eligible for financial assistance 
under this section shall be such amount required for the plan 
to pay all benefits due during the period beginning on the 
date of payment of the special financial assistance payment 
under this section and ending on the last day of the plan 
year ending in 2051, with no reduction in a participant’s or 
beneficiary’s accrued benefit as of the date of enactment of 
this section, except to the extent of a reduction in accordance 
with section 305(e)(8) adopted prior to the plan’s application 
for special financial assistance under this section, and taking 
into account the reinstatement of benefits required under sub-
section (k). 
‘‘(2) PROJECTIONS.—The funding projections for purposes 
of this section shall be performed on a deterministic basis. 
‘‘(k) REINSTATEMENT OF SUSPENDED BENEFITS.—The Secretary, 
in coordination with the Secretary of the Treasury, shall ensure 
that an eligible multiemployer plan that receives special financial 
assistance under this section— 
‘‘(1) reinstates any benefits that were suspended under 
section 305(e)(9) or section 4245(a) in accordance with guidance 
issued by the Secretary of the Treasury pursuant to section 
432(k)(1)(B) of the Internal Revenue Code of 1986, effective 
as of the first month in which the effective date for the special 
financial assistance occurs, for participants and beneficiaries 
as of such month; and 
‘‘(2) provides payments equal to the amount of benefits 
previously suspended under section 305(e)(9) or 4245(a) to any 
participants or beneficiaries in pay status as of the effective 
date of the special financial assistance, payable, as determined 
by the eligible multiemployer plan— 
‘‘(A) as a lump sum within 3 months of such effective 
date; or 
‘‘(B) in equal monthly installments over a period of 
5 years, commencing within 3 months of such effective 
date, with no adjustment for interest. 
‘‘(l) RESTRICTIONS ON THE USE OF SPECIAL FINANCIAL ASSIST-
ANCE.—Special financial assistance received under this section and 
any earnings thereon may be used by an eligible multiemployer 
plan to make benefit payments and pay plan expenses. Special 
financial assistance and any earnings on such assistance shall 
be segregated from other plan assets. Special financial assistance 
shall be invested by plans in investment-grade bonds or other 
investments as permitted by the corporation.
H. R. 1319—191 
‘‘(m) CONDITIONS
ON PLANS RECEIVING SPECIAL FINANCIAL 
ASSISTANCE.— 
‘‘(1) IN GENERAL.—The corporation, in consultation with 
the Secretary of the Treasury, may impose, by regulation or 
other guidance, reasonable conditions on an eligible multiem-
ployer plan that receives special financial assistance relating 
to increases in future accrual rates and any retroactive benefit 
improvements, allocation of plan assets, reductions in employer 
contribution rates, diversion of contributions to, and allocation 
of expenses to, other benefit plans, and withdrawal liability. 
‘‘(2) LIMITATION.—The corporation shall not impose condi-
tions on an eligible multiemployer plan as a condition of, or 
following receipt of, special financial assistance under this sec-
tion relating to— 
‘‘(A) any prospective reduction in plan benefits 
(including benefits that may be adjusted pursuant to sec-
tion 305(e)(8)); 
‘‘(B) plan governance, including selection of, removal 
of, and terms of contracts with, trustees, actuaries, invest-
ment managers, and other service providers; or 
‘‘(C) any funding rules relating to the plan receiving 
special financial assistance under this section. 
‘‘(3) PAYMENT
OF
PREMIUMS.—An eligible multiemployer 
plan receiving special financial assistance under this section 
shall continue to pay all premiums due under section 4007 
for participants and beneficiaries in the plan. 
‘‘(4) ASSISTANCE NOT CONSIDERED FOR CERTAIN PURPOSES.— 
An eligible multiemployer plan that receives special financial 
assistance shall be deemed to be in critical status within the 
meaning of section 305(b)(2) until the last plan year ending 
in 2051. 
‘‘(5) INSOLVENT
PLANS.—An eligible multiemployer plan 
receiving special financial assistance under this section that 
subsequently becomes insolvent will be subject to the current 
rules and guarantee for insolvent plans. 
‘‘(6) INELIGIBILITY
FOR
OTHER
ASSISTANCE.—An eligible 
multiemployer plan that receives special financial assistance 
under this section is not eligible to apply for a new suspension 
of benefits under section 305(e)(9)(G). 
‘‘(n) COORDINATION WITH SECRETARY OF THE TREASURY.—In 
prescribing the application process for eligible multiemployer plans 
to receive special financial assistance under this section and 
reviewing applications of such plans, the corporation shall coordi-
nate with the Secretary of the Treasury in the following manner: 
‘‘(1) In the case of a plan which has suspended benefits 
under section 305(e)(9)— 
‘‘(A) in determining whether to approve the application, 
the corporation shall consult with the Secretary of the 
Treasury regarding the plan’s proposed method of rein-
stating benefits, as described in the plan’s application and 
in accordance with guidance issued by the Secretary of 
the Treasury, and 
‘‘(B) the corporation shall consult with the Secretary 
of the Treasury regarding the amount of special financial 
assistance needed based on the projected funded status 
of the plan as of the last day of the plan year ending 
in 2051, whether the plan proposes to repay benefits over
H. R. 1319—192 
5 years or as a lump sum, as required by subsection (k)(2), 
and any other relevant factors, as determined by the cor-
poration in consultation with the Secretary of the Treasury, 
to ensure the amount of assistance is sufficient to meet 
such requirement and is sufficient to pay benefits as 
required in subsection (j)(1). 
‘‘(2) In the case of any plan which proposes in its application 
to change the assumptions used, as provided in subsection 
(e)(4), the corporation shall consult with the Secretary of the 
Treasury regarding such proposed change in assumptions. 
‘‘(3) If the corporation specifies in regulations or guidance 
that temporary priority consideration is available for plans 
which are insolvent within the meaning of section 418E of 
the Internal Revenue Code of 1986 or likely to become so 
insolvent or for plans which have suspended benefits under 
section 305(e)(9), or that availability is otherwise based on 
the funded status of the plan under section 305, as permitted 
by subsection (d), the corporation shall consult with the Sec-
retary of the Treasury regarding any granting of priority consid-
eration to such plans.’’. 
(c) PREMIUM
RATE
INCREASE.—Section 4006(a)(3) of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1306(a)(3)) is amended— 
(1) in subparagraph (A)— 
(A) in clause (vi)— 
(i) by inserting ‘‘, and before January 1, 2031’’ 
after ‘‘December 31, 2014,’’; and 
(ii) by striking ‘‘or’’ at the end; 
(B) in clause (vii)— 
(i) by moving the margin 2 ems to the left; and 
(ii) in subclause (II), by striking the period and 
inserting ‘‘, or’’; and 
(C) by adding at the end the following: 
‘‘(viii) in the case of a multiemployer plan, for plan years 
beginning after December 31, 2030, $52 for each individual 
who is a participant in such plan during the applicable plan 
year.’’; and 
(2) by adding at the end the following: 
‘‘(N) For each plan year beginning in a calendar year after 
2031, there shall be substituted for the dollar amount specified 
in clause (viii) of subparagraph (A) an amount equal to the greater 
of— 
‘‘(i) the product derived by multiplying such dollar amount 
by the ratio of— 
‘‘(I) the national average wage index (as defined in 
section 209(k)(1) of the Social Security Act) for the first 
of the 2 calendar years preceding the calendar year in 
which such plan year begins, to 
‘‘(II) the national average wage index (as so defined) 
for 2029; and 
‘‘(ii) such dollar amount for plan years beginning in the 
preceding calendar year. 
If the amount determined under this subparagraph is not a 
multiple of $1, such product shall be rounded to the nearest 
multiple of $1.’’. 
(d) AMENDMENTS TO INTERNAL REVENUE CODE OF 1986.—
H. R. 1319—193 
(1) IN GENERAL.—Section 432(a) of the Internal Revenue 
Code of 1986 is amended— 
(A) by striking ‘‘and’’ at the end of paragraph (2)(B), 
(B) by striking the period at the end of paragraph 
(3)(B) and inserting ‘‘, and’’, and 
(C) by adding at the end the following new paragraph: 
‘‘(4) if the plan is an eligible multiemployer plan which 
is applying for or receiving special financial assistance under 
section 4262 of the Employee Retirement Income Security Act 
of 1974, the requirements of subsection (k) shall apply to the 
plan.’’. 
(2) PLANS
RECEIVING
SPECIAL
FINANCIAL
ASSISTANCE
TO 
BE IN CRITICAL STATUS.—Section 432(b) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following 
new paragraph: 
‘‘(7) PLANS RECEIVING SPECIAL FINANCIAL ASSISTANCE.—If 
an eligible multiemployer plan receiving special financial assist-
ance under section 4262 of the Employee Retirement Income 
Security Act of 1974 meets the requirements of subsection 
(k)(2), notwithstanding the preceding paragraphs of this sub-
section, the plan shall be deemed to be in critical status for 
plan years beginning with the plan year in which the effective 
date for such assistance occurs and ending with the last plan 
year ending in 2051.’’. 
(3) RULES RELATING TO ELIGIBLE MULTIEMPLOYER PLANS.— 
Section 432 of the Internal Revenue Code of 1986 is amended 
by adding at the end the following new subsection: 
‘‘(k) RULES RELATING TO ELIGIBLE MULTIEMPLOYER PLANS.— 
‘‘(1) PLANS APPLYING FOR SPECIAL FINANCIAL ASSISTANCE.— 
In the case of an eligible multiemployer plan which applies 
for special financial assistance under section 4262 of such Act— 
‘‘(A) IN GENERAL.—Such application shall be submitted 
in accordance with the requirements of such section, 
including any guidance issued thereunder by the Pension 
Benefit Guaranty Corporation. 
‘‘(B) REINSTATEMENT OF SUSPENDED BENEFITS.—In the 
case of a plan for which a suspension of benefits has 
been approved under subsection (e)(9), the application shall 
describe the manner in which suspended benefits will be 
reinstated in accordance with paragraph (2)(A) and guid-
ance issued by the Secretary if the plan receives special 
financial assistance. 
‘‘(C) AMOUNT OF FINANCIAL ASSISTANCE.— 
‘‘(i) IN GENERAL.—In determining the amount of 
special financial assistance to be specified in its 
application, an eligible multiemployer plan shall— 
‘‘(I) use the interest rate used by the plan 
in its most recently completed certification of plan 
status before January 1, 2021, provided that such 
interest rate does not exceed the interest rate limit, 
and 
‘‘(II) for other assumptions, use the assump-
tions that the plan used in its most recently com-
pleted certification of plan status before January 
1, 2021, unless such assumptions are unreason-
able.
H. R. 1319—194 
‘‘(ii) INTEREST RATE LIMIT.—For purposes of clause 
(i), the interest rate limit is the rate specified in section 
430(h)(2)(C)(iii) 
(disregarding 
modifications 
made 
under clause (iv) of such section) for the month in 
which the application for special financial assistance 
is filed by the eligible multiemployer plan or the 3 
preceding months, with such specified rate increased 
by 200 basis points. 
‘‘(iii) CHANGES IN ASSUMPTIONS.—If a plan deter-
mines that use of one or more prior assumptions is 
unreasonable, the plan may propose in its application 
to change such assumptions, provided that the plan 
discloses such changes in its application and describes 
why such assumptions are no longer reasonable. The 
plan may not propose a change to the interest rate 
otherwise required under this subsection for eligibility 
or financial assistance amount. 
‘‘(D) PLANS APPLYING FOR PRIORITY CONSIDERATION.— 
In the case of a plan applying for special financial assist-
ance under rules providing for temporary priority consider-
ation, as provided in paragraph (4)(C), such plan’s applica-
tion shall be submitted to the Secretary in addition to 
the Pension Benefit Guaranty Corporation. 
‘‘(2) PLANS RECEIVING SPECIAL FINANCIAL ASSISTANCE.—In 
the case of an eligible multiemployer plan receiving special 
financial assistance under section 4262 of the Employee Retire-
ment Income Security Act of 1974— 
‘‘(A) REINSTATEMENT
OF
SUSPENDED
BENEFITS.—The 
plan shall— 
‘‘(i) reinstate any benefits that were suspended 
under subsection (e)(9) or section 4245(a) of the 
Employee Retirement Income Security Act of 1974, 
effective as of the first month in which the effective 
date for the special financial assistance occurs, for 
participants and beneficiaries as of such month, and 
‘‘(ii) provide payments equal to the amount of bene-
fits previously suspended to any participants or bene-
ficiaries in pay status as of the effective date of the 
special financial assistance, payable, as determined by 
the plan— 
‘‘(I) as a lump sum within 3 months of such 
effective date; or 
‘‘(II) in equal monthly installments over a 
period of 5 years, commencing within 3 months 
of such effective date, with no adjustment for 
interest. 
‘‘(B) RESTRICTIONS ON THE USE OF SPECIAL FINANCIAL 
ASSISTANCE.—Special financial assistance received by the 
plan may be used to make benefit payments and pay plan 
expenses. Such assistance shall be segregated from other 
plan assets, and shall be invested by the plan in invest-
ment-grade bonds or other investments as permitted by 
regulations or other guidance issued by the Pension Benefit 
Guaranty Corporation. 
‘‘(C) CONDITIONS ON PLANS RECEIVING SPECIAL FINAN-
CIAL ASSISTANCE.—
H. R. 1319—195 
‘‘(i) IN GENERAL.—The Pension Benefit Guaranty 
Corporation, in consultation with the Secretary, may 
impose, by regulation or other guidance, reasonable 
conditions on an eligible multiemployer plan receiving 
special financial assistance relating to increases in 
future accrual rates and any retroactive benefit 
improvements, allocation of plan assets, reductions in 
employer contribution rates, diversion of contributions 
and allocation of expenses to other benefit plans, and 
withdrawal liability. 
‘‘(ii) LIMITATION.—The Pension Benefit Guaranty 
Corporation shall not impose conditions on an eligible 
multiemployer plan as a condition of, or following 
receipt of, special financial assistance relating to— 
‘‘(I) any prospective reduction in plan benefits 
(including benefits that may be adjusted pursuant 
to subsection (e)(8)), 
‘‘(II) plan governance, including selection of, 
removal of, and terms of contracts with, trustees, 
actuaries, investment managers, and other service 
providers, or 
‘‘(III) any funding rules relating to the plan. 
‘‘(D) ASSISTANCE
DISREGARDED
FOR
CERTAIN
PUR-
POSES.— 
‘‘(i) FUNDING STANDARDS.—Special financial assist-
ance received by the plan shall not be taken into 
account for determining contributions required under 
section 431. 
‘‘(ii) INSOLVENT PLANS.—If the plan becomes insol-
vent within the meaning of section 418E after receiving 
special financial assistance, the plan shall be subject 
to all rules applicable to insolvent plans. 
‘‘(E) INELIGIBILITY FOR SUSPENSION OF BENEFITS.—The 
plan shall not be eligible to apply for a new suspension 
of benefits under subsection (e)(9)(G). 
‘‘(3) ELIGIBLE MULTIEMPLOYER PLAN.— 
‘‘(A) IN GENERAL.—For purposes of this section, a multi-
employer plan is an eligible multiemployer plan if— 
‘‘(i) the plan is in critical and declining status 
in any plan year beginning in 2020 through 2022, 
‘‘(ii) a suspension of benefits has been approved 
with respect to the plan under subsection (e)(9) as 
of the date of the enactment of this subsection; 
‘‘(iii) in any plan year beginning in 2020 through 
2022, the plan is certified by the plan actuary to be 
in critical status, 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 
‘‘(iv) the plan became insolvent within the meaning 
of section 418E after December 16, 2014, and has 
remained so insolvent and has not been terminated 
as of the date of enactment of this subsection. 
‘‘(B) MODIFIED FUNDED PERCENTAGE.—For purposes of 
subparagraph (A)(iii), 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
H. R. 1319—196 
section 3(26) of the Employee Retirement Income Security 
Act of 1974) and the denominator of which is current 
liabilities (as defined in section 431(c)(6)(D)). 
‘‘(4) COORDINATION WITH PENSION BENEFIT GUARANTY COR-
PORATION.—In prescribing the application process for eligible 
multiemployer plans to receive special financial assistance 
under section 4262 of the Employee Retirement Income Security 
Act of 1974 and reviewing applications of such plans, the Pen-
sion Benefit Guaranty Corporation shall coordinate with the 
Secretary in the following manner: 
‘‘(A) In the case of a plan which has suspended benefits 
under subsection (e)(9)— 
‘‘(i) in determining whether to approve the applica-
tion, such corporation shall consult with the Secretary 
regarding the plan’s proposed method of reinstating 
benefits, as described in the plan’s application and 
in accordance with guidance issued by the Secretary, 
and 
‘‘(ii) such corporation shall consult with the Sec-
retary regarding the amount of special financial assist-
ance needed based on the projected funded status of 
the plan as of the last day of the plan year ending 
in 2051, whether the plan proposes to repay benefits 
over 5 years or as a lump sum, as required by para-
graph (2)(A)(ii), and any other relevant factors, as 
determined by such corporation in consultation with 
the Secretary, to ensure the amount of assistance is 
sufficient to meet such requirement and is sufficient 
to pay benefits as required in section 4262(j)(1) of 
such Act. 
‘‘(B) In the case of any plan which proposes in its 
application to change the assumptions used, as provided 
in paragraph (1)(C)(iii), such corporation shall consult with 
the Secretary regarding such proposed change in assump-
tions. 
‘‘(C) If such corporation specifies in regulations or guid-
ance that temporary priority consideration is available for 
plans which are insolvent within the meaning of section 
418E or likely to become so insolvent or for plans which 
have suspended benefits under subsection (e)(9), or that 
availability is otherwise based on the funded status of 
the plan under this section, as permitted by section 4262(d) 
of such Act, such corporation shall consult with the Sec-
retary regarding any granting of priority consideration to 
such plans.’’. 
SEC. 9705. EXTENDED AMORTIZATION FOR SINGLE EMPLOYER PLANS. 
(a) 15-YEAR AMORTIZATION UNDER
THE INTERNAL REVENUE 
CODE OF 1986.—Section 430(c) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph: 
‘‘(8) 15-YEAR AMORTIZATION.—With respect to plan years 
beginning after December 31, 2021 (or, at the election of the 
plan sponsor, plan years beginning after December 31, 2018, 
December 31, 2019, or December 31, 2020)— 
‘‘(A) the shortfall amortization bases for all plan years 
preceding the first plan year beginning after December 
31, 2021 (or after whichever earlier date is elected pursuant
H. R. 1319—197 
to this paragraph), and all shortfall amortization install-
ments determined with respect to such bases, shall be 
reduced to zero, and 
‘‘(B) subparagraphs (A) and (B) of paragraph (2) shall 
each be applied by substituting ‘15-plan-year period’ for 
‘7-plan-year period’.’’. 
(b) 15-YEAR AMORTIZATION UNDER THE EMPLOYEE RETIREMENT 
INCOME SECURITY ACT OF 1974.—Section 303(c) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1083(c)) is 
amended by adding at the end the following new paragraph: 
‘‘(8) 15-YEAR AMORTIZATION.—With respect to plan years 
beginning after December 31, 2021 (or, at the election of the 
plan sponsor, plan years beginning after December 31, 2018, 
December 31, 2019, or December 31, 2020)— 
‘‘(A) the shortfall amortization bases for all plan years 
preceding the first plan year beginning after December 
31, 2021 (or after whichever earlier date is elected pursuant 
to this paragraph), and all shortfall amortization install-
ments determined with respect to such bases, shall be 
reduced to zero, and 
‘‘(B) subparagraphs (A) and (B) of paragraph (2) shall 
each be applied by substituting ‘15-plan-year period’ for 
‘7-plan-year period’.’’. 
(c) EFFECTIVE DATE.—The amendments made by this section 
shall apply to plan years beginning after December 31, 2018. 
SEC. 
9706. 
EXTENSION 
OF 
PENSION 
FUNDING 
STABILIZATION 
PERCENTAGES FOR SINGLE EMPLOYER PLANS. 
(a) AMENDMENT TO INTERNAL REVENUE CODE OF 1986.— 
(1) IN
GENERAL.—The table contained in subclause (II) 
of section 430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 
is amended to read as follows: 
‘‘If the calendar year is: 
The appli-
cable min-
imum per-
centage is: 
The appli-
cable max-
imum per-
centage is: 
Any year in the period starting in 2012 
and ending in 2019 .............................
90% 
110%
Any year in the period starting in 2020 
and ending in 2025 .............................
95% 
105%
2026 .........................................................
90% 
110%
2027 .........................................................
85% 
115%
2028 .........................................................
80% 
120%
2029 .........................................................
75% 
125%
After 2029 ...............................................
70% 
130%.’’. 
(2) FLOOR ON 25-YEAR AVERAGES.—Subclause (I) of section 
430(h)(2)(C)(iv) of such Code is amended by adding at the 
end the following: ‘‘Notwithstanding anything in this subclause, 
if the average of the first, second, or third segment rate for 
any 25-year period is less than 5 percent, such average shall 
be deemed to be 5 percent.’’.
H. R. 1319—198 
(b) AMENDMENTS TO EMPLOYEE RETIREMENT INCOME SECURITY 
ACT OF 1974.— 
(1) IN
GENERAL.—The table contained in subclause (II) 
of section 303(h)(2)(C)(iv) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1083(h)(2)(C)(iv)(II)) is amended 
to read as follows: 
‘‘If the calendar year is: 
The appli-
cable min-
imum per-
centage is: 
The appli-
cable max-
imum per-
centage is: 
Any year in the period starting in 2012 
and ending in 2019 .............................
90% 
110%
Any year in the period starting in 2020 
and ending in 2025 .............................
95% 
105%
2026 .........................................................
90% 
110%
2027 .........................................................
85% 
115%
2028 .........................................................
80% 
120%
2029 .........................................................
75% 
125%
After 2029 ...............................................
70% 
130%.’’. 
(2) FLOOR ON 25-YEAR AVERAGES.—Subclause (I) of section 
303(h)(2)(C)(iv) of such Act (29 U.S.C. 1083(h)(2)(C)(iv)(I)) is 
amended by adding at the end the following: ‘‘Notwithstanding 
anything in this subclause, if the average of the first, second, 
or third segment rate for any 25-year period is less than 5 
percent, such average shall be deemed to be 5 percent.’’. 
(3) CONFORMING AMENDMENTS.— 
(A) IN GENERAL.—Section 101(f)(2)(D) of such Act (29 
U.S.C. 1021(f)(2)(D)) is amended— 
(i) in clause (i) by striking ‘‘and the Bipartisan 
Budget Act of 2015’’ both places it appears and 
inserting ‘‘, the Bipartisan Budget Act of 2015, and 
the American Rescue Plan Act of 2021’’, and 
(ii) in clause (ii) by striking ‘‘2023’’ and inserting 
‘‘2029’’. 
(B) STATEMENTS.—The Secretary of Labor shall modify 
the statements required under subclauses (I) and (II) of 
section 101(f)(2)(D)(i) of such Act to conform to the amend-
ments made by this section. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by this section 
shall apply with respect to plan years beginning after December 
31, 2019. 
(2) ELECTION NOT TO APPLY.—A plan sponsor may elect 
not to have the amendments made by this section apply to 
any plan year beginning before January 1, 2022, either (as 
specified in the election)— 
(A) for all purposes for which such amendments apply, 
or 
(B) solely for purposes of determining the adjusted 
funding target attainment percentage under sections 436 
of the Internal Revenue Code of 1986 and 206(g) of the
H. R. 1319—199 
Employee Retirement Income Security Act of 1974 for such 
plan year. 
A plan shall not be treated as failing to meet the requirements 
of sections 204(g) of such Act and 411(d)(6) of such Code solely 
by reason of an election under this paragraph. 
SEC. 9707. MODIFICATION OF SPECIAL RULES FOR MINIMUM FUNDING 
STANDARDS FOR COMMUNITY NEWSPAPER PLANS. 
(a) AMENDMENT TO INTERNAL REVENUE CODE OF 1986.—Sub-
section (m) of section 430 of the Internal Revenue Code of 1986 
is amended to read as follows: 
‘‘(m) SPECIAL RULES FOR COMMUNITY NEWSPAPER PLANS.— 
‘‘(1) IN GENERAL.—An eligible newspaper plan sponsor of 
a plan under which no participant has had the participant’s 
accrued benefit increased (whether because of service or com-
pensation) after April 2, 2019, may elect to have the alternative 
standards described in paragraph (4) apply to such plan. 
‘‘(2) ELIGIBLE
NEWSPAPER
PLAN
SPONSOR.—The term 
‘eligible newspaper plan sponsor’ means the plan sponsor of— 
‘‘(A) any community newspaper plan, or 
‘‘(B) any other plan sponsored, as of April 2, 2019, 
by a member of the same controlled group of a plan sponsor 
of a community newspaper plan if such member is in 
the trade or business of publishing 1 or more newspapers. 
‘‘(3) ELECTION.—An election under paragraph (1) shall be 
made at such time and in such manner as prescribed by the 
Secretary. Such election, once made with respect to a plan 
year, shall apply to all subsequent plan years unless revoked 
with the consent of the Secretary. 
‘‘(4) ALTERNATIVE
MINIMUM
FUNDING
STANDARDS.—The 
alternative standards described in this paragraph are the fol-
lowing: 
‘‘(A) INTEREST RATES.— 
‘‘(i) 
IN
GENERAL.—Notwithstanding 
subsection 
(h)(2)(C) and except as provided in clause (ii), the first, 
second, and third segment rates in effect for any month 
for purposes of this section shall be 8 percent. 
‘‘(ii) NEW
BENEFIT
ACCRUALS.—Notwithstanding 
subsection (h)(2), for purposes of determining the 
funding target and normal cost of a plan for any plan 
year, the present value of any benefits accrued or 
earned under the plan for a plan year with respect 
to which an election under paragraph (1) is in effect 
shall be determined on the basis of the United States 
Treasury obligation yield curve for the day that is 
the valuation date of such plan for such plan year. 
‘‘(iii) UNITED STATES TREASURY OBLIGATION YIELD 
CURVE.—For purposes of this subsection, the term 
‘United States Treasury obligation yield curve’ means, 
with respect to any day, a yield curve which shall 
be prescribed by the Secretary for such day on interest- 
bearing obligations of the United States. 
‘‘(B) SHORTFALL AMORTIZATION BASE.— 
‘‘(i) PREVIOUS SHORTFALL AMORTIZATION BASES.— 
The shortfall amortization bases determined under 
subsection (c)(3) for all plan years preceding the first 
plan year to which the election under paragraph (1)
H. R. 1319—201 
‘‘(B) NEWSPAPER.—The term ‘newspaper’ does not 
include any newspaper (determined without regard to this 
subparagraph) to which any of the following apply: 
‘‘(i) Is not in general circulation. 
‘‘(ii) Is published (on newsprint or electronically) 
less frequently than 3 times per week. 
‘‘(iii) Has not ever been regularly published on 
newsprint. 
‘‘(iv) Does not have a bona fide list of paid sub-
scribers. 
‘‘(C) CONTROL.—A person shall be treated as controlled 
by another person if such other person possesses, directly 
or indirectly, the power to direct or cause the direction 
and management of such person (including the power to 
elect a majority of the members of the board of directors 
of such person) through the ownership of voting securities. 
‘‘(6) CONTROLLED GROUP.—For purposes of this subsection, 
the term ‘controlled group’ means all persons treated as a 
single employer under subsection (b), (c), (m), or (o) of section 
414 as of December 20, 2019.’’. 
(b) AMENDMENT TO EMPLOYEE RETIREMENT INCOME SECURITY 
ACT OF 1974.—Subsection (m) of section 303 of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1083(m)) is amended 
to read as follows: 
‘‘(m) SPECIAL RULES FOR COMMUNITY NEWSPAPER PLANS.— 
‘‘(1) IN GENERAL.—An eligible newspaper plan sponsor of 
a plan under which no participant has had the participant’s 
accrued benefit increased (whether because of service or com-
pensation) after April 2, 2019, may elect to have the alternative 
standards described in paragraph (4) apply to such plan. 
‘‘(2) ELIGIBLE
NEWSPAPER
PLAN
SPONSOR.—The term 
‘eligible newspaper plan sponsor’ means the plan sponsor of— 
‘‘(A) any community newspaper plan, or 
‘‘(B) any other plan sponsored, as of April 2, 2019, 
by a member of the same controlled group of a plan sponsor 
of a community newspaper plan if such member is in 
the trade or business of publishing 1 or more newspapers. 
‘‘(3) ELECTION.—An election under paragraph (1) shall be 
made at such time and in such manner as prescribed by the 
Secretary of the Treasury. Such election, once made with 
respect to a plan year, shall apply to all subsequent plan 
years unless revoked with the consent of the Secretary of the 
Treasury. 
‘‘(4) ALTERNATIVE
MINIMUM
FUNDING
STANDARDS.—The 
alternative standards described in this paragraph are the fol-
lowing: 
‘‘(A) INTEREST RATES.— 
‘‘(i) 
IN
GENERAL.—Notwithstanding 
subsection 
(h)(2)(C) and except as provided in clause (ii), the first, 
second, and third segment rates in effect for any month 
for purposes of this section shall be 8 percent. 
‘‘(ii) NEW
BENEFIT
ACCRUALS.—Notwithstanding 
subsection (h)(2), for purposes of determining the 
funding target and normal cost of a plan for any plan 
year, the present value of any benefits accrued or 
earned under the plan for a plan year with respect 
to which an election under paragraph (1) is in effect
H. R. 1319—202 
shall be determined on the basis of the United States 
Treasury obligation yield curve for the day that is 
the valuation date of such plan for such plan year. 
‘‘(iii) UNITED STATES TREASURY OBLIGATION YIELD 
CURVE.—For purposes of this subsection, the term 
‘United States Treasury obligation yield curve’ means, 
with respect to any day, a yield curve which shall 
be prescribed by the Secretary of the Treasury for 
such day on interest-bearing obligations of the United 
States. 
‘‘(B) SHORTFALL AMORTIZATION BASE.— 
‘‘(i) PREVIOUS SHORTFALL AMORTIZATION BASES.— 
The shortfall amortization bases determined under 
subsection (c)(3) for all plan years preceding the first 
plan year to which the election under paragraph (1) 
applies (and all shortfall amortization installments 
determined with respect to such bases) shall be reduced 
to zero under rules similar to the rules of subsection 
(c)(6). 
‘‘(ii) NEW
SHORTFALL
AMORTIZATION
BASE.—Not-
withstanding subsection (c)(3), the shortfall amortiza-
tion base for the first plan year to which the election 
under paragraph (1) applies shall be the funding short-
fall of such plan for such plan year (determined using 
the interest rates as modified under subparagraph (A)). 
‘‘(C) DETERMINATION
OF
SHORTFALL
AMORTIZATION 
INSTALLMENTS.— 
‘‘(i) 30-YEAR PERIOD.—Subparagraphs (A) and (B) 
of subsection (c)(2) shall be applied by substituting 
‘30-plan-year’ for ‘7-plan-year’ each place it appears. 
‘‘(ii) NO
SPECIAL
ELECTION.—The election under 
subparagraph (D) of subsection (c)(2) shall not apply 
to any plan year to which the election under paragraph 
(1) applies. 
‘‘(D) EXEMPTION
FROM
AT-RISK
TREATMENT.—Sub-
section (i) shall not apply. 
‘‘(5) COMMUNITY NEWSPAPER PLAN.—For purposes of this 
subsection— 
‘‘(A) IN
GENERAL.—The term ‘community newspaper 
plan’ means a plan to which this section applies maintained 
as of December 31, 2018, by an employer which— 
‘‘(i) maintains the plan on behalf of participants 
and beneficiaries with respect to employment in the 
trade or business of publishing 1 or more newspapers 
which were published by the employer at any time 
during the 11-year period ending on December 20, 
2019, 
‘‘(ii)(I) is not a company the stock of which is 
publicly traded (on a stock exchange or in an over- 
the-counter market), and is not controlled, directly or 
indirectly, by such a company, or 
‘‘(II) is controlled, directly, or indirectly, during 
the entire 30-year period ending on December 20, 2019, 
by individuals who are members of the same family, 
and does not publish or distribute a daily newspaper 
that is carrier-distributed in printed form in more than 
5 States, and
H. R. 1319—203 
‘‘(iii) is controlled, directly, or indirectly— 
‘‘(I) by 1 or more persons residing primarily 
in a State in which the community newspaper 
has been published on newsprint or carrier-distrib-
uted, 
‘‘(II) during the entire 30-year period ending 
on December 20, 2019, by individuals who are 
members of the same family, 
‘‘(III) by 1 or more trusts, the sole trustees 
of which are persons described in subclause (I) 
or (II), or 
‘‘(IV) by a combination of persons described 
in subclause (I), (II), or (III). 
‘‘(B) NEWSPAPER.—The term ‘newspaper’ does not 
include any newspaper (determined without regard to this 
subparagraph) to which any of the following apply: 
‘‘(i) Is not in general circulation. 
‘‘(ii) Is published (on newsprint or electronically) 
less frequently than 3 times per week. 
‘‘(iii) Has not ever been regularly published on 
newsprint. 
‘‘(iv) Does not have a bona fide list of paid sub-
scribers. 
‘‘(C) CONTROL.—A person shall be treated as controlled 
by another person if such other person possesses, directly 
or indirectly, the power to direct or cause the direction 
and management of such person (including the power to 
elect a majority of the members of the board of directors 
of such person) through the ownership of voting securities. 
‘‘(6) CONTROLLED GROUP.—For purposes of this subsection, 
the term ‘controlled group’ means all persons treated as a 
single employer under subsection (b), (c), (m), or (o) of section 
414 of the Internal Revenue Code of 1986 as of December 
20, 2019. 
‘‘(7) EFFECT ON PREMIUM RATE CALCULATION.—In the case 
of a plan for which an election is made to apply the alternative 
standards described in paragraph (3), the additional premium 
under section 4006(a)(3)(E) shall be determined as if such elec-
tion had not been made.’’. 
(c) EFFECTIVE DATE.—The amendments made by this section 
shall apply to plan years ending after December 31, 2017. 
SEC. 9708. EXPANSION OF LIMITATION ON EXCESSIVE EMPLOYEE 
REMUNERATION. 
Paragraph (3) of section 162(m) of the Internal Revenue Code 
of 1986 is amended— 
(1) by redesignating subparagraph (C) as subparagraph 
(D), 
(2) by striking ‘‘or’’ at the end of subparagraph (B), 
(3) by inserting after subparagraph (B) the following new 
subparagraph: 
‘‘(C) in the case of taxable years beginning after 
December 31, 2026, such employee is among the 5 highest 
compensated employees for the taxable year other than 
any individual described in subparagraph (A) or (B), or’’, 
and
H. R. 1319—204 
(4) by striking ‘‘employee’’ in subparagraph (D), as so 
redesignated, and inserting ‘‘employee described in subpara-
graph (A) or (B)’’. 
Subtitle I—Child Care for Workers 
SEC. 9801. CHILD CARE ASSISTANCE. 
(a) APPROPRIATION.— 
(1) IN GENERAL.—Section 418(a)(3) of the Social Security 
Act (42 U.S.C. 618(a)(3)) is amended to read as follows: 
‘‘(3) APPROPRIATION.—For grants under this section, there 
are appropriated $3,550,000,000 for each fiscal year, of which— 
‘‘(A) $3,375,000,000 shall be available for grants to 
States; 
‘‘(B) $100,000,000 shall be available for grants to 
Indian tribes and tribal organizations; and 
‘‘(C) $75,000,000 shall be available for grants to terri-
tories.’’. 
(2) CONFORMING AMENDMENT.—Section 418(a)(2)(A) of such 
Act (42 U.S.C. 618(a)(2)(A)) is amended by striking ‘‘paragraph 
(3), and remaining after the reservation described in paragraph 
(4) and’’ and inserting ‘‘paragraph (3)(A),’’. 
(b) MODIFICATION OF STATE MATCH REQUIREMENT FOR FUNDING 
INCREASES IN FISCAL YEARS 2021 AND 2022.—With respect to the 
amounts made available by section 418(a)(3) of the Social Security 
Act for each of fiscal years 2021 and 2022, section 418(a)(2)(C) 
of such Act shall be applied and administered with respect to 
any State that is entitled to receive the entire amount that would 
be allotted to the State under section 418(a)(2)(B) of such Act 
for the fiscal year in the manner authorized for fiscal year 2020, 
as if the Federal medical assistance percentage for the State for 
the fiscal year were 100 percent. 
(c) FUNDING FOR THE TERRITORIES.—Section 418(a)(4) of such 
Act (42 U.S.C. 618(a)(4)) is amended to read as follows: 
‘‘(4) TERRITORIES.— 
‘‘(A) GRANTS.—The Secretary shall use the amounts 
made available by paragraph (3)(C) to make grants to 
the territories under this paragraph. 
‘‘(B) ALLOTMENTS.—The amount described in subpara-
graph (A) shall be allotted among the territories in propor-
tion to their respective needs. 
‘‘(C) REDISTRIBUTION.—The 1st sentence of clause (i) 
and clause (ii) of paragraph (2)(D) shall apply with respect 
to the amounts allotted to the territories under this para-
graph, except that the 2nd sentence of paragraph (2)(D) 
shall not apply and the amounts allotted to the territories 
that are available for redistribution for a fiscal year shall 
be redistributed to each territory that applies for the addi-
tional amounts, to the extent that the Secretary determines 
that the territory will be able to use the additional amounts 
to provide child care assistance, in an amount that bears 
the same ratio to the amount so available for redistribution 
as the amount allotted to the territory for the fiscal year 
bears to the total amount allotted to all the territories 
receiving redistributed funds under this paragraph for the 
fiscal year.