1603 
are sufficient for the Pension Benefit Guaranty Cor-
poration to meet its projected mean stochastic basic 
benefit guarantee obligations for the ten- and twenty- 
year periods beginning with 2015, including an ex-
planation of the assumptions underlying this anal-
ysis; and 
(2) if the analysis under paragraph (1) con-
cludes that the premium levels are insufficient to meet 
such obligations (or are in excess of the levels suffi-
cient to meet such obligations), a proposed schedule of 
revised premiums sufficient to meet (but not exceed) 
such obligations. 
(d) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply with respect to plan years begin-
ning after December 31, 2014. 
TITLE II—REMEDIATION MEAS-
URES FOR DEEPLY TROUBLED 
PLANS 
SEC. 201. CONDITIONS, LIMITATIONS, DISTRIBUTION AND 
NOTICE 
REQUIREMENTS, 
AND 
APPROVAL 
PROCESS FOR BENEFIT SUSPENSIONS UNDER 
MULTIEMPLOYER PLANS IN CRITICAL AND 
DECLINING STATUS. 
(a) AMENDMENTS
TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.—
1604 
(1) GENERAL RULE FOR PLAN IN CRITICAL AND 
DECLINING STATUS.—Section 305(a) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1085(a)) is amended— 
(A) in paragraph (1)(B), by striking ‘‘and’’ 
at the end; 
(B) in paragraph (2)(B), by striking the pe-
riod at the end and inserting ‘‘, and’’; and 
(C) by adding at the end the following: 
‘‘(3) if the plan is in critical and declining sta-
tus— 
‘‘(A) the requirements of paragraph (2) 
shall apply to the plan; and 
‘‘(B) the plan sponsor may, by plan amend-
ment, suspend benefits in accordance with the re-
quirements of subsection (e)(9).’’. 
(2) CRITICAL
AND
DECLINING
STATUS
DE-
FINED.—Section 305(b) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1085(b)), as 
amended by sections 102 and 104, is further amended 
by adding at the end the following: 
‘‘(6) CRITICAL
AND
DECLINING
STATUS.—For 
purposes of this section, a plan in critical status shall 
be treated as in critical and declining status if the 
plan is described in one or more of subparagraphs
1605 
(A), (B), (C), and (D) of paragraph (2) and the plan 
is projected to become insolvent within the meaning 
of section 4245 during the current plan year or any 
of the 14 succeeding plan years (19 succeeding plan 
years if the plan has a ratio of inactive participants 
to active participants that exceeds 2 to 1 or if the 
funded percentage of the plan is less than 80 per-
cent).’’. 
(3) 
ANNUAL
CERTIFICATION.—Section 
305(b)(3)(A)(i) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1085(b)(3)(A)(i)) is 
amended— 
(A) by striking ‘‘and whether’’ and insert-
ing ‘‘, whether’’, and 
(B) by inserting ‘‘, and whether or not the 
plan is or will be in critical and declining status 
for such plan year’’ before ‘‘, and’’ at the end. 
(4) 
ANNUAL
FUNDING
NOTICES.—Section 
101(f)(2)(B) of such Act (29 U.S.C. 1021(f)(2)(B)) is 
amended— 
(A) by redesignating clauses (vi) through 
(x) as clauses (vii) through (xi), respectively; and 
(B) by inserting after clause (v) the fol-
lowing:
1606 
‘‘(vi) in the case of a multiemployer 
plan, whether the plan was in critical and 
declining status under section 305 for such 
plan year and, if so— 
‘‘(I) the projected date of insol-
vency; 
‘‘(II) a clear statement that such 
insolvency may result in benefit reduc-
tions; and 
‘‘(III) 
a 
statement 
describing 
whether the plan sponsor has taken le-
gally permitted actions to prevent in-
solvency.’’. 
(5) PROJECTIONS OF ASSETS AND LIABILITIES.— 
Section 305(b)(3)(B) of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1085(b)(3)(B)) 
is amended by adding at the end the following: 
‘‘(iv) PROJECTIONS OF CRITICAL AND 
DECLINING
STATUS.—In 
determining 
whether a plan is in critical and declining 
status as described in subsection (e)(9), 
clauses (i), (ii), and (iii) shall apply, except 
that— 
‘‘(I) if reasonable, the plan actu-
ary shall assume that each contrib-
1607 
uting employer in compliance con-
tinues to comply through the end of the 
rehabilitation period or such later time 
as provided in subsection (e)(3)(A)(ii) 
with the terms of the rehabilitation 
plan that correspond to the schedule 
adopted or imposed under subsection 
(e), and 
‘‘(II) the plan actuary shall take 
into account any suspensions of bene-
fits described in subsection (e)(9) 
adopted in a prior plan year that are 
still in effect.’’. 
(6) BENEFIT SUSPENSIONS FOR MULTIEMPLOYER 
PLANS IN CRITICAL AND DECLINING STATUS.—Section 
305(e) of the Employee Retirement Income Security 
Act of 1974 (29 U.S.C. 1085(e)) (as amended by sec-
tion 109) is amended by inserting after paragraph 
(8) the following: 
‘‘(9) BENEFIT
SUSPENSIONS
FOR
MULTIEM-
PLOYER
PLANS
IN
CRITICAL
AND
DECLINING
STA-
TUS.— 
‘‘(A) IN
GENERAL.—Notwithstanding sec-
tion 204(g) and subject to subparagraphs (B) 
through (I), the plan sponsor of a plan in crit-
1608 
ical and declining status may, by plan amend-
ment, suspend benefits which the sponsor deems 
appropriate. 
‘‘(B) SUSPENSION OF BENEFITS.— 
‘‘(i) SUSPENSION
OF
BENEFITS
DE-
FINED.—For purposes of this subsection, the 
term ‘suspension of benefits’ means the tem-
porary or permanent reduction of any cur-
rent or future payment obligation of the 
plan to any participant or beneficiary 
under the plan, whether or not in pay sta-
tus at the time of the suspension of benefits. 
‘‘(ii) LENGTH OF SUSPENSIONS.—Any 
suspension of benefits made under subpara-
graph (A) shall remain in effect until the 
earlier of when the plan sponsor provides 
benefit improvements in accordance with 
subparagraph (E) or the suspension of bene-
fits expires by its own terms. 
‘‘(iii) NO LIABILITY.—The plan shall 
not be liable for any benefit payments not 
made as a result of a suspension of benefits 
under this paragraph. 
‘‘(iv) APPLICABILITY.—For purposes of 
this paragraph, all references to suspensions