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 of the Employee Re-
tirement Income Security Act of 1974.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
this section shall take effect as of the first day of 
the first plan year ending on or after February 29, 
2020, except that any election a plan makes pursu-
ant to this section that affects the plan’s funding 
standard account for the first plan year beginning 
after February 29, 2020, shall be disregarded for 
purposes of applying the provisions of section 305 of 
the Employee Retirement Income Security Act of 
1974 and section 432 of the Internal Revenue Code 
of 1986 to such plan year. 
(2) RESTRICTIONS ON BENEFIT INCREASES.— 
Notwithstanding paragraph (1), the restrictions on 
plan amendments increasing benefits in sections 
304(b)(8)(D) of such Act and 431(b)(8)(D) of such 
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pamtmann on DSKBC07HB2PROD with BILLS
Code, as applied by the amendments made by this 
section, shall take effect on the date of enactment of 
this Act. 
SEC. 106. PBGC GUARANTEE FOR PARTICIPANTS IN MULTI-
EMPLOYER PLANS. 
Section 4022A(c)(1) of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1322a(c)(1)) is 
amended by striking subparagraphs (A) and (B) and in-
serting the following: 
‘‘(A) 100 percent of the accrual rate up to $15, 
plus 75 percent of the lesser of— 
‘‘(i) $70; or 
‘‘(ii) the accrual rate, if any, in excess of 
$15; and 
‘‘(B) the number of the participant’s years of 
credited service. 
For each calendar year after the first full calendar year 
following the date of the enactment of the Emergency 
Pension Plan Relief Act of 2021, the accrual rates in sub-
paragraph (A) shall increase by the national average wage 
index (as defined in section 209(k)(1) of the Social Secu-
rity Act). For purposes of this subsection, the rates appli-
cable for determining the guaranteed benefits of the par-
ticipants of any plan shall be the rates in effect for the 
calendar year in which the plan becomes insolvent under 
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section 4245 or the calendar year in which the plan is 
terminated, if earlier.’’. 
TITLE II—RELIEF FOR SINGLE 
EMPLOYER PENSION PLANS 
SEC. 201. EXTENDED AMORTIZATION FOR SINGLE EM-
PLOYER 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, 2019— 
‘‘(A) the shortfall amortization bases for 
all plan years preceding the first plan year be-
ginning after December 31, 2019 (and all 
shortfall amortization installments determined 
with respect to such bases), shall be reduced to 
zero, and 
‘‘(B) subparagraphs (A) and (B) of para-
graph (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 
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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, 2019— 
‘‘(A) the shortfall amortization bases for 
all plan years preceding the first plan year be-
ginning after December 31, 2019 (and all 
shortfall amortization installments determined 
with respect to such bases), shall be reduced to 
zero, and 
‘‘(B) subparagraphs (A) and (B) of para-
graph (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 De-
cember 31, 2019. 
SEC. 202. EXTENSION OF PENSION FUNDING STABILIZA-
TION PERCENTAGES FOR SINGLE EMPLOYER 
PLANS. 
(a) AMENDMENTS TO INTERNAL REVENUE CODE OF 
1986.— 
(1) IN GENERAL.—The table contained in sub-
clause (II) of section 430(h)(2)(C)(iv) of the Inter-
nal Revenue Code of 1986 is amended to read as fol-
lows: 
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‘‘If the calendar year is: 
The applica-
ble min-
imum per-
centage is: 
The applica-
ble max-
imum per-
centage is: 
Any year in the period starting in 2012 and end-
ing in 2019 .........................................................
90% 
110%
Any year in the period starting in 2020 and end-
ing 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: ‘‘Not-
withstanding anything in this subclause, if the aver-
age of the first, second, or third segment rate for 
any 25-year period is less than 5 percent, such aver-
age shall be deemed to be 5 percent.’’. 
(b) AMENDMENTS TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—The table contained in sub-
clause (II) of section 303(h)(2)(C)(iv) of the Em-
ployee 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 applica-
ble min-
imum per-
centage is: 
The applica-
ble max-
imum per-
centage is: 
Any year in the period starting in 2012 and end-
ing in 2019 .........................................................
90% 
110%
Any year in the period starting in 2020 and end-
ing in 2025 .........................................................
95% 
105%
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‘‘If the calendar year is: 
The applica-
ble min-
imum per-
centage is: 
The applica-
ble max-
imum per-
centage is: 
2026 ........................................................................
90% 
110%
2027 ........................................................................
85% 
115%
2028 ........................................................................
80% 
120%
2029 ........................................................................
75% 
125%
After 2029 ..............................................................
70% 
130%.’’. 
(2) CONFORMING AMENDMENTS.— 
(A) IN GENERAL.—Section 101(f)(2)(D) of 
such Act (29 U.S.C. 1021(f)(2)(D)) is amend-
ed— 
(i) in clause (i) by striking ‘‘and the 
Bipartisan Budget Act of 2015’’ both 
places it appears and inserting ‘‘, the Bi-
partisan Budget Act of 2015, and the 
Emergency Pension Plan Relief 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 
amendments made by this section. 
(3) 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)(II)) is amended by adding 
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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.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to plan years begin-
ning after December 31, 2019. 
Æ 
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