(B) Section 412(c)(7) of the 1986 Code is 
amended by inserting ‘‘which reduces the ac-
crued benefit of any participant’’ after ‘‘sub-
section (d)(2)’’ in subparagraph (A). 
(C) Section 412(d)(1) of the 1986 Code is 
amended by striking ‘‘, the valuation date,’’. 
(b) AMENDMENTS RELATED TO SECTIONS 102 AND 
112.— 
(1) AMENDMENTS TO ERISA.— 
(A) Section 303(c)(5)(B)(iii) of ERISA is 
amended by inserting ‘‘beginning’’ before ‘‘after 
2008’’. 
(B) Section 303(c)(5)(B)(iv)(II) of ERISA 
is amended by inserting ‘‘for such year’’ after 
‘‘beginning in 2007)’’. 
(C) Section 303(f)(4)(A) of ERISA is 
amended by striking ‘‘paragraph (2)’’ and in-
serting ‘‘paragraph (3)’’. 
(D) Section 303(h)(2)(F) of ERISA is 
amended— 
(i) 
by 
striking 
‘‘section 
205(g)(3)(B)(iii)(I)) for such month’’ and 
inserting ‘‘section 205(g)(3)(B)(iii)(I) for 
such month)’’, and 
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(ii) by striking ‘‘subparagraph (B)’’ 
and inserting ‘‘subparagraph (C)’’. 
(E) 
The 
last 
sentence 
of 
section 
303(i)(4)(B) of ERISA is amended by striking 
‘‘subparagraph (A)(ii)’’ and inserting ‘‘subpara-
graph (A)’’. 
(F) Section 303(j)(3) of ERISA— 
(i) is amended by adding at the end of 
subparagraph (A) the following new sen-
tence: ‘‘In the case of plan years beginning 
in 2008, the funding shortfall for the pre-
ceding plan year may be determined using 
such methods of estimation as the Sec-
retary of the Treasury may provide.’’, 
(ii) by adding at the end of subpara-
graph (E) the following new clause: 
‘‘(iii) PLAN WITH ALTERNATE VALU-
ATION DATE.—The Secretary of the Treas-
ury shall prescribe regulations for the ap-
plication of this paragraph in the case of 
a plan which has a valuation date other 
than the first day of the plan year.’’, and 
(iii) by striking ‘‘AND SHORT YEARS’’ 
in the heading of subparagraph (E) and 
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inserting ‘‘, SHORT
YEARS, AND
YEARS 
WITH ALTERNATE VALUATION DATE’’. 
(G) Section 303(k)(6)(B) of ERISA is 
amended by striking ‘‘, except’’ and all that fol-
lows and inserting a period. 
(2) AMENDMENTS TO 1986 CODE.— 
(A) Section 430(c)(5)(B)(iii) of the 1986 
Code is amended by inserting ‘‘beginning’’ be-
fore ‘‘after 2008’’. 
(B) Section 430(c)(5)(B)(iv)(II) of the 
1986 Code is amended by inserting ‘‘for such 
year’’ after ‘‘beginning in 2007)’’. 
(C) Section 430(f) of the 1986 Code is 
amended— 
(i) by striking ‘‘as of the first day of 
the plan year’’ the second place it appears 
in the first sentence of paragraph (3)(A), 
(ii) by striking ‘‘paragraph (2)’’ in 
paragraph (4)(A) and inserting ‘‘para-
graph (3)’’, 
(iii) by striking ‘‘paragraph (1), (2), 
or (4) of section 206(g)’’ in paragraph 
(6)(B)(iii) and inserting ‘‘subsection (b), 
(c), or (e) of section 436’’, 
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(iv) by striking ‘‘the sum of’’ in para-
graph (6)(C), and 
(v) by striking ‘‘of the Treasury’’ in 
paragraph (8). 
(D) Section 430(h)(2) of the 1986 Code is 
amended— 
(i) by inserting ‘‘and target normal 
cost’’ after ‘‘funding target’’ in subpara-
graph (B), 
(ii) by striking ‘‘liabilities’’ and insert-
ing ‘‘benefits’’ in subparagraph (B), 
(iii) 
by 
striking 
‘‘section 
417(e)(3)(D)(i)) for such month’’ in sub-
paragraph (F) and inserting ‘‘section 
417(e)(3)(D)(i) for such month)’’, and 
(iv) by striking ‘‘subparagraph (B)’’ 
in subparagraph (F) and inserting ‘‘sub-
paragraph (C)’’. 
(E) 
The 
last 
sentence 
of 
section 
430(i)(4)(B) of the 1986 Code is amended by 
striking ‘‘subparagraph (A)(ii)’’ and inserting 
‘‘subparagraph (A)’’. 
(F) Section 430(j)(3) of the 1986 Code is 
amended— 
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(i) by adding at the end of subpara-
graph (A) the following new sentence: ‘‘In 
the case of plan years beginning in 2008, 
the funding shortfall for the preceding plan 
year may be determined using such meth-
ods of estimation as the Secretary may 
provide.’’, 
(ii) by striking ‘‘section 302(c)’’ in 
subparagraph (D)(ii)(II) and inserting 
‘‘section 412(c)’’, 
(iii) by adding at the end of subpara-
graph (E) the following new clause: 
‘‘(iii) PLAN WITH ALTERNATE VALU-
ATION
DATE.—The Secretary shall pre-
scribe regulations for the application of 
this paragraph in the case of a plan which 
has a valuation date other than the first 
day of the plan year.’’, and 
(iv) by striking ‘‘AND SHORT YEARS’’ 
in the heading of subparagraph (E) and 
inserting ‘‘, SHORT
YEARS, AND
YEARS 
WITH ALTERNATE VALUATION DATE’’. 
(G) Section 430(k) of the 1986 Code is 
amended— 
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(i) by inserting ‘‘(as provided under 
paragraph (2))’’ after ‘‘applies’’ in para-
graph (1), and 
(ii) by striking ‘‘, except’’ and all that 
follows in paragraph (6)(B) and inserting 
a period. 
(c) AMENDMENTS RELATED TO SECTIONS 103 AND 
113.— 
(1) AMENDMENTS TO ERISA.— 
(A) Section 206(g)(1)(B)(ii) of ERISA is 
amended by striking ‘‘a funding’’ and inserting 
‘‘an adjusted funding’’. 
(B) The heading for section 206(g)(1)(C) 
of ERISA is amended by inserting ‘‘BENEFIT’’ 
after ‘‘EVENT’’. 
(C) 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 im-
mediately distributed without the consent of the 
participant.’’. 
(D) Section 206(g)(5)(A)(iv) of ERISA is 
amended by inserting ‘‘adjusted’’ before ‘‘fund-
ing’’. 
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(G) Section 101(j)(2) of ERISA is amend-
ed by striking ‘‘section 206(g)(4)(B)’’ and in-
serting ‘‘section 206(g)(4)(A)’’. 
(H) Section 502(c)(4) of ERISA is amend-
ed by striking ‘‘subsection (j) or (k) of section 
101 or 302(b)(7)(F)(iv)’’ and inserting ‘‘sub-
section (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— 
(i) by striking ‘‘section 303’’ and in-
serting ‘‘section 430’’ in the matter pre-
ceding subparagraph (A), and 
(ii) by striking ‘‘a funding’’ and in-
serting ‘‘an adjusted funding’’ in subpara-
graph (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 sub-
paragraph (B) and inserting ‘‘an event’’. 
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(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 ben-
efit which under section 411(a)(11) may be imme-
diately distributed without the consent of the partici-
pant.’’. 
(D) Section 436(f) of the 1986 Code is 
amended— 
(i) by inserting ‘‘adjusted’’ before 
‘‘funding’’ in paragraph (1)(D), and 
(ii) by striking ‘‘prefunding balance 
under section 430(f) or funding standard 
carryover balance’’ in paragraph (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 paragraph and’’, 
(II) 
by 
striking 
‘‘section 
430(f)(4)(A)’’ and inserting ‘‘section 
430(f)(4)’’, and 
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(III) by striking ‘‘paragraph (1)’’ 
and inserting ‘‘paragraphs (1) and 
(2)’’, and 
(ii) in subparagraph (C)— 
(I) by striking ‘‘without regard to 
this paragraph’’ and inserting ‘‘with-
out regard to the reduction in the 
value 
of 
assets 
under 
section 
430(f)(4)’’, and 
(II) by inserting ‘‘beginning’’ be-
fore ‘‘after’’ each place it appears. 
(F) Section 436 of the 1986 Code is 
amended by redesignating 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 multiemployer plan.’’. 
(3) AMENDMENTS TO 2006 ACT.— 
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(A) Section 103(b) of the 2006 Act is 
amended by adding at the end the following: 
‘‘(3) ADMINISTRATIVE
PROVISION.—The Sec-
retary of the Treasury, in consultation with the Sec-
retary of Labor, shall have the authority to prescribe 
rules applicable to the notices required under section 
101(j) of the Employee Retirement Income Security 
Act of 1974 (as added by this section).’’. 
(B) 
Sections 
103(c)(2)(A)(ii) 
and 
113(b)(2)(A)(ii) of the 2006 Act are each 
amended— 
(i) by striking ‘‘subsection’’ and in-
serting ‘‘section’’, and 
(ii) by striking ‘‘subparagraph’’ and 
inserting ‘‘paragraph’’. 
(C) Section 502(b)(2) of the 2006 Act, and 
the amendment made by such section, are re-
pealed. 
(D) Section 902(f)(2) of the 2006 Act, and 
the amendment made by such section, are re-
pealed. 
(d) AMENDMENTS RELATED TO SECTIONS 107 AND 
114.— 
(1) AMENDMENTS TO ERISA.—Section 103(d) 
of ERISA is amended— 
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(A) in paragraph (3), by striking ‘‘the nor-
mal costs, the accrued liabilities’’ and inserting 
‘‘the normal costs or target normal costs, the 
accrued liabilities or funding target’’, and 
(B) by striking paragraph (7) and insert-
ing the following new paragraph: 
‘‘(7) A certification of the contribution nec-
essary to reduce the minimum required contribution 
determined under section 303, or the accumulated 
funding deficiency determined under section 304, to 
zero.’’. 
(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 ‘‘section 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— 
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(i) by striking ‘‘section 412(c)(2)’’ in 
subparagraph (B)(iii) and inserting ‘‘sec-
tion 412(d)(2)’’, and 
(ii) by striking ‘‘section 412(b)(2) 
(without regard to subparagraph (B) 
thereof)’’ in subparagraph (D) and insert-
ing ‘‘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 tar-
get and target normal cost determined 
under section 430, over’’. 
(F) Section 4971 of the 1986 Code is 
amended— 
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(II) by striking clause (ii) and in-
serting 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 de-
scribed in clause (i) expires.’’, 
(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 sen-
tence of paragraph (1)’’, and 
(II) by striking ‘‘established’’ and 
inserting ‘‘establish’’, 
(iv) in paragraph (8)— 
(I) by striking ‘‘section 204(g)’’ 
in subparagraph (A)(i) and inserting 
‘‘section 411(d)(6)’’, 
(II) by inserting ‘‘of the Em-
ployee Retirement Income Security 
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Act of 1974’’ after ‘‘4212(a)’’ in sub-
paragraph (C)(i)(II), 
(III) by striking ‘‘the Secretary 
of Labor’’ in subparagraph (C)(iii)(I) 
and inserting ‘‘the Secretary, in con-
sultation 
with 
the 
Secretary 
of 
Labor’’, and 
(IV) by striking ‘‘the Secretary of 
Labor’’ in the last sentence of sub-
paragraph (C)(iii) and inserting ‘‘the 
Secretary’’, and 
(v) by striking ‘‘an employer’s with-
drawal liability’’ in paragraph (9)(B) and 
inserting ‘‘the allocation of unfunded vest-
ed benefits to an employer’’. 
(E) Section 432(f)(2)(A)(i) of the 1986 
Code is amended— 
(i) by striking ‘‘section 411(b)(1)(A)’’ 
and inserting ‘‘section 411(a)(9)’’, and 
(ii) by inserting ‘‘to a participant or 
beneficiary whose annuity starting date (as 
defined in section 417(f)(2)) occurs after 
such date,’’ after the comma at the end. 
(F) Section 432(g) of the 1986 Code is 
amended by inserting ‘‘under subsection (c)’’ 
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after ‘‘funding improvement plan’’ the first 
place it appears. 
(G) Section 432(i) of the 1986 Code is 
amended— 
(i) by striking ‘‘section 412(a)’’ in 
paragraph (3) and inserting ‘‘section 
431(a)’’, and 
(ii) by striking paragraph (9) and in-
serting the following new paragraph: 
‘‘(9) PLAN SPONSOR.—For purposes of this sec-
tion, section 431, and section 4971(g)— 
‘‘(A) IN GENERAL.—The term ‘plan spon-
sor’ means, with respect to any multiemployer 
plan, the association, committee, joint board of 
trustees, or other similar group of representa-
tives of the parties who establish or maintain 
the plan. 
‘‘(B) SPECIAL RULE FOR SECTION 404(c) 
PLANS.—In the case of a plan described in sec-
tion 404(c) (or a continuation of such plan), 
such term means the bargaining parties de-
scribed in paragraph (1).’’. 
(H) Section 412(b)(3) of the 1986 Code is 
amended by striking ‘‘the plan adopts’’ and in-
serting ‘‘the plan sponsor adopts’’. 
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(I) Section 4971(g)(4) of the 1986 Code is 
amended— 
(i) in subparagraph (B)(ii), by strik-
ing ‘‘first day of’’ and inserting ‘‘day fol-
lowing the close of’’, and 
(ii) by striking clause (ii) of subpara-
graph (C) and inserting the following new 
clause: 
‘‘(ii) PLAN SPONSOR.—For purposes 
of clause (i), the term ‘plan sponsor’ has 
the meaning given such term by section 
432(i)(9).’’. 
(3) AMENDMENTS TO 2006 ACT.— 
(A) Section 212(b)(2) of the 2006 Act is 
amended by striking ‘‘Section 4971(c)(2) of 
such Code’’ and inserting ‘‘Section 4971(e)(2) 
of such Code’’. 
(B) Section 212(e)(1) of the 2006 Act is 
amended by inserting ‘‘, except that the amend-
ments made by subsection (b) shall apply to 
taxable years beginning after 2007, but only 
with respect to plan years beginning after 2007 
which end with or within any such taxable 
year’’ before the period at the end. 
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(C) Section 212(e)(2) of the 2006 Act is 
amended by striking ‘‘section 305(b)(3) of the 
Employee Retirement Income Security Act of 
1974’’ and inserting ‘‘section 432(b)(3) of the 
Internal Revenue Code of 1986’’. 
SEC. 4. AMENDMENTS RELATED TO TITLE III. 
(a) AMENDMENT RELATED
TO SECTION 301.— 
Clause (ii) of section 101(c)(2)(A) of the Pension Funding 
Equity Act of 2004, as amended by section 301(c) of the 
2006 Act, is amended by striking ‘‘2008’’ and inserting 
‘‘2009’’. 
(b) AMENDMENTS RELATED TO SECTION 302.— 
(1) 
AMENDMENT
TO
ERISA.—Section 
205(g)(3)(B)(iii)(II) of ERISA is amended by strik-
ing ‘‘section 205(g)(3)(B)(iii)(II)’’ and inserting 
‘‘section 205(g)(3)(A)(ii)(II)’’. 
(2) AMENDMENT
TO
1986
CODE.—Section 
417(e)(3)(D)(i) of the 1986 Code is amended by 
striking ‘‘clause (ii)’’ and inserting ‘‘subparagraph 
(C)’’. 
SEC. 5. AMENDMENTS RELATED TO TITLE IV. 
(a) AMENDMENT RELATED TO SECTION 401.—Sec-
tion 4006(a)(3)(A)(i) of ERISA is amended by striking 
‘‘1990’’ and inserting ‘‘2005’’. 
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(b) AMENDMENT RELATED TO SECTION 402.—Sec-
tion 402(c)(1)(A) of the 2006 Act is amended by striking 
‘‘commercial airline’’ and inserting ‘‘commercial’’. 
(c) AMENDMENT RELATED TO SECTION 408.—Sec-
tion 4044(e) of ERISA, as added by section 408(b)(2) of 
the 2006 Act, is redesignated as subsection (f). 
(d) AMENDMENTS RELATED TO SECTION 409.— 
(1) Section 4041(b)(5)(A) of ERISA is amend-
ed by striking ‘‘subparagraph (B)’’ and inserting 
‘‘subparagraphs (B) and (D)’’. 
(2) Section 4041(b)(5)(D) of ERISA is amend-
ed by striking ‘‘after’’ and inserting ‘‘before’’. 
(e) AMENDMENTS RELATED TO SECTION 410.—Sec-
tion 4050(d)(4)(A) of ERISA is amended— 
(1) by striking ‘‘and’’ at the end of clause (i), 
and 
(2) by striking clause (ii) and inserting the fol-
lowing new clauses: 
‘‘(ii) which is not a plan described in 
paragraph (2), (3), (4), (6), (7), (8), (9), 
(10), or (11) of section 4021(b), and 
‘‘(iii) which, was a plan described in 
section 401(a) of the Internal Revenue 
Code of 1986 which includes a trust ex-
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