†
280
HR 2830 EAS
which is not more than 5 percent
above, and not more than 10 percent
below, the weighted average of the rates
of interest on 30-year Treasury securi-
ties during the 4-year period ending on
the last day before the beginning of the
plan year.
‘‘(II) 
SECRETARIAL
AUTHOR-
ITY.—If the Secretary finds that the
lowest rate of interest permissible
under subclause (I) is unreasonably
high, the Secretary may prescribe a
lower rate of interest, except that such
rate may not be less than 80 percent of
the average rate determined under such
subclause.
‘‘(iii) 
ASSUMPTIONS.—Notwith-
standing paragraph (3)(A), the interest rate
used under the plan shall be—
‘‘(I) determined without taking
into account the experience of the plan
and reasonable expectations, but
‘‘(II) consistent with the assump-
tions which reflect the purchase rates
which would be used by insurance com-
†
281
HR 2830 EAS
panies to satisfy the liabilities under
the plan.
‘‘(7) ANNUAL VALUATION.—
‘‘(A) IN
GENERAL.—For purposes of this
section, a determination of experience gains and
losses and a valuation of the plan’s liability
shall be made not less frequently than once every
year, except that such determination shall be
made more frequently to the extent required in
particular cases under regulations prescribed by
the Secretary.
‘‘(B) VALUATION DATE.—
‘‘(i) CURRENT YEAR.—Except as pro-
vided in clause (ii), the valuation referred
to in subparagraph (A) shall be made as of
a date within the plan year to which the
valuation refers or within one month prior
to the beginning of such year.
‘‘(ii) USE
OF
PRIOR
YEAR
VALU-
ATION.—The valuation referred to in sub-
paragraph (A) may be made as of a date
within the plan year prior to the year to
which the valuation refers if, as of such
date, the value of the assets of the plan are
not less than 100 percent of the plan’s cur-
†
282
HR 2830 EAS
rent liability (as defined in paragraph
(6)(D) without regard to clause (iv) there-
of).
‘‘(iii) 
ADJUSTMENTS.—Information
under clause (ii) shall, in accordance with
regulations, be actuarially adjusted to re-
flect significant differences in participants.
‘‘(iv) LIMITATION.—A change in fund-
ing method to use a prior year valuation,
as provided in clause (ii), may not be made
unless as of the valuation date within the
prior plan year, the value of the assets of
the plan are not less than 125 percent of the
plan’s current liability (as defined in para-
graph (6)(D) without regard to clause (iv)
thereof).
‘‘(8) TIME
WHEN
CERTAIN
CONTRIBUTIONS
DEEMED MADE.—For purposes of this section, any
contributions for a plan year made by an employer
after the last day of such plan year, but not later
than two and one-half months after such day, shall be
deemed to have been made on such last day. For pur-
poses of this subparagraph, such two and one-half
month period may be extended for not more than six
months under regulations prescribed by the Secretary.
†
283
HR 2830 EAS
‘‘(d) EXTENSION
OF AMORTIZATION PERIODS
FOR
MULTIEMPLOYER PLANS.—
‘‘(1) AUTOMATIC EXTENSION UPON APPLICATION
BY CERTAIN PLANS.—
‘‘(A) IN GENERAL.—If the plan sponsor of
a multiemployer plan—
‘‘(i) submits to the Secretary an appli-
cation for an extension of the period of
years required to amortize any unfunded li-
ability described in any clause of subsection
(b)(2)(B) or described in subsection (b)(4),
and
‘‘(ii) includes with the application a
certification by the plan’s actuary described
in subparagraph (B),
the Secretary shall extend the amortization pe-
riod for the period of time (not in excess of 5
years) specified in the application. Such exten-
sion shall be in addition to any extension under
paragraph (2).
‘‘(B) CRITERIA.—A certification with re-
spect to a multiemployer plan is described in
this subparagraph if the plan’s actuary certifies
that, based on reasonable assumptions—
†
284
HR 2830 EAS
‘‘(i) absent the extension under sub-
paragraph (A), the plan would have an ac-
cumulated funding deficiency in the current
plan year or any of the 9 succeeding plan
years,
‘‘(ii) the plan sponsor has adopted a
plan to improve the plan’s funding status,
‘‘(iii) the plan is projected to have suf-
ficient assets to timely pay expected benefits
and anticipated expenditures over the amor-
tization period as extended, and
‘‘(iv) the notice required under para-
graph (3)(A) has been provided.
‘‘(2) ADDITIONAL EXTENSION.—
‘‘(A) IN GENERAL.—If the plan sponsor of
a multiemployer plan submits to the Secretary
an application for an extension of the period of
years required to amortize any unfunded liabil-
ity described in any clause of subsection
(b)(2)(B) or described in subsection (b)(4), the
Secretary may extend the amortization period
for a period of time (not in excess of 5 years) if
the Secretary of the Treasury makes the deter-
mination described in subparagraph (B). Such