title 11, United States Code, it is unable to
reorganize without the relief provided
under this Act; and
(C) elects, in such manner as the Secretary
prescribes, at any time after the date of the en-
actment of this Act and before the date which
is 2 years after the date of the enactment of
this Act, to avail itself of the relief provided
under this Act.
(3) ACQUISITION EFFORT REQUIREMENTS.—
(A) IN
GENERAL.—The requirements of
this paragraph are met by a qualified steel com-
pany if—
(i) the company files with the Sec-
retary within 10 days of the date of the
enactment of this Act—
(I) a notice of intent to be ac-
quired; and
(II) a description of the actions
the company will undertake to have
its steelmaking assets acquired in a
qualified acquisition; and
(ii) the company at all times after the
filing under clause (i) and the date which
is 2 years after the date of the enactment
of this Act (or, if earlier, the date on which
the requirement of paragraph (2)(B) is
satisfied) makes a continuing, good faith
effort to have its steelmaking assets ac-
quired in a qualified acquisition.
(B) GOOD FAITH EFFORT.—A continuing,
good faith effort under subparagraph (A)(ii)
shall include—
(i) the active marketing of a com-
pany’s steelmaking assets through the re-
tention of an investment banker, the prep-
aration and distribution of offering mate-
rials to prospective purchasers, allowing
due diligence and investigatory activities by
prospective purchasers, the active and good
faith consideration of all expressions of in-
terest by prospective purchasers, and any
other affirmative action designed to result
in a qualified acquisition of a company’s
steelmaking assets; and
(ii) a demonstration to the Secretary
by the company that no bona fide and fair
offer which would have resulted in a quali-
fied 
acquisition 
of 
the 
company’s
steelmaking assets has been unreasonably
refused.
(d) QUALIFIED ELECTION.—For purposes of this
Act—
(1) IN
GENERAL.—The term ‘‘qualified elec-
tion’’ means an election by a qualified steel company
operating under the protection of chapter 11 or 7
of title 11, United States Code, meeting the acquisi-
tion effort requirements of subsection (c)(3) to
transfer its obligations for steel retiree benefits to
the retiree benefit program. Such an election shall
be made not earlier than the date which is 2 years
after the date of the enactment of this Act, and in
such manner as the Secretary may prescribe.
(2) 
INDUSTRY-WIDE
ELECTION.—Notwith-
standing paragraph (1), a qualified election shall be
treated as having occurred with respect to a quali-
fied steel company (whether or not operating under
the protection of chapter 11 or 7 of title 11, United
States Code) if—
(A) the Secretary determines that at least
200,000 eligible retirees and beneficiaries have
been certified under section 113 for participa-
tion in the retiree benefits program; and
(B) the qualified steel company and each
labor organization representing at least 10 per-
cent of the union-represented employees en-
gaged in the steelmaking operations of such
qualified steel company join in a request, on or
after the date of the determination under sub-
paragraph (A), for an election to be provided
the relief under this Act.
(e) QUALIFIED BANKRUPTCY TRANSFER.—For pur-
poses of this Act, the term ‘‘qualified bankruptcy trans-
fer’’ means any transaction or series of transactions—
(1) under which the qualified steel company,
operating under the protection of chapter 11 or 7 of
title 11, United States Code, transfers by any means
(including but not limited to a plan of reorganiza-
tion) its control over at least 50 percent of the pro-
duction capacity of its steelmaking assets to 1 or
more persons which are not related persons of such
company;
(2) which are not part of a qualified acquisition
or qualified closing of a qualified steel company; and
(3) which occur on and after January 1, 2000,
and before January 1, 2004.
(f) CERTIFICATION.—
(1) IN GENERAL.—The Secretary shall certify a
qualifying event with respect to a qualified steel
company if the Secretary determines that the re-
quirements of this Act are met with respect to such
event and that the asset transfer and contribution
requirements of section 111 will be met.
(2) TIME FOR DECISION.—The Secretary shall
make any determination under this subsection as
soon as possible after a request is filed (and in the
case of a request for certification as a qualified ac-
quisition filed at least 60 days before the proposed
date of the acquisition, before such proposed date).
(3) ELIGIBILITY TO FILE REQUEST.—A request
for certification under this subsection may be made
by the qualified steel company or any labor organi-
zation acting on behalf of retirees of such company.
SEC. 113. ELIGIBILITY AND CERTIFICATION.
(a) RETIREES.—
(1) IN GENERAL.—Any individual who is a re-
tiree of a qualified steel company with respect to
which the Secretary has certified under section 112
that a qualifying event has occurred shall be treated
as an eligible retiree for purposes of this Act if—
(A) the individual was receiving steel re-
tiree benefits under an employee benefit plan
described in section 2(a)(2)(A) as of the date of
the qualifying event; or
(B) the individual was eligible for such
benefits on such date but was not receiving
such benefits on such date because the plan had
ceased, within the 2-year period ending with
such date, to provide such benefits.
(2) CERTAIN INDIVIDUALS INCLUDED.—An in-
dividual shall be treated as an eligible retiree under
paragraph (1) if the individual—
(A) was an employee of the qualified steel
company before a qualified acquisition;
(B) became an employee of the acquiring
company as a result of the acquisition; and
(C) voluntarily retires within 3 years of the
acquisition.
(b) BENEFICIARIES.—An individual shall be treated
as an eligible beneficiary for purposes of this Act if the
individual is—
(1) the spouse, surviving spouse, or dependent
of an eligible retiree, or
(2) the surviving spouse of an employee of a
qualified steel company who died within 5 years
prior to the date of the qualifying event, if such em-
ployee, based on service credited as of the date of
the employee’s death, would have been an eligible re-
tiree if the employee had survived until the date of
the qualifying event and retired on such date.
(c) CERTIFICATION
OF ELIGIBLE RETIREES
AND
BENEFICIARIES.—
(1) IN GENERAL.—The Board of Trustees of
the Trust Fund shall certify an individual as an eli-
gible retiree or eligible beneficiary if the individual
meets the requirements of this section.
(2) ELIGIBILITY TO FILE REQUEST.—A request
for certification under this subsection may be filed
by any individual seeking to be certified under this
subsection, the qualified steel company, an acquiring
company, a labor organization acting on behalf of
retirees of such company, or a committee appointed
under section 1114 of title 11, United States Code.
(d) RECORDS.—A qualified steel company, an acquir-
ing company, and any successor in interest shall on and
after the date of the enactment of this Act maintain and
make available to the Secretary and the Board of Trustees
of the Trust Fund, all records, documents, and materials
(including computer programs) necessary to make the cer-
tifications under this section.
Subtitle C—Program Benefits
SEC. 121. PROGRAM BENEFITS.
(a) GENERAL RULE.—Each eligible retiree and eligi-
ble beneficiary who is certified for participation in the re-
tiree benefits program shall be entitled to receive health
care benefits coverage described in subsection (b).
(b) HEALTH CARE BENEFITS COVERAGE.—
(1) IN GENERAL.—The Board of Trustees of
the Trust Fund shall establish health care benefits
coverage under which—
(A) eligible retirees and eligible bene-
ficiaries who are not eligible for benefits under
title XVIII of the Social Security Act are pro-
vided benefits (including deductibles and cost-
sharing and beneficiary protections, including
appeals rights) for health care items and serv-
ices that are equal to or better than the benefits
offered under such title as of January 1, 2002,
and
(B) all eligible retirees and eligible bene-
ficiaries are provided benefits for prescription
drugs that are substantially the same as the
benefits (including deductibles and cost-sharing
and beneficiary protections, including appeals
rights) offered as of January 1, 2002, under
the Blue Cross/Blue Shield Standard Plan pro-
vided under the Federal Employees Health
Benefit Program under chapter 89 of title 5,
United States Code, to Federal employees and
annuitants.
(2) APPLICATION OF SECONDARY PAYOR PROVI-
SIONS.—
(A) MEDICARE
BENEFITS.—In applying
paragraph (1)(A), the secondary payor provi-
sions of section 1862(b) of the Social Security
Act shall apply to the benefits described in such
paragraph in the same manner as they apply
with respect to individuals who are 65 years of
age or older and who are entitled to benefits
under part A and enrolled under part B of title
XVIII of such Act.
(B) FEHBP OUTPATIENT PRESCRIPTION
DRUG
BENEFITS.—In 
applying 
paragraph
(1)(B), the applicable secondary payor provi-
sions of the Plan referred to in such paragraph
shall apply to the benefits described in such
paragraph in the same manner as they apply
with respect to Federal employees and annu-
itants under such Plan who are eligible for ben-
efits under the medicare program under title
XVIII of the Social Security Act.
(3) CONTRACTING AUTHORITY.—The Board of
Trustees of the Trust Fund shall have the authority
to enter into such contracts as are necessary to
carry out the provisions of this subsection, including
contracts necessary to ensure adequate geographic
coverage and cost control.
(4) PREMIUMS.—The Board of Trustees of the
Trust Fund shall establish each year a monthly pre-
mium for each eligible retiree and beneficiary pro-
vided health care benefits coverage under paragraph
(1) which is equal to the sum of—
(A) the monthly premium required under
part B of title XVIII of the Social Security Act
(without regard to any late enrollment pen-
alties) for months in the year; and
(B) the product of—
(i) the monthly premium required of a
full-time Federal employee for the Stand-
ard Plan coverage referred to in paragraph
(1)(B); and
(ii) the ratio (as established by the
Board of Trustees of the Trust Fund, in
consultation with the Office of Personnel
Management) of—
(I) the actuarial value of out-
patient prescription drug benefits de-
scribed in paragraph (1)(B); to
(II) the actuarial value, as of
January 1, 2002, of all benefits under
the Standard Plan referred to in such
paragraph.
(c) PERIODIC REPORTS TO THE CONGRESS.—Not
later than January 1, 2007, and not less frequently than
every 5 years thereafter, the Board of Trustees of the
Trust Fund shall report to each House of the Congress
concerning any recommendations of the Board of Trustees
for changes in—
(1) the benefits provided under the health care
benefits coverage established under this section; and
(2) the premiums charged for such coverage.
TITLE II—STEEL INDUSTRY
LEGACY RELIEF TRUST FUND
SEC. 201. STEEL INDUSTRY LEGACY RELIEF TRUST FUND.
(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund
to be known as the Steel Industry Legacy Relief Trust
Fund, consisting of such amounts as may be appropriated
to the Trust Fund as provided in this section.
(b) TRANSFERS TO TRUST FUND.—
(1) IN GENERAL.—There are appropriated to
the Trust Fund amounts equivalent to—
(A) tariffs on steel mill products received
in the Treasury under title II of the Trade Act
of 1974;
(B) amounts received in the Treasury from
asset transfers and contributions under section
111;
(C) amounts credited to the Trust Fund
under subsection (e); and
(D) the premiums paid by retirees under
the program.
(2) AUTHORIZATION
OF
APPROPRIATIONS.—
There is authorized to be appropriated to the Trust
Fund each fiscal year an amount equal to the excess
(if any) of—
(A) expenditures from the Trust Fund for
the fiscal year; over
(B) the assets of the Trust Fund for the
fiscal year without regard to this paragraph.
(c) EXPENDITURES.—Amounts in the Trust Fund
shall be available only for purposes of making
expenditures—
(1) to meet the obligations of the United States
with respect to liability for steel retiree benefits
transferred to the United States under this Act; and
(2) incurred by the Secretary and the Board of
Trustees in the administration of this Act.
(d) BOARD OF TRUSTEES.—
(1) IN GENERAL.—The Trust Fund and the re-
tiree benefits program shall be administered by a
Board of Trustees, consisting of—
(A) 2 individuals designated by agreement
of the 5 qualified steel companies which, as of
the date of the enactment of this Act—
(i) are conducting activities described
in subparagraph (A) or (B) of section
201(b)(1); and
(ii) have the largest number of retir-
ees;
(B) 2 individuals designated by the United
Steelworkers of America in consultation with
the Independent Steelworkers Union; and
(C) 3 individuals designated by individuals
designated under subparagraphs (A) and (B).
(2) DUTIES.—Except for those duties and re-
sponsibilities designated to the Secretary, the Board
of Trustees shall have the responsibility to admin-
ister the Trust Fund and the retiree benefits pro-
gram, including—
(A) enrolling eligible retirees and bene-
ficiaries under the program;
(B) procuring the medical services to be
provided under the program;
(C) entering into contracts, leases, or other
arrangements necessary for the implementation
of the program;
(D) implementing cost-containment meas-
ures under the program;
(E) collecting revenues and enforcing
claims and rights of the program and the Trust
Fund;
(F) making disbursements as necessary
under the program; and
(G) 
acquiring 
and 
maintaining 
such
records as may be necessary for the administra-
tion and implementation of the program.
(3) REPORT.—The Board of Trustees report to
Congress each year on the financial condition and
the results of the operations of the Trust Fund dur-
ing the preceding fiscal year and on its expected
condition and operations during the next 2 fiscal
years. Such report shall be printed as a House docu-
ment of the session of Congress to which the report
is made.
(e) TRANSFER
OF AMOUNTS; MANAGEMENT
OF
FUNDS.—
(1) TRANSFER
OF
AMOUNTS.—The amounts
appropriated to the Trust Fund shall be transferred
at least monthly from the general fund of the Treas-
ury to such Trust Fund on the basis of estimates
made by the Secretary of the Treasury of the
amounts referred to in such section. Proper adjust-
ments shall be made in the amounts subsequently
transferred to the extent prior estimates were in ex-
cess of or less than the amounts required to be
transferred.
(2) MANAGEMENT OF TRUST FUND.—
(A) REPORT.—It shall be the duty of the
Secretary of the Treasury to hold the Trust
Fund and (after consultation with the Board of
Trustees of the Trust Fund) to report to the
Congress each year on the financial condition
and the results of the operations of the Trust
Fund during the preceding fiscal year and on
its expected condition and operations during the
next 5 fiscal years. Such report shall be printed
as a House document of the session of the Con-
gress to which the report is made.
(B) INVESTMENT.—
(i) IN GENERAL.—It shall be the duty
of the Secretary of the Treasury to invest
such portion of the Trust Fund as is not,
in his or her judgment, required to meet
current withdrawals. Such investments
may be made only in interest-bearing obli-
gations of the United States. For such
purpose, 
such 
obligations 
may 
be
acquired—
(I) on original issue at the issue
price; or
(II) by purchase of outstanding
obligations at the market price.
(ii) SALE OF OBLIGATIONS.—Any ob-
ligation acquired by the Trust Fund may
be sold by the Secretary of the Treasury at
the market price.
(iii) INTEREST
ON
CERTAIN
PRO-
CEEDS.—The interest on, and the proceeds
from the sale or redemption of, any obliga-
tions held in the Trust Fund shall be cred-
ited to and form a part of the Trust Fund.
Æ