378 
SEC. 213. MEASURES TO FORESTALL INSOLVENCY OF MUL-
TIEMPLOYER PLANS. 
(a) ADVANCE DETERMINATION OF IMPENDING IN-
SOLVENCY OVER 5 YEARS.—Section 418E(d)(1) of the 
Internal Revenue Code of 1986 is amended— 
(1) by striking ‘‘3 plan years’’ the second place 
it appears and inserting ‘‘5 plan years’’; and 
(2) by adding at the end the following new sen-
tence: ‘‘If the plan sponsor makes such a determina-
tion that the plan will be insolvent in any of the next 
5 plan years, the plan sponsor shall make the com-
parison under this paragraph at least annually until 
the plan sponsor makes a determination that the 
plan will not be insolvent in any of the next 5 plan 
years.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to the determinations 
made in plan years beginning after 2007. 
SEC. 214. EXEMPTION FROM EXCISE TAXES FOR CERTAIN 
MULTIEMPLOYER PENSION PLANS. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, no tax shall be imposed under subsection (a) 
or (b) of section 4971 of the Internal Revenue Code of 
1986 with respect to any accumulated funding deficiency 
of a plan described in subsection (b) of this section for 
any taxable year beginning before the earlier of— 
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379 
(1) the taxable year in which the plan sponsor 
adopts a rehabilitation plan under section 305(e) of 
the Employee Retirement Income Security Act of 
1974 and section 432(e) of such Code (as added by 
this Act); or 
(2) the taxable year that contains January 1, 
2009. 
(b) PLAN DESCRIBED.—A plan described under this 
subsection is a multiemployer pension plan— 
(1) with less than 100 participants; 
(2) with respect to which the contributing em-
ployers participated in a Federal fishery capacity re-
duction program; 
(3) with respect to which employers under the 
plan participated in the Northeast Fisheries Assist-
ance Program; and 
(4) with respect to which the annual normal 
cost is less than $100,000 and the plan is experi-
encing a funding deficiency on the date of enactment 
of this Act. 
Subtitle C—Sunset of Additional 
Funding Rules 
SEC. 221. SUNSET OF ADDITIONAL FUNDING RULES. 
(a) REPORT.—Not later than December 31, 2011, 
the Secretary of Labor, the Secretary of the Treasury, and 
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380 
the Executive Director of the Pension Benefit Guaranty 
Corporation shall conduct a study of the effect of the 
amendments made by this subtitle on the operation and 
funding status of multiemployer plans and shall report the 
results of such study, including any recommendations for 
legislation, to the Congress. 
(b) MATTERS INCLUDED IN STUDY.—The study re-
quired under subsection (a) shall include— 
(1) the effect of funding difficulties, funding 
rules in effect before the date of the enactment of 
this Act, and the amendments made by this subtitle 
on small businesses participating in multiemployer 
plans, 
(2) the effect on the financial status of small 
employers of— 
(A) funding targets set in funding im-
provement and rehabilitation plans and associ-
ated contribution increases, 
(B) funding deficiencies, 
(C) excise taxes, 
(D) withdrawal liability, 
(E) the possibility of alternatives schedules 
and procedures for financially-troubled employ-
ers, and 
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381 
(F) other aspects of the multiemployer sys-
tem, and 
(3) the role of the multiemployer pension plan 
system in helping small employers to offer pension 
benefits. 
(c) SUNSET.— 
(1) IN GENERAL.—Except as provided in this 
subsection, notwithstanding any other provision of 
this Act, the provisions of, and the amendments 
made by, sections 201(b), 202, and 212 shall not 
apply to plan years beginning after December 31, 
2014. 
(2) FUNDING IMPROVEMENT AND REHABILITA-
TION PLANS.—If a plan is operating under a fund-
ing improvement or rehabilitation plan under section 
305 of such Act or 432 of such Code for its last 
year beginning before January 1, 2015, such plan 
shall continue to operate under such funding im-
provement or rehabilitation plan during any period 
after December 31, 2014, such funding improvement 
or rehabilitation plan is in effect and all provisions 
of such Act or Code relating to the operation of such 
funding improvement or rehabilitation plan shall 
continue in effect during such period. 
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382 
TITLE III—INTEREST RATE 
ASSUMPTIONS 
SEC. 301. EXTENSION OF REPLACEMENT OF 30-YEAR 
TREASURY RATES. 
(a) AMENDMENTS OF ERISA.— 
(1) DETERMINATION
OF
RANGE.—Subclause 
(II) of section 302(b)(5)(B)(ii) of the Employee Re-
tirement Income Security Act of 1974 is amended— 
(A) by striking ‘‘2006’’ and inserting 
‘‘2008’’, and 
(B) by striking ‘‘AND 2005’’ in the heading 
and inserting ‘‘, 2005, 2006, AND 2007’’. 
(2) DETERMINATION OF CURRENT LIABILITY.— 
Subclause (IV) of section 302(d)(7)(C)(i) of such 
Act is amended— 
(A) by striking ‘‘or 2005’’ and inserting ‘‘, 
2005, 2006, or 2007’’, and 
(B) by striking ‘‘AND 2005’’ in the heading 
and inserting ‘‘, 2005, 2006, AND 2007’’. 
(3) PBGC PREMIUM RATE.—Subclause (V) of 
section 4006(a)(3)(E)(iii) of such Act is amended by 
striking ‘‘2006’’ and inserting ‘‘2008’’. 
(b) AMENDMENTS OF INTERNAL REVENUE CODE.— 
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383 
(1) DETERMINATION
OF
RANGE.—Subclause 
(II) of section 412(b)(5)(B)(ii) of the Internal Rev-
enue Code of 1986 is amended— 
(A) by striking ‘‘2006’’ and inserting 
‘‘2008’’, and 
(B) by striking ‘‘AND 2005’’ in the heading 
and inserting ‘‘, 2005, 2006, AND 2007’’. 
(2) DETERMINATION OF CURRENT LIABILITY.— 
Subclause (IV) of section 412(l)(7)(C)(i) of such 
Code is amended— 
(A) by striking ‘‘or 2005’’ and inserting ‘‘, 
2005, 2006, or 2007’’, and 
(B) by striking ‘‘AND 2005’’ in the heading 
and inserting ‘‘, 2005, 2006, AND 2007’’. 
(c) PLAN AMENDMENTS.—Clause (ii) of section 
101(c)(2)(A) of the Pension Funding Equity Act of 2004 
is amended by striking ‘‘2006’’ and inserting ‘‘2008’’. 
SEC. 302. INTEREST RATE ASSUMPTION FOR DETERMINA-
TION OF LUMP SUM DISTRIBUTIONS. 
(a) AMENDMENT TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.—Paragraph (3) of section 
205(g) of the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1055(g)(3)) is amended to read as 
follows: 
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