tion under section 515 and shall be en-
forceable as such.’’, 
(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)(C)(iii)— 
(I) by striking ‘‘the Secretary’’ in 
subclause (I) and inserting ‘‘the Sec-
retary of the Treasury, in consultation 
with the Secretary’’, and 
(II) by striking ‘‘Secretary’’ in 
the last sentence and inserting ‘‘Sec-
retary of the Treasury’’, 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’’. 
(F) Section 305(f)(2)(A)(i) of ERISA is 
amended by adding at the end the following: 
‘‘to a participant or beneficiary whose annuity 
starting date (as defined in section 205(h)(2)) 
occurs after the date such notice is sent,’’. 
(G) Section 305(g) of ERISA is amended 
by inserting ‘‘under subsection (c)’’ after ‘‘fund-
ing improvement plan’’ the first place it ap-
pears. 
(H) Section 502(c)(2) of ERISA is amend-
ed by striking ‘‘101(b)(4)’’ and inserting 
‘‘101(b)(1)’’. 
(I) Section 502(c)(8)(A) of ERISA is 
amended by inserting ‘‘plan’’ after ‘‘multiem-
ployer’’. 
(2) AMENDMENTS TO 1986 CODE.— 
(A) Section 432(b)(3)(C) of the 1986 Code 
is amended by striking ‘‘section 101(b)(4)’’ and 
inserting ‘‘section 101(b)(1)’’. 
(B) Section 432(b)(3)(D)(iii) of the 1986 
Code is amended by striking ‘‘The Secretary of 
Labor’’ and inserting ‘‘The Secretary, in con-
sultation with the Secretary of Labor’’.
(C) Section 432(c) of the 1986 Code is 
amended— 
(i) in paragraph (3), by striking ‘‘sec-
tion 304(d)’’ in subparagraph (A)(ii) and 
inserting ‘‘section 431(d)’’, and 
(ii) in paragraph (7)— 
(I) by striking ‘‘to agree on’’ and 
all that follows in subparagraph 
(A)(ii) and inserting ‘‘to adopt a con-
tribution schedule with terms con-
sistent with the funding improvement 
plan and a schedule from the plan 
sponsor,’’, and 
(II) by striking subparagraph (B) 
and inserting the following new sub-
paragraph: 
‘‘(B) DATE
OF
IMPLEMENTATION.—The 
date specified in this subparagraph is the date 
which is 180 days after the date on which the 
collective bargaining agreement described in 
subparagraph (A) expires.’’. 
(D) Section 432(e) of the 1986 Code is 
amended— 
(i) in paragraph (3)(C)—
(I) by striking all that follows ‘‘to 
adopt a’’ in clause (i)(II) and insert-
ing ‘‘to adopt a contribution schedule 
with terms consistent with the reha-
bilitation plan and a schedule from 
the plan sponsor under paragraph 
(1)(B)(i),’’, and 
(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 
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 at the end the fol-
lowing: ‘‘to a participant or beneficiary 
whose annuity starting date (as defined in 
section 417(f)(2)) occurs after the date 
such notice is sent,’’. 
(F) Section 432(g) of the 1986 Code is 
amended by inserting ‘‘under subsection (c)’’ 
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’’. 
(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. 
(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. 103. 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) AMENDMENTS TO 1986 CODE.— 
(A) Section 417(e)(3)(D)(i) of the 1986 
Code is amended by striking ‘‘clause (ii)’’ and 
inserting ‘‘subparagraph (C)’’. 
(B)(i) Section 415(b)(2)(E)(v) of the 1986 
Code is amended to read as follows: 
‘‘(v) For purposes of adjusting any 
benefit or limitation under subparagraph 
(B), (C), or (D), the mortality table used 
shall be the applicable mortality table 
(within 
the 
meaning 
of 
section 
417(e)(3)(B)).’’. 
(ii)(I) Except as provided in subclause (II), 
the amendment made by clause (i) shall apply 
to years beginning after December 31, 2008. 
(II) A plan sponsor may elect to have the 
amendment made by clause (i) apply to any 
year beginning after December 31, 2007, and 
before January 1, 2009, or to any portion of 
any such year. 
SEC. 104. 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’’.
(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.—Sec-
tion 4041(b)(5)(A) of ERISA is amended by striking 
‘‘subparagraph (B)’’ and inserting ‘‘subparagraphs (B) 
and (D)’’. 
(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-
empt from tax under section 501(a) of 
such Code, and’’.
SEC. 105. AMENDMENTS RELATED TO TITLE V. 
(a) AMENDMENT RELATED TO SECTION 501.—Sec-
tion 101(f)(2)(B)(ii) of ERISA is amended— 
(1) by striking ‘‘for which the latest annual re-
port filed under section 104(a) was filed’’ in sub-
clause (I)(aa) and inserting ‘‘to which the notice re-
lates’’, and 
(2) by striking subclause (II) and inserting the 
following new subclause: 
‘‘(II) in the case of a multiem-
ployer plan, a statement, for the plan 
year to which the notice relates and 
the preceding 2 plan years, of the 
value of the plan assets (determined 
both in the same manner as under 
section 304 and under the rules of 
subclause (I)(bb)) and the value of the 
plan liabilities (determined in the 
same manner as under section 304 ex-
cept that the method specified in sec-
tion 305(i)(8) shall be used),’’. 
(b) AMENDMENTS RELATED TO SECTION 502.— 
(1) Section 101(k)(2) of ERISA is amended by 
filing at the end the following new flush sentence: 
‘‘Subparagraph (C)(i) shall not apply to individually 
identifiable information with respect to any plan in-
vestment manager or adviser, or with respect to any 
other person (other than an employee of the plan) 
preparing a financial report required to be included 
under paragraph (1)(B).’’. 
(2) Section 4221 of ERISA is amended by 
striking subsection (e) and by redesignating sub-
sections (f) and (g) as subsections (e) and (f), re-
spectively. 
(c) AMENDMENTS RELATED TO SECTION 503.— 
(1) AMENDMENTS TO ERISA.— 
(A) Section 104(b)(3) of ERISA is amend-
ed by— 
(i) striking ‘‘section 103(f)’’ and in-
serting ‘‘section 101(f)’’, and 
(ii) striking ‘‘the administrators’’ and 
inserting ‘‘the administrator’’. 
(B) Section 104(d)(1)(E)(ii) of ERISA is 
amended by inserting ‘‘funding’’ after ‘‘plan’s’’. 
(2) 
AMENDMENTS
TO
2006
ACT.—Section 
503(e) of the 2006 Act is amended by striking ‘‘sec-
tion 101(f)’’ and inserting ‘‘section 104(d)’’. 
(d) AMENDMENT RELATED TO SECTION 505.—Sec-
tion 4010(d)(2)(B) of ERISA is amended by striking ‘‘sec-
tion 302(d)(2)’’ and inserting ‘‘section 303(d)(2)’’. 
(e) AMENDMENTS RELATED TO SECTION 506.—
(1) Section 4041(c)(2)(D)(i) of ERISA is 
amended by striking ‘‘subsection (a)(2)’’ the second 
place it appears and inserting ‘‘subparagraph (A) or 
the regulations under subsection (a)(2)’’. 
(2) Section 4042(c)(3)(C)(i) of ERISA is 
amended— 
(A) by striking ‘‘and plan sponsor’’ and in-
serting ‘‘, the plan sponsor, or the corporation’’, 
and 
(B) by striking ‘‘subparagraph (A)(i)’’ and 
inserting ‘‘subparagraph (A)’’. 
(f) AMENDMENTS RELATED TO SECTION 508.—Sec-
tion 209(a) of ERISA is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘regulations prescribed by 
the Secretary’’ and inserting ‘‘such regulations 
as the Secretary may prescribe’’, and 
(B) by striking the last sentence and in-
serting ‘‘The report required under this para-
graph shall be in the same form, and contain 
the same information, as periodic benefit state-
ments under section 105(a).’’, and 
(2) by striking paragraph (2) and inserting the 
following:
‘‘(2) If more than one employer adopts a plan, 
each such employer shall furnish to the plan admin-
istrator the information necessary for the adminis-
trator to maintain the records, and make the re-
ports, required by paragraph (1). Such adminis-
trator shall maintain the records, and make the re-
ports, required by paragraph (1).’’. 
(g) AMENDMENT RELATED TO SECTION 509.—Sec-
tion 101(i)(8)(B) of ERISA is amended to read as follows: 
‘‘(B) 
ONE-PARTICIPANT
RETIREMENT 
PLAN.—For purposes of subparagraph (A), the 
term ‘one-participant retirement plan’ means a 
retirement plan that on the first day of the plan 
year— 
‘‘(i) covered only one individual (or 
the individual and the individual’s spouse) 
and the individual (or the individual and 
the individual’s spouse) owned 100 percent 
of the plan sponsor (whether or not incor-
porated), or 
‘‘(ii) covered only one or more part-
ners (or partners and their spouses) in the 
plan sponsor.’’. 
SEC. 106. AMENDMENTS RELATED TO TITLE VI. 
(a) AMENDMENTS RELATED TO SECTION 601.—
(1) AMENDMENTS TO ERISA.— 
(A) Section 408(g)(3)(D)(ii) of ERISA is 
amended by striking ‘‘subsection (b)(14)(B)(ii)’’ 
and inserting ‘‘subsection (b)(14)(A)(ii)’’. 
(B) Section 408(g)(6)(A)(i) of ERISA is 
amended by striking ‘‘financial adviser’’ and in-
serting ‘‘fiduciary adviser’’. 
(C) Section 408(g)(11)(A) of ERISA is 
amended— 
(i) by striking ‘‘the participant’’ each 
place it appears and inserting ‘‘a partici-
pant’’, and 
(ii) by striking ‘‘section 408(b)(4)’’ in 
clause 
(ii) 
and 
inserting 
‘‘subsection 
(b)(4)’’. 
(2) AMENDMENTS TO 1986 CODE.— 
(A) Section 4975(d)(17) of the 1986 Code, 
in the matter preceding subparagraph (A), is 
amended by striking ‘‘and that permits’’ and in-
serting ‘‘that permits’’. 
(B) Section 4975(f)(8) of the 1986 Code is 
amended— 
(i) in subparagraph (A), by striking 
‘‘subsection (b)(14)’’ and inserting ‘‘sub-
section (d)(17)’’,
(ii) in subparagraph (C)(iv)(II), by 
striking ‘‘subsection (b)(14)(B)(ii)’’ and in-
serting ‘‘(d)(17)(A)(ii)’’, 
(iii) in subparagraph (F)(i)(I), by 
striking ‘‘financial adviser’’ and inserting 
‘‘fiduciary adviser,’’, 
(iv) in subparagraph (I), by striking 
‘‘section 406’’ and inserting ‘‘subsection 
(c)’’, and 
(v) in subparagraph (J)(i)— 
(I) by striking ‘‘the participant’’ 
each place it appears and inserting ‘‘a 
participant’’, 
(II) in the matter preceding sub-
clause (I), by inserting ‘‘referred to in 
subsection (e)(3)(B)’’ after ‘‘invest-
ment advice’’, and 
(III) in subclause (II), by strik-
ing ‘‘section 408(b)(4)’’ and inserting 
‘‘subsection (d)(4)’’. 
(3) 
AMENDMENT
TO
2006
ACT.—Section 
601(b)(4) of the 2006 Act is amended by striking 
‘‘section 4975(c)(3)(B)’’ and inserting ‘‘section 
4975(e)(3)(B)’’. 
(b) AMENDMENTS RELATED TO SECTION 611.—
(1) 
AMENDMENT
TO
ERISA.—Section 
408(b)(18)(C) of ERISA is amended by striking ‘‘or 
less’’. 
(2) AMENDMENTS
TO
1986
CODE.—Section 
4975(d) of the 1986 Code is amended— 
(A) in the matter preceding subparagraph 
(A) of paragraph (18)— 
(i) by striking ‘‘party in interest’’ and 
inserting ‘‘disqualified person’’, and 
(ii) by striking ‘‘subsection (e)(3)(B)’’ 
and inserting ‘‘subsection (e)(3)’’, 
(B) in paragraphs (19), (20), and (21), by 
striking ‘‘party in interest’’ each place it ap-
pears and inserting ‘‘disqualified person’’, and 
(C) by striking ‘‘or less’’ in paragraph 
(21)(C). 
(c) AMENDMENTS RELATED TO SECTION 612.—Sec-
tion 4975(f)(11)(B)(i) of the 1986 Code is amended by— 
(1) inserting ‘‘of the Employee Retirement In-
come 
Security 
Act 
of 
1974’’ 
after 
‘‘section 
407(d)(1)’’, and 
(2) inserting ‘‘of such Act’’ after ‘‘section 
407(d)(2)’’. 
(d) AMENDMENTS RELATED TO SECTION 624.—Sec-
tion 404(c)(5) of ERISA is amended by striking ‘‘partici-
pant’’ each place it appears and inserting ‘‘participant or 
beneficiary’’. 
SEC. 107. AMENDMENTS RELATED TO TITLE VII. 
(a) AMENDMENTS TO ERISA.— 
(1) Section 203(f)(1)(B) of ERISA is amended 
to read as follows: 
‘‘(B) the requirements of section 204(c) or 
205(g), or the requirements of subsection (e), 
with respect to accrued benefits derived from 
employer contributions,’’. 
(2) Section 204(b)(5) of ERISA is amended— 
(A) by striking ‘‘clause’’ in subparagraph 
(A)(iii) and inserting ‘‘subparagraph’’, and 
(B) by inserting ‘‘otherwise’’ before ‘‘allow-
able’’ in subparagraph (C). 
(3) Subclause (II) of section 204(b)(5)(B)(i) of 
ERISA is amended to read as follows: 
‘‘(II) PRESERVATION
OF
CAP-
ITAL.—An applicable defined benefit 
plan shall be treated as failing to 
meet the requirements of paragraph 
(1)(H) unless the plan provides that 
an interest credit (or equivalent 
amount) of less than zero shall in no 
event result in the account balance or
similar amount being less than the ag-
gregate amount of contributions cred-
ited to the account.’’. 
(b) AMENDMENTS TO 1986 CODE.— 
(1) Section 411(b)(5) of the 1986 Code is 
amended— 
(A) by striking ‘‘clause’’ in subparagraph 
(A)(iii) and inserting ‘‘subparagraph’’, and 
(B) by inserting ‘‘otherwise’’ before ‘‘allow-
able’’ in subparagraph (C). 
(2) Section 411(a)(13)(A) of the 1986 Code is 
amended— 
(A) by striking ‘‘paragraph (2)’’ in clause 
(i) and inserting ‘‘subparagraph (B)’’, 
(B) by striking clause (ii) and inserting the 
following new clause: 
‘‘(ii) the requirements of subsection 
(a)(11) or (c), or the requirements of sec-
tion 417(e), with respect to accrued bene-
fits derived from employer contributions,’’, 
and 
(C) by striking ‘‘paragraph (3)’’ in the 
matter following clause (ii) and inserting ‘‘sub-
paragraph (C)’’.
(3) Subclause (II) of section 411(b)(5)(B)(i) of 
the 1986 Code is amended to read as follows: 
‘‘(II) PRESERVATION
OF
CAP-
ITAL.—An applicable defined benefit 
plan shall be treated as failing to 
meet the requirements of paragraph 
(1)(H) unless the plan provides that 
an interest credit (or equivalent 
amount) of less than zero shall in no 
event result in the account balance or 
similar amount being less than the ag-
gregate amount of contributions cred-
ited to the account.’’. 
(c) AMENDMENTS TO 2006 ACT.— 
(1) Section 701(d)(2) of the 2006 Act is 
amended 
by 
striking 
‘‘204(g)’’ 
and 
inserting 
‘‘205(g)’’. 
(2) Section 701(e) of the 2006 Act is amend-
ed— 
(A) by inserting ‘‘on or’’ after ‘‘period’’ in 
paragraph (3), 
(B) in paragraph (4)— 
(i) by inserting ‘‘the earlier of’’ after 
‘‘before’’ in the matter preceding subpara-
graph (A), and