523 
(c) RETROACTIVE PLAN AMENDMENTS.—A plan that 
otherwise satisfies all applicable requirements of sections 
125 and 129 of the Internal Revenue Code of 1986 (in-
cluding any rules or regulations thereunder) shall not fail 
to be treated as a cafeteria plan or dependent care assist-
ance program merely because such plan is amended pursu-
ant to a provision under this section and such amendment 
is retroactive, if— 
(1) such amendment is adopted no later than 
the last day of the plan year in which the amend-
ment is effective, and 
(2) the plan is operated consistent with the 
terms of such amendment during the period begin-
ning on the effective date of the amendment and 
ending on the date the amendment is adopted. 
PART 5—CREDITS FOR PAID SICK AND FAMILY 
LEAVE 
SEC. 9641. EXTENSION OF CREDITS. 
(a) IN GENERAL.—The following provisions of the 
Families First Coronavirus Response Act are each amend-
ed by striking ‘‘March 31, 2021’’ and inserting ‘‘Sep-
tember 30, 2021’’: 
(1) Section 7001(c)(2)(A). 
(2) Section 7001(g). 
(3) Section 7002(b)(2)(B)(i). 
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(4) Section 7002(e). 
(5) Section 7003(c)(2)(A). 
(6) Section 7003(g). 
(7) Section 7004(b)(2)(B)(i). 
(8) Section 7004(e). 
(b) CONFORMING AMENDMENT.—Section 7005(a) of 
such Act is amended by striking ‘‘April 1, 2021’’ and in-
serting ‘‘October 1, 2021’’. 
SEC. 9642. INCREASE IN LIMITATIONS ON CREDITS FOR 
PAID FAMILY LEAVE. 
(a) INCREASE IN OVERALL LIMITATION ON QUALI-
FIED FAMILY LEAVE WAGES.— 
(1) IN
GENERAL.—Section 7003(b)(1)(B) of 
the Families First Coronavirus Response Act is 
amended by striking ‘‘$10,000’’ and inserting 
‘‘$12,000’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
7004(d)(3) of such Act is amended by striking 
‘‘$10,000’’ and inserting ‘‘$12,000’’. 
(b) INCREASE IN QUALIFIED FAMILY LEAVE EQUIV-
ALENT AMOUNT FOR SELF-EMPLOYED INDIVIDUALS.— 
Section 7004(c)(1)(A) of such Act is amended by striking 
‘‘50’’ and inserting ‘‘60’’. 
(c) COORDINATION WITH DEFINITION OF QUALIFIED 
FAMILY LEAVE WAGES.—Section 7003(c)(2)(A) of such 
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Act, as amended by the preceding provisions of this part, 
is amended to read as follows: 
‘‘(A) which would be so required to be paid 
if— 
‘‘(i) section 102(a)(1)(F) of the Fam-
ily and Medical Leave Act of 1993 were 
applied by substituting ‘September 30, 
2021’ for ‘December 31, 2020’, and 
‘‘(ii) section 110(b)(2)(B)(ii) of such 
Act were applied by substituting ‘$12,000’ 
for ‘$10,000’, and’’. 
SEC. 9643. EXPANSION OF LEAVE TO WHICH PAID FAMILY 
LEAVE CREDITS APPLIES. 
(a) IN GENERAL.—Section 7003(c)(2)(A) of the 
Families First Coronavirus Response Act, as amended by 
the preceding provisions of this part, is amended by strik-
ing ‘‘and’’ at the end of clause (i), by redesignating clause 
(ii) as clause (iii), and by inserting after clause (i) the 
following new clause: 
‘‘(ii) section 110(a)(2)(A) of such Act 
were applied by inserting ‘or any reason 
for leave described in section 5102(a) of 
the Families First Coronavirus Response 
Act’ after ‘public health emergency’, and’’. 
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(b) APPLICATION
TO CREDIT
FOR PAID FAMILY 
LEAVE
FOR
SELF-EMPLOYED
INDIVIDUALS.—Section 
7004(b)(2)(B) of such Act is amended by striking ‘‘and’’ 
at the end of clause (i), by redesignating clause (ii) as 
clause (iii), and by inserting after clause (i) the following 
new clause: 
‘‘(ii) section 110(a)(2)(A) of such Act 
were applied by inserting ‘or any reason 
for leave described in section 5102(a) of 
the Families First Coronavirus Response 
Act’ after ‘public health emergency’, and’’. 
SEC. 9644. PAID LEAVE CREDITS ALLOWED FOR LEAVE FOR 
COVID-VACCINATION. 
(a) 
PAID
SICK
LEAVE
CREDIT.—Section 
7001(c)(2)(A) of the Families First Coronavirus Response 
Act is amended by striking ‘‘and’’ at the end of clause 
(i), by redesignating clause (ii) as clause (iii), and by in-
serting after clause (i) the following new clause: 
‘‘(ii) by inserting ‘or the employee is 
obtaining immunization related to COVID– 
19 or recovering from any injury, dis-
ability, illness, or condition related to such 
immunization’ after ‘medical diagnosis’ in 
section 5102(a)(3), and’’. 
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(b) PAID SICK LEAVE CREDIT FOR SELF-EMPLOYED 
INDIVIDUALS.—Section 7002(b)(2)(B)(i) of such Act, as 
amended by the preceding provisions of this part, is 
amended to read as follows: 
‘‘(i) such Act were applied— 
‘‘(I) by substituting ‘September 
30, 2021’ for ‘December 31, 2020’ in 
section 5109 thereof, and 
‘‘(II) by inserting ‘or the em-
ployee is obtaining immunization re-
lated to COVID–19 or recovering 
from any injury, disability, illness, or 
condition related to such immuniza-
tion’ after ‘medical diagnosis’ in sec-
tion 5102(a)(3), and’’. 
(c) 
PAID
FAMILY
LEAVE
CREDIT.—Section 
7003(c)(2)(A)(ii) of such Act, as amended by the pre-
ceding provisions of this part, is amended by inserting ‘‘or 
to obtain immunization related to COVID–19 or to recover 
from any injury, disability, illness, or condition related to 
such immunization’’ after ‘‘section 5102(a) of the Fami-
lies First Coronavirus Response Act’’. 
(d) PAID FAMILY LEAVE CREDIT
FOR SELF-EM-
PLOYED INDIVIDUALS.—Section 7004(b)(2)(B)(ii) of such 
Act, as amended by the preceding provisions of this part, 
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is amended by inserting ‘‘or to obtain immunization re-
lated to COVID–19 or to recover from any injury, dis-
ability, illness, or condition related to such immunization’’ 
after ‘‘section 5102(a) of the Families First Coronavirus 
Response Act’’. 
SEC. 9645. APPLICATION OF NON-DISCRIMINATION RULES. 
(a) PAID SICK LEAVE CREDIT.—Section 7001 of the 
Families First and Coronavirus Response Act is amended 
by adding at the end the following new subsection: 
‘‘(j) 
NON-DISCRIMINATION
REQUIREMENT.—No 
credit shall be allowed under this section to any employer 
for any calendar quarter if such employer, with respect 
to the availability of the provision of qualified sick leave 
wages to which this section otherwise applies for such cal-
endar quarter, discriminates in favor of highly com-
pensated employees (within the meaning of section 414(q) 
of the Internal Revenue Code of 1986), full-time employ-
ees, or employees on the basis of employment tenure with 
such employer.’’. 
(b) PAID FAMILY LEAVE CREDIT.—Section 7003 of 
such Act is amended by adding at the end the following 
new subsection: 
‘‘(j) 
NON-DISCRIMINATION
REQUIREMENT.—No 
credit shall be allowed under this section to any employer 
for any calendar quarter if such employer, with respect 
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to the availability of the provision of qualified family leave 
wages to which this section otherwise applies for such cal-
endar quarter, discriminates in favor of highly com-
pensated employees (within the meaning of section 414(q) 
of the Internal Revenue Code of 1986), full-time employ-
ees, or employees on the basis of employment tenure with 
such employer.’’. 
SEC. 9646. RESET OF LIMITATION ON PAID SICK LEAVE. 
(a) IN GENERAL.—Section 7001(b)(2) of the Fami-
lies First Coronavirus Response Act is amended to read 
as follows: 
‘‘(2) OVERALL
LIMITATION
ON
NUMBER
OF 
DAYS TAKEN INTO ACCOUNT.— 
‘‘(A) LIMITATION APPLICABLE AFTER THE 
FIRST QUARTER OF 2021.—In the case of cal-
endar quarters beginning after March 31, 2021, 
in any calendar year, the aggregate number of 
days taken into account under paragraph (1) 
shall not exceed the excess (if any) of— 
‘‘(i) 10, over 
‘‘(ii) the aggregate number of days so 
taken into account during preceding cal-
endar quarters in such calendar year 
(other than the first quarter of calendar 
year 2021). 
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‘‘(B) LIMITATION
APPLICABLE
BEFORE 
THE SECOND QUARTER OF 2021.—In the case of 
calendar quarters beginning before April 1, 
2021, the aggregate number of days taken into 
account under paragraph (1) for any calendar 
quarter shall not exceed the excess (if any) of— 
‘‘(i) 10, over 
‘‘(ii) the aggregate number of days so 
taken into account for all preceding cal-
endar quarters.’’. 
(b) COORDINATION WITH MANDATE PROVISIONS.— 
Section 7001(c)(2)(A) of such Act, as amended by the pre-
ceding provisions of this part, is amended by striking 
‘‘and’’ at the end of clause (ii), by redesignating clause 
(iii) as clause (iv), and by inserting after clause (ii) the 
following new clause: 
‘‘(iii) by applying section 5102(b)(1) 
of such Act separately with respect to the 
period before April 1, 2021, and to each 
calendar year after 2020 (and, in the case 
of calendar year 2021, without regard to 
the first quarter thereof), and’’. 
(c) APPLICATION TO SICK LEAVE CREDIT FOR THE 
SELF-EMPLOYED.— 
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(1) IN GENERAL.—Section 7002(c) of such Act 
is amended— 
(A) by striking ‘‘(but not more than the 
applicable number of days)’’ in paragraph 
(1)(A) and inserting ‘‘(but not more than 10)’’, 
and 
(B) by striking paragraph (3) and redesig-
nating paragraph (4) as paragraph (3). 
(2) COORDINATION
WITH
MANDATE
PROVI-
SIONS.—Section 7002(b)(2)(B)(i) of such Act, as 
amended by the preceding provisions of this part, is 
amended by striking ‘‘and’’ at the end of subclause 
(I), by striking ‘‘and’’ at the end of subclause (II), 
and by adding at the end the following new sub-
clauses: 
‘‘(III) 
by 
applying 
section 
5102(b)(1) of such Act separately 
with respect to each taxable year, and 
‘‘(IV) without regard to section 
5102(b)(3) thereof, and’’. 
SEC. 9647. CREDITS ALLOWED AGAINST EMPLOYER HOS-
PITAL INSURANCE TAX. 
(a) IN GENERAL.—The following provisions of the 
Families First Coronavirus Response Act are each amend-
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ed by striking ‘‘section 3111(a)’’ and inserting ‘‘section 
3111(b)’’: 
(1) Section 7001(a). 
(2) Section 7001(b)(3). 
(3) The section 7001(e)(4) which relates to ref-
erences to railroad retirement tax. 
(4) Section 7001(i). 
(5) Section 7003(a). 
(6) Section 7003(b)(2). 
(7) The section 7003(e)(4) which relates to ref-
erences to railroad retirement tax. 
(8) Section 7003(i). 
(b) CONFORMING AMENDMENTS.— 
(1) Section 7001(b)(3) of such Act is amended 
by striking ‘‘(reduced by any credits allowed under 
subsections (e) and (f) of section 3111 of such Code, 
and section 303(d) of the Taxpayer Certainty and 
Disaster Tax Relief Act of 2020, for such quarter)’’. 
(2) Section 7001 of such Act is amended by 
striking subsection (h). 
(3) Section 7003(b)(2) of such Act is amended 
by striking ‘‘(reduced by any credits allowed under 
subsections (e) and (f) of section 3111 of such Code, 
section 7001 of this Act, and section 303(d) of the 
Taxpayer Certainty and Disaster Tax Relief Act of 
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2020, for such quarter)’’ and inserting ‘‘(reduced by 
any credits allowed under section 7001 of this Act)’’. 
(4) Section 7003 of such Act is amended by 
striking subsection (h). 
(5) Section 7005(a) of such Act is amended by 
striking ‘‘section 3111(a)’’ both places it appears 
and inserting ‘‘section 3111(b)’’. 
(6) Section 7005 of such Act is amended by 
striking subsection (c). 
SEC. 9648. APPLICATION OF CREDITS TO CERTAIN GOVERN-
MENTAL EMPLOYERS. 
(a) CREDIT
FOR
PAID
SICK
LEAVE.—Section 
7001(e) of the Families First Coronavirus Response Act 
is amended— 
(1) by striking the paragraph (4) which relates 
to certain governmental employers, and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) CERTAIN GOVERNMENTAL EMPLOYERS.— 
No credit shall be allowed under this section to the 
Government of the United States or to any agency 
or instrumentality thereof. The preceding sentence 
shall not apply to any organization described in sec-
tion 501(c)(1) of the Internal Revenue Code of 1986 
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and exempt from tax under section 501(a) of such 
Code.’’. 
(b) CREDIT
FOR PAID FAMILY LEAVE.—Section 
7003(e) of such Act is amended— 
(1) by striking the paragraph (4) which relates 
to certain governmental employers, and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) CERTAIN GOVERNMENTAL EMPLOYERS.— 
No credit shall be allowed under this section to the 
Government of the United States or to any agency 
or instrumentality thereof. The preceding sentence 
shall not apply to any organization described in sec-
tion 501(c)(1) of the Internal Revenue Code of 1986 
and exempt from tax under section 501(a) of such 
Code.’’. 
SEC. 9649. GROSS UP OF CREDIT IN LIEU OF EXCLUSION 
FROM TAX. 
(a) IN GENERAL.—Section 7005 of the Families 
First Coronavirus Response Act (as amended by the pre-
ceding provisions of this part) is amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) IN GENERAL.—The credit allowed by section 
7001 and the credit allowed by section 7003 shall each 
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be increased by the amount of the taxes imposed by sub-
sections (a) and (b) of section 3111 and section 3221(a) 
of the Internal Revenue Code of 1986 on qualified sick 
leave wages, or qualified family leave wages, for which 
credit is allowed under such section 7001 or 7003 (respec-
tively).’’, 
(2) by striking so much of subsection (b) as 
precedes paragraph (2) thereof, 
(3) by redesignating such paragraph (2) as sub-
section (b) and adjusting the indentation thereof ac-
cordingly, and 
(4) by striking ‘‘paragraph (1)’’ in such sub-
section (b) (as so redesignated) and inserting ‘‘sub-
section (a)’’. 
(b) COORDINATION WITH DEFINITION OF QUALI-
FIED WAGES.— 
(1) Section 7001(c) of such Act is amended— 
(A) by striking ‘‘and section 7005(a) of 
this Act,’’, and 
(B) by striking ‘‘and without regard to sec-
tion 7005(a) of this Act)’’. 
(2) Section 7003(c) of such Act is amended by 
striking ‘‘wages (as defined’’ and all that follows 
through ‘‘paid by an employer’’ and inserting 
‘‘wages (as defined in section 3121(a) of the Inter-
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nal Revenue Code of 1986, determined without re-
gard to paragraphs (1) through (22) of section 
3121(b) of such Code) and compensation (as defined 
in section 3231(e) of the Internal Revenue Code, de-
termined without regard to the sentence in para-
graph (1) thereof which begins ‘Such term does not 
include remuneration’) paid by an employer’’. 
SEC. 9650. EFFECTIVE DATE. 
(a) IN GENERAL.—Except as otherwise provided in 
this section, the amendments made by this part shall apply 
to amounts paid with respect to calendar quarters begin-
ning after March 31, 2021. 
(b) APPLICATION TO SELF-EMPLOYMENT TAX CRED-
ITS.—The amendments made by this part to any provision 
of section 7002 or 7004 of the Families First Coronavirus 
Response Act shall apply to taxable years beginning after 
December 31, 2020. 
PART 6—EMPLOYEE RETENTION CREDIT 
SEC. 9651. EXTENSION OF EMPLOYEE RETENTION CREDIT. 
(a) IN GENERAL.—Section 2301(m) of the CARES 
Act is amended by striking ‘‘July 1, 2021’’ and inserting 
‘‘January 1, 2022’’. 
(b) CREDIT ALLOWED AGAINST EMPLOYER HOS-
PITAL INSURANCE TAX.— 
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(1) IN GENERAL.—Subparagraphs (A) and (B) 
of section 2301(c)(1) of such Act are each amended 
by striking ‘‘section 3111(a)’’ and inserting ‘‘section 
3111(b)’’. 
(2) 
CONFORMING
AMENDMENTS.—Section 
2301(b)(2) of such Act is amended— 
(A) by striking ‘‘subsections (e) and (f) of 
section 3111 of the Internal Revenue Code of 
1986,’’, and 
(B) by striking ‘‘, and section 303(d) of 
the Taxpayer Certainty and Disaster Tax Relief 
Act of 2020’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to calendar quarters beginning 
after June 30, 2021. 
PART 7—PREMIUM TAX CREDIT 
SEC. 9661. IMPROVING AFFORDABILITY BY EXPANDING 
PREMIUM ASSISTANCE FOR CONSUMERS. 
(a) IN GENERAL.—Section 36B(b)(3)(A) of the In-
ternal Revenue Code of 1986 is amended by adding at the 
end the following new clause: 
‘‘(iii) TEMPORARY PERCENTAGES FOR 
2021 AND 2022.—In the case of a taxable 
year beginning in 2021 or 2022— 
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‘‘(I) clause (ii) shall not apply for 
purposes of adjusting premium per-
centages under this subparagraph, 
and 
‘‘(II) the following table shall be 
applied in lieu of the table contained 
in clause (i): 
‘‘In the case of household 
income (expressed as 
a percent of poverty line) 
within the following income tier: 
The initial 
premium 
percentage is— 
The final 
premium 
percentage is— 
Up to 150.0 percent ...................................
0.0 
0.0
150.0 percent up to 200.0 percent .............
0.0 
2.0
200.0 percent up to 250.0 percent .............
2.0 
4.0
250.0 percent up to 300.0 percent .............
4.0 
6.0
300.0 percent up to 400.0 percent .............
6.0 
8.5
400.0 percent and higher ...........................
8.5 
8.5’’. 
(b) CONFORMING AMENDMENT.—Section 36B(c)(1) 
of the Internal Revenue Code of 1986 is amended by add-
ing at the end the following new subparagraph: 
‘‘(E) TEMPORARY
RULE
FOR 2021 AND 
2022.—In the case of a taxable year beginning 
in 2021 or 2022, subparagraph (A) shall be ap-
plied without regard to ‘but does not exceed 
400 percent’.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2020. 
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SEC. 9662. TEMPORARY MODIFICATION OF LIMITATIONS 
ON RECONCILIATION OF TAX CREDITS FOR 
COVERAGE UNDER A QUALIFIED HEALTH 
PLAN WITH ADVANCE PAYMENTS OF SUCH 
CREDIT. 
(a) IN GENERAL.—Section 36B(f)(2)(B) of the Inter-
nal Revenue Code of 1986 is amended by adding at the 
end the following new clause: 
‘‘(iii) TEMPORARY MODIFICATION OF 
LIMITATION ON INCREASE.—In the case of 
any taxable year beginning in 2020, for 
any taxpayer who files for such taxable 
year an income tax return reconciling any 
advance payment of the credit under this 
section, the Secretary shall treat subpara-
graph (A) as not applying.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2019. 
SEC. 9663. APPLICATION OF PREMIUM TAX CREDIT IN CASE 
OF 
INDIVIDUALS 
RECEIVING 
UNEMPLOY-
MENT COMPENSATION DURING 2021. 
(a) IN GENERAL.—Section 36B of the Internal Rev-
enue Code of 1986 is amended by redesignating subsection 
(g) as subsection (h) and by inserting after subsection (f) 
the following new subsection: 
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‘‘(g) SPECIAL RULE FOR INDIVIDUALS WHO RE-
CEIVE UNEMPLOYMENT COMPENSATION DURING 2021.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, in the case of a taxpayer who has received, or 
has been approved to receive, unemployment com-
pensation for any week beginning during 2021, for 
the taxable year in which such week begins— 
‘‘(A) such taxpayer shall be treated as an 
applicable taxpayer, and 
‘‘(B) there shall not be taken into account 
any household income of the taxpayer in excess 
of 133 percent of the poverty line for a family 
of the size involved. 
‘‘(2) UNEMPLOYMENT
COMPENSATION.—For 
purposes of this subsection, the term ‘unemployment 
compensation’ has the meaning given such term in 
section 85(b). 
‘‘(3) EVIDENCE
OF
UNEMPLOYMENT
COM-
PENSATION.—For purposes of this subsection, a tax-
payer shall not be treated as having received (or 
been approved to receive) unemployment compensa-
tion for any week unless such taxpayer provides self- 
attestation of, and such documentation as the Sec-
retary shall prescribe which demonstrates, such re-
ceipt or approval. 
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‘‘(4) CLARIFICATION OF RULES REMAINING AP-
PLICABLE.— 
‘‘(A) JOINT
RETURN
REQUIREMENT.— 
Paragraph (1)(A) shall not affect the applica-
tion of subsection (c)(1)(C). 
‘‘(B) 
HOUSEHOLD
INCOME
AND 
AFFORDABILLITY.—Paragraph (1)(B) shall not 
apply to any determination of household income 
for purposes of paragraph (2)(C)(i)(II) or 
(4)(C)(ii) of subsection (c)’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2020. 
PART 8—MISCELLANEOUS PROVISIONS 
SEC. 9671. REPEAL OF ELECTION TO ALLOCATE INTEREST, 
ETC. ON WORLDWIDE BASIS. 
(a) IN GENERAL.—Section 864 of the Internal Rev-
enue Code of 1986 is amended by striking subsection (f). 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
December 31, 2020. 
SEC. 9672. TAX TREATMENT OF TARGETED EIDL ADVANCES. 
For purposes of the Internal Revenue Code of 
1986— 
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(1) amounts received from the Administrator of 
the Small Business Administration in the form of a 
Targeted EIDL Advance shall not be included in the 
gross income of the person that receives such 
amounts, 
(2) no deduction shall be denied, no tax at-
tribute shall be reduced, and no basis increase shall 
be denied, by reason of the exclusion from gross in-
come provided by paragraph (1), and 
(3) in the case of a partnership or S corpora-
tion that receives such amounts— 
(A) any amount excluded from income by 
reason of paragraph (1) shall be treated as tax 
exempt income for purposes of sections 705 and 
1366 of the Internal Revenue Code of 1986, 
and 
(B) the Secretary of the Treasury (or the 
Secretary’s delegate) shall prescribe rules for 
determining a partner’s distributive share of 
any amount described in subparagraph (A) for 
purposes of section 705 of the Internal Revenue 
Code of 1986. 
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543 
SEC. 9673. TAX TREATMENT OF RESTAURANT REVITALIZA-
TION GRANTS. 
For purposes of the Internal Revenue Code of 
1986— 
(1) amounts received from the Administrator of 
the Small Business Administration in the form of a 
Restaurant Revitalization Grant shall not be in-
cluded in the gross income of the person that re-
ceives such amounts, 
(2) no deduction shall be denied, no tax at-
tribute shall be reduced, and no basis increase shall 
be denied, by reason of the exclusion from gross in-
come provided by paragraph (1), and 
(3) in the case of a partnership or S corpora-
tion that receives such amounts— 
(A) except as otherwise provided by the 
Secretary of the Treasury (or the Secretary’s 
delegate), any amount excluded from income by 
reason of paragraph (1) shall be treated as tax 
exempt income for purposes of sections 705 and 
1366 of the Internal Revenue Code of 1986, 
and 
(B) the Secretary of the Treasury (or the 
Secretary’s delegate) shall prescribe rules for 
determining a partner’s distributive share of 
any amount described in subparagraph (A) for 
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544 
purposes of section 705 of the Internal Revenue 
Code of 1986. 
Subtitle H—Pensions 
SEC. 9700. SHORT TITLE. 
This subtitle may be cited as the ‘‘Butch Lewis 
Emergency Pension Plan Relief Act of 2021’’. 
SEC. 9701. TEMPORARY DELAY OF DESIGNATION OF MULTI-
EMPLOYER PLANS AS IN ENDANGERED, CRIT-
ICAL, OR CRITICAL AND DECLINING STATUS. 
(a) IN GENERAL.—Notwithstanding the actuarial 
certification under section 305(b)(3) of the Employee Re-
tirement Income Security Act of 1974 and section 
432(b)(3) of the Internal Revenue Code of 1986, if a plan 
sponsor of a multiemployer plan elects the application of 
this section, then, for purposes of section 305 of such Act 
and section 432 of such Code— 
(1) the status of the plan for its first plan year 
beginning during the period beginning on March 1, 
2020, and ending on February 28, 2021, or the next 
succeeding plan year (as designated by the plan 
sponsor in such election), shall be the same as the 
status of such plan under such sections for the plan 
year preceding such designated plan year, and 
(2) in the case of a plan which was in endan-
gered or critical status for the plan year preceding 
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545 
the designated plan year described in paragraph (1), 
the plan shall not be required to update its plan or 
schedules under section 305(c)(6) of such Act and 
section 
432(c)(6) 
of 
such 
Code, 
or 
section 
305(e)(3)(B) of such Act and section 432(e)(3)(B) 
of such Code, whichever is applicable, until the plan 
year following the designated plan year described in 
paragraph (1). 
(b) EXCEPTION
FOR PLANS BECOMING CRITICAL 
DURING ELECTION.—If— 
(1) an election was made under subsection (a) 
with respect to a multiemployer plan, and 
(2) such plan has, without regard to such elec-
tion, been certified by the plan actuary under section 
305(b)(3) of the Employee Retirement Income Secu-
rity Act of 1974 and section 432(b)(3) of the Inter-
nal Revenue Code of 1986 to be in critical status for 
the designated plan year described in subsection 
(a)(1), then such plan shall be treated as a plan in 
critical status for such plan year for purposes of ap-
plying section 4971(g)(1)(A) of such Code, section 
302(b)(3) of such Act (without regard to the second 
sentence thereof), and section 412(b)(3) of such 
Code (without regard to the second sentence there-
of). 
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548 
(B) NOTICE OF ENDANGERED STATUS.— 
Notwithstanding section 305(b)(3)(D) of such 
Act and section 432(b)(3)(D) of such Code, if 
the plan is certified to be in critical status for 
any plan year but is in endangered status by 
reason of an election made under subsection 
(a), the notice provided under such sections 
shall be the notice which would have been pro-
vided if the plan had been certified to be in en-
dangered status. 
SEC. 9702. TEMPORARY EXTENSION OF THE FUNDING IM-
PROVEMENT AND REHABILITATION PERIODS 
FOR MULTIEMPLOYER PENSION PLANS IN 
CRITICAL AND ENDANGERED STATUS FOR 
2020 OR 2021. 
(a) IN GENERAL.—If the plan sponsor of a multiem-
ployer plan which is in endangered or critical status for 
a plan year beginning in 2020 or 2021 (determined after 
application of section 9701) elects the application of this 
section, then, for purposes of section 305 of the Employee 
Retirement Income Security Act of 1974 and section 432 
of the Internal Revenue Code of 1986— 
(1) except as provided in paragraph (2), the 
plan’s funding improvement period or rehabilitation 
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549 
period, whichever is applicable, shall be 15 years 
rather than 10 years, and 
(2) in the case of a plan in seriously endan-
gered status, the plan’s funding improvement period 
shall be 20 years rather than 15 years. 
(b) DEFINITIONS AND SPECIAL RULES.—For pur-
poses of this section— 
(1) ELECTION.—An election under this section 
shall be made at such time, and in such manner and 
form, as (in consultation with the Secretary of 
Labor) the Secretary of the Treasury or the Sec-
retary’s delegate may prescribe. 
(2) DEFINITIONS.—Any term which is used in 
this section which is also used in section 305 of the 
Employee Retirement Income Security Act of 1974 
and section 432 of the Internal Revenue Code of 
1986 shall have the same meaning as when used in 
such sections. 
(c) EFFECTIVE DATE.—This section shall apply to 
plan years beginning after December 31, 2019. 
SEC. 9703. ADJUSTMENTS TO FUNDING STANDARD AC-
COUNT RULES. 
(a) ADJUSTMENTS.— 
(1) AMENDMENT TO EMPLOYEE RETIREMENT 
INCOME SECURITY ACT OF 1974.—Section 304(b)(8) 
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550 
of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1084(b)) is amended by adding at 
the end the following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A mul-
tiemployer plan with respect to which the sol-
vency test under subparagraph (C) is met as of 
February 29, 2020, may elect to apply this 
paragraph (without regard to whether such plan 
previously elected the application of this para-
graph)— 
‘‘(i) by substituting ‘February 29, 
2020’ for ‘August 31, 2008’ each place it 
appears in subparagraphs (A)(i), (B)(i)(I), 
and (B)(i)(II), 
‘‘(ii) by inserting ‘and other losses re-
lated 
to 
the 
virus 
SARS–CoV–2 
or 
coronavirus disease 2019 (COVID–19) (in-
cluding experience losses related to reduc-
tions in contributions, reductions in em-
ployment, and deviations from anticipated 
retirement rates, as determined by the plan 
sponsor)’ after ‘net investment losses’ in 
subparagraph (A)(i), and 
‘‘(iii) by substituting ‘this subpara-
graph or subparagraph (A)’ for ‘this sub-
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551 
paragraph and subparagraph (A) both’ in 
subparagraph (B)(iii). 
The preceding sentence shall not apply to a 
plan to which special financial assistance is 
granted under section 4262. For purposes of 
the application of this subparagraph, the Sec-
retary of the Treasury shall rely on the plan 
sponsor’s calculations of plan losses unless such 
calculations are clearly erroneous.’’. 
(2) AMENDMENT TO INTERNAL REVENUE CODE 
OF 1986.—Section 431(b)(8) of the Internal Revenue 
Code of 1986 is amended by adding at the end the 
following new subparagraph: 
‘‘(F) RELIEF FOR 2020 AND 2021.—A mul-
tiemployer plan with respect to which the sol-
vency test under subparagraph (C) is met as of 
February 29, 2020, may elect to apply this 
paragraph (without regard to whether such plan 
previously elected the application of this para-
graph)— 
‘‘(i) by substituting ‘February 29, 
2020’ for ‘August 31, 2008’ each place it 
appears in subparagraphs (A)(i), (B)(i)(I), 
and (B)(i)(II), 
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552 
‘‘(ii) by inserting ‘and other losses re-
lated 
to 
the 
virus 
SARS–CoV–2 
or 
coronavirus disease 2019 (COVID–19) (in-
cluding experience losses related to reduc-
tions in contributions, reductions in em-
ployment, and deviations from anticipated 
retirement rates, as determined by the plan 
sponsor)’ after ‘net investment losses’ in 
subparagraph (A)(i), and 
‘‘(iii) by substituting ‘this subpara-
graph or subparagraph (A)’ for ‘this sub-
paragraph and subparagraph (A) both’ in 
subparagraph (B)(iii). 
The preceding sentence shall not apply to a 
plan to which special financial assistance is 
granted under section 4262 of the Employee 
Retirement Income Security Act of 1974. For 
purposes of the application of this subpara-
graph, the Secretary shall rely on the plan 
sponsor’s calculations of plan losses unless such 
calculations are clearly erroneous.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
this section shall take effect as of the first day of 
the first plan year ending on or after February 29, 
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553 
2020, except that any election a plan makes pursu-
ant to this section that affects the plan’s funding 
standard account for the first plan year beginning 
after February 29, 2020, shall be disregarded for 
purposes of applying the provisions of section 305 of 
the Employee Retirement Income Security Act of 
1974 and section 432 of the Internal Revenue Code 
of 1986 to such plan year. 
(2) RESTRICTIONS ON BENEFIT INCREASES.— 
Notwithstanding paragraph (1), the restrictions on 
plan amendments increasing benefits in sections 
304(b)(8)(D) of such Act and 431(b)(8)(D) of such 
Code, as applied by the amendments made by this 
section, shall take effect on the date of enactment of 
this Act. 
SEC. 9704. SPECIAL FINANCIAL ASSISTANCE PROGRAM FOR 
FINANCIALLY TROUBLED MULTIEMPLOYER 
PLANS. 
(a) APPROPRIATION.—Section 4005 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1305) 
is amended by adding at the end the following: 
‘‘(i)(1) An eighth fund shall be established for special 
financial assistance to multiemployer pension plans, as 
provided under section 4262, and to pay for necessary ad-
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554 
ministrative and operating expenses of the corporation re-
lating to such assistance. 
‘‘(2) There is appropriated from the general fund 
such amounts as are necessary for the costs of providing 
financial assistance under section 4262 and necessary ad-
ministrative and operating expenses of the corporation. 
The eighth fund established under this subsection shall be 
credited with amounts from time to time as the Secretary 
of the Treasury, in conjunction with the Director of the 
Pension Benefit Guaranty Corporation, determines appro-
priate, from the general fund of the Treasury, but in no 
case shall such transfers occur after September 30, 
2030.’’. 
(b) FINANCIAL ASSISTANCE AUTHORITY.—The Em-
ployee Retirement Income Security Act of 1974 is amend-
ed by inserting after section 4261 of such Act (29 U.S.C. 
1431) the following: 
‘‘SEC. 4262. SPECIAL FINANCIAL ASSISTANCE BY THE COR-
PORATION. 
‘‘(a) SPECIAL FINANCIAL ASSISTANCE.— 
‘‘(1) IN GENERAL.—The corporation shall pro-
vide special financial assistance to an eligible multi-
employer plan under this section, upon the applica-
tion of a plan sponsor of such a plan for such assist-
ance. 
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555 
‘‘(2) INAPPLICABILITY OF CERTAIN REPAYMENT 
OBLIGATION.—A plan receiving financial assistance 
pursuant to this section shall not be subject to re-
payment obligations. 
‘‘(b) ELIGIBLE MULTIEMPLOYER PLANS.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, a multiemployer plan is an eligible multiem-
ployer plan if— 
‘‘(A) the plan is in critical and declining 
status 
(within 
the 
meaning 
of 
section 
305(b)(6)) in any plan year beginning in 2020 
through 2022; 
‘‘(B) a suspension of benefits has been ap-
proved with respect to the plan under section 
305(e)(9) as of the date of the enactment of 
this section; 
‘‘(C) in any plan year beginning in 2020 
through 2022, the plan is certified by the plan 
actuary to be in critical status (within the 
meaning of section 305(b)(2)), has a modified 
funded percentage of less than 40 percent, and 
has a ratio of active to inactive participants 
which is less than 2 to 3; or 
‘‘(D) the plan became insolvent for pur-
poses of section 418E of the Internal Revenue 
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556 
Code of 1986 after December 16, 2014, and 
has remained so insolvent and has not been ter-
minated as of the date of enactment of this sec-
tion. 
‘‘(2) MODIFIED
FUNDED
PERCENTAGE.—For 
purposes of paragraph (1)(C), the term ‘modified 
funded percentage’ means the percentage equal to a 
fraction the numerator of which is current value of 
plan assets (as defined in section 3(26) of such Act) 
and the denominator of which is current liabilities 
(as defined in section 431(c)(6)(D) of such Code and 
section 304(c)(6)(D) of such Act). 
‘‘(c) APPLICATIONS FOR SPECIAL FINANCIAL ASSIST-
ANCE.—Within 120 days of the date of enactment of this 
section, the corporation shall issue regulations or guidance 
setting forth requirements for special financial assistance 
applications under this section. In such regulations or 
guidance, the corporation shall— 
‘‘(1) limit the materials required for a special 
financial assistance application to the minimum nec-
essary to make a determination on the application; 
‘‘(2) specify effective dates for transfers of spe-
cial financial assistance following approval of an ap-
plication, based on the effective date of the sup-
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557 
porting actuarial analysis and the date on which the 
application is submitted; and 
‘‘(3) provide for an alternate application for 
special financial assistance under this section, which 
may be used by a plan that has been approved for 
a partition under section 4233 before the date of en-
actment of this section. 
‘‘(d) TEMPORARY PRIORITY CONSIDERATION OF AP-
PLICATIONS.— 
‘‘(1) IN GENERAL.—The corporation may speci-
fy in regulations or guidance under subsection (c) 
that, during a period no longer than the first 2 
years following the date of enactment of this section, 
applications may not be filed by an eligible multiem-
ployer plan unless— 
‘‘(A) the eligible multiemployer plan is in-
solvent or is likely to become insolvent within 5 
years of the date of enactment of this section; 
‘‘(B) the corporation projects the eligible 
multiemployer plan to have a present value of 
financial assistance payments under section 
4261 that exceeds $1,000,000,000 if the special 
financial assistance is not ordered; 
‘‘(C) the eligible multiemployer plan has 
implemented benefit suspensions under section 
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558 
305(e)(9) as of the date of the enactment of 
this section; or 
‘‘(D) the corporation determines it appro-
priate based on other similar circumstances. 
‘‘(e) ACTUARIAL ASSUMPTIONS.— 
‘‘(1) ELIGIBILITY.—For purposes of deter-
mining eligibility for special financial assistance, the 
corporation shall accept assumptions incorporated in 
a multiemployer plan’s determination that it is in 
critical status or critical and declining status (within 
the meaning of section 305(b)) for certifications of 
plan status completed before January 1, 2021, un-
less such assumptions are clearly erroneous. For cer-
tifications of plan status completed after December 
31, 2020, a plan shall determine whether it is in 
critical or critical and declining status for purposes 
of eligibility for special financial assistance by using 
the assumptions that the plan used in its most re-
cently completed certification of plan status before 
January 1, 2021, unless such assumptions (exclud-
ing the plan’s interest rate) are unreasonable. 
‘‘(2) AMOUNT OF FINANCIAL ASSISTANCE.—In 
determining the amount of special financial assist-
ance in its application, an eligible multiemployer 
plan shall— 
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560 
assumptions unless it determines the changes are 
unreasonable, individually or in the aggregate. The 
plan may not propose a change to the interest rate 
otherwise required under this subsection for eligi-
bility or financial assistance amount. 
‘‘(f) APPLICATION DEADLINE.—Any application by a 
plan for special financial assistance under this section 
shall be submitted no later than December 31, 2025, and 
any revised application for special financial assistance 
shall be submitted no later than December 31, 2026. 
‘‘(g) DETERMINATIONS ON APPLICATIONS.—A plan’s 
application for special financial assistance under this sec-
tion that is timely filed in accordance with the regulations 
or guidance issued under subsection (c) shall be deemed 
approved unless the corporation notifies the plan within 
120 days of the filing of the application that the applica-
tion is incomplete, any proposed change or assumption is 
unreasonable, or the plan is not eligible under this section. 
Such notice shall specify the reasons the plan is ineligible 
for special financial assistance, any proposed change or 
assumption is unreasonable, or information is needed to 
complete the application. If a plan is denied assistance 
under this subsection, the plan may submit a revised ap-
plication under this section. Any revised application for 
special financial assistance submitted by a plan shall be 
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561 
deemed approved unless the corporation notifies the plan 
within 120 days of the filing of the revised application that 
the application is incomplete, any proposed change or as-
sumption is unreasonable, or the plan is not eligible under 
this section. Special financial assistance issued by the cor-
poration shall be effective on a date determined by the 
corporation, but no later than 1 year after a plan’s special 
financial assistance application is approved by the cor-
poration or deemed approved. The corporation shall not 
pay any special financial assistance after September 30, 
2030. 
‘‘(h) MANNER OF PAYMENT.—The payment made by 
the corporation to an eligible multiemployer plan under 
this section shall be made as a single, lump sum payment. 
‘‘(i) AMOUNT AND MANNER OF SPECIAL FINANCIAL 
ASSISTANCE.— 
‘‘(1) IN GENERAL.—Special financial assistance 
under this section shall be a transfer of funds in the 
amount necessary as demonstrated by the plan spon-
sor on the application for such special financial as-
sistance, in accordance with the requirements de-
scribed in subsection (j). Special financial assistance 
shall be paid to such plan as soon as practicable 
upon approval of the application by the corporation. 
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563 
‘‘(k) REINSTATEMENT OF BENEFIT SUSPENSIONS.— 
An eligible multiemployer plan that receives special finan-
cial assistance under this section shall— 
‘‘(1) reinstate any benefits that were suspended 
under section 305(e)(9) or section 4245(a), effective 
as of the first month in which the effective date for 
the special financial assistance occurs, for partici-
pants and beneficiaries as of such month; and 
‘‘(2) provide payments equal to the amount of 
benefits 
previously 
suspended 
under 
section 
305(e)(9) or 4245(a) to any participants or bene-
ficiaries in pay status as of the effective date of the 
special financial assistance, payable, as determined 
by the eligible multiemployer plan— 
‘‘(A) as a lump sum within 3 months of 
such effective date; or 
‘‘(B) in equal monthly installments over a 
period of 5 years, commencing within 3 months 
of such effective date, with no adjustment for 
interest. 
‘‘(l) WITHDRAWAL LIABILITY.—An employer’s with-
drawal liability for purposes of this title shall be calculated 
without taking into account special financial assistance re-
ceived under this section until the plan year beginning 15 
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564 
calendar years after the effective date of the special finan-
cial assistance. 
‘‘(m) REQUIRED DISCLOSURE.—An eligible plan that 
receives special financial assistance under this section 
shall provide each employer that has an obligation to con-
tribute to such plan, and each labor organization rep-
resenting participants employed by such employer, with an 
estimate of the employer’s share of the plan’s unfunded 
vested benefits as of the end of each plan year ending after 
the date of enactment of this section, as determined after 
taking into account any special financial assistance re-
ceived under this section. Such disclosure shall include a 
statement that, due to the special financial assistance pro-
vided under this section, the plan will have sufficient re-
sources to pay 100 percent of the plan’s benefit obligations 
until the last day of the plan year ending in 2051. 
‘‘(n) RESTRICTIONS ON THE USE OF SPECIAL FI-
NANCIAL ASSISTANCE.—Special financial assistance re-
ceived under this section may be used by an eligible multi-
employer plan to make benefit payments and pay plan ex-
penses. Special financial assistance and any earnings on 
such assistance shall be segregated from other plan assets. 
Special financial assistance shall be invested by plans in 
investment-grade bonds or other investments as permitted 
by the corporation. 
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565 
‘‘(o) CONDITIONS ON PLANS RECEIVING SPECIAL FI-
NANCIAL ASSISTANCE.— 
‘‘(1) IN GENERAL.—The corporation may im-
pose, by regulation, reasonable conditions on an eli-
gible multiemployer plan that receives special finan-
cial assistance relating to increases in future accrual 
rates and any retroactive benefit improvements, allo-
cation of plan assets, reductions in employer con-
tribution rates, diversion of contributions to, and al-
location of expenses to, other benefit plans, and 
withdrawal liability. 
‘‘(2) LIMITATION.—The corporation shall not 
impose conditions on an eligible multiemployer plan 
as a condition of, or following receipt of, special fi-
nancial assistance under this section relating to— 
‘‘(A) any prospective reduction in plan 
benefits (including benefits that may be ad-
justed pursuant to section 305(e)(8)); 
‘‘(B) plan governance, including selection 
of, removal of, and terms of contracts with, 
trustees, actuaries, investment managers, and 
other service providers; or 
‘‘(C) any funding rules relating to the plan 
receiving special financial assistance under this 
section. 
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566 
‘‘(3) PAYMENT
OF
PREMIUMS.—An eligible 
multiemployer plan receiving special financial assist-
ance under this section shall continue to pay all pre-
miums due under section 4007 for participants and 
beneficiaries in the plan. 
‘‘(4) ASSISTANCE NOT CONSIDERED FOR CER-
TAIN
PURPOSES.—An eligible multiemployer plan 
that receives special financial assistance shall be 
deemed to be in critical status within the meaning 
of section 305(b)(2) until the last plan year ending 
in 2051. 
‘‘(5) INSOLVENT PLANS.—An eligible multiem-
ployer plan receiving special financial assistance 
under this section that subsequently becomes insol-
vent will be subject to the current rules and guar-
antee for insolvent plans. 
‘‘(6) INELIGIBILITY FOR OTHER ASSISTANCE.— 
An eligible multiemployer plan that receives special 
financial assistance under this section is not eligible 
to apply for a new suspension of benefits under sec-
tion 305(e)(9)(G).’’. 
(c) PREMIUM RATE INCREASE.—Section 4006(a)(3) 
of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1306(a)(3)) is amended— 
(1) in subparagraph (A)— 
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567 
(A) in clause (vi)— 
(i) by inserting ‘‘, and before January 
1, 2031’’ after ‘‘December 31, 2014,’’; and 
(ii) by striking ‘‘or’’ at the end; 
(B) in clause (vii)— 
(i) by moving the margin 2 ems to the 
left; and 
(ii) in subclause (II), by striking the 
period and inserting ‘‘, or’’; and 
(C) by adding at the end the following: 
‘‘(viii) in the case of a multiemployer plan, for 
plan years beginning after December 31, 2030, $52 
for each individual who is a participant in such plan 
during the applicable plan year.’’; and 
(2) by adding at the end the following: 
‘‘(N) For each plan year beginning in a calendar year 
after 2031, there shall be substituted for the dollar 
amount specified in clause (viii) of subparagraph (A) an 
amount equal to the greater of— 
‘‘(i) the product derived by multiplying such 
dollar amount by the ratio of— 
‘‘(I) the national average wage index (as 
defined in section 209(k)(1) of the Social Secu-
rity Act) for the first of the 2 calendar years 
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568 
preceding the calendar year in which such plan 
year begins, to 
‘‘(II) the national average wage index (as 
so defined) for 2029; and 
‘‘(ii) such dollar amount for plan years begin-
ning in the preceding calendar year. 
If the amount determined under this subparagraph 
is not a multiple of $1, such product shall be round-
ed to the nearest multiple of $1.’’. 
SEC. 9705. EXTENDED AMORTIZATION FOR SINGLE EM-
PLOYER PLANS. 
(a) 15-YEAR AMORTIZATION UNDER THE INTERNAL 
REVENUE CODE OF 1986.—Section 430(c) of the Internal 
Revenue Code of 1986 is amended by adding at the end 
the following new paragraph: 
‘‘(8) 15-YEAR AMORTIZATION.—With respect to 
plan years beginning after December 31, 2019 (or, 
at the election of the plan sponsor, after December 
31, 2018)— 
‘‘(A) the shortfall amortization bases for 
all plan years preceding the first plan year be-
ginning after December 31, 2019 (or after De-
cember 31, 2018, whichever is elected), and all 
shortfall amortization installments determined 
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570 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to plan years beginning after De-
cember 31, 2018. 
SEC. 9706. EXTENSION OF PENSION FUNDING STABILIZA-
TION PERCENTAGES FOR SINGLE EMPLOYER 
PLANS. 
(a) AMENDMENT TO INTERNAL REVENUE CODE OF 
1986.— 
(1) IN GENERAL.—The table contained in sub-
clause (II) of section 430(h)(2)(C)(iv) of the Inter-
nal Revenue Code of 1986 is amended to read as fol-
lows: 
‘‘If the calendar year is: 
The applica-
ble min-
imum per-
centage is: 
The applica-
ble max-
imum per-
centage is: 
Any year in the period starting in 2012 and end-
ing in 2019 .........................................................
90% 
110%
Any year in the period starting in 2020 and end-
ing in 2025 .........................................................
95% 
105%
2026 ........................................................................
90% 
110%
2027 ........................................................................
85% 
115%
2028 ........................................................................
80% 
120%
2029 ........................................................................
75% 
125%
After 2029 ..............................................................
70% 
130%.’’. 
(2) FLOOR ON 25-YEAR AVERAGES.—Subclause 
(I) of section 430(h)(2)(C)(iv) of such Code is 
amended by adding at the end the following: ‘‘Not-
withstanding anything in this subclause, if the aver-
age of the first, second, or third segment rate for 
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571 
any 25-year period is less than 5 percent, such aver-
age shall be deemed to be 5 percent.’’. 
(b) AMENDMENTS TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—The table contained in sub-
clause (II) of section 303(h)(2)(C)(iv) of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1083(h)(2)(C)(iv)(II)) is amended to read as 
follows: 
‘‘If the calendar year is: 
The applica-
ble min-
imum per-
centage is: 
The applica-
ble max-
imum per-
centage is: 
Any year in the period starting in 2012 and end-
ing in 2019 .........................................................
90% 
110%
Any year in the period starting in 2020 and end-
ing in 2025 .........................................................
95% 
105%
2026 ........................................................................
90% 
110%
2027 ........................................................................
85% 
115%
2028 ........................................................................
80% 
120%
2029 ........................................................................
75% 
125%
After 2029 ..............................................................
70% 
130%.’’. 
(2) FLOOR ON 25-YEAR AVERAGES.—Subclause 
(I) of section 303(h)(2)(C)(iv) of such Act (29 
U.S.C. 1083(h)(2)(C)(iv)(I)) is amended by adding 
at the end the following: ‘‘Notwithstanding anything 
in this subclause, if the average of the first, second, 
or third segment rate for any 25-year period is less 
than 5 percent, such average shall be deemed to be 
5 percent.’’. 
(3) CONFORMING AMENDMENTS.— 
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572 
(A) IN GENERAL.—Section 101(f)(2)(D) of 
such Act (29 U.S.C. 1021(f)(2)(D)) is amend-
ed— 
(i) in clause (i) by striking ‘‘and the 
Bipartisan Budget Act of 2015’’ both 
places it appears and inserting ‘‘, the Bi-
partisan Budget Act of 2015, and the 
Butch Lewis Emergency Pension Plan Re-
lief Act of 2021’’, and 
(ii) in clause (ii) by striking ‘‘2023’’ 
and inserting ‘‘2029’’. 
(B) 
STATEMENTS.—The 
Secretary 
of 
Labor shall modify the statements required 
under subclauses (I) and (II) of section 
101(f)(2)(D)(i) of such Act to conform to the 
amendments made by this section. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to plan years begin-
ning after December 31, 2019. 
SEC. 9707. MODIFICATION OF SPECIAL RULES FOR MIN-
IMUM FUNDING STANDARDS FOR COMMU-
NITY NEWSPAPER PLANS. 
(a) AMENDMENT TO INTERNAL REVENUE CODE OF 
1986.—Subsection (m) of section 430 of the Internal Rev-
enue Code of 1986 is amended to read as follows: 
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573 
‘‘(m) SPECIAL RULES FOR COMMUNITY NEWSPAPER 
PLANS.— 
‘‘(1) IN GENERAL.—An eligible newspaper plan 
sponsor of a plan under which no participant has 
had the participant’s accrued benefit increased 
(whether because of service or compensation) after 
April 2, 2019, may elect to have the alternative 
standards described in paragraph (4) apply to such 
plan. 
‘‘(2) ELIGIBLE NEWSPAPER PLAN SPONSOR.— 
The term ‘eligible newspaper plan sponsor’ means 
the plan sponsor of— 
‘‘(A) any community newspaper plan, or 
‘‘(B) any other plan sponsored, as of April 
2, 2019, by a member of the same controlled 
group of a plan sponsor of a community news-
paper plan if such member is in the trade or 
business of publishing 1 or more newspapers. 
‘‘(3) ELECTION.—An election under paragraph 
(1) shall be made at such time and in such manner 
as prescribed by the Secretary. Such election, once 
made with respect to a plan year, shall apply to all 
subsequent plan years unless revoked with the con-
sent of the Secretary. 
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574 
‘‘(4) ALTERNATIVE MINIMUM FUNDING STAND-
ARDS.—The alternative standards described in this 
paragraph are the following: 
‘‘(A) INTEREST RATES.— 
‘‘(i) IN
GENERAL.—Notwithstanding 
subsection (h)(2)(C) and except as pro-
vided in clause (ii), the first, second, and 
third segment rates in effect for any 
month for purposes of this section shall be 
8 percent. 
‘‘(ii) NEW BENEFIT ACCRUALS.—Not-
withstanding subsection (h)(2), for pur-
poses of determining the funding target 
and normal cost of a plan for any plan 
year, the present value of any benefits ac-
crued or earned under the plan for a plan 
year with respect to which an election 
under paragraph (1) is in effect shall be 
determined on the basis of the United 
States Treasury obligation yield curve for 
the day that is the valuation date of such 
plan for such plan year. 
‘‘(iii) UNITED STATES TREASURY OB-
LIGATION YIELD CURVE.—For purposes of 
this subsection, the term ‘United States 
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575 
Treasury obligation yield curve’ means, 
with respect to any day, a yield curve 
which shall be prescribed by the Secretary 
for such day on interest-bearing obligations 
of the United States. 
‘‘(B) SHORTFALL AMORTIZATION BASE.— 
‘‘(i) PREVIOUS SHORTFALL AMORTIZA-
TION
BASES.—The shortfall amortization 
bases determined under subsection (c)(3) 
for all plan years preceding the first plan 
year to which the election under paragraph 
(1) applies (and all shortfall amortization 
installments determined with respect to 
such bases) shall be reduced to zero under 
rules similar to the rules of subsection 
(c)(6). 
‘‘(ii) NEW SHORTFALL AMORTIZATION 
BASE.—Notwithstanding subsection (c)(3), 
the shortfall amortization base for the first 
plan year to which the election under para-
graph (1) applies shall be the funding 
shortfall of such plan for such plan year 
(determined using the interest rates as 
modified under subparagraph (A)). 
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