426 
(B) striking ‘‘designated by the chairman’’ 
and inserting ‘‘designated by the Director or 
chairman’’. 
(b) COMPENSATION OF DIRECTOR.—Section 5314 of 
title 5, United States Code, is amended by adding at the 
end the following new item: 
‘‘Director, Pension Benefit Guaranty Corporation.’’. 
(c) JURISDICTION OF NOMINATION.— 
(1) IN GENERAL.—The Committee on Finance 
of the Senate and the Committee on Health, Edu-
cation, Labor, and Pensions of the Senate shall have 
joint jurisdiction over the nomination of a person 
nominated by the President to fill the position of Di-
rector of the Pension Benefit Guaranty Corporation 
under section 4002 of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1302) (as 
amended by this Act), and if one committee votes to 
order reported such a nomination, the other shall re-
port within 30 calendar days, or be automatically 
discharged. 
(2) RULEMAKING OF THE SENATE.—This sub-
section is enacted by Congress— 
(A) as an exercise of rulemaking power of 
the Senate, and as such it is deemed a part of 
the rules of the Senate, but applicable only with 
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ccoleman on PROD1PC71 with BILLS
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respect to the procedure to be followed in the 
Senate in the case of a nomination described in 
such sentence, and it supersedes other rules 
only to the extent that it is inconsistent with 
such rules; and 
(B) with full recognition of the constitu-
tional right of the Senate to change the rules 
(so far as relating to the procedure of the Sen-
ate) at any time, in the same manner and to 
the same extent as in the case of any other rule 
of the Senate. 
(d) TRANSITION.—The term of the individual serving 
as Executive Director of the Pension Benefit Guaranty 
Corporation on the date of enactment of this Act shall ex-
pire on such date of enactment. Such individual, or any 
other individual, may serve as interim Director of such 
Corporation until an individual is appointed as Director 
of such Corporation under section 4002 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1302) 
(as amended by this Act). 
SEC. 412. INCLUSION OF INFORMATION IN THE PBGC AN-
NUAL REPORT. 
Section 4008 of the Employee Retirement Income Se-
curity Act of 1974 (29 U.S.C. 1308) is amended by— 
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ccoleman on PROD1PC71 with BILLS
428 
(1) striking ‘‘As soon as practicable’’ and in-
serting ‘‘(a) As soon as practicable’’; and 
(2) adding at the end the following: 
‘‘(b) The report under subsection (a) shall include— 
‘‘(1) a summary of the Pension Insurance Mod-
eling System microsimulation model, including the 
specific simulation parameters, specific initial values, 
temporal parameters, and policy parameters used to 
calculate the financial statements for the corpora-
tion; 
‘‘(2) a comparison of— 
‘‘(A) the average return on investments 
earned with respect to assets invested by the 
corporation for the year to which the report re-
lates; and 
‘‘(B) an amount equal to 60 percent of the 
average return on investment for such year in 
the Standard & Poor’s 500 Index, plus 40 per-
cent of the average return on investment for 
such year in the Lehman Aggregate Bond 
Index (or in a similar fixed income index); and 
‘‘(3) a statement regarding the deficit or sur-
plus for such year that the corporation would have 
had if the corporation had earned the return de-
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ccoleman on PROD1PC71 with BILLS
429 
scribed in paragraph (2)(B) with respect to assets 
invested by the corporation.’’. 
TITLE V—DISCLOSURE 
SEC. 501. DEFINED BENEFIT PLAN FUNDING NOTICE. 
(a) IN GENERAL.—Section 101(f) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1021(f)) is amended to read as follows: 
‘‘(f) DEFINED BENEFIT PLAN FUNDING NOTICES.— 
‘‘(1) IN GENERAL.—The administrator of a de-
fined benefit plan to which title IV applies shall for 
each plan year provide a plan funding notice to the 
Pension Benefit Guaranty Corporation, to each plan 
participant and beneficiary, to each labor organiza-
tion representing such participants or beneficiaries, 
and, in the case of a multiemployer plan, to each 
employer that has an obligation to contribute to the 
plan. 
‘‘(2) INFORMATION CONTAINED IN NOTICES.— 
‘‘(A) IDENTIFYING
INFORMATION.—Each 
notice required under paragraph (1) shall con-
tain identifying information, including the name 
of the plan, the address and phone number of 
the plan administrator and the plan’s principal 
administrative officer, each plan sponsor’s em-
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430 
ployer identification number, and the plan num-
ber of the plan. 
‘‘(B) SPECIFIC
INFORMATION.—A plan 
funding notice under paragraph (1) shall in-
clude— 
‘‘(i)(I) in the case of a single-employer 
plan, a statement as to whether the plan’s 
funding target attainment percentage (as 
defined in section 303(d)(2)) for the plan 
year to which the notice relates, and for 
the 2 preceding plan years, is at least 100 
percent (and, if not, the actual percent-
ages), or 
‘‘(II) in the case of a multiemployer 
plan, a statement as to whether the plan’s 
funded percentage (as defined in section 
305(i)) for the plan year to which the no-
tice relates, and for the 2 preceding plan 
years, is at least 100 percent (and, if not, 
the actual percentages), 
‘‘(ii)(I) in the case of a single-em-
ployer plan, a statement of— 
‘‘(aa) the total assets (separately 
stating the prefunding balance and 
the funding standard carryover bal-
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431 
ance) and liabilities of the plan, deter-
mined in the same manner as under 
section 303, for the plan year for 
which the latest annual report filed 
under section 104(a) was filed and for 
the 2 preceding plan years, as re-
ported in the annual report for each 
such plan year, and 
‘‘(bb) the value of the plan’s as-
sets and liabilities for the plan year to 
which the notice relates as of the last 
day of the plan year to which the no-
tice relates determined using the asset 
valuation under subclause (II) of sec-
tion 4006(a)(3)(E)(iii) and the inter-
est 
rate 
under 
section 
4006(a)(3)(E)(iv), and 
‘‘(II) in the case of a multiemployer 
plan, a statement of the value of the plan’s 
assets and liabilities for the plan year to 
which the notice relates as the last day of 
such plan year and the preceding 2 plan 
years, 
‘‘(iii) a statement of the number of 
participants who are— 
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