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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-
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 
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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), 
‘‘(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 
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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, 
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 
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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-
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 
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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. 
‘‘(2) INAPPLICABILITY OF CERTAIN REPAYMENT 
OBLIGATION.—A plan receiving special financial as-
sistance pursuant to this section shall not be subject 
to repayment obligations with respect to such special 
financial assistance. 
‘‘(b) ELIGIBLE MULTIEMPLOYER PLANS.— 
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‘‘(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 
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. 
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‘‘(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-
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 
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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 
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.— 
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‘‘(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— 
‘‘(A) use the interest rate used by the plan 
in its most recently completed certification of 
plan status before January 1, 2021, provided 
that such interest rate may not exceed the in-
terest rate limit; and 
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‘‘(B) for other assumptions, use the as-
sumptions that the plan used in its most re-
cently completed certification of plan status be-
fore January 1, 2021, unless such assumptions 
are unreasonable. 
‘‘(3) INTEREST RATE.—The interest rate limit 
for purposes of this subsection is the rate specified 
in section 303(h)(2)(C)(iii) (disregarding modifica-
tions made under clause (iv) of such section) for the 
month in which the application for special financial 
assistance is filed by the eligible multiemployer plan 
or the 3 preceding months, with such specified rate 
increased by 200 basis points. 
‘‘(4) CHANGES IN ASSUMPTIONS.—If a plan de-
termines that use of one or more prior assumptions 
is unreasonable, the plan may propose in its applica-
tion to change such assumptions, provided that the 
plan discloses such changes in its application and 
describes why such assumptions are no longer rea-
sonable. The corporation shall accept such changed 
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. 
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‘‘(f) APPLICATION DEADLINE.—Any application by a 
plan for special financial assistance under this section 
shall be submitted to the corporation (and, in the case of 
a plan to which section 432(k)(1)(D) of the Internal Rev-
enue Code of 1986 applies, to the Secretary of the Treas-
ury) no later than December 31, 2025, and any revised 
application for special financial assistance shall be sub-
mitted 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 
deemed approved unless the corporation notifies the plan 
within 120 days of the filing of the revised application that 
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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. 
‘‘(2) NO
CAP.—Special financial assistance 
granted by the corporation under this section shall 
not be capped by the guarantee under 4022A. 
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‘‘(j) DETERMINATION OF AMOUNT OF SPECIAL FI-
NANCIAL ASSISTANCE.— 
‘‘(1) IN
GENERAL.—The amount of financial 
assistance provided to a multiemployer plan eligible 
for financial assistance under this section shall be 
such amount required for the plan to pay all benefits 
due during the period beginning on the date of pay-
ment of the special financial assistance payment 
under this section and ending on the last day of the 
plan year ending in 2051, with no reduction in a 
participant’s or beneficiary’s accrued benefit as of 
the date of enactment of this section, except to the 
extent of a reduction in accordance with section 
305(e)(8) adopted prior to the plan’s application for 
special financial assistance under this section, and 
taking into account the reinstatement of benefits re-
quired under subsection (k). 
‘‘(2) PROJECTIONS.—The funding projections 
for purposes of this section shall be performed on a 
deterministic basis. 
‘‘(k) REINSTATEMENT OF SUSPENDED BENEFITS.— 
The Secretary, in coordination with the Secretary of the 
Treasury, shall ensure that an eligible multiemployer plan 
that receives special financial assistance under this sec-
tion— 
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‘‘(1) reinstates any benefits that were sus-
pended under section 305(e)(9) or section 4245(a) 
in accordance with guidance issued by the Secretary 
of the Treasury pursuant to section 432(k)(1)(B) of 
the Internal Revenue Code of 1986, effective as of 
the first month in which the effective date for the 
special financial assistance occurs, for participants 
and beneficiaries as of such month; and 
‘‘(2) provides 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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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 to the corporation, the Secretary of the 
Treasury, each employer that has an obligation to con-
tribute to such plan, and each labor organization rep-
resenting participants employed by such employer, an esti-
mate 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 tak-
ing into account any special financial assistance received 
under this section. Such disclosure shall include a state-
ment that, due to the special financial assistance provided 
under this section, the plan will have sufficient resources 
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 and any earnings thereon may 
be used by an eligible multiemployer plan to make benefit 
payments and pay plan expenses. Special financial assist-
ance and any earnings on such assistance shall be seg-
regated from other plan assets. Special financial assist-
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ance shall be invested by plans in investment-grade bonds 
or other investments as permitted by the corporation. 
‘‘(o) CONDITIONS ON PLANS RECEIVING SPECIAL FI-
NANCIAL ASSISTANCE.— 
‘‘(1) IN
GENERAL.—The corporation, in con-
sultation with the Secretary of the Treasury, may 
impose, by regulation, reasonable conditions on an 
eligible multiemployer plan that receives special fi-
nancial assistance relating to increases in future ac-
crual rates and any retroactive benefit improve-
ments, allocation of plan assets, reductions in em-
ployer contribution rates, diversion of contributions 
to, and allocation 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 
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‘‘(C) any funding rules relating to the plan 
receiving special financial assistance under this 
section. 
‘‘(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). 
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‘‘(p) COORDINATION WITH SECRETARY
OF
THE 
TREASURY.—In prescribing the application process for eli-
gible multiemployer plans to receive special financial as-
sistance under this section and reviewing applications of 
such plans, the corporation shall coordinate with the Sec-
retary of the Treasury in the following manner: 
‘‘(1) In the case of a plan which has suspended 
benefits under section 305(e)(9)— 
‘‘(A) in determining whether to approve 
the application, the corporation shall consult 
with the Secretary of the Treasury regarding 
the plan’s proposed method of reinstating bene-
fits, as described in the plan’s application and 
in accordance with guidance issued by the Sec-
retary of the Treasury, and 
‘‘(B) the corporation shall consult with the 
Secretary of the Treasury regarding the amount 
of special financial assistance needed based on 
the projected funded status of the plan as of 
the last day of the plan year ending in 2051, 
whether the plan proposes to repay benefits 
over 5 years or as a lump sum, as required by 
subsection (k)(2), and any other relevant fac-
tors, as determined by the corporation in con-
sultation with the Secretary of the Treasury, to 
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ensure the amount of assistance is sufficient to 
meet such requirement and is sufficient to pay 
benefits as required in subsection (j)(1). 
‘‘(2) In the case of any plan which proposes in 
its application to change the assumptions used, as 
provided in subsection (e)(4), the corporation shall 
consult with the Secretary of the Treasury regarding 
such proposed change in assumptions. 
‘‘(3) If the corporation specifies in regulations 
or guidance that temporary priority consideration is 
available for plans which are insolvent within the 
meaning of section 418E of the Internal Revenue 
Code of 1986 or likely to become so insolvent or for 
plans which have suspended benefits under section 
305(e)(9), or that availability is otherwise based on 
the funded status of the plan under section 305, as 
permitted by subsection (d), the corporation shall 
consult with the Secretary of the Treasury regarding 
any granting of priority consideration to such 
plans.’’. 
(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)— 
(A) in clause (vi)— 
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(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 
preceding the calendar year in which such plan 
year begins, to 
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‘‘(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.’’. 
(d) AMENDMENTS TO INTERNAL REVENUE CODE OF 
1986.— 
(1) IN GENERAL.—Section 432(a) of the Inter-
nal Revenue Code of 1986 is amended— 
(A) by striking ‘‘and’’ at the end of para-
graph (2)(B), 
(B) by striking the period at the end of 
paragraph (3)(B) and inserting ‘‘, and’’, and 
(C) by adding at the end the following new 
paragraph: 
‘‘(4) if the plan is an eligible multiemployer 
plan which is applying for or receiving special finan-
cial assistance under section 4262 of the Employee 
Retirement Income Security Act of 1974, the re-
quirements of subsection (k) shall apply to the 
plan.’’. 
(2) PLANS RECEIVING SPECIAL FINANCIAL AS-
SISTANCE
TO
BE
IN
CRITICAL
STATUS.—Section 
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432(b) of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new 
paragraph: 
‘‘(7) PLANS RECEIVING SPECIAL FINANCIAL AS-
SISTANCE.—If an eligible multiemployer plan receiv-
ing special financial assistance under section 4262 of 
the Employee Retirement Income Security Act of 
1974 meets the requirements of subsection (k)(2), 
notwithstanding the preceding paragraphs of this 
subsection, the plan shall be deemed to be in critical 
status for plan years beginning with the plan year 
in which the effective date for such assistance occurs 
and ending with the last plan year ending in 2051.’’. 
(3) RULES RELATING TO ELIGIBLE MULTIEM-
PLOYER PLANS.—Section 432 of the Internal Rev-
enue Code of 1986 is amended by adding at the end 
the following new subsection: 
‘‘(k) RULES RELATING
TO ELIGIBLE MULTIEM-
PLOYER PLANS.— 
‘‘(1) PLANS APPLYING FOR SPECIAL FINANCIAL 
ASSISTANCE.—In the case of an eligible multiem-
ployer plan which applies for special financial assist-
ance under section 4262 of such Act— 
‘‘(A) IN GENERAL.—Such application shall 
be submitted in accordance with the require-
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ments of such section, including any guidance 
issued thereunder by the Pension Benefit Guar-
anty Corporation. 
‘‘(B) REINSTATEMENT
OF
SUSPENDED 
BENEFITS.—In the case of a plan for which a 
suspension of benefits has been approved under 
subsection (e)(9), the application shall describe 
the manner in which suspended benefits will be 
reinstated in accordance with paragraph (2)(A) 
and guidance issued by the Secretary if the 
plan receives special financial assistance. 
‘‘(C) AMOUNT
OF
FINANCIAL
ASSIST-
ANCE.— 
‘‘(i) IN
GENERAL.—In determining 
the amount of special financial assistance 
to be specified in its application, an eligible 
multiemployer plan shall— 
‘‘(I) use the interest rate used by 
the plan in its most recently com-
pleted certification of plan status be-
fore January 1, 2021, provided that 
such interest rate does not exceed the 
interest rate limit, and 
‘‘(II) for other assumptions, use 
the assumptions that the plan used in 
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‘‘(II) is controlled, directly, or indi-
rectly, during the entire 30-year period 
ending on December 20, 2019, by individ-
uals who are members of the same family, 
and does not publish or distribute a daily 
newspaper that is carrier-distributed in 
printed form in more than 5 States, and 
‘‘(iii) is controlled, directly, or indi-
rectly— 
‘‘(I) by 1 or more persons resid-
ing primarily in a State in which the 
community newspaper has been pub-
lished on newsprint or carrier-distrib-
uted, 
‘‘(II) during the entire 30-year 
period ending on December 20, 2019, 
by individuals who are members of the 
same family, 
‘‘(III) by 1 or more trusts, the 
sole trustees of which are persons de-
scribed in subclause (I) or (II), or 
‘‘(IV) by a combination of per-
sons described in subclause (I), (II), 
or (III). 
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