407 
(29 U.S.C. 1344) is amended by adding at the end the 
following: 
‘‘(e) BANKRUPTCY FILING SUBSTITUTED FOR TER-
MINATION DATE.—If a contributing sponsor of a plan has 
filed or has had filed against such person a petition seek-
ing liquidation or reorganization in a case under title 11, 
United States Code, or under any similar Federal law or 
law of a State or political subdivision, and the case has 
not been dismissed as of the termination date of the plan, 
then subsection (a)(3) shall be applied by treating the date 
such petition was filed as the termination date of the 
plan.’’. 
(c) EFFECTIVE DATE.—The amendments made this 
section shall apply with respect to proceedings initiated 
under title 11, United States Code, or under any similar 
Federal law or law of a State or political subdivision, on 
or after the date that is 30 days after the date of enact-
ment of this Act. 
SEC. 405. PBGC PREMIUMS FOR SMALL PLANS. 
(a) SMALL
PLANS.—Paragraph (3) of section 
4006(a) of the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1306(a)) is amended— 
(1) by striking ‘‘The additional’’ in subpara-
graph (E)(i) and inserting ‘‘Except as provided in 
subparagraph (H), the additional’’, and 
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408 
(2) by inserting after subparagraph (G) the fol-
lowing new subparagraph: 
‘‘(H)(i) In the case of an employer who has 25 or 
fewer employees on the first day of the plan year, the addi-
tional premium determined under subparagraph (E) for 
each participant shall not exceed $5 multiplied by the 
number of participants in the plan as of the close of the 
preceding plan year. 
‘‘(ii) For purposes of clause (i), whether an employer 
has 25 or fewer employees on the first day of the plan 
year is determined by taking into consideration all of the 
employees of all members of the contributing sponsor’s 
controlled group. In the case of a plan maintained by two 
or more contributing sponsors, the employees of all con-
tributing sponsors and their controlled groups shall be ag-
gregated for purposes of determining whether the 25-or- 
fewer-employees limitation has been satisfied.’’ 
(b) EFFECTIVE DATES.—The amendment made by 
this section shall apply to plan years beginning after De-
cember 31, 2006. 
SEC. 406. AUTHORIZATION FOR PBGC TO PAY INTEREST ON 
PREMIUM OVERPAYMENT REFUNDS. 
(a) IN GENERAL.—Section 4007(b) of the Employ-
ment Retirement Income Security Act of 1974 (29 U.S.C. 
1307(b)) is amended— 
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409 
(1) by striking ‘‘(b)’’ and inserting ‘‘(b)(1)’’, 
and 
(2) by inserting at the end the following new 
paragraph: 
‘‘(2) The corporation is authorized to pay, subject to 
regulations prescribed by the corporation, interest on the 
amount of any overpayment of premium refunded to a des-
ignated payor. Interest under this paragraph shall be cal-
culated at the same rate and in the same manner as inter-
est is calculated for underpayments under paragraph (1).’’ 
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply to interest accruing for periods 
beginning not earlier than the date of the enactment of 
this Act. 
SEC. 407. RULES FOR SUBSTANTIAL OWNER BENEFITS IN 
TERMINATED PLANS. 
(a) MODIFICATION OF PHASE-IN OF GUARANTEE.— 
Section 4022(b)(5) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1322(b)(5)) is amended 
to read as follows: 
‘‘(5)(A) For purposes of this paragraph, the term 
‘majority owner’ means an individual who, at any time 
during the 60-month period ending on the date the deter-
mination is being made— 
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410 
‘‘(i) owns the entire interest in an unincor-
porated trade or business, 
‘‘(ii) in the case of a partnership, is a partner 
who owns, directly or indirectly, 50 percent or more 
of either the capital interest or the profits interest 
in such partnership, or 
‘‘(iii) in the case of a corporation, owns, directly 
or indirectly, 50 percent or more in value of either 
the voting stock of that corporation or all the stock 
of that corporation. 
For purposes of clause (iii), the constructive ownership 
rules of section 1563(e) of the Internal Revenue Code of 
1986 (other than paragraph (3)(C) thereof) shall apply, 
including the application of such rules under section 
414(c) of such Code. 
‘‘(B) In the case of a participant who is a majority 
owner, the amount of benefits guaranteed under this sec-
tion shall equal the product of— 
‘‘(i) a fraction (not to exceed 1) the numerator 
of which is the number of years from the later of the 
effective date or the adoption date of the plan to the 
termination date, and the denominator of which is 
10, and 
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411 
‘‘(ii) the amount of benefits that would be guar-
anteed under this section if the participant were not 
a majority owner.’’ 
(b) MODIFICATION OF ALLOCATION OF ASSETS.— 
(1) Section 4044(a)(4)(B) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 
1344(a)(4)(B)) is amended by striking ‘‘section 
4022(b)(5)’’ and inserting ‘‘section 4022(b)(5)(B)’’. 
(2) Section 4044(b) of such Act (29 U.S.C. 
1344(b)) is amended— 
(A) by striking ‘‘(5)’’ in paragraph (2) and 
inserting ‘‘(4), (5),’’, and 
(B) 
by 
redesignating 
paragraphs 
(3) 
through (6) as paragraphs (4) through (7), re-
spectively, and by inserting after paragraph (2) 
the following new paragraph: 
‘‘(3) If assets available for allocation under 
paragraph (4) of subsection (a) are insufficient to 
satisfy in full the benefits of all individuals who are 
described in that paragraph, the assets shall be allo-
cated first to benefits described in subparagraph (A) 
of that paragraph. Any remaining assets shall then 
be allocated to benefits described in subparagraph 
(B) of that paragraph. If assets allocated to such 
subparagraph (B) are insufficient to satisfy in full 
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412 
the benefits described in that subparagraph, the as-
sets shall be allocated pro rata among individuals on 
the basis of the present value (as of the termination 
date) of their respective benefits described in that 
subparagraph.’’ 
(c) CONFORMING AMENDMENTS.— 
(1) Section 4021 of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1321) is 
amended— 
(A) in subsection (b)(9), by striking ‘‘as 
defined in section 4022(b)(6)’’, and 
(B) by adding at the end the following new 
subsection: 
‘‘(d) For purposes of subsection (b)(9), the term ‘sub-
stantial owner’ means an individual who, at any time dur-
ing the 60-month period ending on the date the determina-
tion is being made— 
‘‘(1) owns the entire interest in an unincor-
porated trade or business, 
‘‘(2) in the case of a partnership, is a partner 
who owns, directly or indirectly, more than 10 per-
cent of either the capital interest or the profits inter-
est in such partnership, or 
‘‘(3) in the case of a corporation, owns, directly 
or indirectly, more than 10 percent in value of either 
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ccoleman on PROD1PC71 with BILLS
413 
the voting stock of that corporation or all the stock 
of that corporation. 
For purposes of paragraph (3), the constructive ownership 
rules of section 1563(e) of the Internal Revenue Code of 
1986 (other than paragraph (3)(C) thereof) shall apply, 
including the application of such rules under section 
414(c) of such Code.’’ 
(2) Section 4043(c)(7) of such Act (29 U.S.C. 
1343(c)(7)) 
is 
amended 
by 
striking 
‘‘section 
4022(b)(6)’’ and inserting ‘‘section 4021(d)’’. 
(d) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to plan terminations— 
(A) under section 4041(c) of the Employee 
Retirement Income Security Act of 1974 (29 
U.S.C. 1341(c)) with respect to which notices 
of intent to terminate are provided under sec-
tion 4041(a)(2) of such Act (29 U.S.C. 
1341(a)(2)) after December 31, 2005, and 
(B) under section 4042 of such Act (29 
U.S.C. 1342) with respect to which notices of 
determination are provided under such section 
after such date. 
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414 
(2) CONFORMING AMENDMENTS.—The amend-
ments made by subsection (c) shall take effect on 
January 1, 2006. 
SEC. 408. ACCELERATION OF PBGC COMPUTATION OF BEN-
EFITS ATTRIBUTABLE TO RECOVERIES FROM 
EMPLOYERS. 
(a) MODIFICATION OF AVERAGE RECOVERY PER-
CENTAGE OF OUTSTANDING AMOUNT OF BENEFIT LI-
ABILITIES PAYABLE BY CORPORATION TO PARTICIPANTS 
AND BENEFICIARIES.—Section 4022(c)(3)(B)(ii) of the 
Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1322(c)(3)(B)(ii)) is amended to read as follows: 
‘‘(ii) notices of intent to terminate 
were provided (or in the case of a termi-
nation by the corporation, a notice of de-
termination 
under 
section 
4042 
was 
issued) during the 5-Federal fiscal year pe-
riod ending with the third fiscal year pre-
ceding the fiscal year in which occurs the 
date of the notice of intent to terminate 
(or the notice of determination under sec-
tion 4042) with respect to the plan termi-
nation for which the recovery ratio is being 
determined.’’ 
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415 
(b) VALUATION OF SECTION 4062(c) LIABILITY FOR 
DETERMINING AMOUNTS PAYABLE BY CORPORATION TO 
PARTICIPANTS AND BENEFICIARIES.— 
(1) SINGLE-EMPLOYER PLAN BENEFITS GUAR-
ANTEED.—Section 4022(c)(3)(A) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
13) is amended to read as follows: 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (C), the term ‘recovery ratio’ 
means the ratio which— 
‘‘(i) the sum of the values of all recov-
eries under section 4062, 4063, or 4064, 
determined by the corporation in connec-
tion with plan terminations described 
under subparagraph (B), bears to 
‘‘(ii) the sum of all unfunded benefit 
liabilities under such plans as of the termi-
nation date in connection with any such 
prior termination.’’. 
(2) ALLOCATION OF ASSETS.—Section 4044 of 
the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1362) is amended by adding at the 
end the following new subsection: 
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416 
‘‘(e) VALUATION OF SECTION 4062(c) LIABILITY FOR 
DETERMINING AMOUNTS PAYABLE BY CORPORATION TO 
PARTICIPANTS AND BENEFICIARIES.— 
‘‘(1) IN GENERAL.—In the case of a terminated 
plan, the value of the recovery of liability under sec-
tion 4062(c) allocable as a plan asset under this sec-
tion for purposes of determining the amount of ben-
efits payable by the corporation shall be determined 
by multiplying— 
‘‘(A) the amount of liability under section 
4062(c) as of the termination date of the plan, 
by 
‘‘(B) the applicable section 4062(c) recov-
ery ratio. 
‘‘(2) SECTION 4062(c) RECOVERY RATIO.—For 
purposes of this subsection— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (C), the term ‘section 4062(c) re-
covery ratio’ means the ratio which— 
‘‘(i) the sum of the values of all recov-
eries under section 4062(c) determined by 
the corporation in connection with plan 
terminations described under subparagraph 
(B), bears to 
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‘‘(ii) the sum of all the amounts of li-
ability under section 4062(c) with respect 
to such plans as of the termination date in 
connection with any such prior termi-
nation. 
‘‘(B) PRIOR TERMINATIONS.—A plan ter-
mination described in this subparagraph is a 
termination with respect to which— 
‘‘(i) the value of recoveries under sec-
tion 4062(c) have been determined by the 
corporation, and 
‘‘(ii) notices of intent to terminate 
were provided (or in the case of a termi-
nation by the corporation, a notice of de-
termination 
under 
section 
4042 
was 
issued) during the 5-Federal fiscal year pe-
riod ending with the third fiscal year pre-
ceding the fiscal year in which occurs the 
date of the notice of intent to terminate 
(or the notice of determination under sec-
tion 4042) with respect to the plan termi-
nation for which the recovery ratio is being 
determined. 
‘‘(C) EXCEPTION.—In the case of a termi-
nated plan with respect to which the out-
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418 
standing amount of benefit liabilities exceeds 
$20,000,000, the term ‘section 4062(c) recovery 
ratio’ means, with respect to the termination of 
such plan, the ratio of— 
‘‘(i) the value of the recoveries on be-
half of the plan under section 4062(c), to 
‘‘(ii) the amount of the liability owed 
under section 4062(c) as of the date of 
plan termination to the trustee appointed 
under section 4042 (b) or (c). 
‘‘(3) SUBSECTION NOT TO APPLY.—This sub-
section shall not apply with respect to the deter-
mination of— 
‘‘(A) whether the amount of outstanding 
benefit liabilities exceeds $20,000,000, or 
‘‘(B) the amount of any liability under sec-
tion 4062 to the corporation or the trustee ap-
pointed under section 4042 (b) or (c). 
‘‘(4) DETERMINATIONS.—Determinations under 
this subsection shall be made by the corporation. 
Such determinations shall be binding unless shown 
by clear and convincing evidence to be unreason-
able.’’ 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply for any termination for which no-
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419 
tices of intent to terminate are provided (or in the case 
of a termination by the corporation, a notice of determina-
tion under section 4042 under the Employee Retirement 
Income Security Act of 1974 is issued) on or after the 
date which is 30 days after the date of enactment of this 
section. 
SEC. 409. TREATMENT OF CERTAIN PLANS WHERE CES-
SATION OR CHANGE IN MEMBERSHIP OF A 
CONTROLLED GROUP. 
(a) IN GENERAL.—Section 4041(b) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1341(b)) is amended by adding at the end the following 
new paragraph: 
‘‘(5) SPECIAL
RULE
FOR
CERTAIN
PLANS 
WHERE CESSATION OR CHANGE IN MEMBERSHIP OF 
A CONTROLLED GROUP.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), if— 
‘‘(i) there is transaction or series of 
transactions which result in a person ceas-
ing to be a member of a controlled group, 
and 
‘‘(ii) such person immediately before 
the transaction or series of transactions 
maintained a single-employer plan which is 
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420 
a defined benefit plan which is fully fund-
ed, 
then the interest rate used in determining 
whether the plan is sufficient for benefit liabil-
ities or to otherwise assess plan liabilities for 
purposes 
of 
this 
subsection 
or 
section 
4042(a)(4) shall be not less than the interest 
rate used in determining whether the plan is 
fully funded. 
‘‘(B) 
LIMITATIONS.—Subparagraph 
(A) 
shall not apply to any transaction or series of 
transactions unless— 
‘‘(i) any employer maintaining the 
plan immediately before or after such 
transaction or series of transactions— 
‘‘(I) has an outstanding senior 
unsecured debt instrument which is 
rated investment grade by each of the 
nationally recognized statistical rating 
organizations for corporate bonds that 
has issued a credit rating for such in-
strument, or 
‘‘(II) if no such debt instrument 
of such employer has been rated by 
such an organization but 1 or more of 
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421 
such organizations has made an issuer 
credit rating for such employer, all 
such organizations which have so 
rated the employer have rated such 
employer investment grade, and 
‘‘(ii) the employer maintaining the 
plan after the transaction or series of 
transactions employs at least 20 percent of 
the employees located in the United States 
who were employed by such employer im-
mediately before the transaction or series 
of transactions. 
‘‘(C) FULLY
FUNDED.—For purposes of 
subparagraph (A), a plan shall be treated as 
fully funded with respect to any transaction or 
series of transactions if— 
‘‘(i) in the case of a transaction or se-
ries of transactions which occur in a plan 
year beginning before January 1, 2008, 
the funded current liability percentage de-
termined under section 302(d) for the plan 
year is at least 100 percent, and 
‘‘(ii) in the case of a transaction or 
series of transactions which occur in a plan 
year beginning on or after such date, the 
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422 
funding target attainment percentage de-
termined under section 303 is, as of the 
valuation date for such plan year, at least 
100 percent. 
‘‘(D) 2 YEAR LIMITATION.—Subparagraph 
(A) shall not apply to any transaction or series 
of transaction if the plan referred to in sub-
paragraph (A)(ii) is terminated under section 
4041(c) or 4042 after the close of the 2-year 
period beginning on the date on which the first 
such transaction occurs.’’ 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to any transaction or series of 
transactions occurring on and after the date of the enact-
ment of this Act. 
SEC. 410. MISSING PARTICIPANTS. 
(a) IN GENERAL.—Section 4050 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1350) 
is amended by redesignating subsection (c) as subsection 
(e) and by inserting after subsection (b) the following new 
subsections: 
‘‘(c) MULTIEMPLOYER
PLANS.—The corporation 
shall prescribe rules similar to the rules in subsection (a) 
for multiemployer plans covered by this title that termi-
nate under section 4041A. 
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423 
‘‘(d) PLANS NOT OTHERWISE SUBJECT TO TITLE.— 
‘‘(1) TRANSFER TO CORPORATION.—The plan 
administrator of a plan described in paragraph (4) 
may elect to transfer a missing participant’s benefits 
to the corporation upon termination of the plan. 
‘‘(2) INFORMATION TO THE CORPORATION.—To 
the extent provided in regulations, the plan adminis-
trator of a plan described in paragraph (4) shall, 
upon termination of the plan, provide the corpora-
tion information with respect to benefits of a miss-
ing participant if the plan transfers such benefits— 
‘‘(A) to the corporation, or 
‘‘(B) to an entity other than the corpora-
tion or a plan described in paragraph (4)(B)(ii). 
‘‘(3) PAYMENT BY THE CORPORATION.—If ben-
efits of a missing participant were transferred to the 
corporation under paragraph (1), the corporation 
shall, upon location of the participant or beneficiary, 
pay to the participant or beneficiary the amount 
transferred (or the appropriate survivor benefit) ei-
ther— 
‘‘(A) in a single sum (plus interest), or 
‘‘(B) in such other form as is specified in 
regulations of the corporation. 
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424 
‘‘(4) PLANS DESCRIBED.—A plan is described 
in this paragraph if— 
‘‘(A) the plan is a pension plan (within the 
meaning of section 3(2))— 
‘‘(i) to which the provisions of this 
section do not apply (without regard to 
this subsection), and 
‘‘(ii) which is not a plan described in 
paragraphs (2) through (11) of section 
4021(b), and 
‘‘(B) at the time the assets are to be dis-
tributed upon termination, the plan— 
‘‘(i) has missing participants, and 
‘‘(ii) has not provided for the transfer 
of assets to pay the benefits of all missing 
participants to another pension plan (with-
in the meaning of section 3(2)). 
‘‘(5) CERTAIN PROVISIONS NOT TO APPLY.— 
Subsections (a)(1) and (a)(3) shall not apply to a 
plan described in paragraph (4).’’. 
(b) CONFORMING AMENDMENTS.—Section 206(f) of 
such Act (29 U.S.C. 1056(f)) is amended— 
(1) by striking ‘‘title IV’’ and inserting ‘‘section 
4050’’; and 
(2) by striking ‘‘the plan shall provide that,’’. 
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425 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions made after final 
regulations implementing subsections (c) and (d) of sec-
tion 4050 of the Employee Retirement Income Security 
Act of 1974 (as added by subsection (a)), respectively, are 
prescribed. 
SEC. 411. DIRECTOR OF THE PENSION BENEFIT GUARANTY 
CORPORATION. 
(a) IN GENERAL.—Title IV of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1301 et 
seq.) is amended— 
(1) by striking the second sentence of section 
4002(a) and inserting the following: ‘‘In carrying 
out its functions under this title, the corporation 
shall be administered by a Director, who shall be ap-
pointed by the President, by and with the advice and 
consent of the Senate, and who shall act in accord-
ance with the policies established by the board.’’; 
and 
(2) in section 4003(b), by— 
(A) striking ‘‘under this title, any mem-
ber’’ and inserting ‘‘under this title, the Direc-
tor, any member’’; and 
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