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 U.S. Treas-
ury obligation yield curve for the day that 
is the valuation date of such plan for such 
plan year. 
‘‘(iii) U.S. 
TREASURY
OBLIGATION 
YIELD CURVE.—For purposes of this sub-
section, the term ‘U.S. 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.— 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS
‘‘(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)). 
‘‘(C) DETERMINATION OF SHORTFALL AM-
ORTIZATION INSTALLMENTS.— 
‘‘(i) 
30-YEAR
PERIOD.—Subpara-
graphs (A) and (B) of subsection (c)(2) 
shall be applied by substituting ‘30-plan- 
year’ for ‘7-plan-year’ each place it ap-
pears. 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS
‘‘(ii) NO
SPECIAL
ELECTION.—The 
election under subparagraph (D) of sub-
section (c)(2) shall not apply to any plan 
year to which the election under paragraph 
(1) applies. 
‘‘(D) EXEMPTION FROM AT-RISK TREAT-
MENT.—Subsection (i) shall not apply. 
‘‘(4) COMMUNITY NEWSPAPER PLAN.—For pur-
poses of this subsection— 
‘‘(A) IN GENERAL.—The term ‘community 
newspaper plan’ means a plan to which this sec-
tion applies maintained by an employer which, 
as of December 31, 2017— 
‘‘(i) publishes and distributes daily, ei-
ther electronically or in printed form— 
‘‘(I) a community newspaper, or 
‘‘(II) 1 or more community news-
papers in the same State, 
‘‘(ii) is not a company the stock of 
which is publicly traded (on a stock ex-
change or in an over-the-counter market), 
and is not controlled, directly or indirectly, 
by such a company, 
‘‘(iii) is controlled, directly or indi-
rectly— 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS
‘‘(I) by 1 or more persons resid-
ing primarily in the State in which 
the community newspaper is pub-
lished, 
‘‘(II) for not less than 30 years 
by individuals who are members of the 
same family, 
‘‘(III) by a trust created or orga-
nized in the State in which the com-
munity newspaper is published, the 
sole trustees of which are persons de-
scribed in subclause (I) or (II), 
‘‘(IV) by an entity which is de-
scribed in section 501(c)(3) of the In-
ternal Revenue Code of 1986 and ex-
empt from taxation under section 
501(a) of such Code, which is orga-
nized and operated in the State in 
which the community newspaper is 
published, and the primary purpose of 
which is to benefit communities in 
such State, or 
‘‘(V) a combination of persons 
described in subclause (I), (III), or 
(IV), and 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS
‘‘(iv) does not control, directly or indi-
rectly, any newspaper in any other State. 
‘‘(B) COMMUNITY NEWSPAPER.—The term 
‘community newspaper’ means a newspaper 
which primarily serves a metropolitan statistical 
area, as determined by the Office of Manage-
ment and Budget, with a population of not less 
than 100,000. 
‘‘(C) CONTROL.—A person shall be treated 
as controlled by another person if such other 
person possesses, directly or indirectly, the 
power to direct or cause the direction and man-
agement of such person (including the power to 
elect a majority of the members of the board of 
directors of such person) through the ownership 
of voting securities. 
‘‘(5) EFFECT
ON
PREMIUM
RATE
CALCULA-
TION.—Notwithstanding any other provision of law 
or any regulation issued by the Pension Benefit 
Guaranty Corporation, in the case of a community 
newspaper plan which elects the application of the 
alternative standards described in paragraph (3), the 
additional premium under section 4006(a)(3)(E) 
shall be determined as if such election had not been 
made.’’. 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS
(c) EFFECTIVE DATE.—The amendments made by 
this subsection shall apply to plan years in effect on or 
beginning after the date of the enactment of this Act. 
Æ 
VerDate Sep 11 2014 
00:16 Jul 17, 2018
Jkt 079200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6301
E:\BILLS\H6377.IH
H6377
pamtmann on DSKBFK8HB2PROD with BILLS