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Q: SECTION 1. DELAY OF EFFECTIVE DATES FOR SINGLE-EMPLOYER PLAN FUNDING
RULES.

(a) In General.--
(1) Delayed effective dates.--The sections of the Pension
Protection Act of 2006, the Internal Revenue Code of 1986, and
the Employee Retirement Income Security Act of 1974 specified
in paragraph (3) are amended--
(A) by striking ''2007'' and inserting, ''the
applicable funding pre-effective date year (as defined
in section 1305 of the Pension Protection Act of
2006)'',
(B) by striking ''2008'' and inserting ''the
applicable funding effective date year (as defined in
section 1305 of the Pension Protection Act of 2006)'',
(C) by striking ''2009'' and inserting ''the
calendar year after the applicable funding effective
date year (as defined in section 1305 of the Pension
Protection Act of 2006)'',
(D) by striking ''2010'' and inserting ''the
calendar year that is two years after the applicable
effective date year (as defined in section 1305 of the
Pension Protection Act of 2006)'',
(E) by striking ''2011'' and inserting ''the
calendar year that is three years after the applicable
funding effective date year (as defined in section 1305
of the Pension Protection Act of 2006)'', and
(F) by striking ''2012'' and inserting ''the
calendar year that is four years after the applicable
funding effective year (as defined in section 1305 of
the Pension Protection Act of 2006)''.
(2) Applicable funding effective date years.--Title XIII of
the Pension Protection Act of 2006 is amended by adding at the
end the following new section:

''SEC. 1305. APPLICABLE FUNDING EFFECTIVE DATES.

''(a) In General.--
''(1) For purposes of this Act, except as otherwise
provided in this section, the term 'applicable funding pre-
effective date year' means 2008.
''(2) For purposes of this Act, the term 'applicable
funding effective date year' means the calendar year
immediately following the applicable funding pre-effective date
year.
''(b) Exception.--Subsection (a)(1) shall apply only if final
regulations are issued by June 30, 2008, with respect to sections
206(g), 303(f), 303(g)(3), 303(h)(2), 303(h)(3), 303(i)(4)(A)(ii), and
303(j)(3)(A) of the Employee Retirement Income Security Act of 1974 and
sections 430(f), 430(g)(3), 430(h)(2), 430(h)(3), 430(i)(4)(A)(ii),
430(j)(3)(A), and 436 of the Internal Revenue Code of 1986. If final
regulations under all such sections are not issued by June 30, 2008,
for purposes of this Act, the term 'applicable funding pre-effective
date year' shall mean the first calendar year with respect to which all
such final regulations are issued by June 30 of such year.
''(c) Effective Date.--This section shall take effect on the date
of the enactment of this Act.''.
(3) Applicable sections.--
(A) Pension protection act of 2006.--The amendments
made in paragraph (1) shall apply to the following
sections of the Pension Protection Act of 2006: 101(d),
102(c), 103(c), 104(b), 105(b), 106(b), 107(e), 111(b),
112(b), 113(b), 115(a), 115(b)(3), 115(e)(2), 302(c),
401(a)(2), 402(b)(1), 505(c), and 802(b).
(B) Internal revenue code of 1986.--The amendments
made in paragraph (1) shall apply to the following
sections of the Internal Revenue Code of 1986:
417(e)(3), 430(c)(5), 430(f)(1)(B)(ii)(I),430(f)(3)(C),
430(f)(6)(C)(i), 430(f)(7)(C)(i), 430(h)(2)(G),
430(i)(4)(B), 430(i)(5)(C), 436(j), and 436(k).
(C) Employee retirement income security act of
1974.--The amendments made in paragraph (1) shall apply
to the following sections of the Employee Retirement
Income Security Act of 1974: 205(g)(3), 206(g)(9),
206(g)(10), 303(c)(5), 303(f)(1)(B)(ii)(I),
303(f)(3)(C), 303(f)(6)(C)(i), 303(f)(7)(C)(i),
303(h)(2)(G), 303(i)(4)(B), 303(i)(5)(C), and
4041(b)(5)(C)(i).
(b) Extension of Replacement of 30-Year Treasury Rates.--
(1) Amendments of erisa.--
(A) Determination of range.--Subclause (II) of
section 302(b)(5)(B)(ii) of the Employee Retirement
Income Security Act of 1974 is amended--
(i) by striking ''January 1, 2008'' and
inserting ''January 1 of the applicable funding
effective date year (as defined in section 1305
of the Pension Protection Act of 2006)'', and
(ii) in the heading, by striking ''for
years 2004, 2005, 2006, and 2007''.
(B) Determination of current liability.--Subclause
(IV) of section 302(d)(7)(C)(i) of such Act is
amended--
(i) by striking ''in 2004, 2005, 2006, or
2007'' and inserting ''after 2003 and before
the applicable funding effective date year (as
defined in section 1305 of the Pension
Protection Act of 2006)'', and
(ii) in the heading, by striking ''for
years 2004, 2005, 2006, and 2007''.
(C) PBGC premium rate.--Subclause (V) of section
4006(a)(3)(E)(iii) of such Act is amended by striking
''January 1, 2008'' and inserting ''January 1 of the
applicable funding effective date year (as defined in
section 1305 of the Pension Protection Act of 2006)''.
(2) Amendments of internal revenue code.--
(A) Determination of range.--Subclause (II) of
section 412(b)(5)(B)(ii) of the Internal Revenue Code
of 1986 is amended--
(i) by striking ''January 1, 2008'' and
inserting ''January 1 of the applicable funding
effective date year (as defined in section 1305
of the Pension Protection Act of 2006)'', and
(ii) in the heading, by striking ''for
years 2004, 2005, 2006, and 2007''.
(B) Determination of current liability.--Subclause
(IV) of section 412(1)(7)(C)(i) of such Code is
amended--
(i) by striking ''in 2004, 2005, 2006, and
2007'' and inserting ''after 2003 and before
the applicable funding effective date year (as
defined in section 1305 of the Pension
Protection Act of 2006)'', and
(ii) in the heading, by striking ''for
years 2004, 2005, 2006, and 2007''.
(3) Plan amendments.--Clause (ii) of section 101(c)(2)(A)
of the Pension Funding Equity Act of 2004 is amended by
striking ''January 1, 2008'' and inserting ''January 1 of the
applicable funding effective date year (as defined in section
1305 of the Pension Protection Act of 2006)''.
(c) Conforming Amendments Regarding Transition Rule.--
(1) In general.--Paragraph (1) of section 115(d) of the
Pension Protection Act of 2006 is amended to read as follows:
''(1) In general.--Section 769(c)(3) of the Retirement
Protection Act of 1994, as added by section 201 of the Pension
Funding Equity Act of 2004, is amended by striking 'in 2004 and
2005' and inserting 'after 2003 and before the applicable
funding effective date year (as defined in section 1305 of the
Pension Protection Act of 2006)'.''.
(2) Heading.--The heading of subsection (d) of section 115
of such Act is amended by striking ''for 2006 and 2007''.
(d) Conforming Amendments Regarding Funding Notice.--
(1) In general.--Paragraph (1) of section 501(d) of the
Pension Protection Act of 2006 is amended to read as follows:
''(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to plan years
beginning after December 31 of the applicable funding pre-
effective date year (as defined in section 1305 of this Act),
or, in the case of a multiemployer plan, plan years beginning
after December 31, 2007.''.
(2) Repeal of notice.--Subsection (d) of section 501 of
such Act is amended by redesignating paragraph (2) as paragraph
(3), and by inserting after paragraph (1) the following new
paragraph:
''(2) Repeal of notice.--The amendment made by subsection
(b) shall apply to plan years beginning after December 31,
2006.''.
(3) Transition rule.--Paragraph (3) of section 501(d) of
such Act, as redesignated, is amended--
(A) by adding ''or, in the case of a single-
employer plan, before January 1 of the applicable
funding effective date year (as defined in section 1305
of this Act)'' after ''2008,'',
(B) by striking ''2006'' and inserting ''2006 or,
in the case of a single-employer plan, before the
applicable funding pre-effective date year (as defined
in section 1305 of this Act)'',
(C) by striking ''2007'' and inserting ''the
applicable funding pre-effective date year (as defined
in section 1305 of this Act)'',
(D) by striking ''or funded percentage'' the second
place it appears,
(E) by striking ''may provide.'' and inserting
''may provide, and'',
(F) by adding at the end the following:
''(C) in the case of a plan year beginning in 2007,
the funded percentage as determined using such methods
of estimation as the Secretary of the Treasury may
provide.''.
(e) Conforming Amendments Regarding Additional Annual Reporting
Requirements.--Subsection (f) of section 503 of the Pension Protection
Act of 2006 is amended to read as follows:
''(f) Effective Date.--
''(1) In general.--Except as otherwise provided in
paragraph (2), the amendments made by this section shall apply
to plan years beginning after the applicable funding pre-
effective date year (as defined in section 1305 of this Act).
''(2) Multiemployer plans.--With respect to multiemployer
plans, the amendments made by this section shall apply to plan
years beginning after December 31, 2007.''.
(f) Conforming Amendments Regarding Plan Amendments.--
(1) In general.--Subparagraph (B) of section 1107(b)(1) of
the Pension Protection Act of 2006 is amended by striking
''January 1, 2009'' and inserting ''January 1 of the calendar
year after the applicable funding effective date year (as
defined in section 1305 of this Act)''.
(2) Governmental plans.--Paragraph (1) of section 1107(b)
of such Act is amended to read as follows:
''(1) In the case of a governmental plan (as defined in
section 414(d) of the Internal Revenue Code of 1986),
subparagraph (B) shall be applied as if it read: 'on or before
the last day of the first plan year beginning on or after
January 1 of the calendar year that is three years after the
applicable funding effective date year (as defined in section
1305 of this Act)'.''.
(g) Conforming Amendments Regarding Deduction Limits.--
(1) In general.--Paragraph (1) of section 801(f) of the
Pension Protection Act of 2006, as redesignated by paragraph
(4), is amended--
(A) by striking ''paragraph (2)'' and inserting
''paragraphs (2) and (3)'', and
(B) by striking ''December 31, 2007'' and inserting
''December 31 of the applicable funding pre-effective
date year (as defined in section 1305 of this Act)''.
(2) Multiemployer plans.--Subsection (f) of section 801 of
such Act, as redesignated by paragraph (4), is amended by
redesignating paragraph (2) as paragraph (3) and by inserting
after paragraph (1) the following new paragraph:
''(2) Multiemployer plans.--Except as provided in paragraph
(3), with respect to multiemployer plans, the amendments made
by this section shall apply to years beginning after December
31, 2007.''.
(3) Special rule.--Paragraph (3) of section 801(d) of such
Act, as redesignated, is amended by adding at the end the
following: ''The amendments made by subsection (e) shall apply
to years beginning after December 31, 2007, and before January
1 of the applicable funding effective date year (as defined in
section 1305 of this Act).''.
(4) Conforming amendments.--
(A) In general.--Subparagraph (D) of section
404(a)(1) of the Internal Revenue Code of 1986 (as
amended by the Pension Protection Act of 2006 other
than section 802 of such Act) is amended by adding at
the end the following:
''(v) Multiemployer plans.--In the case of
a defined benefit plan which is a multiemployer
plan, except as provided in regulations, the
maximum amount deductible under the limitations
of this paragraph shall not be less than the
excess (if any) of--
''(I) 140 percent of the current
liability of the plan determined under
section 431(c)(6)(C), over
''(II) the value of the plan's
assets determined under section
431(c)(2).''.
(B) Single-employer plans.--Subparagraph (D) of
section 404(a)(1) of such Code is amended--
(i) by inserting after ''defined benefit
plan'' in clause (i) the following ''(other
than a multiemployer plan)'',
(ii) by striking ''(140 percent in the case
of a multiemployer plan)'' in clause (i), and
(iii) by striking ''clause (i)'' in clause
(iv) and inserting ''clauses (i) and (v)''.
(h) Conforming Amendment Regarding Commercial Airlines.--Paragraph
(2) of section 402(a) of the Pension Protection Act of 2006 is amended
by adding at the end the following: ''In the case of an election under
this paragraph, such sections shall apply with respect to such plan
sponsor based on the effective date provisions in effect immediately
before the enactment of section 1305 of this Act.''.

SEC. 2. EFFECTIVE DATE.

The amendments made by this Act shall take effect as if included in
the enactment of the Pension Protection Act of 2006.
A:
Amends the Pension Protection Act of 2006, the Internal Revenue Code, and the Employee Retirement Income Security Act of 1974 to delay until January 1, 2009, the implementation of pension plan funding rules enacted by the Pension Protection Act of 2006.