12 2 STA T .5 11 8PUBLIC LA W 11 0–4 58 —DE C.2 3, 2008 andbefor e 201 1 , on lyth ea p pl ic able percenta g eof the f u nding target s hall be ta k en into account under para - graph (3) ( A ) in deter m ining the funding shortfall for purposes of paragraph (3)(A) and subparagraph (A) .’ ’. (b) A MEND MEN T T O 1 986C ODE. —S ubparagraph ( B ) of section 4 30(c)( 5 ) of the I nternal R e v enue Code of 1986 is amended— (1) by striking clause (iii) and redesignating clause (iv) as clause (iii)
and (2) by striking clause (i) and inserting the follo w ing
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‘(i) IN G ENE RAL .— Ex cept as provided in clause (iii), in the case of plan years beginning after 200 7 and before 2011, only the applicable percentage of the funding target shall be taken into account under para- graph (3)(A) in determining the funding shortfall for purposes of paragraph (3)(A) and subparagraph (A).’’. (c) E F FE C T IV E D ATE.— T he amendments made by subsections (a) and (b) shall apply as if included in the enactment of sections 102 and 112, respectively, of the P ension Protection Act of 2006. SEC.203 . T E MPORA R Y MO DIF ICATIO N OF APP L ICATION OF LIMITA - TION ON B ENEFIT ACCR U ALS. In the case of the first plan year beginning during the period beginning on O ctober 1, 2008, and ending on September 30, 2009, sections 206(g)(4)(A) of the Employee Retirement Income Security Act of 1974 (29 U .S.C. 1056(g)(4)(A)) and 436(e)(1) of the Internal Revenue Code of 1986 shall be applied by substituting the plan’s ad j usted funding target attainment percentage for the preceding plan year for such percentage for such plan year but only if the adjusted funding target attainment percentage for the preceding plan year is greater. SEC. 20 4 . TEMPORARY DELAY OF DESI G NATION OF MULTIEMPLOYER PLANS AS IN ENDANGERED OR CRITICAL STATUS. (a) IN G ENERAL.— N otwithstanding the actuarial certification under section 305(b)(3) of the Employee Retirement Income Security Act of 1974 and section 432(b)(3) of the Internal Revenue Code of 1986, if a plan sponsor of a multiemployer plan elects the applica- tion of this section, then, for purposes of section 305 of such Act and section 432 of such Code— (1) the status of the plan for its first plan year beginning during the period beginning on October 1, 2008, and ending on September 30, 2009, shall be the same as the status of such plan under such sections for the plan year preceding such plan year, and (2) in the case of a plan which was in endangered or critical status for the preceding plan year described in para- graph (1), the plan shall not be re q uired to update its plan or schedules under section 305(c)(6) of such Act and section 432(c)(6) of such Code, or section 305(e)(3)(B) of such Act and section 432(e)(3)(B) of such Code, whichever is applicable, until the plan year following the first plan year described in para- graph (1). If section 305 of the Employee Retirement Income Security Act of 1974 and section 432 of the Internal Revenue Code of 1986 did not apply to the preceding plan year described in paragraph (1), the plan actuary shall make a certification of the status of the plan under section 305(b)(3) of such Act and section 432(b)(3) Certif i ca ti on.T i m e p erio d . 26US C 43 2 note. Time period. 26 USC 436 note. 26 USC 43 0 note. 26 USC 430.
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