12 2 STA T .5 12 0PUBLIC LA W 110 –4 5 8—DE C.2 3, 2008 LEGIS L AT I V E H IST ORY— H . R. 732 7
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O N GRESSIONAL RECOR D, V ol . 154( 2 0 0 8)
D ec . 10,co nsid e r ed a nd p assed Ho u se. Dec. 11, considered and passed Sena t e. ofanel e cti on m a d e u nde rs u b section ( a ), t h e notice p ro -v ided under such sections shall be the notice w hich would have been provided if the plan had been certified to be in endan g ered status .SEC.205 . T E MPORA R Y E X TE N S I ONO F T H EF U N D IN G IMPRO V EMENT AND REHA B I L ITATION PERIODS FOR MULTIEMPLOYER PENSION PLANS IN CRITICAL AND ENDANGERED STATUS FOR 200 8 OR 200 9 . (a) INGE NE RAL . — If the plan sponsor of a multiemplo y er plan which is in endangered or critical status for a plan year beginning in 20 0 8 or 200 9 (determined after application of section 20 4 ) elects the application of this section, then, for purposes of section 3 0 5 of the E mployee R etirement Income S ecurity A ct of 1 9 7 4 and section 432 of the Internal Revenue C ode of 198 6 — (1) e x cept as provided in paragraph (2), the plan ’ s funding improvement period or rehabilitation period, whichever is applicable, shall be 13 years rather than 10 years, and (2) in the case of a plan in seriously endangered status, the plan’s funding improvement period shall be 18 years rather than 15 years. (b) D E FI NI T I O N S AN D S P E C IAL R U LES.— F or purposes of this section— (1) ELECTION.—An election under this section shall be made at such time, and in such manner and form, as (in consultation with the Secretary of L abor) the Secretary of the T reasury or the Secretary’s delegate may prescribe. (2) DEFINITIONS.—Any term which is used in this section which is also used in section 305 of the Employee Retirement Income Security Act of 1974 and section 432 of the Internal Revenue Code of 1986 shall have the same meaning as when used in such sections. (c) EFFECTI V E DATE.—This section shall apply to plan years beginning after December 31, 2007. Approved December 23, 2008. 26USC43 2 note.
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