Page:United States Statutes at Large Volume 124.djvu/1331

124 STAT. 1305 PUBLIC LAW 111–192—JUNE 25, 2010 actual and expected returns (including any dif- ference attributable to any criminally fraudulent investment arrangement). ‘‘(II) CRIMINALLY FRAUDULENT INVESTMENT ARRANGEMENTS.—The determination as to whether an arrangement is a criminally fraudulent invest- ment arrangement shall be made under rules substantially similar to the rules prescribed by the Secretary for purposes of section 165. ‘‘(B) EXPANDED SMOOTHING PERIOD.— ‘‘(i) IN GENERAL.—A multiemployer plan with respect to which the solvency test under subparagraph (C) is met may change its asset valuation method in a manner which— ‘‘(I) spreads the difference between expected and actual returns for either or both of the first 2 plan years ending after August 31, 2008, over a period of not more than 10 years, ‘‘(II) provides that for either or both of the first 2 plan years beginning after August 31, 2008, the value of plan assets at any time shall not be less than 80 percent or greater than 130 percent of the fair market value of such assets at such time, or ‘‘(III) makes both changes described in sub- clauses (I) and (II) to such method. ‘‘(ii) ASSET VALUATION METHODS.—If this subpara- graph applies for any plan year— ‘‘(I) the Secretary shall not treat the asset valuation method of the plan as unreasonable solely because of the changes in such method described in clause (i), and ‘‘(II) such changes shall be deemed approved by the Secretary under section 302(d)(1) of the Employee Retirement Income Security Act of 1974 and section 412(d)(1). ‘‘(iii) AMORTIZATION OF REDUCTION IN UNFUNDED ACCRUED LIABILITY.—If this subparagraph and subparagraph (A) both apply for any plan year, the plan shall treat any reduction in unfunded accrued liability resulting from the application of this subpara- graph as a separate experience amortization base, to be amortized in equal annual installments (until fully amortized) over a period of 30 plan years rather than the period such liability would otherwise be amortized over. ‘‘(C) SOLVENCY TEST.—The solvency test under this paragraph is met only if the plan actuary certifies that the plan is projected to have sufficient assets to timely pay expected benefits and anticipated expenditures over the amortization period, taking into account the changes in the funding standard account under this paragraph. ‘‘(D) RESTRICTION ON BENEFIT INCREASES.—If subpara- graph (A) or (B) apply to a multiemployer plan for any plan year, then, in addition to any other applicable restric- tions on benefit increases, a plan amendment increasing Applicability. Certification. Applicability.