§214. Exemption from excise taxes for certain multiemployer pension plans

Pension Protection Act of 2006

Title II Funding rules for Multiemployer Defined Benefit Plans and Related Provisions

Subtitle A Amendments to Employee Retirement Income Security Act of 1974

§201. Funding rules for multiemployer defined benefit plans

§202. Additional funding rules for multiemployer plans in endangered or critical status

§203. Measure to forestall insolvency of multiemployer plans§204. Withdrawal liability reforms§205. Prohibition on retaliation against employers exercising their rights to petition the federal government§206. Special rule for certain benefits funded under an agreement approved by the pension benefit guaranty corporationSubtitle B Amendments to Internal Revenue Code of 1986 §211. Funding rules for multiemployer defined benefit plans§212. Additional funding rules for multiemployer plans in endangered or critical status§213. Measures to forestall insolvency of multiemployer plans

(a) IN GENERAL.- Notwithstanding any other provision of law, no tax shall be imposed under subsection (a) or (b) of section 4971 of the Internal Revenue Code of 1986 with respect to any accumulated funding deficiency of a plan described in subsection (b) of this section for any taxable year beginning before the earlier of-

(a)(1) the taxable year in which the plan sponsor adopts a rehabilitation plan under section 305(e) of the Employee Retirement Income Security Act of 1974 and section 432(e) of such Code (as added by this Act); or

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(a)(2) the taxable year that contains January 1, 2009.

(b) PLAN DESCRIBED.- A plan described under this subsection is a multiemployer pension plan-

(b)(1) with less than 100 participants;

(b)(2) with respect to which the contributing employers participated in a Federal fishery capacity reduction program;

(b)(3) with respect to which employers under the plan participated in the Northeast Fisheries Assistance Program; and

(b)(4) with respect to which the annual normal cost is less than $100,000 and the plan is experiencing a funding deficiency on the date of enactment of this Act.

Subtitle C Sunset of Additional Funding Rules