text: SECTION 1. REDUCTIONS IN CONTRIBUTIONS TO MULTIEMPLOYER PLANS TO 
                IMPLEMENT SELF-HELP MEASURES ADOPTED BY LABOR AND 
                MANAGEMENT.
  
      (a) Amendments to ERISA.--Section 305 of the Employee Retirement 
  Income Security Act of 1974 (29 U.S.C. 1085) is amended--
              (1) by redesignating subsection (i) as subsection (j); and
              (2) by inserting after subsection (h) the following:
      ``(i) Discretion To Accept Reduced Contributions.--
              ``(1) In general.--Notwithstanding any other provision of 
          this section, during the funding plan adoption period, funding 
          improvement period, rehabilitation plan adoption period, and 
          the rehabilitation period, the Pension Benefit Guaranty 
          Corporation may permit a plan sponsor to accept from an 
          employer a ratified collective bargaining agreement with 
          respect to the multiemployer plan that provides for a reduction 
          in the level of contributions made by a contributing employer 
          and appropriate reduction in level of future benefit accruals 
          for any participants for a period of not more than 5 years (or 
          such shorter period as determined by such Corporation) provided 
          that such Corporation determines that--
                      ``(A) the contributing employer will be unable to 
                  pay its debts when due and will be unable to continue 
                  business without a reduction in its contribution rates;
                      ``(B) the aggregate withdrawal liability of the 
                  contributing employer with respect to all multiemployer 
                  pension plans exceeds $750,000,000, or such lower 
                  amount as determined to be appropriate by such 
                  Corporation;
                      ``(C) there is substantial doubt as to the 
                  collectability of the withdrawal liability if the 
                  contributing employer were to withdraw from the plan;
                      ``(D) the reduced contributions are not reasonably 
                  expected to have an adverse effect on the deficit of 
                  such Corporation;
                      ``(E) other creditors, stakeholders, and other 
                  parties to which the contributing employer is obligated 
                  have accepted reductions that are comparable to those 
                  of the pension plan; and
                      ``(F) such other conditions are satisfied as may be 
                  imposed in accordance with regulations prescribed by 
                  such Corporation.
              ``(2) Impact on withdrawal liability determinations.--Any 
          reduction in the level of contributions under this subsection 
          shall be disregarded in determining any limitation on annual 
          payments under subparagraphs (B) and (C) of section 4219(c)(1) 
          and in determining withdrawal liability under section 4201 with 
          respect to the employer subject to the reduced contribution 
          rate.''.
      (b) Amendments to Internal Revenue Code.--Section 432 of the 
  Internal Revenue Code of 1986 is amended--
              (1) by redesignating subsection (i) as subsection (j); and
              (2) by inserting after subsection (h) the following:
      ``(i) Discretion To Accept Reduced Contributions.--
              ``(1) In general.--Notwithstanding any other provision of 
          this section, during the funding plan adoption period, funding 
          improvement period, rehabilitation plan adoption period, and 
          the rehabilitation period, the Pension Benefit Guaranty 
          Corporation may permit a plan sponsor to accept from an 
          employer a ratified collective bargaining agreement with 
          respect to the multiemployer plan that provides for a reduction 
          in the level of contributions made by a contributing employer 
          and appropriate reduction in level of future benefit accruals 
          for any participants for a period of not more than 5 years (or 
          such shorter period as determined by such Corporation) provided 
          that such Corporation determines that--
                      ``(A) the contributing employer will be unable to 
                  pay its debts when due and will be unable to continue 
                  business without a reduction in its contribution rates;
                      ``(B) the aggregate withdrawal liability of the 
                  contributing employer with respect to all multiemployer 
                  pension plans exceeds $750,000,000, or such lower 
                  amount as determined by such Corporation;
                      ``(C) there is substantial doubt as to the 
                  collectability of the withdrawal liability if the 
                  contributing employer were to withdraw from the plan;
                      ``(D) the reduced contributions are not reasonably 
                  expected to have an adverse effect on the deficit of 
                  such Corporation;
                      ``(E) other creditors, stakeholders, and other 
                  parties to which the contributing employer is obligated 
                  have accepted reductions that are comparable to those 
                  of the pension plan; and
                      ``(F) such other conditions are satisfied as may be 
                  imposed in accordance with regulations prescribed by 
                  such Corporation.
              ``(2) Impact on withdrawal liability determinations.--Any 
          reduction in the level of contributions under this subsection 
          shall be disregarded in determining any limitation on annual 
          payments under subparagraphs (B) and (C) of section 4219(c)(1) 
          of the Employee Retirement Income Security Act of 1974 and in 
          determining withdrawal liability under section 4201 of such Act 
          with respect to the employer subject to the reduced 
          contribution rate.''.
      (c) Technical and Conforming Amendments.--
              (1) Section 4971(g)(4)(C)(ii) of the Internal Revenue Code 
          of 1986 is amended by striking ``432(i)(9)'' and inserting 
          ``432(j)(9)''.
              (2) Sections 101(f)(2)(B) and 103(f)(1)(B) of the Employee 
          Retirement Income Security Act of 1974 (29 U.S.C. 1021(f)(2)(B) 
          and 1023(f)(1)(B)) are each amended by striking ``305(i)'' each 
          place such term appears and inserting ``305(j)''.
target: Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize the Pension Benefit Guaranty Corporation (PBGC), provided certain conditions are met, to allow the sponsor of an underfunded multiemployer benefit plan to accept from an employer a ratified collective bargaining agreement that provides for a reduction in plan employer contributions as well as appropriate reduction in the level of future benefit accruals for plan participants for up to five years during the plan funding adoption period, funding improvement period, rehabilitation adoption period, and rehabilitation period.
  
  Conditions such an allowance upon the PBGC's determination that: (1) the contributing employer will be unable to pay its debts when due and to continue business without a reduction in its contribution rates; (2) the contributing employer's aggregate withdrawal liability with respect to all multiemployer pension plans exceeds $750 million (or an appropriate lower amount as the PBGC may determine); (3) the collectability of the withdrawal liability is very doubtful if the contributing employer were to withdraw from the plan; (4) the reduced contributions are not reasonably expected to have an adverse effect on the PBGC deficit; and (5) other creditors, stakeholders, and parties to which the contributing employer is obligated have accepted comparable reductions.
feat_title: To provide for private-sector solutions to certain pension funding challenges, and for other purposes.