S.Amdt. 4698

SA 4698. Mr. BAUCUS (for himself and Mr. Grassley) submitted, under
authority of the order of the Senate of May 2, 2008, an amendment
intended to

[[Page S3818]]

be proposed to amendment SA 4627 proposed by Mr. Rockefeller to the
bill H.R. 2881, to amend title 49, United States Code, to authorize
appropriations for the Federal Aviation Administration for fiscal years
2008 through 2011, to improve aviation safety and capacity, to provide
stable funding for the national aviation system, and for other
purposes; which was ordered to lie on the table; as follows:

At the end of subtitle A of title VIII, insert the
following:

SEC. __. REQUIRED FUNDING OF NEW ACCRUALS UNDER AIR CARRIER
PENSION PLANS.

(a) In General.--Section 402(a) of the Pension Protection
Act of 2006, as amended by section 6615(a) of the U. S. Troop
Readiness, Veterans' Care, Katrina Recovery, and Iraq
Accountability Appropriations Act, 2007 (Public Law 110-28),
is amended--
(1) in paragraph (2)--
(A) by striking ``to its first taxable year beginning in
2008'',
(B) by striking ``for such taxable year'' and inserting
``for its first plan year beginning in 2008'', and
(C) by striking ``and by using, in determining the funding
target for each of the 10 plan years during such period, an
interest rate of 8.25 percent (rather than the segment rates
calculated on the basis of the corporate bond yield curve)'',
and
(2) by adding at the end the following new flush matter:

``If the plan sponsor of an eligible plan elects the
application of paragraph (2), the plan sponsor may also
elect, in determining the funding target for each of the 10
plan years during the period described in paragraph (2), to
use an interest rate of 8.25 percent (rather than the segment
rates calculated on the basis of the corporate bond yield
curve). Notwithstanding the preceding sentence, in the case
of any plan year of the eligible plan for which such 8.25
percent interest rate is used, the minimum required
contribution under section 303 of such Act and section 430 of
such Code shall in no event be less than the target normal
cost of the plan for such plan year (as determined under
section 303(b) of such Act and section 430(b) of such Code).
A plan sponsor may revoke the election to use the 8.25
percent interest rate and if the revocation is made, the
revocation shall apply to the plan year for which made and
all subsequent plan years and the plan sponsor may not elect
to use the 8.25 percent interest rate for any subsequent plan
year.''.
(b) Effective Date.--The amendments made by this section
shall take effect as if included in the provisions of the
Pension Protection Act of 2006 to which such amendments
relate.
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