S.Amdt. 3550

SA 3550. Mr. PORTMAN (for himself and Mr. Burr) submitted an
amendment intended to be proposed to amendment SA 3464 submitted by Mr.
Thune (for himself and Mr. Nelson) to the bill H.R. 636, to amend the
Internal Revenue Code of 1986 to permanently extend increased expensing
limitations, and for other purposes; which was ordered to lie on the
table; as follows:

At the appropriate place, insert the following:

SEC. ____. BENEFIT SUSPENSIONS FOR MULTIEMPLOYER PLANS IN
CRITICAL AND DECLINING STATUS.

(a) ERISA Amendments.--Section 305(e)(9)(H) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C.
1085(e)(9)(H)) is amended--
(1) in clause (ii)--
(A) by striking ``Except as provided in clause (v), the''
and inserting ``The''; and
(B) by striking ``a majority of all participants and
beneficiaries of the plan'' and inserting ``, of the
participants and beneficiaries of the plan who cast a vote, a
majority'';
(2) by striking clause (v);
(3) by redesignating clause (vi) as clause (v); and
(4) in clause (v), as so redesignated--
(A) by striking ``(or following a determination under
clause (v) that the plan is a systemically important plan)'';
and
(B) by striking ``(or, in the case of a suspension that
goes into effect under clause (v), at a time sufficient to
allow the implementation of the suspension prior to the end
of the 90-day period described in clause (v)(I))''.
(b) IRC Amendments.--Section 432(e)(9)(H) of the Internal
Revenue Code of 1986 is amended--
(1) in clause (ii)--
(A) by striking ``Except as provided in clause (v), the''
and inserting ``The''; and
(B) by striking ``a majority of all participants and
beneficiaries of the plan'' and inserting ``, of the
participants and beneficiaries of the plan who cast a vote, a
majority'';
(2) by striking clause (v);
(3) by redesignating clause (vi) as clause (v); and
(4) in clause (v), as so redesignated--
(A) by striking ``(or following a determination under
clause (v) that the plan is a systemically important plan)'';
and
(B) by striking ``(or, in the case of a suspension that
goes into effect under clause (v), at a time sufficient to
allow the implementation of the suspension prior to the end
of the 90-day period described in clause (v)(I))''.
(c) Effective Date.--The amendments made by subsections (a)
and (b) shall apply to any vote on the suspension of benefits
under section 305(e)(9)(H) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1085(e)(9)(H)) and section
432(e)(9)(H) of the Internal Revenue Code of 1986 that occurs
after the date of enactment of this Act.
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