Summary
(a) General rule. For purposes of this part [26 USCS §§ 430 et seq.], in the case of a multiemployer plan in effect on July 16, 2006—(1) if the plan is in endangered status—(A) the plan sponsor shall adopt and implement a funding improvement plan in accordance with the requirements of subsection (c), and (B) the requirements of subsection (d) shall apply during the funding plan adoption period and the funding improvement period, (2) if the plan is in critical status—(A) the plan sponsor shall adopt and implement a rehabilitation plan in accordance with the requirements of subsection (e), and (B) the requirements of subsection (f) shall apply during the rehabilitation plan adoption period and the rehabilitation period, (3) if the plan is in critical and declining status—(A) the requirements of paragraph (2) shall apply to the plan; and (B) the plan sponsor may, by plan amendment, suspend benefits in accordance with the requirements of subsection (e)(9), and (4) if the plan is an eligible multiemployer ...