DEFINED BENEFIT ANNUAL FUNDING NOTICES.

SEC. 343. DEFINED BENEFIT ANNUAL FUNDING NOTICES.(a) In General.—Section 101(f)(2)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021(f)(2)(B)) is amended—(1) in clause (i)(I), by striking “funding target attainment percentage (as defined in section 303(d)(2))” and inserting 136 STAT. 5379 “percentage of plan liabilities funded (as described in clause (ii)(I)(bb))”; (2) in clause (ii)(I)—(A) by striking “, a statement of”; (B) by striking item (aa); (C) by redesignating item (bb) as item (aa); (D) in item (aa), as so redesignated—(i) by inserting “a statement of” before “the value”, (ii) by inserting “, and for the preceding 2 plan years as of the last day of each such plan year,” before “determined using”, (iii) by striking “and” at the end; and (E) by adding at the end the following:“(bb) for purposes of the statement in subparagraph (B)(i)(I), the percentage of plan liabilities funded, calculated as the ratio between the value of the plan’s assets and liabilities, as determined under item (aa), for the plan year to which the notice relates and for the 2 preceding plan years, and “(cc) if the information in (aa) and (bb) is presented in tabular form, a statement that describes that in the event of a plan termination the corporation’s calculation of plan liabilities may be greater and that references the section of the notice with the information required under clause (x), and” ; (3) in clause (ii)(II), by striking “subclause (I)(bb)” and inserting “subclause (I)(aa)”, (4) in clause (iii), in the matter preceding subclause (I), by inserting “for the plan year to which the notice relates as of the last day of such plan year and the preceding 2 plan years, in tabular format,” after “participants”; (5) in clause (iv)—(A) by striking “plan and the asset” and inserting “plan, the asset”; and (B) by inserting “, and the average return on assets for the plan year,” after “assets)”; (6) by redesignating clauses (ix) through (xi) as clause (x) through (xii), respectively; (7) by inserting after clause (viii) the following:“(ix) in the case of a single-employer plan, a statement as to whether the plan’s funded status, based on the plan’s liabilities described under subclause (II) for the plan year to which the notice relates, and for the 2 preceding plan years, is at least 100 percent (and, if not, the actual percentages), that includes—“(I) the plan’s assets, as of the last day of the plan year and for the 2 preceding plan years, as determined under clause (ii)(I)(aa), “(II) the plan’s liabilities, as of the last day of the plan year and for the 2 preceding plan years, as determined under clause (ii)(1)(aa), and “(III) the funded status of the plan, determined as the ratio of the plan’s assets and liabilities calculated under subclauses (I) and (II), for the 136 STAT. 5380 plan year to which the notice relates, and for the 2 preceding plan years,” ; and (8) in clause (x), as so redesignated, by striking the comma at the end and inserting the following: “and a statement that, in the case of a single-employer plan—“(I) if plan assets are determined to be sufficient to pay vested benefits that are not guaranteed by the Pension Benefit Guaranty Corporation, participants and beneficiaries may receive benefits in excess of the guaranteed amount, and “(II) such a determination generally uses assumptions that result in a plan having a lower funded status as compared to the plan’s funded status disclosed in this notice.” . (b) Effective Date.—The amendments made by subsection (a) shall apply with respect to plan years beginning after December 31, 2023.