LIMITATION ON PBGC GUARANTEE OF SHUTDOWN AND OTHER BENEFITS.

SEC. 403. LIMITATION ON PBGC GUARANTEE OF SHUTDOWN AND OTHER BENEFITS.(a) In General.—Section 4022(b) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322(b)) is amended by adding at the end the following:“(8) If an unpredictable contingent event benefit (as defined in section 206(g)(1)) is payable by reason of the occurrence of any event, this section shall be applied as if a plan amendment had been adopted on the date such event occurred.”.(b) Effective Date.—The amendment made by this section shall apply to benefits that become payable as a result of an event which occurs after July 26, 2005.