Chuck Grassley: “Yes. I share my colleague's understanding. Under current law, the IRS is authorized to waive all or a portion of the…”

“Yes. I share my colleague's understanding. Under current law, the IRS is authorized to waive all or a portion of the minimum funding standard requirements for a given year or, alternatively, to allow plans to extend the period for amortizing their liabilities for up to an additional 10 years, so long as certain required showings are made. IRS regulations also include what is known as the ``shortfall funding method.'' The enactment of the short-term multiemployer plan relief in this legislation is not in any way intended to foreclose the availability of any of these existing relief measures to multiemployer plans.”