To amend the Employee Retirement Income Security Act of 1974 with respect to rules governing litigation contesting termination or substantial reduction of retiree health benefits, to require a preponderance of evidence for termination or substantial reduction of retiree health benefits, and to allow courts to use extrinsic evidence in determining the intent of a plan.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish procedures governing an employee benefit plan or plan sponsor's termination or substantial reduction of retiree health benefits.

Requires, before a court approves a contested termination or substantial reduction, a finding that the balance of equities clearly favors such approval. Allows courts to use extrinsic evidence in determining a plan's intent.