To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on defined benefit pensions.

Amends the Internal Revenue Code with respect to limitations on benefits and contributions under qualified plans to apply to multiemployer plans the same treatment in the adjustment to the $90,000 limit on benefits, where the benefit begins before the Social Security retirement age, as is accorded to plans maintained by governments and tax-exempt organizations.

Exempts multiemployer plans from the alternative benefit limit of 100 percent of the participant's average compensation for his or her high three years.