To provide for private-sector solutions to certain pension funding challenges, and for other purposes.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize the Pension Benefit Guaranty Corporation (PBGC), provided certain conditions are met, to allow the sponsor of an underfunded multiemployer benefit plan to accept from an employer a ratified collective bargaining agreement that provides for a reduction in plan employer contributions as well as appropriate reduction in the level of future benefit accruals for plan participants for up to five years during the plan funding adoption period, funding improvement period, rehabilitation adoption period, and rehabilitation period.

Conditions such an allowance upon the PBGC's determination that: (1) the contributing employer will be unable to pay its debts when due and to continue business without a reduction in its contribution rates; (2) the contributing employer's aggregate withdrawal liability with respect to all multiemployer pension plans exceeds $750 million (or an appropriate lower amount as the PBGC may determine); (3) the collectability of the withdrawal liability is very doubtful if the contributing employer were to withdraw from the plan; (4) the reduced contributions are not reasonably expected to have an adverse effect on the PBGC deficit; and (5) other creditors, stakeholders, and parties to which the contributing employer is obligated have accepted comparable reductions.