A bill to amend the Internal Revenue Code of 1954 to discourage the termination of certain multiemployer plans, and for other purposes.

Amends the Internal Revenue Code to prohibit sponsors of collectively bargained multiemployer pension plans, who terminate such plans for reasons other than financial inability to continue contributions to such plans, from qualifying a similar plan for tax-exempt status within five years of the termination of the original plan.

Amends the Employee Retirement Income Security Act of 1974 to relate the maximum termination insurance benefit guaranteed by the Pension Benefit Guaranty Corporation to the social security wage base in effect in 1978.