modified funded percentage
(3) Eligible multiemployer plan (A) In general For purposes of this section, a multiemployer plan is an eligible multiemployer plan if— (i) the plan is in critical and declining status in any plan year beginning in 2020 through 2022, (ii) a suspension of benefits has been approved with respect to the plan under subsection (e)(9) as of the date of the enactment of this subsection; (iii) in any plan year beginning in 2020 through 2022, the plan is certified by the plan actuary to be in critical status, has a modified funded percentage of less than 40 percent, and has a ratio of active to inactive participants which is less than 2 to 3, or (iv) the plan became insolvent within the meaning of section 418E after December 16, 2014 , and has remained so insolvent and has not been terminated as of the date of enactment of this subsection. (B) Modified funded percentage For purposes of subparagraph (A)(iii), the term “modified funded percentage” means the percentage equal to a fraction the numerator of which is current value of plan assets (as defined in section 3(26) of the Employee Retirement Income Security Act of 1974) and the denominator of which is current liabilities (as defined in section 431(c)(6)(D) ).