sentence shall not apply unless the contribution increases are to be effective not later than the fifth anniversary of the first day of the first plan year that begins after the adoption of the realignment program. (b) Notice (1) In general In any case in which it is certified under section 438(a) that the projected funded ratio is less than 120 percent, the plan sponsor shall, not later than 30 days after the date of the certification, provide notification of the current and projected funded ratios to the participants and beneficiaries, the bargaining parties, and the Secretary. Such notice shall include— (A) an explanation that contribution rate increases or benefit reductions may be necessary, (B) a description of the types of benefits that might be reduced, and (C) an estimate of the contribution increases and benefit reductions that may be necessary to achieve a projected funded ratio of 120 percent. (2) Notice of benefit modifications (A) In general No modifications may be made that reduce the rate of future benefit accrual or that reduce core benefits or adjustable benefits unless notice of such reduction has been given at least 180 days before the general effective date of such reduction for all participants and beneficiaries to— (i) plan participants and beneficiaries, (ii) each employer who has an obligation to contribute to the composite plan, and (iii) each employee organization which, for purposes of collective bargaining, represents plan participants employed by such employers. (B) Content of Notice The notice under subparagraph (A) shall contain— (i) sufficient information to enable participants and beneficiaries to understand the effect of any reduction on their benefits, including an illustration of any affected benefit or subsidy, on an annual or monthly basis that a participant or beneficiary would otherwise have been eligible for as of the general effective date described in subparagraph (A), and (ii) information as to the rights and remedies of plan participants and beneficiaries as well as