PUBLIC LAW 99-272—APR. 7, 1986
100 STAT. 267
result if all applications for waivers of the minimum funding standard under subsection (d) or section 303 of such Act and for extensions of the amortization period 29 USC 1083. under subsection (e) or section 304 of such Act which 29 USC 1084. are pending with respect to such plan were denied.". (B) CONFORMING AMENDMENTS.—Section 412(f) of the
In-
ternal Revenue Code of 1954 is amended— 26 USC 412. (i) by striking out the heading thereof and inserting in lieu thereof: "(f) REQUIREMENTS RELATING TO WAIVERS AND EXTENSIONS.—",
and (ii) by striking out the heading of paragraph (1) thereof and inserting in lieu thereof: "(1) BENEFITS MAY NOT BE INCREASED DURING WAIVER OR EXTENSION PERIOD.—". (3) EFFECTIVE DATES.—The amendments made by this subsec-
29 USC 1085a tion shall apply with respect to applications for waivers, exten- note, sions, and modifications filed on or after the date of the enactment of this Act. (b) APPLICABLE INTEREST RATE UNDER ARRANGEMENTS PROVIDING FOR WAIVERS AND EXTENSIONS.— (1) AMENDMENTS TO ERISA.— (A) VARIANCES FROM THE MINIMUM FUNDING STANDARD.—
Section 303(a) (29 U.S.C. 1083(a)) is amended by adding at the end thereof the following new sentence: "The interest rate used for purposes of computing the amortization charge described in section 302(b)(2)(C) for a variance granted under this subsection shall be the rate determined under section 6621(b) of the Internal Revenue Code of 1954.".
29 USC 1082. 26 USC 6621.
(B) EXTENSIONS OF THE AMORTIZATION PERIOD.—Section
304(a) (29 U.S.C. 1084(a)) is amended by adding after and below paragraph (2) the following new sentence: "The interest rate applicable under any arrangement entered into by the Secretary in connection with an extension granted under this subsection shall be the rate determined under section 6621(b) of the Internal Revenue Code of 1954.". (2) AMENDMENTS TO INTERNAL REVENUE CODE.— (A) VARIANCES FROM THE MINIMUM FUNDING STANDARD.—
Paragraph (1) of section 412(d) of the Internal Revenue Code of 1954 (relating to waivers in case of substantial business hardship) is amended by adding at the end thereof the following new sentence: "The interest rate used for purposes of computing the amortization charge described in section 412(b)(2)(C) for a variance granted under this subsection shall be the rate determined under section 6621(b).". (B) EXTENSIONS OF THE AMORTIZATION PERIOD.—Subsection
(e) of section 412 of such Code (relating to extension of amortization period) is amended by adding after and below paragraph (2) the following new sentence: "The interest rate applicable under any arrangement entered into by the Secretary in connection with an extension granted under this subsection shall be the rate determined under section 6621(b).".
26 USC 412.
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