Page:United States Statutes at Large Volume 101 Part 2.djvu/1150

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101 STAT. 1330-356
101 STAT. 1330-356
PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1330-356 . J

PUBLIC LAW 100-203—DEC. 22, 1987 (A) IN GENERAL.—The amendments made by subsections (a)(1)(A) and (a)(2)(A) shall apply to plan years beginning after December 31, 1987. (B) TRANSITIONAL RULE FOR YEARS BEGINNING IN 1988.—In

the case of any plan year beginning during calendar 1988, section 412(d)(4) of the 1986 Code and section 303(d)(1) of ERISA (as added by subsection (a)(1)) shall be applied by substituting "6th month" for "3rd month". (3) FREQUENCY OF WAIVERS.—In applying the second sentence of section 412(d) of the 1986 Code and section 303(a) of ERISA to plans other than multiemployer plans, the number of waivers which may be granted pursuant to applications submitted after December 17, 1987, shall be determined without regard to waivers granted with respect to plan years beginning before January 1, 1988. (4) SUBSECTION (d).—The amendments made by subsection (d) shall apply to applications submitted more than 90 days after the date of the enactment of this Act.

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SEC. 9307. OTHER FUNDING CHANGES. (a) AMORTIZATION P E R I O D S. —

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(1) AMENDMENTS TO 1986 CODE.—

26 USC 412. .ftu>n:

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(A) Paragraphs (2)(B)(iv), (2)(C), and (3)(B)(ii) of section 4120t>) of the 1986 Code are each amended by striking out "15 plan years" and inserting in lieu thereof "5 plan years (15 plan years in the case of a multiemployer plan)". (B) Paragraphs (2)(B)(v) and (3)(B)(iii) of section 412(b) of the 1986 Code are each amended by striking out "30 plan years" and inserting in lieu thereof "10 plan years (30 plan years in the case of a multiemployer plan)". (2) AMENDMENTS TO ERISA.—

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(A) Paragraphs (2)(B)(iv), (2)(C), and (3)(B)(ii) of section 302(b) of ERISA (29 U.S.C. 1082(b)) are each amended by striking out "15 plan years" and inserting in lieu thereof "5 plan years (15 plan years in the case of a multiemployer plan)". (B) Paragraphs (2)(B)(v) and (3)(B)(iii) of section 3020)) of ERISA (29 U.S.C. 1082(b)) are each amended by striking out "30 plan years" and inserting in lieu thereof' 10 plan years (30 plan years in the case of a multiemployer plan)".

Ob) ACTUARIAL ASSUMPTIONS MUST B E REASONABLE.— (1) AMENDMENT TO 1986 CODE.—Paragraph (3) of section 412(c)

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of the 1986 Code is amended to read as follows: "(3) ACTUARIAL ASSUMPTIONS MUST BE REASONABLE.—For purposes of this section, all costs, liabilities, rates of interest, and other factors under the plan shall be determined on the basis of actuarial assumptions and methods— -"(A) in the case of— ^ "(i) a plan other than a multiemployer plan, each of which is reasonable (taking into account the experience of the plan and reasonable expectations) or which, in . •• the aggregate, result in a total contribution equivalent to that which would be determined if each such , ' assumption and method were reasonable, or "(ii) a multiemployer plan, which, in the aggregate,

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are reasonable (taking into account the experiences of the plan and reasonable expectations), and