102 STAT. 3478
PUBLIC LAW 100-647—NOV. 10, 1988 "(iii) any simplified employee pension (within the meaning of section 408(k)). "(B) EXEMPTION FOR GOVERNMENTAL AND TAX EXEMPT
26 USC 404 note.
PLANS.—The term 'qualified employer plan' does not include a plan described in subparagraph (A) or (B) of section 4980(c)(l)." (3) Section 1131(d) of the Reform Act is amended to read as follows: "(d) EFFECTIVE DATES.—
"(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 1986. "(2)
SPECIAL RULES FOR COLLECTIVE BARGAINING AGREE-
MENTS.—In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified before March 1, 1986, the amendments made by this section shall not apply to contributions pursuant to any such agreement for taxable years beginning before the earlier of— "(A) January 1, 1989, or "(B) the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after February 28, 1986)." (4)(A) Subparagraph (A) of section 404(a)(7) of the 1986 Code is amended— (i) by striking out "provisions" and inserting in lieu thereof "paragraphs", and (ii) by inserting "or in connection with trusts or plans described in 2 or more of such paragraphs" after "1 or more defined benefit plans". (B) Paragraph (3) of section 404(h) of the 1986 Code is amended to read as follows: "(3) COORDINATION WITH SUBSECTION (a)(7).—For purposes of
26 USC 4972 note.
Securities.
subsection (a)(7), a simplified employee pension shall be treated as if it were a separate stock bonus or profit-sharing trust." (5) In the case of any taxable year beginning in 1987, the amount under section 4972(c)(l)(A)(ii) of the 1986 Code for a plan to which title IV of the Employee Retirement Income Security Act of 1974 applies shall be increased by the amount (if any) by which, as of the close of the plan year with or within which such taxable year begins— (A) the liabilities of such plan (determined as if the plan had terminated as of such time), exceed (B) the assets of such plan. (f) AMENDMENTS RELATED TO SECTION 1 1 3 2 OF THE REFORM ACT.—
(1) Section 4980(c)(l)(A) of the 1986 Code (defining qualified plan) is amended by striking out "this subtitle" and inserting in lieu thereof "subtitle A". (2) Section 4980(c)(3)(A) of the 1986 Code (relating to exception for employee stock ownership plans) is amended— (A) by inserting "or a tax credit emplovee stock ownership plan (as described in section 409) after "section 4975(e)(7)", and (B) by inserting ", except to the extent necessary to meet the requirements of section 401(a)(28)," after "must". (3) Subparagraph (C) of section 4980(c)(3) of the 1986 Code is amended—
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