108 STAT. 5014 PUBLIC LAW 103-465—DEC. 8, 1994 " (ii) ADDITIONAL UNFUNDED OLD LIABILITY.— For purposes of clause (i), the term 'additional unfunded old liability' means the amoiuit (if any) by which— "(1) the current Uability of the plan as of the beginning of the first plan year beginning after December 31, 1994, valued using the assumptions required by paragraph (7)(C) as in effect for plan years beginning after December 31, 1994, exceeds "(II) the current Uability of the plan as of the beginning of such first plan year, valued using the same assumptions used under subclause (I) (other than the assiunptions required by paragraph (7)(C)), using the prior interest rate, and using such mortality assumptions as were used to determine ciurent Uability for the first plan year beginning after December 31, 1992. "(iu) PRIOR INTEREST RATE.— For purposes of clause (u), the term 'prior interest rate' means the rate of interest that is the same percentage of the weighted average under subsection (b)(5)(B)(ii)(I) for the first plan year beginning after December 31, 1994, as the rate of interest used by the plan to determine current Uability for the first plan year beginning after December 31, 1992, is of the weighted average under subsection (b)(5)(B)(u)(I) for such first plan year beginning after December 31, 1992. "(E) OPTIONAL RULE FOR ADDITIONAL UNFUNDED OLD LIABILITY. — "(i) IN GENERAL. — If an employer makes an election under clause (U), the additional unfunded old Uability for purposes of subparagraph (D) shall be the amount (if any) by which— (I) the unfunded current Uability of the plan as of the beginning of the first plan year beginning after December 31, 1994, valued using the assumptions required by paragraph (7)(C) as in effect for plan years beginning after December 31, 1994, exceeds "(11) the unamortized portion of the unfunded old Uability under the plan as of the beginning of the first plan year beginning after December 31, 1994. " (ii) ELECTION.— "(I) An employer may irrevocably elect to apply the provisions of this subpsu-agraph as of the beginning of the first plan year beginning after December 31, 1994. "(II) If an election is made under this clause, the increase under paragraph (1) for any plan year beginning after December 31, 1994, and before January 1, 2002, to which this subsection applies (without regard to this subclause) shall not be less than the increase that would be required under paragraph (1) if the provisions of this title as in effect for the last plan year beginning before January 1, 1995, had remained in effect"
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