PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 5017 "(III) PLAN YEARS BEGINNING IN 1995. —In the case of any plan year beginning in 1995, a plan may use its own mortality assumptions for individuals who are entitled to benefits under the plan on account of disability." (B) AMORTIZATION OF UNFUNDED MORTALITY INCREASE AMOUNT. — (i) IN GENERAL. — Paragraph (2) of section 412(1), as amended by paragraph (3), is amended by striking "plus" at the end of subparagraph (B), by striking the period, at the end of subparagraph (C) and inserting ", and", and by adding at the end the following new subparagraph: "(D) the aggregate of the unfunded mortaUty increase amounts." (ii) UNFUNDED MORTAUTY INCREASE AMOUNT. — Section 412(1), as amended by paragraph (1), is < amended by adding at the end the following new paragraph: "(10) UNFUNDED MORTALITY INCREASE AMOUNT. — "(A) IN GENERAL.— The imfunded mortahty increase amount with respect to each unfunded mortahty increase is the amount necessary to amortize such increase in equal annuttl installments over a period of 10 plan years (beginning with the first plan year for which a plan uses any new mortahty table issued under paragraph (7)(C)(ii)(II) or (III)). "(B) UNFUNDED MORTALITY INCREASE.—For purposes of subparagraph (A), the term ^unfunded mortahty increase' means an amount equal to the excess of— "(i) the current habliity of the plan for the first plan year for which a plan uses any new mortality table issued under paragraph (7)(C)(ii)(II) or (III), over "(ii) the current Uabihty of the plan for such plan year which would have been determined if the mortality table in effect for the preceding plan year had been used."
(iii) CONFORMING AMENDMENT.— Clause (i) of section 412(1)(4)(B), as amended by paragraph (4)(B), is amended by inserting "the unamortized portion of each unfunded mortality increase," after "additional unfunded old Uabihty,". (8) TRANSITION RULE.— Section 412(1), as amended by paragraph (7), is amended by adding at the end the following new paragraph: (11) PHASE-IN OF INCREASES IN FUNDING REQUIRED BY RETIREMENT PROTECTION ACT OF 1994. — " (A) IN GENERAL. — For any applicable plan year, at the election of the employer, the increase under paragraph (1) shall not exceed the greater of— "(i) the increase that would be required under paragraph (1) if the provisions of this title as in effect for plan years beginning before January 1, 1995, had remainea in effect, or "(ii) the amount which, after taking into account charges (other than the additional charge under this subsection) and credits under subsection (b), is nec- 79-194 O—95 —15: QL 3 Part 6
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