108 STAT. 5034 PUBLIC LAW 103-465—DEC. 8, 1994 in current liability due to benefits accruing during the plan year)" after "current liability^ in clause (i). 29 USC 1082. (B) Section 302(c)(7) of such Act is amended by adding at the end the following new subparagraph:
- (E) MINIMUM AMOUNT.—
" (i) IN GENERAL.— In no event shall the full-funding limitation determined under subparagraph (A) be less than the excess (if any) of— "(I) 90 percent of the current liability of the Elan (including the expected increase in current ability due to benefits accruing during the plan year), over "(II) the value of the plan's assets determined under paragraph (2). "(ii) CURRENT LIABILITY; ASSETS. —For purposes of clause (i)— "(I) the term 'current liability' has the meaning given such term by subsection (d)(7) (without regard to subparagraph (D) thereof), and "(II) assets shall not be reduced by any credit balance in the funding standard account." (C) Subparagraph (B) of section 302(c)(7) of such Act is amended to read as follows: "(B) CURRENT LIABILITY.— For purposes of subparagraph (D) and subclause (I) of subparagraph (A)(i), the term 'current Uabili^ has the meaning given such term by subsection (d)(7) (without regard to subparagraphs (C) and (D) thereof) and using the rate of interest used under subsection (b)(5)(B). (11) DEFINITION OF CONTRIBUTING SPONSOR.—Paragraph (13) of section 4001(a) o^' such Act (29 U.S.C. 1301(a)(13)) is amended by striking "means a person—" and all that follows £Uid inserting "means a person described in section 302(c)(ll)(A) of this Act (without regard to section 302(c)(ll)(B) of this Act) or section 412(c)(ll)(A) of the Internal Revenue Code of 1986 (without regard to section 412(c)(llXB) of such Code)." 29 USC 1056 (b) EFFECTIVE DATES. — note. (1) IN GENERAL. — Except as provided in paragraph (2), the amendments made by this section shall apply to plan yesirs beginning after December 31, 1994. (2) CONTRIBUTING SPONSOR. —The amendment made by subsection (a)(ll) shall be effective as if included in the Pension Protection Act^ SEC. 762. UMTTATION ON CHANGES IN CURRENT LIABILITY ASSUMPTIONS. (a) IN GENERAL.— Paragraph (5) of section 302(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1082(c)(5)) is amended— (1) by striking "If the funding method" and inserting the following: "(A) IN GENERAL.— Ifthe funding method", and (2) by adding at the end the following new subparagraph: "(B) APPROVAL REQUIRED FOR CERTAIN CHANGES IN ASSUMPTIONS BY CERTAIN SINGLE-EMPLOYER PLANS SUBJECT TO ADDITIONAL FUNDING REQUIREMENT. —
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