108 STAT. 5040 PUBLIC LAW 103-465—DEC. 8, 1994 "(B) EXCEPTION.— In the case of a distribution from a plan that was adopted and in effect prior to the date of the enactment of the Retirement Protection Act of 1994, the present value of any distribution made before the ear- Uer of—
- (i) the later of when a plan amendment applying
subparagraph (A) is adopted or made effective, or "(ii) the first day of the first plan year beginning after December 31, 1999, shall be calculated, for purposes of paragraphs (1) and (2), using the interest rate determined under the regulations of the Pension Benefit Guaranty Corporation for determining the present value of a lump sum distribution on plan termination that were in effect on September 1, 1993, and using the provisions of the plan as in effect on the day before such date of enactment; but only if such provisions of the plan met the requirements of section 205(g)(3) as in effect on the day before such date of enactment." 26 USC 411 note. (d) EFFECTIVE DATE.— (1) IN GENERAL. —The amendments made by this section shall apply to plan years and limitation years beginning after December 31, 1994; except that an employer may elect to treat the amendments made Tby this section as being effective on or after the date of the enactment of this Act. (2) No REDUCTION IN ACCRUED BENEFITS.— A participant's accrued benefit shall not be considered to be reduced in violation of section 411(d)(6) of the Internal Revenue Code of 1986 or section 204(g) of the Employee Retirement Income Security Act of 1974 merely because (A) the benefit is determined in accordance with section 417(e)(3)(A) of such Code, as amended by this Act, or section 205(g)(3) of the Employee Retirement Income Security Act of 1974, as amended by this Act, or (B) the plan applies section 415(b)(2)(E) of such Code, as amended by this Act (3) SECTION 4 IS.— (A) No REDUCTION REQUIRED. —An accrued benefit shall not be required to be reduced below the accrued benefit as of the last day of the last plan year beginning before January 1, 1995, merely because of the amendments made by subsection (b). (B) TIMING OF PLAN AMENDMENT. —A plan that operates in accordance with the amendments made by subsection (b) shall not be treated as faihng to satisfy section 401(a) of the Internal Revenue Code of 1986 or as not being operated in accordance with the provisions of the plan until such date as the Secretary of the Treasiuy provides merely because the plein has not been amended to include the amendments made by subsection (b). SEC. 768, ADJUSTMENTS TO LIEN FOR MISSED MINIMUM FUNDING CONTRIBUTIONS. (a) AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986.— (1) CLARIFICATION OF APPLICABILITY OF PROVISION. — Para- 26 USC 412. graph (2) of section 412(n) is amended by adding at the end the following new sentence: "This subsection shall not apply to any plan to which section 4021 of the Employee Retirement
�
