PUBLIC LAW 107-147—MAR. 9, 2002 116 STAT. 47 457(b)) of an eligible employer described in section 457(e)(1)(A).". (2) Section 4(c) of Employee Retirement Income Security Act of 1974 is amended— 29 USC 1003. (A) by inserting "and part 5 (relating to administration and enforcement)" before the period at the end, and (B) by adding at the end the following new sentence: "Such provisions shall apply to such accounts and annuities Applicability. in a manner similar to their application to a simplified employee pension under section 408(k) of the Internal Revenue Code of 1986.". (j) AMENDMENTS RELATING TO SECTION 611 OF THE ACT. — (1) Section 408(k) is amended— 26 USC 408. (A) in paragraph (2)(C) by striking "$300" and inserting " $450", and (B) in paragraph (8) by striking "$300" both places it appears and inserting "$450". (2) Section 409(o)( l)(C)(ii) is amended— (A) by striking "$500,000" both places it appears and inserting "$800,000", and (B) by striking "$100,000" and inserting "$160,000". (3) Section 611(i) of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by adding at the end 26 USC 415 note, the following new paragraph: "(3) SPECIAL RULE.— In the case of plan that, on June 7, 2001, incorporated by reference the limitation of section 415(b)(1)(A) of the Internal Revenue Code of 1986, section 411(d)(6) of such Code and section 204(g)(1) of the Employee Retirement Income Security Act of 1974 do not apply to a plan amendment that— "(A) is adopted on or before June 30, 2002, "(B) reduces benefits to the level that would have applied without regard to the amendments made by subsection (a) of this section, and "(C) is effective no earlier than the years described in paragraph (2).". (k) AMENDMENTS RELATING TO SECTION 613 OF THE ACT.— (1) Section 416(c)(l)(C)(iii) is amended by striking "EXCEP- TION FOR FROZEN PLAN" and inserting "EXCEPTION FOR PLAN UNDER WHICH NO KEY EMPLOYEE (OR FORMER KEY EMPLOYEE) BENEFITS FOR PLAN YEAR". (2) Section 416(g)(3)(B) is amended by striking "separation from service" and inserting "severance from employment". (1) AMENDMENTS RELATING TO SECTIONS 614 and 616 OF THE ACT.— (1) Section 404(a)(12) is amended by striking "(9)," and inserting "(9) and subsection (h)(1)(C),". (2) Section 404(n) is amended by striking "subsection (a)," and inserting "subsection (a) or paragraph (1)(C) of subsection (h)". (3) Section 402(h)(2)(A) is amended by striking "15 percent" and inserting "25 percent". (4) Section 404(a)(7)(C) is amended to read as follows: "(C) PARAGRAPH NOT TO APPLY IN CERTAIN CASES.— "(i) BENEFICIARY TEST.— This paragraph shall not have the effect of reducing the amount otherwise deductible under paragraphs (1), (2), and (3), if no
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