118 STAT. 601 PUBLIC LAW 108–218—APR. 10, 2004 Code of 1986 for any year, the employer shall provide, within 30 days of filing the election for such year, written notice of the election to participants and bene ficiaries and to the Pension Benefit Guaranty Corpora tion. ‘‘(ii) NOTICE TO PARTICIPANTS AND BENEFICIARIES.— The notice under clause (i) to participants and bene ficiaries shall include with respect to any election— ‘‘(I) the due date of the alternative deficit reduction contribution and the amount by which such contribution was reduced from the amount which would have been owed if the election were not made, and ‘‘(II) a description of the benefits under the plan which are eligible to be guaranteed by the Pension Benefit Guaranty Corporation and an explanation of the limitations on the guarantee and the circumstances under which such limita tions apply, including the maximum guaranteed monthly benefits which the Pension Benefit Guar anty Corporation would pay if the plan terminated while underfunded. ‘‘(iii) NOTICE TO PBGC.—The notice under clause (i) to the Pension Benefit Guaranty Corporation shall include— ‘‘(I) the information described in clause (ii)(I), ‘‘(II) the number of years it will take to restore the plan to full funding if the employer only makes the required contributions, and ‘‘(III) information as to how the amount by which the plan is underfunded compares with the capitalization of the employer making the election. ‘‘(F) ELECTION.—An election under this paragraph shall be made at such time and in such manner as the Secretary of the Treasury may prescribe.’’. (b) AMENDMENT OF 1986 CODE.—Section 412(l) of the Internal Revenue Code of 1986 (relating to applicability of subsection) is amended by adding at the end the following new paragraph: ‘‘(12) ELECTION FOR CERTAIN PLANS.— ‘‘(A) IN GENERAL.—In the case of a defined benefit plan established and maintained by an applicable employer, if this subsection did not apply to the plan for the plan year beginning in 2000 (determined without regard to para graph (6)), then, at the election of the employer, the increased amount under paragraph (1) for any applicable plan year shall be the greater of— ‘‘(i) 20 percent of the increased amount under para graph (1) determined without regard to this paragraph, or ‘‘(ii) the increased amount which would be deter mined under paragraph (1) if the deficit reduction con tribution under paragraph (2) for the applicable plan year were determined without regard to subparagraphs (A), (B), and (D) of paragraph (2). ‘‘(B) RESTRICTIONS ON BENEFIT INCREASES.—No amend ment which increases the liabilities of the plan by reason of any increase in benefits, any change in the accrual 26 USC 412.
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