PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 837
shall be based on the actual experience of pension plans and projected trends in such experience. In prescribing such tables, the Secretary shall take into account results of available independent studies of mortality of individuals covered by pension plans. ‘‘(B) PERIODIC REVISION.—The Secretary shall (at least every 10 years) make revisions in any table in effect under subparagraph (A) to reflect the actual experience of pension plans and projected trends in such experience. ‘‘(C) SUBSTITUTE MORTALITY TABLE.— ‘‘(i) IN GENERAL.—Upon request by the plan sponsor and approval by the Secretary, a mortality table which meets the requirements of clause (iii) shall be used in determining any present value or making any computation under this section during the period of consecutive plan years (not to exceed 10) specified in the request. ‘‘(ii) EARLY TERMINATION OF PERIOD.—Notwithstanding clause (i), a mortality table described in clause (i) shall cease to be in effect as of the earliest of— ‘‘(I) the date on which there is a significant change in the participants in the plan by reason of a plan spinoff or merger or otherwise, or ‘‘(II) the date on which the plan actuary determines that such table does not meet the requirements of clause (iii). ‘‘(iii) REQUIREMENTS.—A mortality table meets the requirements of this clause if— ‘‘(I) there is a sufficient number of plan participants, and the pension plans have been maintained for a sufficient period of time, to have credible information necessary for purposes of subclause (II), and ‘‘(II) such table reflects the actual experience of the pension plans maintained by the sponsor and projected trends in general mortality experience. ‘‘(iv) ALL PLANS IN CONTROLLED GROUP MUST USE SEPARATE TABLE.—Except as provided by the Secretary, a plan sponsor may not use a mortality table under this subparagraph for any plan maintained by the plan sponsor unless— ‘‘(I) a separate mortality table is established and used under this subparagraph for each other plan maintained by the plan sponsor and if the plan sponsor is a member of a controlled group, each member of the controlled group, and ‘‘(II) the requirements of clause (iii) are met separately with respect to the table so established for each such plan, determined by only taking into account the participants of such plan, the time such plan has been in existence, and the actual experience of such plan. ‘‘(v) DEADLINE FOR SUBMISSION AND DISPOSITION OF APPLICATION.— ‘‘(I) SUBMISSION.—The plan sponsor shall submit a mortality table to the Secretary for
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