12 2 STA T .5096PUBLIC LA W 110 –4 5 8—DE C.2 3, 2008 (i ii )bystr i k i ng‘ ‘s ec ti o n 417 (e)( 3 )( D )(i)) f ors u c hm onth ’ ’insub pa ragraph ( F )an d inserting ‘‘section 417(e)(3)(D)(i) for such month)’’ , and (i v ) by striking ‘‘subparagraph ( B )’’ in subpara - graph (F) and inserting ‘‘subparagraph ( C )’’ . (F) S ection 43 0 (i) of the1 986 Code is amended — (i) in paragraph ( 2 )— ( I ) by striking subparagraph ( A ) and inserting the fo l lo w ing new subparagraph
‘‘(A) the e x cess of— ‘‘(i) the sum of— ‘‘(I) the present value of all benefits which are expected to accrue or to be earned under the plan during the plan year, determined using the additional actuarial assumptions described in paragraph (1)(B), plus ‘‘(II) the amount of plan-related expenses expected to be paid from plan assets during the plan year, over ‘‘(ii) the amount of mandatory employee contribu- tions expected to be made during the plan year, plus’’, and (II) in subparagraph (B), by striking ‘‘the tar- get normal cost (determined without regard to this paragraph) of the plan for the plan year’’ and inserting ‘‘the amount determined under sub- section (b)(1)(A)(i) with respect to the plan for the plan year’’, and (ii) by striking ‘‘subparagraph (A)(ii)’’ in the last sentence of paragraph (4)(B) and inserting ‘‘subpara- graph (A)’’. ( G ) Section 430( j )(3) of the 1986 Code is amended— (i) by adding at the end of subparagraph (A) the following new sentence: ‘‘In the case of plan years beginning in 2008, the funding shortfall for the pre- ceding plan year may be determined using such methods of estimation as the Secretary may provide.’’, (ii) by striking ‘‘section 302(c)’’ in subparagraph (D)(ii)(II) and inserting ‘‘section 412(c)’’, (iii) by adding at the end of subparagraph ( E ) the following new clause: ‘‘(iii) PLANWITH ALT ER NATE V AL U ATI O N D ATE.— T he Secretary shall prescribe regulations for the application of this paragraph in the case of a plan which has a valuation date other than the first day of the plan year.’’, and (iv) by striking ‘‘AND S HORT Y EARS’’ in the heading of subparagraph (E) and inserting ‘‘, SHORT YEARS, AND YEARS WITH ALTERNATE VALUATION DATE’’. ( H ) Section 430(k) of the 1986 Code is amended— (i) by inserting ‘‘(as provided under paragraph (2))’’ after ‘‘applies’’ in paragraph (1), and (ii) by striking ‘‘, except’’ and all that follows in paragraph (6)(B) and inserting a period. (3) E F FE C TIVE DATES.— (A) IN G ENERAL.—Except as provided in subparagraph (B), the amendments made by paragraphs (1)(A), (1)(F)(i), 26USC430note.R e gula t i on s . 26 USC 430.
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