Page:United States Statutes at Large Volume 124.djvu/1319

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124 STAT. 1293 PUBLIC LAW 111–192—JUNE 25, 2010 ‘‘(II) the sum of the shortfall amortization installments for such plan year and all such pre- ceding plan years, determined after application of paragraph (2)(D) (and in the case of any preceding plan year, after application of this paragraph). ‘‘(iii) CARRYOVER OF EXCESS INSTALLMENT ACCEL- ERATION AMOUNTS.— ‘‘(I) IN GENERAL.—If the installment accelera- tion amount for any plan year (determined without regard to clause (ii)) exceeds the limitation under clause (ii), then, subject to subclause (II), such excess shall be treated as an installment accelera- tion amount with respect to the succeeding plan year. ‘‘(II) CAP TO APPLY.—If any amount treated as an installment acceleration amount under sub- clause (I) or this subclause with respect any suc- ceeding plan year, when added to other installment acceleration amounts (determined without regard to clause (ii)) with respect to the plan year, exceeds the limitation under clause (ii), the portion of such amount representing such excess shall be treated as an installment acceleration amount with respect to the next succeeding plan year. ‘‘(III) LIMITATION ON YEARS TO WHICH AMOUNTS CARRIED FOR.—No amount shall be car- ried under subclause (I) or (II) to a plan year which begins after the first plan year following the last plan year in the restriction period (or after the second plan year following such last plan year in the case of an election year with respect to which 15-year amortization was elected under paragraph (2)(D)). ‘‘(IV) ORDERING RULES.—For purposes of applying subclause (II), installment acceleration amounts for the plan year (determined without regard to any carryover under this clause) shall be applied first against the limitation under clause (ii) and then carryovers to such plan year shall be applied against such limitation on a first-in, first-out basis. ‘‘(D) EXCESS EMPLOYEE COMPENSATION.—For purposes of this paragraph— ‘‘(i) IN GENERAL.—The term ‘excess employee com- pensation’ means, with respect to any employee for any plan year, the excess (if any) of— ‘‘(I) the aggregate amount includible in income under this chapter for remuneration during the calendar year in which such plan year begins for services performed by the employee for the plan sponsor (whether or not performed during such calendar year), over ‘‘(II) $1,000,000. ‘‘(ii) AMOUNTS SET ASIDE FOR NONQUALIFIED DEFERRED COMPENSATION.—If during any calendar year assets are set aside or reserved (directly or Definition.