PUBLIC LAW 93-406-SEPT. 2, 1974
872 " F u l l fundi limitation,"
Post,
p. 914.
(7) For purposes of paragraph (6), the term "full funding limitation" means the excess (if any) of— (A) the accrued liability (including normal cost) under the plan (determined under the entry age normal funding method if such accrued liability cannot be directly calculated under the funding method used for the plan), over (B) the lesser of the fair market value of the plan's assets or the value of such assets determined under paragraph (2). (8) For purposes of this part, any amendment applying to a plan year which— (A) is adopted after the close of such plan year but no later than 21/^ months after the close of the plan year (or, in the case of a multiemployer plan, no later than 2 years after the close of such plan year), (B) does not reduce the accrued benefit of any participant determined as of the beginning of the first plan year to which the amendment applies, and (C) does not reduce the accrued benefit of any participant determined as of the time of adoption except to the extent required by the circumstances, shall, at the election of the plan administrator, be deemed to have been made on the first day of such plan year. No amendment described in this paragraph which reduces the accrued benefits of any participant shall take effect unless the plan administrator files a notice with the Secretary notifying him of such amendment and the Secretary has approved such amendment or, within 90 days after the date on which such notice was filed, failed to disapprove such amendment. No amendment described in this subsection shall be approved by the Secretary unless he determines that such amendment is necessary because of a substantial business hardship (as determined under section 303(b)) and that waiver under section 303(a) is unavailable or inadequate. (9) For purposes of this part, a determination of experience gains and losses and a valuation of the plan's liability shall be made not less frequently than once every 3 years, except that such determination shall be made more frequently to the extent required in particular cases under regulations prescribed by the Secretary of the Treasury. (10) For purposes of this part, any contributions for a plan year made by an employer after the last day of such plan year, but not later than 21/^ months after such day, shall be deemed to have been made on such last day. For purposes of this paragraph, such 21/^ month period may be extended for not more than 6 months under regulations prescribed by the Secretary of the Treasury. (d) CROSS REFERENCE.—For alternative amortization method for certain multiemployer plans see section 1013(d) of this Act. VARIANCE FROM MINIMUM
29 USC 1083.
Waiver.
Substantial b u s i n e s s hardship.
[88 STAT.
FUNDING
STANDARD
SEC. 303. (a) If an employer, or in the case of a multiemployer plan, 10 percent or more of the number of employers contributing to or under the plan are unable to satisfy the minimum funding standard for a plan year without substantial business hardship and if application of the standard would be adverse to the interests of plan participants in the aggregate, the Secretary of the Treasury may waive the requirements of section 302(a) for such year with respect to all or any portion of the minimum funding standard other than the portion thereof determined under section 302(b)(2)(C). The Secretary of the Treasury shall not waive the minimum funding standard with respect to a plan for more than 5 of any 15 consecutive plan years. (b) For purposes of this part, the factors taken into account in determining substantial business hardship shall include (but shall not
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