910
Regulations.
PUBLIC LAW 93-406-SEPT. 2, 1974
[88 STAT.
" (D) SEASONAL INDUSTRIES.—In the case of any seasonal industry where the customary period of employment is less than 1,000 hours during a calendar year, the term 'year of participation' shall be such period as determined under regulations prescribed by the Secretary of Labor. " (E) MARITIME INDUSTRIES.—For purposes of this subsection, in the case of any maritime industry, 125 days of servicc shall be treated as a year of participation. The Secretary of Labor may prescribe regulations to carry out the purposes of this subparagraph. "(c) ALLOCATION OF ACCRUED BENEFITS BETWEEN EMPLOYER AND EMPLOYEE CONTRIBUTIONS.— "(1) ACCRUED BENEFIT DERIVED FROM EMPLOYER CONTRIBU-
TIONS.—For purposes of this section, an employee's accrued benefit derived from employer contributions as of any applicable date is the excess, if any, of the accrued benefit for such employee as of such applicable date over the accrued benefit derived from contributions made by such employee as of such date. "(2) ACCRUED BENEFIT DERIVED FROM EMPLOYEE CONTRIBUTIONS.— " (A) PLANS OTHER THAN DEFINED BENEFIT PLANS.—In the
case of a plan other than a defined benefit plan, the accrued benefit derived from contributions made by an employee as of any applicable date is— " (i) except as provided in clause (ii), the balance of the employee's separate account consisting only of his contributions and the income, expenses, gains, and losses attributable thereto, or "(ii) if a separate account is not maintained with respect to an employee's contributions under such a plan, the amount which bears the same ratio to his total accrued benefit as the total amount of the employee's contributions (less withdrawals) bears to the sum of such contributions and the contributions made on his behalf by the employer (less withdrawals). "(B)
D E F I N E D BENEFIT P L A N S. —
" (i) IN GENERAL.—In the case of a defined benefit plan providing an annual benefit in the form of a single life annuity (without ancillary benefits) commencing at normal retirement age, the accrued benefit derived from contributions made by an employee as of any applicable date is the annual benefit equal to the employee's accumulated contributions multiplied by the appropriate conversion factor. "(ii)
APPROPRIATE CONVERSION FACTOR.—For purposes
of clause (i), the term 'appropriate conversion factor' means the factor necessary to convert an amount equal to the accumulated contributions to a smgle life annuity (without ancillary benefits) commencing at normal retirement age and shall be 10 percent for a normal retirement age of 65 years. For other normal retirement ages the conversion factor shall be determined in accordance \^ith regulations prescribed by the Secretary or his delegate. "(C)
DEFINITION OF ACCUMULATED CONTRIBUTIONS.—For
purposes of this subsection, the term 'accumulated contributions' means the total of— "(i) all mandatory contributions made by the employee,
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