1.Short title; references to
acts
(a)This Act may be cited
as the Pension Protection Technical
Corrections Act of 2007
.
(b)For purposes of this Act—
(1)The term 1986 Code means the Internal
Revenue Code of 1986.
(2)The term ERISA means the Employee Retirement
Income Security Act of 1974.
(3)The term 2006 Act means the Pension Protection
Act of 2006.
2.Amendments
related to Title I
(a)Amendments
related to sections 101 and 111
(1)
(A)Clause (i) of
section 302(c)(1)(A) of ERISA is amended by striking the plan is
and inserting the plan are
.
(B)Section 302(c)(7)
of ERISA is amended by inserting which reduces the accrued benefit of
any participant
after subsection (d)(2)
in subparagraph
(A).
(C)Section 302(d)(1)
of ERISA is amended by striking , the valuation date,
.
(2)
(A)Clause (i) of
section 412(c)(1)(A) of the 1986 Code is amended by striking the plan
is
and inserting the plan are
.
(B)Section 412(c)(7)
of the 1986 Code is amended by inserting which reduces the accrued
benefit of any participant
after subsection (d)(2)
in
subparagraph (A).
(C)Section 412(d)(1)
of the 1986 Code is amended by striking , the valuation
date,
.
(b)Amendments
related to sections 102 and 112
(1)
(A)Section 303(b) of
ERISA is amended to read as follows:
(b)For purposes of this section—
(1)Except as provided in subsection (i)(2) with respect to
plans in at-risk status, the term target normal cost means, for
any plan year, the excess of—
(A)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, plus
(ii)the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over
(B)the amount of
mandatory employee contributions expected to be made during the plan
year.
(2)Special rule
for increase in compensationFor purposes of this subsection, if
any benefit attributable to services performed in a preceding plan year is
increased by reason of any increase in compensation during the current plan
year, the increase in such benefit shall be treated as having accrued during
the current plan
year.
.
(B)Section
303(c)(5)(B)(iii) of ERISA is amended by inserting beginning
before after 2008
.
(C)Section
303(c)(5)(B)(iv)(II) of ERISA is amended by inserting for such year
after beginning in 2007)
.
(D)Section
303(f)(4)(A) of ERISA is amended by striking paragraph (2)
and
inserting paragraph (3)
.
(E)Section
303(h)(2)(F) of ERISA is amended—
(i)by
striking section 205(g)(3)(B)(iii)(I)) for such month
and
inserting section 205(g)(3)(B)(iii)(I) for such month)
,
and
(ii)by
striking subparagraph (B)
and inserting subparagraph
(C)
.
(F)Section 303(i) of
ERISA is amended—
(i)in
paragraph (2)—
(I)by striking
subparagraph (A) and inserting the following new subparagraph:
(A)the excess
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 contributions expected to be made during the plan year,
plus
,
and
(II)in subparagraph
(B), by striking the target normal cost (determined without regard to
this paragraph) of the plan for the plan year
and inserting the
amount determined under subsection (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 subparagraph (A)
.
(G)Section 303(j)(3)
of ERISA—
(i)is
amended 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 preceding plan year may be determined using such methods of
estimation as the Secretary of the Treasury may provide.
,
(ii)by
adding at the end of subparagraph (E) the following new clause:
(iii)Plan with
alternate valuation dateThe Secretary of the Treasury 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
(iii)by striking
and short
years
in the heading of subparagraph (E) and inserting
, short years, and
years with alternate valuation date
.
(H)Section
303(k)(6)(B) of ERISA is amended by striking , except
and all
that follows and inserting a period.
(2)
(A)Section 430(b) of
the 1986 Code is amended to read as follows:
(b)For purposes of this section—
(1)Except as provided in subsection (i)(2) with respect to
plans in at-risk status, the term target normal cost means, for
any plan year, the excess of—
(A)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, plus
(ii)the amount of
plan-related expenses expected to be paid from plan assets during the plan
year, over
(B)the amount of
mandatory employee contributions expected to be made during the plan
year.
(2)Special rule for increase in
compensationFor purposes of
this subsection, if any benefit attributable to services performed in a
preceding plan year is increased by reason of any increase in compensation
during the current plan year, the increase in such benefit shall be treated as
having accrued during the current plan
year.
.
(B)Section
430(c)(5)(B)(iii) of the 1986 Code is amended by inserting
beginning
before after 2008
.
(C)Section
430(c)(5)(B)(iv)(II) of the 1986 Code is amended by inserting for such
year
after beginning in 2007)
.
(D)Section 430(f) of
the 1986 Code is amended—
(i)by
striking as of the first day of the plan year
the second place
it appears in the first sentence of paragraph (3)(A),
(ii)by
striking paragraph (2)
in paragraph (4)(A) and inserting
paragraph (3)
,
(iii)by striking
paragraph (1), (2), or (4) of section 206(g)
in paragraph
(6)(B)(iii) and inserting subsection (b), (c), or (e) of section
436
,
(iv)by
striking the sum of
in paragraph (6)(C), and
(v)by
striking of the Treasury
in paragraph (8).
(E)Section 430(h)(2)
of the 1986 Code is amended—
(i)by
inserting and target normal cost
after funding
target
in subparagraph (B),
(ii)by
striking liabilities
and inserting benefits
in
subparagraph (B),
(iii)by striking
section 417(e)(3)(D)(i)) for such month
in subparagraph (F) and
inserting section 417(e)(3)(D)(i) for such month)
, and
(iv)by
striking subparagraph (B)
in subparagraph (F) and inserting
subparagraph (C)
.
(F)Section 430(i) of
the 1986 Code is amended—
(i)in
paragraph (2)—
(I)by striking
subparagraph (A) and inserting the following new subparagraph:
(A)the excess
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 contributions expected to be made during the plan year,
plus
,
and
(II)in subparagraph
(B), by striking the target normal cost (determined without regard to
this paragraph) of the plan for the plan year
and inserting the
amount determined under subsection (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 subparagraph (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 preceding
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)Plan with
alternate valuation dateThe 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 short
years
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.
(c)Amendments
related to sections 103 and 113
(1)
(A)Section 101(j) of
ERISA is amended—
(i)in
paragraph (2), by striking section 206(g)(4)(B)
and inserting
section 206(g)(4)(A)
; and
(ii)by
adding at the end the following: The Secretary of the Treasury, in
consultation with the Secretary, shall have the authority to prescribe rules
applicable to the notices required under this subsection.
.
(B)Section
206(g)(1)(B)(ii) of ERISA is amended by striking a funding
and
inserting an adjusted funding
.
(C)The heading for
section 206(g)(1)(C) of ERISA is amended by inserting benefit
after
event
.
(D)Section
206(g)(3)(E) of ERISA is amended by adding at the end the following new flush
sentence:
Such
term shall not include the payment of a benefit which under section 203(e) may
be immediately distributed without the consent of the
participant..
(E)Section
206(g)(5)(A)(iv) of ERISA is amended by inserting adjusted
before funding
.
(F)Section
206(g)(9)(C) of ERISA is amended—
(i)by
striking without regard to this subparagraph and
in clause (i),
and
(ii)in
clause (iii)—
(I)by striking
without regard to this subparagraph
and inserting without
regard to the reduction in the value of assets under section 303(f)(4)
,
and
(II)by inserting
beginning
before after
each place it
appears.
(G)Section 206(g) of
ERISA is amended by redesignating paragraph (10) as paragraph (11) and by
inserting after paragraph (9) the following new paragraph:
(10)Secretarial
authority for plans with alternate valuation dateIn the case of
a plan which has designated a valuation date other than the first day of the
plan year, the Secretary of the Treasury may prescribe rules for the
application of this subsection which are necessary to reflect the alternate
valuation
date.
.
(H)Section 502(c)(4)
of ERISA is amended by striking by any person
and all that
follows through the period and inserting by any person of subsection
(j), (k), or (l) of section 101 or section 514(e)(3).
.
(2)
(A)Section 436(b)(2)
of the 1986 Code is amended—
(i)by
striking section 303
and inserting section 430
in
the matter preceding subparagraph (A), and
(ii)by
striking a funding
and inserting an adjusted
funding
in subparagraph (B).
(B)Section 436(b)(3)
of the 1986 Code is amended—
(i)by
inserting benefit
after event
in the heading, and
(ii)by
striking any event
in subparagraph (B) and inserting an
event
.
(C)Section 436(d)(5)
of the 1986 Code is amended by adding at the end the following new flush
sentence:
Such term
shall not include the payment of a benefit which under section 411(a)(11) may
be immediately distributed without the consent of the
participant..
(D)Section 436(f) of
the 1986 Code is amended—
(i)by
inserting adjusted
before funding
in paragraph
(1)(D), and
(ii)by
striking prefunding balance under section 430(f) or funding standard
carryover balance
in paragraph (2) and inserting prefunding
balance or funding standard carryover balance under section
430(f)
.
(E)Section 436(j)(3)
of the 1986 Code is amended—
(i)in
subparagraph (A)—
(I)by striking
without regard to this paragraph and
,
(II)by striking
section 430(f)(4)(A)
and inserting section
430(f)(4)
, and
(III)by striking
paragraph (1)
and inserting paragraphs (1) and
(2)
, and
(ii)in
subparagraph (C)—
(I)by striking
without regard to this paragraph
and inserting without
regard to the reduction in the value of assets under section 430(f)(4)
,
and
(II)by inserting
beginning
before after
each place it
appears.
(F)Section 436 of
the 1986 Code is amended by redesignating subsection (k) as subsection (m) and
by inserting after subsection (j) the following new subsections:
(k)Secretarial
authority for plans with alternate valuation dateIn the case of
a plan which has designated a valuation date other than the first day of the
plan year, the Secretary may prescribe rules for the application of this
section which are necessary to reflect the alternate valuation date.
(l)For purposes of this section, the term single-employer
plan means a plan which is not a multiemployer
plan.
.
(3)Sections 103(c)(2)(A)(ii) and 113(b)(2)(A)(ii) of the
2006 Act are each amended—
(A)by striking
subsection
and inserting section
, and
(B)by striking
subparagraph
and inserting paragraph
.
(d)Amendments
related to sections 107 and 114
(1)
(A)Section 103(d) of
ERISA is amended—
(i)in
paragraph (3), by striking the normal costs, the accrued
liabilities
and inserting the normal costs or target normal
costs, the accrued liabilities or funding target
, and
(ii)by
striking paragraph (7) and inserting the following new paragraph:
(7)A certification
of the contribution necessary to reduce the minimum required contribution
determined under section 303, or the accumulated funding deficiency determined
under section 304, to
zero.
.
(B)Section 4071 of
ERISA is amended by striking as section 303(k)(4) or 307(e)
and
inserting or section 303(k)(4),
.
(2)
(A)Section
401(a)(29) of the 1986 Code is amended by striking on plans in at-risk status
in the
heading.
(B)Section
401(a)(32)(C) of the 1986 Code is amended—
(i)by
striking section 430(j)
and inserting section
430(j)(3)
, and
(ii)by
striking paragraph (5)(A)
and inserting section
430(j)(4)(A)
.
(C)Section
401(a)(33) of the 1986 Code is amended—
(i)by
striking section 412(c)(2)
in subparagraph (B)(iii) and
inserting section 412(d)(2)
, and
(ii)by
striking section 412(b)(2) (without regard to subparagraph (B)
thereof)
in subparagraph (D) and inserting section 412(b)(1),
without regard to section 412(b)(2)
.
(D)Section 411 of
the 1986 Code is amended—
(i)by
striking section 412(c)(2)
in subsection (a)(3)(C) and inserting
section 412(d)(2)
, and
(ii)by
striking section 412(e)(2)
in subsection (d)(6)(A) and inserting
section 412(d)(2)
.
(E)Section
414(l)(2)(B)(i)(I) of the 1986 Code is amended to read as follows:
(I)the sum of the
funding target and target normal cost determined under section 430,
over
.
(F)Section 4971 of
the 1986 Code is amended—
(i)by
striking required minimum
in subsection (b)(1) and inserting
minimum required
,
(ii)by
inserting or unpaid minimum required contribution, whichever is
applicable
after accumulated funding deficiency
each
place it appears in subsections (c)(3) and (d)(1), and
(iii)by striking
section 412(a)(1)(A)
in subsection (e)(1) and inserting
section 412(a)(2)
.
(3)Section 114 of the 2006 Act is amended by adding at the
end the following new subsection:
(g)
(1)The amendments made by this section shall apply to plan
years beginning after 2007.
(2)The amendments made by subsection (e) shall apply to taxable
years beginning after 2007, but only with respect to plan years described in
paragraph (1) which end with or within any such taxable
year.
.
(e)Amendment
related to section 116Section 409A(b)(3)(A)(ii) of the 1986 Code
is amended by inserting to an applicable covered employee
after
under the plan
.
3.Amendments
related to title II
(a)Amendment
related to sections 201 and 211Section 201(b)(2)(A) of the 2006
Act is amended by striking has not used
and inserting has
not adopted, or ceased using,
.
(b)Amendments
related to sections 202 and 212
(1)
(A)Section
305(b)(3)(C) of ERISA is amended by striking section 101(b)(4)
and inserting section 101(b)(1)
.
(B)Section
305(b)(3)(D) of ERISA is amended by striking The Secretary
in
clause (iii) and inserting The Secretary of the Treasury, in
consultation with the Secretary
.
(C)Section 305(c)(7)
of ERISA is amended—
(i)by striking
to agree on
and all that follows in subparagraph (A)(ii) and
inserting to adopt a contribution schedule with terms consistent with
the funding improvement plan and a schedule from the plan sponsor,
,
and
(ii)by striking
subparagraph (B) and inserting the following new subparagraph:
(B)The date specified in this subparagraph is the
date which is 180 days after the date on which the collective bargaining
agreement described in subparagraph (A)
expires.
,
and
(iii)by adding at
the end the following new subparagraph:
(C)Failure to make
scheduled contributionsAny failure to make a contribution under
a schedule of contribution rates provided under this paragraph shall be treated
as a delinquent contribution under section 515 and shall be enforceable as
such.
.
(D)Section 305(e) of
ERISA is amended—
(i)in paragraph
(3)(C)—
(I)by striking all
that follows to adopt a
in clause (i)(II) and inserting
to adopt a contribution schedule with terms consistent with the
rehabilitation plan and a schedule from the plan sponsor under paragraph
(1)(B)(i),
,
(II)by striking
clause (ii) and inserting the following new clause:
(ii)The date specified in this clause is the date
which is 180 days after the date on which the collective bargaining agreement
described in clause (i) expires.
,
and
(III)by adding at
the end the following new clause:
(iii)Failure to
make scheduled contributionsAny failure to make a contribution
under a schedule of contribution rates provided under this subsection shall be
treated as a delinquent contribution under section 515 and shall be enforceable
as
such.
,
(ii)in paragraph
(4)—
(I)by striking
the date of
in subparagraph (A)(ii), and
(II)by striking
and taking
in subparagraph (B) and inserting but
taking
,
(iii)in paragraph
(6)—
(I)by striking
paragraph (1)(B)(i)
and inserting the last sentence of
paragraph (1)
, and
(II)by striking
established
and inserting establish
,
(iv)in paragraph
(8)(C)(iii)—
(I)by striking
the Secretary
in subclause (I) and inserting the
Secretary of the Treasury, in consultation with the Secretary
,
and
(II)by striking
Secretary
in the last sentence and inserting Secretary of
the Treasury
, and
(v)by striking
an employer's withdrawal liability
in paragraph (9)(B) and
inserting the allocation of unfunded vested benefits to an
employer
.
(E)Section 305(g) of
ERISA is amended by inserting under subsection (c)
after
funding improvement plan
the first place it appears.
(F)Section 302(b)(3)
of ERISA is amended by striking the plan adopts
and inserting
the plan sponsor adopts
.
(G)Section 502(c)(2)
of ERISA is amended by striking 101(b)(4)
and inserting
101(b)(1)
.
(H)Section
502(c)(8)(A) of ERISA is amended by inserting plan
after
multiemployer
.
(2)
(A)Section
432(b)(3)(C) of the 1986 Code is amended by striking section
101(b)(4)
and inserting section 101(b)(1)
.
(B)Section
432(b)(3)(D)(iii) of the 1986 Code is amended by striking The Secretary
of Labor
and inserting The Secretary, in consultation with the
Secretary of Labor
.
(C)Section 432(c) of
the 1986 Code is amended—
(i)in paragraph (3),
by striking section 304(d)
in subparagraph (A)(ii) and inserting
section 431(d)
, and
(ii)in paragraph
(7)—
(I)by striking
to agree on
and all that follows in subparagraph (A)(ii) and
inserting to adopt a contribution schedule with terms consistent with
the funding improvement plan and a schedule from the plan sponsor,
,
and
(II)by striking
subparagraph (B) and inserting the following new subparagraph:
(B)The date specified in this subparagraph is the
date which is 180 days after the date on which the collective bargaining
agreement described in subparagraph (A)
expires.
.
(D)Section 432(e) of
the 1986 Code is amended—
(i)in paragraph
(3)(C)—
(I)by striking all
that follows to adopt a
in clause (i)(II) and inserting
to adopt a contribution schedule with terms consistent with the
rehabilitation plan and a schedule from the plan sponsor under paragraph
(1)(B)(i),
, and
(II)by striking
clause (ii) and inserting the following new clause:
(ii)The date specified in this clause is the date
which is 180 days after the date on which the collective bargaining agreement
described in clause (i)
expires.
,
(ii)in paragraph
(4)—
(I)by striking
the date of
in subparagraph (A)(ii), and
(II)by striking
and taking
in subparagraph (B) and inserting but
taking
,
(iii)in paragraph
(6)—
(I)by striking
paragraph (1)(B)(i)
and inserting the last sentence of
paragraph (1)
, and
(II)by striking
established
and inserting establish
,
(iv)in paragraph
(8)—
(I)by striking
section 204(g)
in subparagraph (A)(i) and inserting
section 411(d)(6)
,
(II)by inserting
of the Employee Retirement Income Security Act of 1974
after
4212(a)
in subparagraph (C)(i)(II),
(III)by striking
the Secretary of Labor
in subparagraph (C)(iii)(I) and inserting
the Secretary, in consultation with the Secretary of Labor
,
and
(IV)by striking
the Secretary of Labor
in the last sentence of subparagraph
(C)(iii) and inserting the Secretary
, and
(v)by striking
an employer's withdrawal liability
in paragraph (9)(B) and
inserting the allocation of unfunded vested benefits to an
employer
.
(E)Section
432(f)(2)(A)(i) of the 1986 Code is amended by striking section
411(b)(1)(A)
and inserting section 411(a)(9)
.
(F)Section 432(g) of
the 1986 Code is amended by inserting under subsection (c)
after
funding improvement plan
the first place it appears.
(G)Section 432(i) of
the 1986 Code is amended—
(i)by striking
section 412(a)
in paragraph (3) and inserting section
431(a)
, and
(ii)by striking
paragraph (9) and inserting the following new paragraph:
(9)For purposes of this section, section 431, and section
4971(g)—
(A)The term plan sponsor means, with respect to
any multiemployer plan, the association, committee, joint board of trustees, or
other similar group of representatives of the parties who establish or maintain
the plan.
(B)Special rule
for section 404(c) plansIn the
case of a plan described in section 404(c) (or a continuation of such plan),
such term means the bargaining parties described in paragraph
(1).
.
(H)Section 412(b)(3)
of the 1986 Code is amended by striking the plan adopts
and
inserting the plan sponsor adopts
.
(I)Section
4971(g)(4) of the 1986 Code is amended—
(i)in subparagraph
(B)(ii), by striking first day of
and inserting day
following the close of
, and
(ii)by striking
clause (ii) of subparagraph (C) and inserting the following new clause:
(ii)For purposes of clause (i), the term plan
sponsor has the meaning given such term by section
432(i)(9).
.
(3)
(A)Section 212(b)(2)
of the 2006 Act is amended by striking Section 4971(c)(2) of such
Code
and inserting Section 4971(e)(2) of such
Code
.
(B)Section 212(e)(1)
of the 2006 Act is amended by inserting , except that the amendments
made by subsection (b) shall apply to taxable years beginning after 2007, but
only with respect to plan years beginning after 2007 which end with or within
any such taxable year
before the period at the end.
(C)Section 212(e)(2)
of the 2006 Act is amended by striking section 305(b)(3) of the Employee
Retirement Income Security Act of 1974
and inserting section
432(b)(3) of the Internal Revenue Code of 1986
.
4.Amendments
related to title III
(a)Amendment
related to section 301Clause (ii) of section 101(c)(2)(A) of the
Pension Funding Equity Act of 2004, as amended by section 301(c) of the 2006
Act, is amended by striking 2008
and inserting
2009
.
(b)Amendments
related to section 302
(1)Section 205(g)(3)(B)(iii)(II) of ERISA is amended by
striking section 205(g)(3)(B)(iii)(II)
and inserting
section 205(g)(3)(A)(ii)(II)
.
(2)
(A)Section
417(e)(3)(D)(i) of the 1986 Code is amended by striking clause
(ii)
and inserting subparagraph (C)
.
(B)Section
415(b)(2)(E)(v) of the 1986 Code is amended to read as follows:
(v)For purposes of
adjusting any benefit or limitation under subparagraph (B), (C), or (D), the
mortality table used shall be the applicable mortality table (within the
meaning of section
417(e)(3)(B)).
.
5.Amendments
related to title IV
(a)Amendment
related to section 401Section 4006(a)(3)(A)(i) of ERISA is
amended by striking 1990
and inserting
2005
.
(b)Amendment
related to section 402Section 402(c)(1)(A) of the 2006 Act is
amended by striking commercial airline
and inserting
commercial
.
(c)Amendment
related to section 408Section 4044(e) of ERISA, as added by
section 408(b)(2) of the 2006 Act, is redesignated as subsection (f).
(d)Amendments
related to section 409Section 4041(b)(5)(A) of ERISA is amended
by striking subparagraph (B)
and inserting subparagraphs
(B) and (D)
.
(e)Amendments
related to section 410Section 4050(d)(4)(A) of ERISA is
amended—
(1)by striking
and
at the end of clause (i), and
(2)by striking
clause (ii) and inserting the following new clauses:
(ii)which is not a
plan described in paragraph (2), (3), (4), (6), (7), (8), (9), (10), or (11) of
section 4021(b), and
(iii)which, was a
plan described in section 401(a) of the Internal Revenue Code of 1986 which
includes a trust exempt from tax under section 501(a) of such Code,
and
.
6.Amendments
related to title V
(a)Amendment
related to section 501Section 101(f)(2)(B)(ii) of ERISA is
amended—
(1)by striking
for which the latest annual report filed under section 104(a) was
filed
in subclause (I)(aa) and inserting to which the notice
relates
, and
(2)by striking
subclause (II) and inserting the following new subclause:
(II)in the case of a
multiemployer plan, a statement, for the plan year to which the notice relates
and the preceding 2 plan years, of the value of the plan assets (determined
both in the same manner as under section 304 and under the rules of subclause
(I)(bb)) and the value of the plan liabilities (determined in the same manner
as under section 304 except that the method specified in section 305(i)(8)
shall be
used),
.
(b)Amendments
related to section 502
(1)Section 101(k)(2)
of ERISA is amended by filing at the end the following new flush
sentence:
Subparagraph (C)(i) shall not apply
to individually identifiable information with respect to any plan investment
manager or adviser, or with respect to any other person (other than an employee
of the plan) preparing a financial report required to be included under
paragraph
(1)(B)..
(2)Section 4221 of
ERISA is amended by striking subsection (e) and by redesignating subsections
(f) and (g) as subsections (e) and (f), respectively.
(c)Amendments
related to section 503
(1)
(A)Section 104(b)(3)
of ERISA is amended by—
(i)striking
section 103(f)
and inserting section 101(f)
,
and
(ii)striking
the administrators
and inserting the
administrator
.
(B)Section
104(d)(1)(E)(ii) of ERISA is amended by inserting funding
after
plan's
.
(2)Section 503(e) of the 2006 Act is amended by striking
section 101(f)
and inserting section
104(d)
.
(d)Amendment
related to section 505Section 4010(d)(2)(B) of ERISA is amended
by striking section 302(d)(2)
and inserting section
303(d)(2)
.
(e)Amendments
related to section 506
(1)Section
4041(c)(2)(D)(i) of ERISA is amended by striking subsection
(a)(2)
the second place it appears and inserting subparagraph
(A) or the regulations under subsection (a)(2)
.
(2)Section
4042(c)(3)(C)(i) of ERISA is amended—
(A)by striking
and plan sponsor
and inserting , the plan sponsor, or the
corporation
, and
(B)by striking
subparagraph (A)(i)
and inserting subparagraph
(A)
.
(f)Amendments
related to section 508Section 209(a) of ERISA is amended—
(1)in paragraph
(1)—
(A)by striking
regulations prescribed by the Secretary
and inserting
such regulations as the Secretary may prescribe
, and
(B)by striking the
last sentence and inserting The report required under this paragraph
shall be in the same form, and contain the same information, as periodic
benefit statements under section 105(a).
, and
(2)by striking
paragraph (2) and inserting the following:
(2)If more than one
employer adopts a plan, each such employer shall furnish to the plan
administrator the information necessary for the administrator to maintain the
records, and make the reports, required by paragraph (1). Such administrator
shall maintain the records, and make the reports, required by paragraph
(1).
(g)Amendment
related to section 509Section 101(i)(8)(B) of ERISA is amended
to read as follows:
(B)One-participant
retirement planFor purposes of subparagraph (A), the term
one-participant retirement plan means a retirement plan that on
the first day of the plan year—
(i)covered only one
individual (or the individual and the individual's spouse) and the individual
(or the individual and the individual's spouse) owned 100 percent of the plan
sponsor (whether or not incorporated), or
(ii)covered only one
or more partners (or partners and their spouses) in the plan
sponsor.
.
7.Amendments
related to title VI
(a)Amendments
related to section 601
(1)
(A)Section
408(g)(3)(D)(ii) of ERISA is amended by striking subsection
(b)(14)(B)(ii)
and inserting subsection
(b)(14)(A)(ii)
.
(B)Section
408(g)(6)(A)(i) of ERISA is amended by striking financial
adviser
and inserting fiduciary adviser
.
(C)Section
408(g)(11)(A) of ERISA is amended—
(i)by
striking the participant
each place it appears and inserting
a participant
, and
(ii)by
striking section 408(b)(4)
in clause (ii) and inserting
subsection (b)(4)
.
(2)
(A)Section
4975(d)(17) of the 1986 Code, in the matter preceding subparagraph (A), is
amended by striking and that permits
and inserting that
permits
.
(B)Section
4975(f)(8) of the 1986 Code is amended—
(i)in
subparagraph (A), by striking subsection (b)(14)
and inserting
subsection (d)(17)
,
(ii)in
subparagraph (C)(iv)(II), by striking subsection (b)(14)(B)(ii)
and inserting (d)(17)(A)(ii)
,
(iii)in subparagraph
(F)(i)(I), by striking financial adviser
and inserting
fiduciary adviser,
,
(iv)in
subparagraph (I), by striking section 406
and inserting
subsection (c)
, and
(v)in
subparagraph (J)(i)—
(I)by striking
the participant
each place it appears and inserting a
participant
,
(II)in the matter
preceding subclause (I), by inserting referred to in subsection
(e)(3)(B)
after investment advice
, and
(III)in subclause
(II), by striking section 408(b)(4)
and inserting
subsection (d)(4)
.
(3)Section 601(b)(4) of the 2006 Act is amended by striking
section 4975(c)(3)(B)
and inserting section
4975(e)(3)(B)
.
(b)Amendments
related to section 611
(1)Section 408(b)(18)(C) of ERISA is amended by striking
or less
.
(2)Section 4975(d) of the 1986 Code is amended—
(A)in the matter
preceding subparagraph (A) of paragraph (18)—
(i)by striking
party in interest
and inserting disqualified
person
, and
(ii)by striking
subsection (e)(3)(B)
and inserting subsection
(e)(3)
,
(B)in paragraphs
(19), (20), and (21), by striking party in interest
each place
it appears and inserting disqualified person
, and
(C)by striking
or less
in paragraph (21)(C).
(c)Amendments
related to section 612Section 4975(f)(11)(B)(i) of the 1986 Code
is amended by—
(1)inserting
of the Employee Retirement Income Security Act of 1974
after
section 407(d)(1)
, and
(2)inserting
of such Act
after section 407(d)(2)
.
(d)Amendments
related to section 621Section 404(c)(1) of ERISA is
amended—
(1)by inserting
(or any period that would be a blackout period but for the fact that it
is a period of 3 consecutive business days or less)
after
blackout period
in subparagraph (A)(ii), and
(2)by inserting the
following new sentence at the end of subparagraph (B): In the case of
any period that would be a blackout period but for the fact that it is a period
of 3 consecutive business days or less, the preceding sentence shall apply to
such period if the person referred to in subparagraph (A)(ii) meets the
requirements described in the preceding sentence with respect to such period in
the same manner as if it were a blackout period.
(e)Amendments
related to section 624Section 404(c)(5) of ERISA is amended by
striking participant
each place it appears and inserting
participant or beneficiary
.
8.Amendments
related to title VII
(1)
(A)Section
203(f)(1)(B) of ERISA is amended to read as follows:
(B)the requirements
of section 204(c) or 205(g), or the requirements of subsection (e), with
respect to accrued benefits derived from employer
contributions,
.
(B)Section 204(b)(5)
of ERISA is amended—
(i)by
striking clause
in subparagraph (A)(iii) and inserting
subparagraph
, and
(ii)by
inserting otherwise
before allowable
in
subparagraph (C).
(C)Subclause (II) of
section 204(b)(5)(B)(i) of ERISA is amended to read as follows:
(II)An applicable defined benefit plan shall be
treated as failing to meet the requirements of paragraph (1)(H) unless the plan
provides that an interest credit (or equivalent amount) of less than zero shall
in no event result in the account balance or similar amount being less than the
aggregate amount of contributions credited to the
account.
.
(2)
(A)Section 411(b)(5)
of the 1986 Code is amended—
(i)by
striking clause
in subparagraph (A)(iii) and inserting
subparagraph
, and
(ii)by
inserting otherwise
before allowable
in
subparagraph (C).
(B)Section
411(a)(13)(A) of the 1986 Code is amended—
(i)by
striking paragraph (2)
in clause (i) and inserting
subparagraph (B)
,
(ii)by
striking clause (ii) and inserting the following new clause:
(ii)the requirements
of subsection (a)(11) or (c), or the requirements of section 417(e), with
respect to accrued benefits derived from employer
contributions,
,
and
(iii)by striking
paragraph (3)
in the matter following clause (ii) and inserting
subparagraph (C)
.
(C)Subclause (II) of
section 411(b)(5)(B)(i) of the 1986 Code is amended to read as follows:
(II)An applicable defined benefit plan shall be treated as
failing to meet the requirements of paragraph (1)(H) unless the plan provides
that an interest credit (or equivalent amount) of less than zero shall in no
event result in the account balance or similar amount being less than the
aggregate amount of contributions credited to the
account.
.
(3)
(A)Section 701(d)(2)
of the 2006 Act is amended by striking 204(g)
and inserting
205(g)
.
(B)Section 701(e) of
the 2006 Act is amended—
(i)by
inserting on or
after period
in paragraph
(3),
(ii)in
paragraph (4)—
(I)by inserting
the earlier of
after before
in the matter
preceding subparagraph (A), and
(II)by striking
earlier
and inserting later
in subparagraph
(A),
(iii)by inserting
on or
before after
each place it appears in
paragraph (5), and
(iv)by
adding at the end the following new paragraph:
(6)Special rule
for vesting requirementsThe requirements of section 203(f)(2) of
the Employee Retirement Income Security Act of 1974 and section 411(a)(13)(B)
of the Internal Revenue Code of 1986 (as added by this Act)—
(A)shall not apply
to a participant who does not have an hour of service after the effective date
of such requirements (as otherwise determined under this subsection);
and
(B)in the case of a
plan other than a plan described in paragraph (3) or (4), shall apply to plan
years ending on or after June 29,
2005.
.
9.Amendments
related to title VIII
(a)Amendments
related to section 801
(1)Section 404(o) of
the 1986 Code is amended—
(A)by striking
430(g)(2)
in paragraph (2)(A)(ii) and inserting
430(g)(3)
, and
(B)by striking
412(f)(4)
in paragraph (4)(B) and inserting
412(d)(3)
.
(2)Section
404(a)(7)(A) of the 1986 Code is amended—
(A)by striking the
next to last sentence, and
(B)by striking
the plan's funding shortfall determined under section 430
in the
last sentence and inserting the excess (if any) of the plan's funding
target (as defined in section 430(d)(1)) over the value of the plan's assets
(as determined under section 430(g)(3))
.
(b)Amendment
related to section 803Clause (iii) of section 404(a)(7)(C) of
the 1986 Code is amended to read as follows:
(iii)In
the case of employer contributions to 1 or more defined contribution
plans—
(I)if such
contributions do not exceed 6 percent of the compensation otherwise paid or
accrued during the taxable year to the beneficiaries under such plans, this
paragraph shall not apply to such contributions or to employer contributions to
the defined benefit plans to which this paragraph would otherwise apply by
reason of contributions to the defined contribution plans, and
(II)if such
contributions exceed 6 percent of such compensation, this paragraph shall be
applied by only taking into account such contributions to the extent of such
excess.
For purposes
of this clause, amounts carried over from preceding taxable years under
subparagraph (B) shall be treated as employer contributions to 1 or more
defined contributions plans to the extent attributable to employer
contributions to such plans in such preceding taxable
years..
(c)Amendments
related to section 824
(1)Section
408A(c)(3)(B) of the 1986 Code, as in effect after the amendments made by
section 824(b)(1) of the 2006 Act, is amended—
(A)by striking the
second an
before eligible
,
(B)by striking
other than a Roth IRA
, and
(C)by adding at the
end the following new flush sentence:
This subparagraph shall not
apply to a qualified rollover contribution from a Roth IRA or to a qualified
rollover contribution from a designated Roth account which is a rollover
contribution described in section 402A(c)(3)(A).
(2)Section
408A(d)(3)(B), as in effect after the amendments made by section 824(b)(2)(B)
of the 2006 Act, is amended by striking (other than a Roth IRA)
and by inserting at the end the following new sentence: This paragraph
shall not apply to a distribution which is a qualified rollover contribution
from a Roth IRA or a qualified rollover contribution from a designated Roth
account which is a rollover contribution described in section
402A(c)(3)(A)
.
(d)The first sentence of section 72(t)(2)(G)(iv) of the
1986 Code is amended by inserting on or
before
before
.
(e)Amendments
related to section 829
(1)Section
402(c)(11) of the 1986 Code is amended—
(A)by inserting
described in paragraph (8)(B)(iii)
after eligible
retirement plan
in subparagraph (A), and
(B)by striking
trust
before designated beneficiary
in
subparagraph (B).
(2)(A)Section 402(f)(2)(A) of
the 1986 Code is amended by adding at the end the following new sentence:
Such term shall include any distribution which is treated as an eligible
rollover distribution by reason of section 403(a)(4)(B), 403(b)(8)(B), or
457(e)(16)(B).
(B)Clause (i) of section 402(c)(11) of
the 1986 Code is amended by striking for purposes of this
subsection
.
(C)The amendments made by this paragraph
shall apply with respect to plan years beginning after December 31,
2008.
(f)Amendment
related to section 832Section 415(f) of the 1986 Code is amended
by striking paragraph (2) and by redesignating paragraph (3) as paragraph
(2).
(g)Amendments
related to section 833
(1)Section
408A(c)(3)(C) of the 1986 Code, as added by section 833(c) of the 2006 Act, is
redesignated as subparagraph (E).
(2)In the case of
taxable years beginning after December 31, 2009, section 408A(c)(3)(E) of the
1986 Code (as redesignated by paragraph (1))—
(A)is redesignated
as subparagraph (D), and
(B)is amended by
striking subparagraph (C)(ii)
and inserting subparagraph
(B)(ii)
.
(h)Amendments related to section 841
(1)Section
420(c)(1)(A) of the 1986 Code is amended by adding at the end the following new
sentence: In the case of a qualified future transfer or collectively
bargained transfer to which subsection (f) applies, any assets so transferred
may also be used to pay liabilities described in subsection
(f)(2)(C).
(2)Section 420(f)(2)
of the 1986 Code is amended by striking such
before the
applicable
in subparagraph (D)(i)(I).
(3)Section
4980(c)(2)(B) of the 1986 Code is amended by striking or
at the
end of clause (i), by striking the period at the end of clause (ii) and
inserting , or
, and by adding at the end the following new
clause:
(iii)any transfer
described in section
420(f)(2)(B)(ii)(II).
.
(i)Amendments
related to section 845
(1)Subsection (l) of
section 402 of the 1986 Code is amended—
(A)in paragraph
(1)—
(i)by
inserting maintained by the employer described in paragraph
(4)(B)
after an eligible retirement plan
, and
(ii)by striking
of the employee, his spouse, or dependents (as defined in section
152)
,
(B)in paragraph
(4)(D), by—
(i)inserting
(as defined in section 152)
after dependents
,
and
(ii)striking
health insurance plan
and inserting health plan
,
and
(C)in paragraph
(5)(A), by striking health insurance plan
and inserting
health plan
.
(2)Subparagraph (B) of
section 402(l)(3) of the 1986 Code is amended by striking all amounts
distributed from all eligible retirement plans were treated as 1 contract for
purposes of determining the inclusion of such distribution under section
72
and inserting all amounts to the credit of the eligible
public safety officer in all eligible retirement plans maintained by the
employer described in paragraph (4)(B) were distributed during such taxable
year and all such plans were treated as 1 contract for purposes of determining
under section 72 the aggregate amount which would have been so
includible
.
(j)Amendments
related to section 854
(1)Section
3121(b)(5)(E) of the 1986 Code is amended by striking or special trial
judge
.
(2)Section
210(a)(5)(E) of the Social Security Act is amended by striking or
special trial judge
.
(k)Amendments
related to section 856Section 856 of the 2006 Act, and the
amendments made by such section, are hereby repealed, and the Internal Revenue
Code of 1986 shall be applied and administered as if such sections and
amendments had not been enacted.
(l)Amendment
related to section 864Section 864(a) of the 2006 Act is amended
by striking Reconciliation
.
10.Amendments
related to title IX
(a)Amendment
related to section 901Section 401(a)(35)(E)(iv) of the 1986 Code
is amended to read as follows:
(iv)One-participant
retirement planFor purposes of clause (iii), the term
one-participant retirement plan means a retirement plan that on
the first day of the plan year—
(I)covered only one
individual (or the individual and the individual's spouse) and the individual
(or the individual and the individual's spouse) owned 100 percent of the plan
sponsor (whether or not incorporated), or
(II)covered only one
or more partners (or partners and their spouses) in the plan
sponsor.
.
(b)Amendments
related to section 902
(1)Section
401(k)(13)(D)(i)(I) of the 1986 Code is amended by striking such
compensation as exceeds 1 percent but does not
and inserting
such contributions as exceed 1 percent but do not
.
(2)Sections
401(k)(8)(E) and 411(a)(3)(G) of the 1986 Code are each amended—
(A)by striking
an erroneous automatic contribution
and inserting a
permissible withdrawal
, and
(B)by striking
erroneous automatic
contribution
in the heading and inserting
permissible
withdrawal
.
(3)Section
402(g)(2)(A)(ii) of the 1986 Code is amended by inserting through the
end of such taxable year
after such amount
.
(4)Section 414(w)(3)
of the 1986 Code is amended—
(A)in subparagraph
(B), by inserting and
after the comma at the end,
(B)by striking
subparagraph (C), and
(C)by redesignating
subparagraph (D) as subparagraph (C).
(5)Section 414(w)(5)
of the 1986 Code is amended by striking and
at the end of
subparagraph (B), by striking the period at the end of subparagraph (C) and
inserting a comma, and by adding at the end the following:
(D)a simplified
employee pension the terms of which provide for a salary reduction arrangement
described in section 408(k)(6), and
(E)a simple
retirement account (as defined in section
408(p)).
.
(6)Section 414(w)(6)
of the 1986 Code is amended by inserting or for purposes of applying the
limitation under section 402(g)(1)
before the period at the end.
(c)Amendments
related to section 903
(1)Section 414(x)(1) of the 1986 Code is amended by adding
at the end of paragraph (1) the following new sentence: In the case of a
termination of the defined benefit plan and the applicable defined contribution
plan forming part of an eligible combined plan, the plan administrator shall
terminate each such plan separately.
(2)Section 210(e) of ERISA is amended—
(A)by adding at the
end of paragraph (1) the following new sentence: In the case of a
termination of the defined benefit plan and the applicable defined contribution
plan forming part of an eligible combined plan, the plan administrator shall
terminate each such plan separately.
, and
(B)by striking
paragraph (3) and by redesignating paragraphs (4), (5), and (6) as paragraphs
(3), (4), and (5), respectively.
(d)Amendments
related to section 906
(1)Section
906(b)(1)(B)(ii) of the 2006 Act is amended by striking paragraph
(1)
and inserting paragraph (10)
.
(2)Section 4021(b)
of ERISA is amended by inserting or
at the end of paragraph
(12), by striking ; or
at the end of paragraph (13) and
inserting a period, and by striking paragraph (14).
11.Amendments
related to title X
(a)Amendments to
Railroad Retirement Act
(1)Section 14(b) of
the Railroad Retirement Act of 1974 (45 U.S.C. 231m(b)) is amended by adding at
the end the following:
(3)(i)Payments made pursuant
to paragraph (2) of this subsection shall not require that the employee be
entitled to an annuity under section 2(a)(1) of this Act: Provided, however,
That where an employee is not entitled to such an annuity, payments made
pursuant to paragraph (2) may not begin before the month in which the following
three conditions are satisfied:
(A)The employee has completed ten
years of service in the railroad industry or, five years of service all of
which accrues after December 31, 1995.
(B)The spouse or former spouse attains
age 62.
(C)The employee attains age 62 (or if
deceased, would have attained age 62).
(ii)Payments made pursuant to paragraph
(2) of this subsection shall terminate upon the death of the spouse or former
spouse, unless the court document provides for termination at an earlier date.
Notwithstanding the language in a court order, that portion of payments made
pursuant to paragraph (2) which represents payments computed pursuant to
section 3(f)(2) of this Act shall not be paid after the death of the
employee.
(iii)If the employee is not entitled to
an annuity under section 2(a)(1) of this Act, payments made pursuant to
paragraph (2) of this subsection shall be computed as though the employee were
entitled to an
annuity.
.
(2)Subsection (d) of
section 5 of the Railroad Retirement Act (45 U.S.C. 231d) is repealed.
(b)
(1)The amendment made by
subsection (a)(1) shall apply with respect to payments due for months after
August 2007. If, prior to the effective date of such amendment, payment
pursuant to paragraph (2) of section 14(b) of the Railroad Retirement Act of
1974 (45 U.S.C. 231m(b)) was terminated because of the employee's death,
payment to the former spouse may be reinstated for months after August
2007.
(2)The amendment made by
subsection (a)(2) shall take effect upon the date of the enactment of this
Act.
12.Amendments
related to title XI
(a)Amendment
related to section 1104Section 1104(d)(1) of the 2006 Act is
amended by striking Act
the first place it appears and inserting
section
.
(b)Amendments
related to section 1105Section 3304(a) of the 1986 Code is
amended—
(1)in paragraph
(15)—
(A)by redesignating
clauses (i) and (ii) of subparagraph (A) as subclauses (I) and (II),
(B)by redesignating
subparagraphs (A) and (B) as clauses (i) and (ii),
(C)by striking the
semicolon at the end of clause (ii) (as so redesignated) and inserting ,
and
,
(D)by striking
(15)
and inserting (15)(A) subject to subparagraph
(B),
, and
(E)by adding at the
end the following:
(B)the amount of
compensation shall not be reduced on account of any payments of governmental or
other pensions, retirement or retired pay, annuity, or other similar payments
which are not includible in the gross income of the individual for the taxable
year in which it was paid because it was part of a rollover
distribution;
,
and
(2)by striking the
last sentence.
(c)Amendments
related to section 1106Section 3(37)(G) of ERISA is amended
by—
(1)striking
paragraph
each place it appears in clauses (ii), (iii), and
(v)(I) and inserting subparagraph
,
(2)striking
subclause (i)(II)
in clause (iii) and inserting clause
(i)(II)
,
(3)striking
subparagraph
in clause (v)(II) and inserting
clause
, and
(4)by striking
section 101(b)(4)
in clause (v)(III) and inserting
section 101(b)(1)
.
13.Amendment
related to title XIISection
408(d)(8)(D) of the 1986 Code is amended by striking all amounts
distributed from all individual retirement plans were treated as 1 contract
under paragraph (2)(A) for purposes of determining the inclusion of such
distribution under section 72
and inserting all amounts in all
individual retirement plans of the individual were distributed during such
taxable year and all such plans were treated as 1 contract for purposes of
determining under section 72 the aggregate amount which would have been so
includible
.
14.
(a)Amendments
related to sections 102 and 112
(1)The last sentence of section 303(g)(3)(B) of ERISA is
amended to read as follows: Any such averaging shall be adjusted for
contributions, distributions, and expected earnings (as determined by the
plan's actuary on the basis of an assumed earnings rate specified by the
actuary but not in excess of the third segment rate applicable under subsection
(h)(2)(C)(iii)), as specified by the Secretary of the Treasury.
.
(2)The last sentence of section 430(g)(3)(B) of the 1986
Code is amended to read as follows: Any such averaging shall be adjusted
for contributions, distributions, and expected earnings (as determined by the
plan's actuary on the basis of an assumed earnings rate specified by the
actuary but not in excess of the third segment rate applicable under subsection
(h)(2)(C)(iii)), as specified by the Secretary.
.
(b)Amendments
related to section 1004
(1)Paragraph (2) of
section 205(d) of ERISA is amended by adding at the end the following:
(C)Notwithstanding subparagraph (B), the
applicable percentage is any percentage greater than or equal to
662/3 percent but not more than 75 percent if—
(i)the plan is a defined contribution
plan maintained for its employees by an employer which is either exempt from
tax under section 501(a) of the Internal Revenue Code of 1986 or aggregated
under subsection (b), (c), (m), or (o) of section 414 of such Code with an
organization that is exempt from tax under section 501(a) of such Code,
(ii)the survivor annuity percentage for
the plan’s qualified joint and survivor annuity is 50 percent, and
(iii)each participant may elect (subject
to the requirements of subsection (a)) an annuity for the life of the
participant with a survivor annuity for the life of the spouse which is equal
to 100 percent of the amount of the annuity which is payable during the joint
lives of the participant and spouse and which is the actuarial equivalent of a
single annuity for the life of the
participant.
.
(2)Subsection (g) of
section 417 of the 1986 Code is amended by adding at the end the
following:
(3)Alternative
method of complianceNotwithstanding paragraph (2), the
applicable percentage is any percentage greater than or equal to
662/3 percent but not more than 75 percent if—
(A)the plan is a
defined contribution plan maintained for its employees by an employer which is
either exempt from tax under section 501(a) or aggregated under subsection (b),
(c), (m), or (o) of section 414 with an organization that is exempt from tax
under section 501(a),
(B)the survivor
annuity percentage for the plan’s qualified joint and survivor annuity is 50
percent, and
(C)each participant
may elect (subject to the requirements of subsection (a)) an annuity for the
life of the participant with a survivor annuity for the life of the spouse
which is equal to 100 percent of the amount of the annuity which is payable
during the joint lives of the participant and spouse and which is the actuarial
equivalent of a single annuity for the life of the
participant.
.
15.Except as otherwise
provided in this Act, the amendments made by this Act shall take effect as if
included in the provisions of the 2006 Act to which the amendments
relate.
Passed the Senate
December 19, 2007.
Secretary.