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clude on such return the identifying number (for purposes
of this title) of such dependent.’’
(c) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section
shall apply to returns for taxable years beginning
after December 31, 1994.
(2) EXCEPTION.—The amendments made by
this section shall not apply to—
(A) returns for taxable years beginning in
1995 with respect to individuals who are born
after October 31, 1995, and
(B) returns for taxable years beginning in
1996 with respect to individuals who are born
after November 30, 1996.
SEC. 743. EXTENSION OF INTERNAL REVENUE SERVICE
USER FEES.
Subsection (c) of section 10511 of the Revenue Act
of 1987 (relating to fees for requests for ruling, deter-
mination, and similar letters) is amended by striking ‘‘Oc-
tober 1, 1995’’ and inserting ‘‘October 1, 2000’’.
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SEC. 744. MODIFICATION OF SUBSTANTIAL UNDERSTATE-
MENT PENALTY FOR CORPORATIONS PAR-
TICIPATING IN TAX SHELTERS.
(a) IN GENERAL.—Subparagraph (C) of section
6662(d)(2) (relating to special rules in cases involving tax
shelters) is amended by redesignating clause (ii) as clause
(iii) and by inserting after clause (i) the following new
clause:
‘‘(ii) SUBPARAGRAPH
(B)
NOT
TO
APPLY TO CORPORATIONS.—Subparagraph
(B) shall not apply to any item of a cor-
poration which is attributable to a tax
shelter.’’
(b) TECHNICAL AMENDMENTS.—
(1) Clause (i) of section 6662(d)(2)(C) is
amended by striking ‘‘In the case of any item’’ and
inserting ‘‘In the case of any item of a taxpayer
other than a corporation which is’’.
(2) Clause (iii) of section 6662(d)(2)(C), as re-
designated by subsection (a), is amended by striking
‘‘clause (i)’’ and inserting ‘‘this subparagraph’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to items related to transactions
occurring after the date of the enactment of this Act.
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SEC. 745. MODIFICATION OF AUTHORITY TO SET TERMS
AND CONDITIONS FOR SAVINGS BONDS.
(a) IN GENERAL.—Subsection (b) of section 3105 of
title 31, United States Code, is amended to read as fol-
lows:
‘‘(b)(1) The Secretary may—
‘‘(A) fix the investment yield for savings bonds;
and
‘‘(B) change the investment yield on an out-
standing savings bond, except that the yield on a
bond for the period held may not be decreased below
the minimum yield for the period guaranteed on the
date of issue.
‘‘(2) The Secretary may prescribe regulations provid-
ing that—
‘‘(A) owners of savings bonds may keep the
bonds after maturity or after a period beyond matu-
rity during which the bonds have earned interest and
continue to earn interest at rates consistent with
paragraph (1) of this subsection; and
‘‘(B) savings bonds earning a different rate of
interest before the regulations are prescribed shall
earn a rate of interest consistent with paragraph
(1).’’
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(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to bonds issued after October 31,
1994.
Subtitle F—Pension Plan Funding
and Premiums
SEC. 750. SHORT TITLE.
This subtitle may be cited as the ‘‘Retirement Protec-
tion Act of 1994’’.
PART I—PENSION PLAN FUNDING
Subpart A—Amendments to the Internal Revenue
Code of 1986
SEC. 751. MINIMUM FUNDING REQUIREMENTS.
(a) AMENDMENTS
TO ADDITIONAL FUNDING RE-
QUIREMENTS FOR SINGLE-EMPLOYER PLANS.—
(1) LIMITATIONS ON ADDITIONAL FUNDING RE-
QUIREMENT FOR CERTAIN PLANS.—
(A) IN GENERAL.—Paragraph (1) of sec-
tion 412(l) (relating to additional funding re-
quirements for plans which are not multiem-
ployer plans) is amended by striking ‘‘which has
an unfunded current liability’’ and inserting ‘‘to
which this subsection applies under paragraph
(9)’’.
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(B) PLANS TO WHICH REQUIREMENT AP-
PLIES.—Section 412(l) is amended by adding at
the end the following new paragraph:
‘‘(9) APPLICABILITY OF SUBSECTION.—
‘‘(A) IN GENERAL.—Except as provided in
paragraph (6)(A), this subsection shall apply to
a plan for any plan year if its funded current
liability percentage for such year is less than 90
percent.
‘‘(B) EXCEPTION FOR CERTAIN PLANS AT
LEAST
PERCENT
FUNDED.—Subparagraph
(A) shall not apply to a plan for a plan year
if—
‘‘(i) the funded current liability per-
centage for the plan year is at least 80
percent, and
‘‘(ii) such percentage for each of the
2 immediately preceding plan years (or
each of the 2d and 3d immediately preced-
ing plan years) is at least 90 percent.
‘‘(C) FUNDED
CURRENT
LIABILITY
PER-
CENTAGE.—For purposes of subparagraphs (A)
and (B), the term ‘funded current liability per-
centage’ has the meaning given such term by
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paragraph (8)(B), except that such percentage
shall be determined for any plan year—
‘‘(i) without regard to paragraph
(8)(E), and
‘‘(ii) by using the rate of interest
which is the highest rate allowable for the
plan year under paragraph (7)(C).
‘‘(D) TRANSITION RULES.—For purposes
of this paragraph:
‘‘(i) 
FUNDED
PERCENTAGE
FOR
YEARS BEFORE 1995.—The funded current
liability percentage for any plan year be-
ginning before January 1, 1995, shall be
treated as not less than 90 percent only if
for such plan year the plan met one of the
following requirements (as in effect for
such year):
‘‘(I) The full-funding limitation
under subsection (c)(7) for the plan
was zero.
‘‘(II) The plan had no additional
funding requirement under this sub-
section (or would have had no such
requirement if its funded current li-
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ability percentage had been deter-
mined under subparagraph (C)).
‘‘(III) The plan’s additional fund-
ing requirement under this subsection
did not exceed the lesser of 0.5 per-
cent of current liability or $5,000,000.
‘‘(ii) SPECIAL
RULE
FOR
1995
AND
1996.—For purposes of determining wheth-
er subparagraph (B) applies to any plan
year beginning in 1995 or 1996, a plan
shall be treated as meeting the require-
ments of subparagraph (B)(ii) if the plan
met the requirements of clause (i) of this
subparagraph for any two of the plan years
beginning in 1992, 1993, and 1994
(whether or not consecutive).’’
(2) RELATIONSHIP
OF
ADDITIONAL
FUNDING
REQUIREMENT
TO
FUNDING
STANDARD
ACCOUNT
CHARGES AND CREDITS.—
(A) Clause (ii) of section 412(l)(1)(A) is
amended to read as follows:
‘‘(ii) the sum of the charges for such
plan year under subsection (b)(2), reduced
by the sum of the credits for such plan
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year under subparagraph (B) of subsection
(b)(3), plus’’.
(B) The last sentence in section 412(l)(1)
of such Code is amended to read as follows:
‘‘Such increase shall not exceed the amount which,
after taking into account charges (other than the ad-
ditional charge under this subsection) and credits
under subsection (b), is necessary to increase the
funded current liability percentage (taking into ac-
count the expected increase in current liability due
to benefits accruing during the plan year) to 100
percent.’’
(3) AMENDMENT TO DEFICIT REDUCTION CON-
TRIBUTION.—Paragraph (2) of section 412(l) is
amended—
(A) by striking ‘‘plus’’ at the end of sub-
paragraph (A);
(B) by striking the period at the end of
subparagraph (B) and inserting ‘‘, plus’’; and
(C) by adding at the end the following new
subparagraph:
‘‘(C) the expected increase in current li-
ability due to benefits accruing during the plan
year.’’
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(4) INCREASE IN CURRENT LIABILITY DUE TO
CHANGE IN REQUIRED ASSUMPTIONS.—
(A) Paragraph (3) of section 412(l) is
amended by adding at the end the following
new subparagraphs:
‘‘(D) 
SPECIAL
RULE
FOR
REQUIRED
CHANGES IN ACTUARIAL ASSUMPTIONS.—
‘‘(i) IN GENERAL.—The unfunded old
liability amount with respect to any plan
for any plan year shall be increased by the
amount necessary to amortize the amount
of additional unfunded old liability under
the plan in equal annual installments over
a period of 12 plan years (beginning with
the first plan year beginning after Decem-
ber 31, 1994).
‘‘(ii) ADDITIONAL UNFUNDED OLD LI-
ABILITY.—For purposes of clause (i), the
term ‘additional unfunded old liability’
means the amount (if any) by which—
‘‘(I) the current liability of the
plan as of the beginning of the first
plan year beginning after December
31, 1994, valued using the assump-
tions required by paragraph (7)(C) as
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in effect for plan years beginning
after December 31, 1994, exceeds
‘‘(II) the current liability of the
plan as of the beginning of such first
plan year, valued using the same as-
sumptions used under subclause (I)
(other than the assumptions required
by paragraph (7)(C)), using the prior
interest rate, and using such mortality
assumptions as were used to deter-
mine current liability for the first plan
year beginning after December 31,
1992.
‘‘(iii) PRIOR
INTEREST
RATE.—For
purposes of clause (ii), the term ‘prior in-
terest rate’ means the rate of interest that
is the same percentage of the weighted av-
erage under subsection (b)(5)(B)(ii)(I) for
the first plan year beginning after Decem-
ber 31, 1994, as the rate of interest used
by the plan to determine current liability
for the first plan year beginning after De-
cember 31, 1992, is of the weighted aver-
age under subsection (b)(5)(B)(ii)(I) for
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such first plan year beginning after De-
cember 31, 1992.
‘‘(E) OPTIONAL
RULE
FOR
ADDITIONAL
UNFUNDED OLD LIABILITY.—
‘‘(i) IN
GENERAL.—If an employer
makes an election under clause (ii), the ad-
ditional unfunded old liability for purposes
of subparagraph (D) shall be the amount
(if any) by which—
‘‘(I) the unfunded current liabil-
ity of the plan as of the beginning of
the first plan year beginning after De-
cember 31, 1994, valued using the as-
sumptions 
required 
by 
paragraph
(7)(C) as in effect for plan years be-
ginning after December 31, 1994, ex-
ceeds
‘‘(II) the unamortized portion of
the unfunded old liability under the
plan as of the beginning of the first
plan year beginning after December
31, 1994.
‘‘(ii) ELECTION.—
‘‘(I) An employer may irrevocably
elect to apply the provisions of this
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subparagraph as of the beginning of
the first plan year beginning after De-
cember 31, 1994.
‘‘(II) If an election is made under
this clause, the increase under para-
graph (1) for any plan year beginning
after December 31, 1994, and before
January 1, 2002, to which this sub-
section applies (without regard to this
subclause) shall not be less than the
increase that would be required under
paragraph (1) if the provisions of this
title as in effect for the last plan year
beginning before January 1, 1995,
had remained in effect.’’
(B) Clause (i) of section 412(l)(4)(B) is
amended by inserting ‘‘, the unamortized por-
tion of the additional unfunded old liability,’’
after ‘‘old liability’’.
(5) APPLICABLE PERCENTAGE FOR DETERMIN-
ING UNFUNDED NEW LIABILITY AMOUNT.—Subpara-
graph (C) of section 412(l)(4) is amended—
(A) by striking ‘‘.25’’ and inserting ‘‘.40’’,
and
(B) by striking ‘‘35’’ and inserting ‘‘60’’.
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(6) 
UNPREDICTABLE
CONTINGENT
EVENT
AMOUNT.—
(A) Subparagraph (A) of section 412(l)(5)
is amended—
(i) by striking ‘‘greater of’’ and insert-
ing ‘‘greatest of’’ before clause (i);
(ii) by striking ‘‘or’’ at the end of
clause (i);
(iii) by striking the period at the end
of clause (ii) and inserting ‘‘, or’’; and
(iv) by adding after clause (ii) the fol-
lowing new clause:
‘‘(iii) the additional amount that
would be determined under paragraph
(4)(A) if the unpredictable contingent
event benefit liabilities were included in
unfunded new liability notwithstanding
paragraph (4)(B)(ii).’’
(B) Paragraph (5) of section 412(l) is
amended by adding at the end the following
new subparagraph:
‘‘(E) LIMITATION.—The present value of
the amounts described in subparagraph (A)
with respect to any one event shall not exceed
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the unpredictable contingent event benefit li-
abilities attributable to that event.’’
(C) Clause (ii) of section 412(m)(4)(D) is
amended—
(i) by striking ‘‘greater of’’ and insert-
ing ‘‘greatest of’’ before subclause (I);
(ii) by striking ‘‘or’’ at the end of
subclause (I);
(iii) by striking the period at the end
of subclause (II) and inserting ‘‘, or’’; and
(iv) by adding after subclause (II) the
following new clause:
‘‘(III) 25 percent of the amount
determined 
under 
subsection
(l)(5)(A)(iii) for the plan year.’’
(7) REQUIRED INTEREST RATE AND MORTALITY
ASSUMPTIONS FOR DETERMINING CURRENT LIABIL-
ITY.—
(A) IN
GENERAL.—Subparagraph (C) of
section 412(l)(7) is amended to read as follows:
‘‘(C) INTEREST RATE AND MORTALITY AS-
SUMPTIONS USED.—Effective for plan years be-
ginning after December 31, 1994—
‘‘(i) INTEREST RATE.—
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‘‘(I) IN GENERAL.—The rate of
interest used to determine current li-
ability under this subsection shall be
the rate of interest used under sub-
section (b)(5), except that the highest
rate in the permissible range under
subparagraph (B)(ii) thereof shall not
exceed the specified percentage under
subclause (II) of the weighted average
referred to in such subparagraph.
‘‘(II) SPECIFIED PERCENTAGE.—
For purposes of subclause (I), the
specified percentage shall be deter-
mined as follows:
‘‘In the case of
plan years beginning
The specified
in calendar year:
percentage is:
1995 .................................................
109
1996 .................................................
108
1997 .................................................
107
1998 .................................................
106
1999 and thereafter .........................
105.
‘‘(ii) MORTALITY TABLES.—
‘‘(I) COMMISSIONERS’ STANDARD
TABLE.—In the case of plan years be-
ginning before the first plan year to
which the first tables prescribed under
subclause (II) apply, the mortality
table used in determining current li-
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ability under this subsection shall be
the table prescribed by the Secretary
which is based on the prevailing com-
missioners’ standard table (described
in section 807(d)(5)(A)) used to de-
termine reserves for group annuity
contracts issued on January 1, 1993.
‘‘(II) 
SECRETARIAL
AUTHOR-
ITY.—The Secretary may by regula-
tion prescribe for plan years beginning
after December 31, 1999, mortality
tables to be used in determining cur-
rent liability under this subsection.
Such tables shall be based upon the
actual experience of pension plans and
projected trends in such experience.
In prescribing such tables, the Sec-
retary shall take into account results
of available independent studies of
mortality of individuals covered by
pension plans.
‘‘(III) PERIODIC
REVIEW.—The
Secretary shall periodically (at least
every 5 years) review any tables in ef-
fect under this subsection and shall,
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to the extent the Secretary determines
necessary, by regulation update the
tables to reflect the actual experience
of pension plans and projected trends
in such experience.
‘‘(iii) SEPARATE MORTALITY TABLES
FOR
THE
DISABLED.—Notwithstanding
clause (ii)—
‘‘(I) IN GENERAL.—In the case
of plan years beginning after Decem-
ber 31, 1995, the Secretary shall es-
tablish mortality tables which may be
used (in lieu of the tables under
clause (ii)) to determine current liabil-
ity under this subsection for individ-
uals who are entitled to benefits under
the plan on account of disability. The
Secretary shall establish separate ta-
bles for individuals whose disabilities
occur in plan years beginning before
January 1, 1995, and for individuals
whose disabilities occur in plan years
beginning on or after such date.
‘‘(II) SPECIAL
RULE
FOR
DIS-
ABILITIES OCCURRING AFTER 1994.—
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In the case of disabilities occurring in
plan years beginning after December
31, 1994, the tables under subclause
(I) shall apply only with respect to in-
dividuals described in such subclause
who are disabled within the meaning
of title II of the Social Security Act
and the regulations thereunder.
‘‘(III) PLAN
YEARS
BEGINNING
IN 1995.—In the case of any plan year
beginning in 1995, a plan may use its
own mortality assumptions for indi-
viduals who are entitled to benefits
under the plan on account of disabil-
ity.’’
(B) AMORTIZATION OF UNFUNDED MOR-
TALITY INCREASE AMOUNT.—
(i) IN
GENERAL.—Paragraph (2) of
section 412(l), as amended by paragraph
(3), is amended by striking ‘‘plus’’ at the
end of subparagraph (B), by striking the
period at the end of subparagraph (C) and
inserting ‘‘, and’’, and by adding at the
end the following new subparagraph:
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‘‘(D) the aggregate of the unfunded mor-
tality increase amounts.’’
(ii) UNFUNDED MORTALITY INCREASE
AMOUNT.—Section 412(l), as amended by
paragraph (1), is amended by adding at
the end the following new paragraph:
‘‘(10) 
UNFUNDED
MORTALITY
INCREASE
AMOUNT.—
‘‘(A) IN GENERAL.—The unfunded mortal-
ity increase amount with respect to each un-
funded mortality increase is the amount nec-
essary to amortize such increase in equal an-
nual installments over a period of 10 plan years
(beginning with the first plan year for which a
plan uses any new mortality table issued under
paragraph (7)(C)(ii)(II) or (III)).
‘‘(B) UNFUNDED MORTALITY INCREASE.—
For purposes of subparagraph (A), the term
‘unfunded mortality increase’ means an amount
equal to the excess of—
‘‘(i) the current liability of the plan
for the first plan year for which a plan
uses any new mortality table issued under
paragraph (7)(C)(ii)(II) or (III), over
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‘‘(ii) the current liability of the plan
for such plan year which would have been
determined if the mortality table in effect
for the preceding plan year had been
used.’’
(iii) 
CONFORMING
AMENDMENT.—
Clause (i) of section 412(l)(4)(B), as
amended by paragraph (4)(B), is amended
by inserting ‘‘the unamortized portion of
each unfunded mortality increase,’’ after
‘‘additional unfunded old liability,’’.
(8) TRANSITION
RULE.—Section 412(l), as
amended by paragraph (7), is amended by adding at
the end the following new paragraph:
‘‘(11) PHASE-IN
OF
INCREASES
IN
FUNDING
REQUIRED
BY
RETIREMENT
PROTECTION
ACT
OF
1994.—
‘‘(A) IN
GENERAL.—For any applicable
plan year, at the election of the employer, the
increase under paragraph (1) shall not exceed
the greater of—
‘‘(i) the increase that would be re-
quired under paragraph (1) if the provi-
sions of this title as in effect for plan years
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beginning before January 1, 1995, had re-
mained in effect, or
‘‘(ii) the amount which, after taking
into account charges (other than the addi-
tional charge under this subsection) and
credits under subsection (b), is necessary
to increase the funded current liability per-
centage (taking into account the expected
increase in current liability due to benefits
accruing during the plan year) for the ap-
plicable plan year to a percentage equal to
the sum of the initial funded current liabil-
ity percentage of the plan plus the applica-
ble number of percentage points for such
applicable plan year.
‘‘(B) APPLICABLE NUMBER OF PERCENT-
AGE POINTS.—
‘‘(i) INITIAL
FUNDED
CURRENT
LI-
ABILITY PERCENTAGE OF 75 PERCENT OR
LESS.—Except as provided in clause (ii),
for plans with an initial funded current li-
ability percentage of 75 percent or less, the
applicable number of percentage points for
the applicable plan year is:
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‘‘In the case
The applicable
of applicable
number of
plan years
percentage
beginning in:
points is:
1995 .....................................................
1996 .....................................................
1997 .....................................................
1998 .....................................................
1999 .....................................................
2000 .....................................................
2001 .....................................................
24.
‘‘(ii) OTHER CASES.—In the case of a
plan to which this clause applies, the appli-
cable number of percentage points for any
such applicable plan year is the sum of—
‘‘(I) 2 percentage points;
‘‘(II) the applicable number of
percentage points (if any) under this
clause for the preceding applicable
plan year;
‘‘(III) the product of .10 multi-
plied by the excess (if any) of (a) 85
percentage points over (b) the sum of
the initial funded current liability per-
centage and the number determined
under subclause (II);
‘‘(IV) for applicable plan years
beginning in 2000, 1 percentage
point; and
‘‘(V) for applicable plan years be-
ginning in 2001, 2 percentage points.
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‘‘(iii) PLANS TO WHICH CLAUSE (ii)
APPLIES.—
‘‘(I) IN
GENERAL.—Clause (ii)
shall apply to a plan for an applicable
plan year if the initial funded current
liability percentage of such plan is
more than 75 percent.
‘‘(II) PLANS
INITIALLY
UNDER
CLAUSE
(i).—In the case of a plan
which (but for this subclause) has an
initial funded current liability percent-
age of 75 percent or less, clause (ii)
(and not clause (i)) shall apply to
such plan with respect to applicable
plan years beginning after the first
applicable plan year for which the
sum of the initial funded current li-
ability percentage and the applicable
number of percentage points (deter-
mined under clause (i)) exceeds 75
percent. For purposes of applying
clause (ii) to such a plan, the initial
funded current liability percentage of
such plan shall be treated as being the
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sum referred to in the preceding sen-
tence.
‘‘(C) DEFINITIONS.—For purposes of this
paragraph:
‘‘(i) The term ‘applicable plan year’
means a plan year beginning after Decem-
ber 31, 1994, and before January 1, 2002.
‘‘(ii) The term ‘initial funded current
liability percentage’ means the funded cur-
rent liability percentage as of the first day
of the first plan year beginning after De-
cember 31, 1994.’’
(9) LIQUIDITY REQUIREMENT.—
(A) IN
GENERAL.—Section 412(m) is
amended by redesignating paragraph (5) as
paragraph (6) and by inserting after paragraph
(4) the following new paragraph:
‘‘(5) LIQUIDITY REQUIREMENT.—
‘‘(A) IN GENERAL.—A plan to which this
paragraph applies shall be treated as failing to
pay the full amount of any required installment
to the extent that the value of the liquid assets
paid in such installment is less than the liquid-
ity shortfall (whether or not such liquidity
shortfall exceeds the amount of such install-
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ment required to be paid but for this para-
graph).
‘‘(B) PLANS
TO
WHICH
PARAGRAPH
AP-
PLIES.—This paragraph shall apply to a de-
fined benefit plan (other than a multiemployer
plan or a plan described in subsection (l)(6)(A))
which—
‘‘(i) is required to pay installments
under this subsection for a plan year, and
‘‘(ii) has a liquidity shortfall for any
quarter during such plan year.
‘‘(C) PERIOD
OF
UNDERPAYMENT.—For
purposes of paragraph (1), any portion of an
installment that is treated as not paid under
subparagraph (A) shall continue to be treated
as unpaid until the close of the quarter in
which the due date for such installment occurs.
‘‘(D) LIMITATION
ON
INCREASE.—If the
amount of any required installment is increased
by reason of subparagraph (A), in no event
shall such increase exceed the amount which,
when added to prior installments for the plan
year, is necessary to increase the funded cur-
rent liability percentage (taking into account
the expected increase in current liability due to
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benefits accruing during the plan year) to 100
percent.
‘‘(E) DEFINITIONS.—For purposes of this
paragraph:
‘‘(i) 
LIQUIDITY
SHORTFALL.—The
term ‘liquidity shortfall’ means, with re-
spect to any required installment, an
amount equal to the excess (as of the last
day of the quarter for which such install-
ment is made) of the base amount with re-
spect to such quarter over the value (as of
such last day) of the plan’s liquid assets.
‘‘(ii) BASE AMOUNT.—
‘‘(I) IN
GENERAL.—The term
‘base amount’ means, with respect to
any quarter, an amount equal to 3
times the sum of the adjusted dis-
bursements from the plan for the 12
months ending on the last day of such
quarter.
‘‘(II) SPECIAL
RULE.—If the
amount determined under clause (i)
exceeds an amount equal to 2 times
the sum of the adjusted disburse-
ments from the plan for the 36
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months ending on the last day of the
quarter and an enrolled actuary cer-
tifies to the satisfaction of the Sec-
retary that such excess is the result of
nonrecurring circumstances, the base
amount with respect to such quarter
shall be determined without regard to
amounts related to those nonrecurring
circumstances.
‘‘(iii) DISBURSEMENTS
FROM
THE
PLAN.—The term ‘disbursements from the
plan’ means all disbursements from the
trust, including purchases of annuities,
payments of single sums and other bene-
fits, and administrative expenses.
‘‘(iv) ADJUSTED
DISBURSEMENTS.—
The term ‘adjusted disbursements’ means
disbursements from the plan reduced by
the product of—
‘‘(I) the plan’s funded current li-
ability percentage (as defined in sub-
section (l)(8)) for the plan year, and
‘‘(II) the sum of the purchases of
annuities, payments of single sums,