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graph) have an accumulated funding deficiency in ex-
cess of the full funding limitation—
‘‘(A) the funding standard account shall be
credited with the amount of such excess, and
‘‘(B) all amounts described in subpara-
graphs (B), (C), and (D) of subsection (b) (2)
and subparagraph (B) of subsection (b)(3) which
are required to be amortized shall be considered
fully amortized for purposes of such subpara-
graphs.
‘‘(6) FULL-FUNDING LIMITATION.—
‘‘(A) IN GENERAL.—For purposes of para-
graph (5), the term ‘full-funding limitation’
means the excess (if any) of—
‘‘(i) 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
‘‘(ii) the lesser of—
‘‘(I) the fair market value of the
plan’s assets, or
‘‘(II) the value of such assets de-
termined under paragraph (2).
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‘‘(B) MINIMUM AMOUNT.—
‘‘(i) IN GENERAL.—In no event shall
the 
full-funding 
limitation 
determined
under subparagraph (A) be less than the ex-
cess (if any) of—
‘‘(I) 90 percent of the current li-
ability of the plan (including the ex-
pected increase in current liability due
to benefits accruing during the plan
year), over
‘‘(II) the value of the plan’s assets
determined under paragraph (2).
‘‘(ii) ASSETS.—For purposes of clause
(i), assets shall not be reduced by any credit
balance in the funding standard account.
‘‘(C) FULL FUNDING LIMITATION.—For pur-
poses of this paragraph, unless otherwise pro-
vided by the plan, the accrued liability under a
multiemployer plan shall not include benefits
which are not nonforfeitable under the plan after
the termination of the plan (taking into consid-
eration section 411(d)(3)).
‘‘(D) CURRENT LIABILITY.—For purposes of
this paragraph—
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‘‘(i) IN GENERAL.—The term ‘current
liability’ means all liabilities to employees
and their beneficiaries under the plan.
‘‘(ii) TREATMENT OF UNPREDICTABLE
CONTINGENT
EVENT
BENEFITS.—For pur-
poses of clause (i), any benefit contingent on
an event other than—
‘‘(I) age, service, compensation,
death, or disability, or
‘‘(II) an event which is reasonably
and reliably predictable (as determined
by the Secretary),
shall not be taken into account until the
event on which the benefit is contingent oc-
curs.
‘‘(iii) INTEREST
RATE
USED.—The
rate of interest used to determine current li-
ability under this paragraph shall be the
rate of interest determined under subpara-
graph (E).
‘‘(iv) 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
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subclause (II) apply, the mortality
table used in determining current li-
ability under this paragraph 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 deter-
mine reserves for group annuity con-
tracts issued on January 1, 1993.
‘‘(II) 
SECRETARIAL
AUTHOR-
ITY.—The Secretary may by regulation
prescribe for plan years beginning
after December 31, 1999, mortality ta-
bles to be used in determining current
liability under this subsection. Such
tables shall be based upon the actual
experience of pension plans and pro-
jected trends in such experience. In
prescribing such tables, the Secretary
shall take into account results of avail-
able independent studies of mortality
of individuals covered by pension
plans.
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‘‘(v) SEPARATE
MORTALITY
TABLES
FOR
THE
DISABLED.—Notwithstanding
clause (iv)—
‘‘(I) IN GENERAL.—The Secretary
shall establish mortality tables which
may be used (in lieu of the tables
under clause (iv)) to determine current
liability under this subsection for indi-
viduals who are entitled to benefits
under the plan on account of dis-
ability. The Secretary shall establish
separate tables for individuals whose
disabilities occur in plan years begin-
ning before January 1, 1995, and for
individuals whose disabilities occur in
plan years beginning on or after such
date.
‘‘(II) SPECIAL RULE FOR DISABIL-
ITIES OCCURRING AFTER 1994.—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 indi-
viduals described in such subclause
who are disabled within the meaning
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of title II of the Social Security Act
and the regulations thereunder.
‘‘(vi) PERIODIC
REVIEW.—The Sec-
retary shall periodically (at least every 5
years) review any tables in effect under this
subparagraph and shall, to the extent such
Secretary determines necessary, by regula-
tion update the tables to reflect the actual
experience of pension plans and projected
trends in such experience.
‘‘(E) REQUIRED
CHANGE
OF
INTEREST
RATE.—For purposes of determining a plan’s
current 
liability 
for 
purposes 
of 
this
paragraph—
‘‘(i) IN GENERAL.—If any rate of in-
terest used under the plan under subsection
(b)(6) to determine cost is not within the
permissible range, the plan shall establish a
new rate of interest within the permissible
range.
‘‘(ii) PERMISSIBLE RANGE.—For pur-
poses of this subparagraph—
‘‘(I) IN GENERAL.—Except as pro-
vided in subclause (II), the term ‘per-
missible range’ means a rate of interest