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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 ex-
cept that the method specified in sec-
tion 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 in-
vestment 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 sub-
sections (f) and (g) as subsections (e) and (f), re-
spectively. 
(c) AMENDMENTS RELATED TO SECTION 503.— 
(1) AMENDMENTS TO ERISA.— 
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(A) Section 104(b)(3) of ERISA is amend-
ed by— 
(i) striking ‘‘section 103(f)’’ and in-
serting ‘‘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) 
AMENDMENTS
TO
2006
ACT.—Section 
503(e) of the 2006 Act is amended by striking ‘‘sec-
tion 101(f)’’ and inserting ‘‘section 104(d)’’. 
(d) AMENDMENT RELATED TO SECTION 505.—Sec-
tion 4010(d)(2)(B) of ERISA is amended by striking ‘‘sec-
tion 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 in-
serting ‘‘, the plan sponsor, or the corporation’’, 
and 
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(B) by striking ‘‘subparagraph (A)(i)’’ and 
inserting ‘‘subparagraph (A)’’. 
(f) AMENDMENTS RELATED TO SECTION 508.—Sec-
tion 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 in-
serting ‘‘The report required under this para-
graph shall be in the same form, and contain 
the same information, as periodic benefit state-
ments 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 admin-
istrator the information necessary for the adminis-
trator to maintain the records, and make the re-
ports, required by paragraph (1). Such adminis-
trator shall maintain the records, and make the re-
ports, required by paragraph (1).’’. 
(g) AMENDMENT RELATED TO SECTION 509.—Sec-
tion 101(i)(8)(B) of ERISA is amended to read as follows: 
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‘‘(B) 
ONE-PARTICIPANT
RETIREMENT 
PLAN.—For 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 incor-
porated), or 
‘‘(ii) covered only one or more part-
ners (or partners and their spouses) in the 
plan sponsor.’’. 
SEC. 106. AMENDMENTS RELATED TO TITLE VI. 
(a) AMENDMENTS RELATED TO SECTION 601.— 
(1) AMENDMENTS TO ERISA.— 
(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 in-
serting ‘‘fiduciary adviser’’. 
(C) Section 408(g)(11)(A) of ERISA is 
amended— 
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(i) by striking ‘‘the participant’’ each 
place it appears and inserting ‘‘a partici-
pant’’, and 
(ii) by striking ‘‘section 408(b)(4)’’ in 
clause 
(ii) 
and 
inserting 
‘‘subsection 
(b)(4)’’. 
(2) AMENDMENTS TO 1986 CODE.— 
(A) Section 4975(d)(17) of the 1986 Code, 
in the matter preceding subparagraph (A), is 
amended by striking ‘‘and that permits’’ and in-
serting ‘‘that permits’’. 
(B) Section 4975(f)(8) of the 1986 Code is 
amended— 
(i) in subparagraph (A), by striking 
‘‘subsection (b)(14)’’ and inserting ‘‘sub-
section (d)(17)’’, 
(ii) in subparagraph (C)(iv)(II), by 
striking ‘‘subsection (b)(14)(B)(ii)’’ and in-
serting ‘‘(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 
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(v) in subparagraph (J)(i)— 
(I) by striking ‘‘the participant’’ 
each place it appears and inserting ‘‘a 
participant’’, 
(II) in the matter preceding sub-
clause (I), by inserting ‘‘referred to in 
subsection (e)(3)(B)’’ after ‘‘invest-
ment advice’’, and 
(III) in subclause (II), by strik-
ing ‘‘section 408(b)(4)’’ and inserting 
‘‘subsection (d)(4)’’. 
(3) 
AMENDMENT
TO
2006
ACT.—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) 
AMENDMENT
TO
ERISA.—Section 
408(b)(18)(C) of ERISA is amended by striking ‘‘or 
less’’. 
(2) AMENDMENTS
TO
1986
CODE.—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 
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(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 ap-
pears and inserting ‘‘disqualified person’’, and 
(C) by striking ‘‘or less’’ in paragraph 
(21)(C). 
(c) AMENDMENTS RELATED TO SECTION 612.—Sec-
tion 4975(f)(11)(B)(i) of the 1986 Code is amended by— 
(1) inserting ‘‘of the Employee Retirement In-
come 
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 624.—Sec-
tion 404(c)(5) of ERISA is amended by striking ‘‘partici-
pant’’ each place it appears and inserting ‘‘participant or 
beneficiary’’. 
SEC. 107. AMENDMENTS RELATED TO TITLE VII. 
(a) AMENDMENTS TO ERISA.— 
(1) 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), 
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paragraph shall be applied by only 
taking into account such contributions 
to the extent of such excess. 
For purposes of this clause, amounts car-
ried over from preceding taxable years 
under subparagraph (B) shall be treated 
as employer contributions to 1 or more de-
fined contributions plans to the extent at-
tributable to employer contributions to 
such plans in such preceding taxable 
years.’’. 
(d) 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 ‘‘el-
igible’’, 
(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 quali-
fied rollover contribution from a Roth IRA or 
to a qualified rollover contribution from a des-
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ignated Roth account which is a rollover con-
tribution 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 fol-
lowing 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)’’. 
(e) AMENDMENT TO SECTION 827.—The first sen-
tence of section 72(t)(2)(G)(iv) of the 1986 Code is 
amended by inserting ‘‘on or’’ before ‘‘before’’. 
(f) 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 
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sentence: ‘‘Such term shall include any distribution 
to a designated beneficiary which would be treated 
as an eligible rollover distribution by reason of sub-
section 
(c)(11), 
or 
section 
403(a)(4)(B), 
403(b)(8)(B), or 457(e)(16)(B), if the requirements 
of subsection (c)(11) were satisfied.’’ 
(B) Clause (i) of section 402(c)(11)(A) 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. 
(g) AMENDMENT RELATED TO SECTION 832.—Sec-
tion 415(f) of the 1986 Code is amended by striking para-
graph (2) and by redesignating paragraph (3) as para-
graph (2). 
(h) 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 redesig-
nated 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 
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(B) is amended by striking ‘‘subparagraph 
(C)(ii)’’ and inserting ‘‘subparagraph (B)(ii)’’. 
(i) 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 fol-
lowing new clause: 
‘‘(iii) any transfer described in section 
420(f)(2)(B)(ii)(II).’’. 
(j) AMENDMENTS RELATED TO SECTION 845.— 
(1) Subsection (l) of section 402 of the 1986 
Code is amended— 
(A) in paragraph (1)— 
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(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 sec-
tion 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 eligi-
ble public safety officer in all eligible retirement 
plans maintained by the employer described in para-
graph (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 ag-
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gregate amount which would have been so includ-
ible’’. 
(k) 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’’. 
(l) AMENDMENTS RELATED TO SECTION 856.—Sec-
tion 856 of the 2006 Act, and the amendments made by 
such section, are hereby repealed, and the Internal Rev-
enue Code of 1986 shall be applied and administered as 
if such sections and amendments had not been enacted. 
(m) AMENDMENT RELATED TO SECTION 864.—Sec-
tion 864(a) of the 2006 Act is amended by striking ‘‘Rec-
onciliation’’. 
SEC. 109. AMENDMENTS RELATED TO TITLE IX. 
(a) AMENDMENT RELATED TO SECTION 901.—Sec-
tion 401(a)(35)(E)(iv) of the 1986 Code is amended to 
read as follows: 
‘‘(iv) ONE-PARTICIPANT RETIREMENT 
PLAN.—For purposes of clause (iii), the 
term 
‘one-participant 
retirement 
plan’ 
means a retirement plan that on the first 
day of the plan year— 
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‘‘(I) covered only one individual 
(or the individual and the individual’s 
spouse) and the individual (or the in-
dividual and the individual’s spouse) 
owned 100 percent of the plan spon-
sor (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 with-
drawal’’, 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 tax-
able year’’ after ‘‘such amount’’. 
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striking ‘‘; or’’ at the end of paragraph (13) and in-
serting a period, and by striking paragraph (14). 
SEC. 110. 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)(A) Payments made pursuant to paragraph 
(2) of this subsection shall not require that the em-
ployee 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, pay-
ments made pursuant to paragraph (2) may not 
begin before the month in which the following three 
conditions are satisfied: 
‘‘(i) 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. 
‘‘(ii) The spouse or former spouse attains 
age 62. 
‘‘(iii) The employee attains age 62 (or if 
deceased, would have attained age 62). 
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‘‘(B) Payments made pursuant to paragraph 
(2) of this subsection shall terminate upon the death 
of the spouse or former spouse, unless the court doc-
ument 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. 
‘‘(C) If the employee is not entitled to an annu-
ity 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) EFFECTIVE DATES.— 
(1) 
SUBSECTION
(a)(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, pay-
ment 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 
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death, payment to the former spouse may be rein-
stated for months after August 2007. 
(2) 
SUBSECTION
(a)(2).—The 
amendment 
made by subsection (a)(2) shall take effect upon the 
date of the enactment of this Act. 
SEC. 111. AMENDMENTS RELATED TO TITLE XI. 
(a) AMENDMENT RELATED TO SECTION 1104.—Sec-
tion 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 1105.— 
Section 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 gov-
ernmental or other pensions, retirement or re-
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tired 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 dis-
tribution;’’, and 
(2) by striking the last sentence. 
(c) AMENDMENTS RELATED TO SECTION 1106.— 
Section 3(37)(G) of ERISA is amended by— 
(1) striking ‘‘paragraph’’ each place it appears 
in clauses (ii), (iii), and (v)(I) and inserting ‘‘sub-
paragraph’’, 
(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)’’. 
SEC. 112. EFFECTIVE DATE. 
Except as otherwise provided in this title, the amend-
ments made by this title shall take effect as if included 
in the provisions of the 2006 Act to which the amend-
ments relate. 
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TITLE II—OTHER PROVISIONS 
SEC. 201. AMENDMENTS RELATED TO SECTIONS 102 AND 
112 OF THE PENSION PROTECTION ACT OF 
2006. 
(a) AMENDMENT OF ERISA.—The last sentence of 
section 303(g)(3)(B) of ERISA is amended to read as fol-
lows: ‘‘Any such averaging shall be adjusted for contribu-
tions, 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.’’. 
(b) AMENDMENT OF 1986 CODE.—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 de-
termined 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.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect as if included in the provisions 
of the 2006 Act to which the amendments relate. 
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SEC. 202. MODIFICATION OF INTEREST RATE ASSUMPTION 
REQUIRED 
WITH 
RESPECT 
TO 
CERTAIN 
SMALL EMPLOYER PLANS. 
(a) IN GENERAL.—Subparagraph (E) of section 
415(b)(2) of the 1986 Code (relating to limitation on cer-
tain assumptions) is amended by adding at the end the 
following new clause: 
‘‘(vi) In the case of a plan maintained 
by an eligible employer (as defined in sec-
tion 408(p)(2)(C)(i)), clause (ii) shall be 
applied without regard to subclause (II) 
thereof.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to years beginning after December 
31, 2007. 
SEC. 203. DETERMINATION OF MARKET RATE OF RETURN 
FOR GOVERNMENTAL PLANS. 
(a) 
AMENDMENT
OF
ADEA.—Section 
4(i)(10)(B)(i)(III) of the Age Discrimination in Employ-
ment Act of 1967 (29 U.S.C. 623(i)(10)(B)(i)(III)) is 
amended by adding at the end the following: ‘‘In the case 
of a governmental plan (as defined in the first sentence 
of section 414(d) of the Internal Revenue Code of 1986), 
a rate of return or a method of crediting interest estab-
lished pursuant to any provision of Federal, State, or local 
law (including any administrative rule or policy adopted 
VerDate Aug 31 2005 
03:55 Aug 02, 2008
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