196
tion at the time that the corporation
received the designated benefit.
The corporation shall make payments
under subparagraph (B) available in the
same forms and at the same times as a
guaranteed benefit under section 4022
would be available to be paid, except that
the corporation may make a benefit
available in the form of a single sum if
the plan provided a single sum benefit
(other than a single sum described in
subsection (b)(2)(A)).
‘‘(b) DEFINITIONS.—For purposes of this
section—
‘‘(1) MISSING
PARTICIPANT.—The term
‘missing participant’ means a participant
or beneficiary under a terminating plan
whom the plan administrator cannot lo-
cate after a diligent search.
‘‘(2) DESIGNATED
BENEFIT.—The term
‘designated benefit’ means the single sum
benefit the participant would receive—
‘‘(A) under the plan’s assump-
tions, in the case of a distribution
that can be made without participant
197
or spousal consent under section
205(g);
‘‘(B) under the assumptions of the
corporation in effect on the date that
the designated benefit is transferred
to the corporation, in the case of a
plan that does not pay any single
sums other than those described in
subparagraph (A); or
‘‘(C) under the assumptions of the
corporation or of the plan, whichever
provides the higher single sum, in the
case of a plan that pays a single sum
other than those described in sub-
paragraph (A).
‘‘(c) REGULATORY
AUTHORITY.—The cor-
poration shall prescribe such regulations as
are necessary to carry out the purposes of this
section, including rules relating to what will
be considered a diligent search, the amount
payable to the corporation, and the amount to
be paid by the corporation.’’
(b) CONFORMING TITLE IV AMENDMENTS.—
(1) AMENDMENT TO SECTION 4003.—Sec-
tion 4003(a) of such Act (29 U.S.C. 1303(a))
198
is amended in the second sentence by in-
serting before the period the following:
‘‘and whether section 4051(a) has been
satisfied’’.
(2) AMENDMENT TO SECTION 4005.—Sec-
tion 4005(b)(2)(A) of such Act (29 U.S.C.
1305(b)(2)(A)) is amended by inserting ‘‘or
benefits payable under section 4051’’
after ‘‘section 4022A’’.
(3) AMENDMENT TO SECTION 4041.—Sec-
tion 4041(b)(3)(A)(ii) of such Act (29
U.S.C. 1341(b)(3)(A)(ii)) is amended by
adding at the end the following new sen-
tence: ‘‘A transfer of assets to the cor-
poration in accordance with section 4051
on behalf of a missing participant shall
satisfy this subparagraph with respect to
such participant.’’
(c) CONFORMING ERISA AMENDMENTS.—
(1) The table of contents contained in
section 1 of the Employee Retirement In-
come Security Act of 1974 is amended by
inserting after the item related to section
4050 (as added by section 202 of this Act)
the following new item:
‘‘Sec. 4051. Missing participants.’’
199
(2) Section 206 of such Act (29 U.S.C.
1056) 
(as 
amended 
by 
section
101(a)(9)(B)(i) of this Act) is further
amended by adding at the end the follow-
ing new subsection:
‘‘(f) MISSING PARTICIPANTS IN TERMINATED
PLANS.—In the case of a plan covered by title
IV, the plan shall provide that, upon termi-
nation of the plan, benefits of missing partici-
pants shall be treated in accordance with sec-
tion 4051.’’
(d) CONFORMING INTERNAL REVENUE CODE
AMENDMENTS.—Section 401(a) of the Internal
Revenue Code of 1986, as amended by section
207 of this Act, is further amended by insert-
ing after paragraph (33) the following new
paragraph:
‘‘(34) BENEFITS
OF
MISSING
PARTICI-
PANTS ON PLAN TERMINATION.—In the case
of a plan covered by title IV of the Em-
ployee Retirement Income Security Act of
1974, a trust forming part of such plan
shall not be treated as failing to con-
stitute a qualified trust under this sec-
tion merely because the pension plan of
200
which such trust is a part, upon its termi-
nation, transfers benefits of missing par-
ticipants to the Pension Benefit Guaranty
Corporation in accordance with section
4051 of such Act.’’
(e) EFFECTIVE DATE.—The provisions of
this section shall be effective with respect to
distributions that occur in plan years com-
mencing after final regulations implementing
these provisions are prescribed by the Pen-
sion Benefit Guaranty Corporation.
SEC. 303. MODIFICATION OF MAXIMUM GUARANTEE FOR
DISABILITY BENEFITS.
(a) IN GENERAL.—Section 4022(b)(3) of the
Employee Retirement Income Security Act of
1974 (29 U.S.C. 1322(b)(3)) is amended by add-
ing at the end the following new sentences:
‘‘The maximum guaranteed monthly benefit
shall not be reduced solely on account of the
age of a participant in the case of a benefit
payable by reason of disability that occurred
on or before the termination date, if the par-
ticipant demonstrates to the satisfaction of
the corporation that the Social Security Ad-
ministration has determined that the partici-
201
pant satisfies the definition of disability
under titles II and XVI of the Social Security
Act, and the regulations thereunder. If a bene-
fit payable by reason of disability is converted
to an early or normal retirement benefit for
reasons other than a change in the health of
the participant, such early or normal retire-
ment benefit shall be treated as a continu-
ation of the benefit payable by reason of dis-
ability and this subparagraph shall continue
to apply.’’
(b) EFFECTIVE
DATE.—The amendment
made by this section shall be effective for plan
terminations under section 4041(c) of the Em-
ployee Retirement Income Security Act of
1974 with respect to which notices of intent
to terminate are provided under section
4041(a)(2) of such Act, or under section 4042
of such Act with respect to which proceedings
are instituted by the corporation, on or after
the date of enactment of this Act.
202
TITLE IV—MISCELLANEOUS
AMENDMENTS
SEC. 401. ERISA CITATION.
(a) IN GENERAL.—Section 404(g)(4) of the
Internal Revenue Code of 1986 is amended by
striking ‘‘the Single Employer Pension Plan
Amendments Act of 1986’’ and inserting ‘‘the
Retirement Protection Act of 1994’’.
(b) EFFECTIVE
DATE.—The amendment
made by this section shall be effective on the
date of enactment of this Act.
SEC. 402. DEFINITION OF CONTRIBUTING SPONSOR.
(a) IN GENERAL.—Paragraph (13) of section
4001(a) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1301(a)(13)) is
amended by striking ‘‘means a person—’’ and
all that follows and inserting ‘‘means a person
described in section 302(c)(11)(A) of this Act
(without regard to section 302(c)(11)(B) of this
Act) or section 412(c)(11)(A) of the Internal
Revenue Code of 1986 (without regard to sec-
tion 412(c)(11)(B) of such Code);’’
(b) EFFECTIVE
DATE.—The amendment
made by this section shall be effective as if in-
cluded in the Pension Protection Act.
203
SEC. 403. TECHNICAL CORRECTIONS.
(a) PRIOR PLAN TERMINATIONS TAKEN INTO
ACCOUNT IN APPLYING RECOVERY RATIO.—Sec-
tion 4022(c)(3)(B)(ii) of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C.
1322(c)(3)(B)(ii)) is amended to read as fol-
lows:
‘‘(ii) notices of intent to terminate
were provided, or proceedings were insti-
tuted under section 4042, after December
17, 1987, and during the first 5 fiscal
years of the 7-fiscal-year period ending
with the fiscal year preceding the fiscal
year for which the recovery ratio is being
determined.’’
(b) CLARIFICATION UNDER DISTRESS TERMI-
NATION RULES OF DATE FOR DETERMINATIONS
RELATING TO SUBSEQUENT INSUFFICIENCY.—Sec-
tion 4022(c) of such Act (29 U.S.C. 1322(c)) is
amended by adding at the end the following
new subsection:
‘‘(5) For purposes of this subsection, in the
case 
of 
a 
plan 
described 
in 
section
4041(c)(3)(C)(ii), the outstanding amount of
benefit liabilities and the value of the recover-
ies of the corporation under section 4062,
204
4063, or 4064 in connection with such plan
shall be determined as of the date described
in section 4062(b)(1)(B).’’.
(c) INCLUSION
OF TERMINATION PROCEED-
INGS INSTITUTED BY CORPORATION IN TRANSI-
TIONAL RULE.—Section 9312(b)(3)(B)(i) of the
Omnibus Budget Reconciliation Act of 1987
(101 Stat. 1330–363) is amended by inserting
after ‘‘notices of intent to terminate were pro-
vided’’ the following: ‘‘, or proceedings were
instituted under section 4042 of ERISA,’’.
(d) CLARIFICATION
OF
PERIOD.—Section
4044(c) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1344(c)) is
amended in the first sentence—
(1) by striking ‘‘the later of (1)’’;
(2) by striking ‘‘or (2)’’ and inserting
‘‘and ending on’’;
(3) by striking ‘‘is to be’’ and inserting
‘‘shall be’’; and
(4) by striking ‘‘in any other case’’
and inserting ‘‘(in any other case)’’.
(e) EFFECTIVE
DATE.—The amendments
made by this section shall be effective as if in-
205
cluded in section 9312 of the Pension Protec-
tion Act (101 Stat. 1330–361).
SEC. 404. DISTRESS TERMINATION CRITERIA FOR BANKING
INSTITUTIONS.
(a) 
CLARIFICATION
OF
DISTRESS
CRI-
TERION.—Subclause 
(I) 
of 
section
4041(c)(2)(B)(i) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C.
1341(c)(2)(B)(i)(I)) is amended by inserting
after ‘‘under any similar’’ the following: ‘‘Fed-
eral law or’’.
(b) EFFECTIVE
DATE.—The amendment
made by this section shall be effective as if in-
cluded in the Single Employer Pension Plan
Amendments Act of 1986.
SEC. 405. SINGLE SUM DISTRIBUTIONS.
(a) AMENDMENTS TO EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974.—
(1) DETERMINATION OF PRESENT VALUE
FOR PURPOSES OF RESTRICTIONS ON MANDA-
TORY DISTRIBUTIONS.—Section 203(e)(2) of
the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1053(e)(2)) is
amended to read as follows:
206
‘‘(2) For purposes of paragraph (1),
the present value shall be calculated in
accordance with section 205(g)(3).’’
(2) DETERMINATION OF PRESENT VALUE
FOR PURPOSES OF RESTRICTIONS ON CASH-
OUTS.—Section 205(g)(3) of such Act (29
U.S.C. 1055(g)(3)) is amended to read as
follows:
‘‘(3) DETERMINATION OF PRESENT VALUE.—
‘‘(A) IN GENERAL.—
‘‘(i) PRESENT
VALUE.—Except as
provided in subparagraph (B), for
purposes of paragraphs (1) and (2),
the present value shall not be less
than the present value calculated by
using the applicable mortality table
and the applicable interest rate.
‘‘(ii) DEFINITIONS.—For purposes
of clause (i)—
‘‘(I) 
APPLICABLE
MORTALITY
TABLE.—The term ‘applicable mor-
tality table’ means the table pre-
scribed by the Secretary of the
Treasury. Such table shall be
based on the prevailing commis-
207
sioners’ standard table (described
in section 807(d)(5)(A) of the In-
ternal Revenue Code of 1986)
used to determine reserves for
group annuity contracts issued on
the date as of which present
value is being determined (with-
out regard to any other subpara-
graph of section 807(d)(5) of such
Code).
‘‘(II) 
APPLICABLE
INTEREST
RATE.—The term ‘applicable inter-
est rate’ means the annual rate of
interest on 30-year Treasury secu-
rities for the month before the
date of distribution or such other
time as the Secretary of the
Treasury may by regulations pre-
scribe.
‘‘(B) EXCEPTION.—In the case of a dis-
tribution from a plan that was adopted
and in effect prior to the date of the en-
actment of the Retirement Protection Act
of 1994, the present value of any distribu-
tion made before the earlier of—
208
‘‘(i) the later of when a plan
amendment applying subparagraph
(A) is adopted or made effective, or
‘‘(ii) the first day of the first plan
year beginning after December 31,
1999,
shall be calculated, for purposes of para-
graphs (1) and (2), using the interest
rates determined under the regulations
of the Pension Benefit Guaranty Corpora-
tion for determining the present value of
a lump sum distribution on plan termi-
nation that were in effect on September
1, 1993, and using the provisions of the
plan as in effect on the day before the
date of the enactment of the Retirement
Protection Act of 1994; but only if such
provisions of the plan met the require-
ments of section 205(g)(3) as in effect on
the day before such date of enactment.’’
(b) AMENDMENTS
TO
INTERNAL
REVENUE
CODE
OF 1986 RELATING
TO MINIMUM BENE-
FITS.—
(1) DETERMINATION OF PRESENT VALUE
FOR PURPOSES OF RESTRICTIONS ON MANDA-
209
TORY
DISTRIBUTIONS.—Subparagraph (B)
of section 411(a)(11) of the Internal Reve-
nue Code of 1986 is amended to read as
follows:
‘‘(B) DETERMINATION
OF
PRESENT
VALUE.—For 
purposes 
of 
subpara-
graph (A), the present value shall be
calculated in accordance with section
417(e)(3).’’
(2) DETERMINATION OF PRESENT VALUE
FOR PURPOSES OF RESTRICTIONS ON CASH-
OUTS.—Paragraph (3) of section 417(e) of
such Code is amended to read as follows:
‘‘(3) 
DETERMINATION
OF
PRESENT
VALUE.—
‘‘(A) IN GENERAL.—
‘‘(i) PRESENT
VALUE.—Except
as provided in subparagraph (B),
for purposes of paragraphs (1)
and (2), the present value shall
not be less than the present value
calculated by using the applicable
mortality table and the applicable
interest rate.
210
‘‘(ii) 
DEFINITIONS.—For 
pur-
poses of clause (i)—
‘‘(I) APPLICABLE MORTALITY
TABLE.—The term ‘applicable
mortality table’ means the
table prescribed by the Sec-
retary. Such table shall be
based on the prevailing com-
missioners’ 
standard 
table
(described 
in 
section
807(d)(5)(A)) used to deter-
mine reserves for group annu-
ity contracts issued on the
date as of which present value
is being determined (without
regard to any other subpara-
graph of section 807(d)(5)).
‘‘(II) APPLICABLE
INTEREST
RATE.—The term ‘applicable
interest rate’ means the an-
nual rate of interest on 30-
year Treasury securities for
the month before the date of
distribution 
or 
such 
other
211
time as the Secretary may by
regulations prescribe.
‘‘(B) EXCEPTION.—In the case of a
distribution from a plan that was
adopted and in effect before the date
of the enactment of the Retirement
Protection Act of 1994, the present
value of any distribution made before
the earlier of—
‘‘(i) the later of the date a plan
amendment 
applying 
subpara-
graph (A) is adopted or made ef-
fective, or
‘‘(ii) the first day of the first
plan year beginning after Decem-
ber 31, 1999,
shall be calculated, for purposes of
paragraphs (1) and (2), using the in-
terest rates determined under the
regulations of the Pension Benefit
Guaranty Corporation for determin-
ing the present value of a lump sum
distribution on plan termination that
were in effect on September 1, 1993,
and using the provisions of the plan
212
as in effect on the day before the date
of the enactment of the Retirement
Protection Act of 1994; but only if
such provisions of the plan met the
requirements of section 417(e)(3) as in
effect on the day before such date of
enactment.’’
(c) AMENDMENTS
TO
INTERNAL
REVENUE
CODE
OF 1986 RELATING
TO MAXIMUM BENE-
FITS.—Subparagraph (E) of section 415(b)(2) of
such Code is amended—
(1) by redesignating clauses (ii) and
(iii) as clauses (iii) and (iv), respectively,
(2) by striking clause (i) and inserting
the following new clauses:
‘‘(i) Except as provided in
clause (ii), for purposes of adjust-
ing 
any 
benefit 
or 
limitation
under subparagraph (B) or (C),
the interest rate assumption shall
not be less than the greater of 5
percent or the rate specified in
the plan.
‘‘(ii) For purposes of adjusting
the benefit or limitation of any
213
form of benefit subject to section
417(e)(3), the applicable interest
rate 
(as 
defined 
in 
section
417(e)(3)) shall be substituted for
‘5 percent’ in clause (i).’’, and
(3) by adding at the end the following
new clause:
‘‘(v) For purposes of adjusting
any benefit or limitation under
subparagraph (B), (C), or (D), the
mortality table used shall be the
table prescribed by the Secretary.
Such table shall be based on the
prevailing commissioners’ stand-
ard table (described in section
807(d)(5)(A)) used to determine
reserves for group annuity con-
tracts issued on the date the ad-
justment is being made (without
regard to any other subparagraph
of section 807(d)(5)).’’
(d) EFFECTIVE DATE.—
(1) IN
GENERAL.—The amendments
made by this section shall apply to plan
years and limitation years beginning
214
after December 31, 1994; except that an
employer may elect to treat the amend-
ments made by this section as being ef-
fective on or after the date of enactment.
(2) NO
REDUCTION
IN
ACCRUED
BENE-
FITS.—A 
participant’s 
accrued 
benefit
shall not be considered to be reduced in
violation of section 411(d)(6) of the Inter-
nal Revenue Code of 1986 or section
204(g) of the Employee Retirement In-
come Security Act of 1974 merely because
(A) the benefit is determined in accord-
ance with section 417(e)(3)(A) of such
Code, as amended by this Act, or section
205(g)(3) of the Employee Retirement In-
come Security Act of 1974, as amended by
this Act, or (B) the plan applies section
415(b)(2)(E) of such Code, as amended by
this Act.
(3) SECTION 415.—
(A) NO
REDUCTION
REQUIRED.—An
accrued benefit shall not be required
to be reduced below the accrued ben-
efit as of the last day of the last plan
year beginning before January 1,
215
1995, merely because of the amend-
ments made by subsection (b).
(B) TIMING OF PLAN AMENDMENT.—
A plan that operates in accordance
with the amendments made by sub-
section (b) shall not be treated as fail-
ing to satisfy section 401(a) of the In-
ternal Revenue Code of 1986 or as not
being operated in accordance with
the provisions of the plan until such
date as the Secretary of the Treasury
provides merely because the plan has
not been amended to include the
amendments made by subsection (b).
SEC. 406. ADJUSTMENTS TO LIEN FOR MISSED MINIMUM
FUNDING CONTRIBUTIONS.
(a) AMENDMENTS TO THE EMPLOYEE RETIRE-
MENT INCOME SECURITY ACT OF 1974.—
(1) CLARIFICATION OF APPLICABILITY OF
PROVISION.—Section 302(f)(1) of the Em-
ployee Retirement Income Security Act of
1974 (29 U.S.C. 1082(f)(1)) is amended by
striking ‘‘to which this section applies’’
and inserting ‘‘covered under section
4021 of this Act’’.
216
(2) REPEAL OF $1,000,000 OFFSET.—Para-
graph (3) of section 302(f) of such Act is
amended to read as follows:
‘‘(3) AMOUNT OF LIEN.—For purposes of
paragraph (1), the amount of the lien
shall be equal to the aggregate unpaid
balance of required installments and
other payments required under this sec-
tion (including interest)—
‘‘(A) for plan years beginning
after 1987, and
‘‘(B) for which payment has not
been made before the due date.’’
(3) REPEAL OF 60-DAY DELAY.—Section
302(f)(4)(B) of such Act is amended by
striking ‘‘60th day following the’’.
(b) AMENDMENTS TO THE INTERNAL REVENUE
CODE OF 1986.—
(1) CLARIFICATION OF APPLICABILITY OF
PROVISION.—Paragraph 
(2) 
of 
section
412(n) of the Internal Revenue Code of
1986 is amended by adding at the end the
following new sentence: ‘‘This subsection
shall not apply to any plan to which sec-
tion 4021 of the Employee Retirement In-
217
come Security Act of 1974 does not apply
(as such section is in effect on the date of
the enactment of the Retirement Protec-
tion Act of 1994).’’.
(2) REPEAL OF $1,000,000 OFFSET.—Para-
graph (3) of section 412(n) of such Code is
amended to read as follows:
‘‘(3) AMOUNT OF LIEN.—For purposes of
paragraph (1), the amount of the lien
shall be equal to the aggregate unpaid
balance of required installments and
other payments required under this sec-
tion (including interest)—
‘‘(A) for plan years beginning
after 1987, and
‘‘(B) for which payment has not
been made before the due date.’’
(3) REPEAL OF 60-DAY DELAY.—Section
412(n)(4)(B) of such Code is amended by
striking ‘‘60th day following the’’.
(c) EFFECTIVE
DATE.—The amendments
made by this section shall be effective for in-
stallments and other payments required
under section 412 of the Internal Revenue
Code of 1986 or under part 3 of subtitle B of
218
title I of the Employee Retirement Income Se-
curity Act of 1974 that become due on or after
the date of enactment.
SEC. 407. ROUNDING RULES FOR COST-OF-LIVING ADJUST-
MENTS.
(a) COST-OF-LIVING ADJUSTMENT FOR COM-
PENSATION LIMIT.—Section 401(a)(17)(B) of the
Internal Revenue Code of 1986 is amended to
read as follows:
‘‘(B) COST-OF-LIVING ADJUSTMENT.—
The Secretary shall adjust annually
the $150,000 amount in subparagraph
(A) for increases in the cost-of-living
at the same time and in the same
manner as adjustments under section
415(d); except that the base period
shall be the calendar quarter begin-
ning October 1, 1993, and any in-
crease which is not a multiple of
$10,000 shall be rounded to the next
lowest multiple of $10,000.’’
(b) COST-OF-LIVING ADJUSTMENT FOR MAXI-
MUM DEFINED BENEFIT AMOUNT AND MAXIMUM
ANNUAL ADDITION.—
219
(1) IN
GENERAL.—Section 415(d) of
such Code is amended to read as follows:
‘‘(d) COST-OF-LIVING ADJUSTMENTS.—
‘‘(1) IN GENERAL.—The Secretary shall
adjust annually—
‘‘(A) the $90,000 amount in sub-
section (b)(1)(A),
‘‘(B) in the case of a participant
who 
separated 
from 
service, 
the
amount taken into account under
subsection (b)(1)(B), and
‘‘(C) the $30,000 amount in sub-
section (c)(1)(A),
for increases in the cost-of-living in ac-
cordance with regulations prescribed by
the Secretary.
‘‘(2) METHOD.—The regulations pre-
scribed under paragraph (1) shall provide
for—
‘‘(A) an adjustment with respect
to any calendar year based on the in-
crease in the applicable index for the
calendar quarter ending September
30 of the preceding calendar year
220
over such index for the base period,
and
‘‘(B) adjustment procedures which
are similar to the procedures used to
adjust benefit amounts under section
215(i)(2)(A) of the Social Security Act.
‘‘(3) BASE
PERIOD.—For purposes of
paragraph (2)—
‘‘(A) $90,000 AMOUNT.—The base
period taken into account for pur-
poses of paragraph (1)(A) is the cal-
endar quarter beginning October 1,
1986.
‘‘(B) SEPARATIONS AFTER DECEMBER
31, 1994.—The base period taken into
account for purposes of paragraph
(1)(B) with respect to individuals sep-
arating from service with the em-
ployer after December 31, 1994, is the
calendar quarter beginning July 1 of
the calendar year preceding the cal-
endar year in which such separation
occurs.
‘‘(C) SEPARATIONS BEFORE JANUARY
1, 1995.—The base period taken into
221
account for purposes of paragraph
(1)(B) with respect to individuals sep-
arating from service with the em-
ployer before January 1, 1995, is the
calendar quarter beginning October 1
of the calendar year preceding the
calendar year in which such separa-
tion occurs.
‘‘(D) $30,000 AMOUNT.—The base
period taken into account for pur-
poses of paragraph (1)(C) is the cal-
endar quarter beginning October 1,
1993.
‘‘(4) ROUNDING.—Any increase under
subparagraph (A) or (C) of paragraph (1)
which is not a multiple of $5,000 shall be
rounded to the next lowest multiple of
$5,000.’’
(2) CONFORMING AMENDMENT.—Section
415(c)(1)(A) of such Code is amended by
striking ‘‘(or, if greater, 1⁄4 of the dollar
limitation in effect under subsection
(b)(1)(A))’’.
(c) COST-OF-LIVING ADJUSTMENT FOR MAXI-
MUM SALARY DEFERRAL.—Section 402(g)(5) of
222
such Code is amended by inserting before the
period ‘‘; except that any increase under this
paragraph which is not a multiple of $500
shall be rounded to the next lowest multiple
of $500’’.
(d) COST-OF-LIVING ADJUSTMENT FOR ELIGI-
BILITY FOR SIMPLIFIED EMPLOYEE PENSIONS.—
Section 408(k)(8) of such Code is amended by
inserting before the period ‘‘; except that any
increase in the $300 amount which is not a
multiple of $50 shall be rounded to the next
lowest multiple of $50’’.
(e) EFFECTIVE
DATE.—The amendments
made by this section shall apply to years be-
ginning after December 31, 1994.
SEC. 408. FUNDING OF RESTORED PLANS.
Any changes made by this Act to section
412 of the Internal Revenue Code of 1986 or
to part 3 of subtitle B of title I of the Employee
Retirement Income Security Act of 1974 shall
not apply to a plan which is, on the date of
enactment of this Act, subject to a restoration
payment schedule order issued by the Pen-
sion Benefit Guaranty Corporation that meets
223
the requirements of section 1.412(c)(1)–3 of
the Treasury Regulations.
SEC. 409. STUDY OF FUNDING STATUS OF FEDERAL, STATE,
AND LOCAL GOVERNMENT PENSION PLANS.
(a) IN GENERAL.—The Comptroller General
shall conduct a study of the underfunding of
Federal, State, and local government pension
plans. Such study shall address the causes
and implications of such underfunding, as
well as the feasibility of requiring such plans
to comply with funding, reporting, and disclo-
sure requirements imposed by Federal law on
private pension plans.
(b) REPORT.—The report of such study
shall be submitted not later than one year
after the date of the enactment of this Act to
the Committee on Education and Labor, the
Committee on Post Office and Civil Service,
and the Committee on Ways and Means of the
House of Representatives and the Committee
on Labor and Human Resources, the Commit-
tee on Government Affairs, and the Commit-
tee on Finance of the Senate.
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TITLE V—EFFECTIVE DATES
AND RELATED RULES
SEC. 501. EFFECTIVE DATES.
Except as otherwise provided in this Act,
the amendments made by this Act shall be ef-
fective on the date of enactment of this Act.
SEC. 502. DELAY IN CHANGES TO PREVAILING COMMIS-
SIONERS’ TABLE.
For purposes of sections 205(g)(3) and
302(d)(7)(C) of the Employee Retirement In-
come Security Act of 1974 and sections
412(l)(7)(C), 415(b), and 417(e)(3) of the Inter-
nal Revenue Code of 1986, any change in the
prevailing commissioners’ standard table de-
scribed in section 807(d)(5)(A) of such Code
shall be appropriate for pension plans and
apply to plan years beginning on or after the
later of—
(1) January 1, 2000, or
(2) a date, as prescribed by the Sec-
retary of the Treasury, after the date of
the issuance by the Secretary of a revised
table based on the prevailing commis-
sioners’ standard table.
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Any such revised table shall be issued by reg-
ulation. In issuing such regulations, the Sec-
retary shall take into account the results of
available independent studies with respect to
the appropriate bases for such a table and
after opportunity for public comment regard-
ing such studies.
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