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‘‘(C) NUMBER
OF
REQUIRED
INSTALL-
MENTS; 
DUE
DATES.—For purposes of this
paragraph—
‘‘(i) PAYABLE IN 4 INSTALLMENTS.—
There shall be 4 required installments for
each plan year.
‘‘(ii) TIME FOR PAYMENT OF INSTALL-
MENTS.—The due dates for required install-
ments are set forth in the following table:
In the case of the following required install-
ment:
The due date is:
1st .................................................................................
April 15
2nd ...............................................................................
July 15
3rd ................................................................................
October 15
4th ................................................................................
January 15 of the fol-
lowing year.
‘‘(D) AMOUNT
OF
REQUIRED
INSTALL-
MENT.—For purposes of this paragraph—
‘‘(i) IN GENERAL.—The amount of any
required installment shall be 25 percent of
the required annual payment.
‘‘(ii) REQUIRED ANNUAL PAYMENT.—
For purposes of clause (i), the term ‘re-
quired annual payment’ means the lesser
of—
‘‘(I) 90 percent of the minimum
required contribution (without regard
to any waiver under section 302(c)) to
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the plan for the plan year under this
section, or
‘‘(II) in the case of a plan year
beginning after 2007, 100 percent of
the minimum required contribution
(without regard to any waiver under
section 302(c)) to the plan for the pre-
ceding plan year.
Subclause (II) shall not apply if the pre-
ceding plan year referred to in such clause
was not a year of 12 months.
‘‘(E) FISCAL YEARS AND SHORT YEARS.—
‘‘(i) FISCAL YEARS.—In applying this
paragraph to a plan year beginning on any
date other than January 1, there shall be
substituted for the months specified in this
paragraph, the months which correspond
thereto.
‘‘(ii) SHORT
PLAN
YEAR.—This sub-
paragraph shall be applied to plan years of
less than 12 months in accordance with reg-
ulations prescribed by the Secretary of the
Treasury.
‘‘(4) LIQUIDITY REQUIREMENT IN CONNECTION
WITH QUARTERLY CONTRIBUTIONS.—
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‘‘(A) IN GENERAL.—A plan to which this
paragraph applies shall be treated as failing to
pay the full amount of any required installment
under paragraph (3) to the extent that the value
of the liquid assets paid in such installment is
less than the liquidity shortfall (whether or not
such liquidity shortfall exceeds the amount of
such installment required to be paid but for this
paragraph).
‘‘(B) PLANS
TO
WHICH
PARAGRAPH
AP-
PLIES.—This paragraph shall apply to a plan
which—
‘‘(i) is required to pay installments
under paragraph (3) 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 (3)(A), 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
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such increase exceed the amount which, when
added to prior installments for the plan year, is
necessary to increase the funding target attain-
ment percentage of the plan for the plan year
(taking into account the expected increase in
funding target due to benefits accruing or earned
during the plan year) to 100 percent.
‘‘(E) DEFINITIONS.—For purposes of this
subparagraph:
‘‘(i) LIQUIDITY SHORTFALL.—The term
‘liquidity shortfall’ means, with respect to
any required installment, an amount equal
to the excess (as of the last day of the quar-
ter for which such installment is made) of—
‘‘(I) the base amount with respect
to such quarter, over
‘‘(II) 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 disbursements
from the plan for the 12 months ending
on the last day of such quarter.
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‘‘(II) 
SPECIAL
RULE.—If 
the
amount determined under subclause (I)
exceeds an amount equal to 2 times the
sum of the adjusted disbursements from
the plan for the 36 months ending on
the last day of the quarter and an en-
rolled actuary certifies to the satisfac-
tion of the Secretary that such excess is
the 
result 
of 
nonrecurring 
cir-
cumstances, the base amount with re-
spect to such quarter shall be deter-
mined without regard to amounts re-
lated 
to 
those 
nonrecurring 
cir-
cumstances.
‘‘(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 benefits,
and administrative expenses.
‘‘(iv) ADJUSTED
DISBURSEMENTS.—
The term ‘adjusted disbursements’ means
disbursements from the plan reduced by the
product of—
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‘‘(I) the plan’s funding target at-
tainment percentage for the plan year,
and
‘‘(II) the sum of the purchases of
annuities, payments of single sums,
and such other disbursements as the
Secretary shall provide in regulations.
‘‘(v) LIQUID ASSETS.—The term ‘liq-
uid assets’ means cash, marketable securi-
ties, and such other assets as specified by
the Secretary in regulations.
‘‘(vi) QUARTER.—The term ‘quarter’
means, with respect to any required install-
ment, the 3-month period preceding the
month in which the due date for such in-
stallment occurs.
‘‘(F) REGULATIONS.—The Secretary may
prescribe such regulations as are necessary to
carry out this paragraph.
‘‘(k) IMPOSITION OF LIEN WHERE FAILURE TO MAKE
REQUIRED CONTRIBUTIONS.—
‘‘(1) IN GENERAL.—In the case of a plan to
which this subsection applies, if—
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‘‘(A) any person fails to make a contribu-
tion payment required by section 412 and this
section before the due date for such payment, and
‘‘(B) the unpaid balance of such payment
(including interest), when added to the aggregate
unpaid balance of all preceding such payments
for which payment was not made before the due
date (including interest), exceeds $1,000,000,
then there shall be a lien in favor of the plan in the
amount determined under paragraph (3) upon all
property and rights to property, whether real or per-
sonal, belonging to such person and any other person
who is a member of the same controlled group of
which such person is a member.
‘‘(2) PLANS TO WHICH SUBSECTION APPLIES.—
This subsection shall apply to a defined benefit plan
which is a single-employer plan covered under section
4021 of the Employee Retirement Income Security
Act of 1974 for any plan year for which the funding
target attainment percentage (as defined in subsection
(d)(2)) of such plan is less than 100 percent.
‘‘(3) AMOUNT OF LIEN.—For purposes of para-
graph (1), the amount of the lien shall be equal to the
aggregate unpaid balance of contribution payments
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required under this section and section 302 for which
payment has not been made before the due date.
‘‘(4) NOTICE OF FAILURE; LIEN.—
‘‘(A) NOTICE OF FAILURE.—A person com-
mitting a failure described in paragraph (1)
shall notify the Pension Benefit Guaranty Cor-
poration of such failure within 10 days of the
due date for the required contribution payment.
‘‘(B) PERIOD OF LIEN.—The lien imposed
by paragraph (1) shall arise on the due date for
the required contribution payment and shall con-
tinue until the last day of the first plan year in
which the plan ceases to be described in para-
graph (1)(B). Such lien shall continue to run
without regard to whether such plan continues to
be described in paragraph (2) during the period
referred to in the preceding sentence.
‘‘(C) CERTAIN
RULES
TO
APPLY.—Any
amount with respect to which a lien is imposed
under paragraph (1) shall be treated as taxes
due and owing the United States and rules simi-
lar to the rules of subsections (c), (d), and (e) of
section 4068 of the Employee Retirement Income
Security Act of 1974 shall apply with respect to
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a lien imposed by subsection (a) and the amount
with respect to such lien.
‘‘(5) ENFORCEMENT.—Any lien created under
paragraph (1) may be perfected and enforced only by
the Pension Benefit Guaranty Corporation, or at the
direction of the Pension Benefit Guaranty Corpora-
tion, by the contributing sponsor (or any member of
the controlled group of the contributing sponsor).
‘‘(6) 
DEFINITIONS.—For 
purposes 
of 
this
subsection—
‘‘(A) CONTRIBUTION
PAYMENT.—The term
‘contribution payment’ means, in connection
with a plan, a contribution payment required to
be made to the plan, including any required in-
stallment under paragraphs (3) and (4) of sub-
section (j).
‘‘(B) 
DUE
DATE; 
REQUIRED
INSTALL-
MENT.—The terms ‘due date’ and ‘required in-
stallment’ have the meanings given such terms
by subsection (j), except that in the case of a
payment other than a required installment, the
due date shall be the date such payment is re-
quired to be made under section 303.
‘‘(C) CONTROLLED GROUP.—The term ‘con-
trolled group’ means any group treated as a sin-
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gle employer under subsections (b), (c), (m), and
(o) of section 414.
‘‘(l) QUALIFIED TRANSFERS TO HEALTH BENEFIT AC-
COUNTS.—In the case of a qualified transfer (as defined in
section 420), any assets so transferred shall not, for pur-
poses of this section, be treated as assets in the plan.’’.
(b) EFFECTIVE DATE.—The amendments made by this
section shall apply with respect to plan years beginning
after 2006.
SEC. 113. BENEFIT LIMITATIONS UNDER SINGLE-EMPLOYER
PLANS.
(a) IN GENERAL.—Part III of subchapter D of chapter
1 of the Internal Revenue Code of 1986 (relating to rules
relating to minimum funding standards) is amended by
adding at the end the following new subpart:
‘‘Subpart B—Limitations on Benefit Improvements by
Single-Employer Plans
‘‘Sec. 436. Funding-based limits on benefits and benefit accruals under sin-
gle-employer plans.
‘‘SEC. 436. FUNDING-BASED LIMITS ON BENEFITS AND BEN-
EFIT ACCRUALS UNDER SINGLE-EMPLOYER
PLANS.
‘‘(a) GENERAL
RULE.—For purposes of section
401(a)(29), a defined benefit plan which is a single-em-
ployer plan shall be treated as meeting the requirements
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of this section if the plan meets the requirements of sub-
sections (b), (c), and (d).
‘‘(b) LIMITATIONS ON PLAN AMENDMENTS INCREASING
LIABILITY FOR BENEFITS.—
‘‘(1) IN GENERAL.—Except as provided in this
section, no amendment to a single-employer plan
which has the effect of increasing liabilities of the
plan by reason of increases in benefits, establishment
of new benefits, changing the rate of benefit accrual,
or changing the rate at which benefits become non-
forfeitable may take effect during any plan year if the
adjusted funding target attainment percentage as of
the valuation date of the plan for such plan year is—
‘‘(A) less than 80 percent, or
‘‘(B) would be less than 80 percent taking
into account such amendment.
‘‘(2) EXEMPTION.—Paragraph (1) shall cease to
apply with respect to any plan year, effective as of
the first date of the plan year (or if later, the effective
date of the amendment), upon payment by the plan
sponsor of a contribution (in addition to any min-
imum required contribution under section 430) equal
to—
‘‘(A) in the case of paragraph (1)(A), the
amount of the increase in the funding target of
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the plan (under section 430) for the plan year
attributable to the amendment, and
‘‘(B) in the case of paragraph (1)(B), the
amount sufficient to result in a funding target
attainment percentage of 80 percent.
‘‘(3) EXCEPTION
FOR
CERTAIN
BENEFIT
IN-
CREASES.—Paragraph (1) shall not apply to any
amendment which provides for an increase in benefits
under a formula which is not based on a partici-
pant’s compensation, but only if the rate of such in-
crease is not in excess of the contemporaneous rate of
increase in average wages of participants covered by
the amendment.
‘‘(c) LIMITATIONS ON ACCELERATED BENEFIT DIS-
TRIBUTIONS.—
‘‘(1) IN GENERAL.—The requirements of this sub-
section are met if the plan provides that, with respect
to any plan year—
‘‘(A) if the plan’s adjusted funded target li-
ability percentage as of the valuation date for the
preceding plan year was less than 60 percent
and the preceding plan year is not otherwise in
a prohibited period, the plan sponsor shall, in
addition to any other contribution required
under section 430, contribute for the current
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plan year and each succeeding plan year in the
prohibited period with respect to the current
plan year the amount (if any) which, when
added to the portion of the minimum required
contribution for the plan year described in sub-
paragraphs (B) and (C) of section 430(a)(1), is
sufficient to result in an adjusted funded target
liability percentage for the plan year of 60 per-
cent, and
‘‘(B) no prohibited payments will be made
during a prohibited period.
‘‘(2) PROHIBITED
PAYMENT.—For purpose of
this subsection—
‘‘(A) IN
GENERAL.—The term ‘prohibited
payment’ means—
‘‘(i) any payment, in excess of the
monthly amount paid under a single life
annuity (plus any social security supple-
ments described in the last sentence of sec-
tion 411(a)(9)), to a participant or bene-
ficiary whose annuity starting date (as de-
fined in section 417(f)(2)) occurs during a
prohibited period,
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‘‘(ii) any payment for the purchase of
an irrevocable commitment from an insurer
to pay benefits, and
‘‘(iii) any other payment specified by
the Secretary by regulations.
‘‘(B) 
EXCEPTION
FOR
CERTAIN
PAY-
MENTS.—In the case of any prohibited period de-
scribed in paragraph (3)(A), the term ‘prohibited
payment’ shall not include any payment if the
amount of the payment does not exceed the lesser
of—
‘‘(i) 50 percent of the amount of the
payment which could be made without re-
gard to this subsection, or
‘‘(ii) the present value (determined
under guidance prescribed by the Pension
Benefit Guaranty Corporation, using the
interest and mortality assumptions under
section 417(e)) of the maximum guarantee
with respect to the participant under sec-
tion 4022 of the Employee Retirement In-
come Security Act of 1974.
The exception under this subparagraph shall
only apply once with respect to any participant,
except that, for purposes of this sentence, a par-
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ticipant and any beneficiary on his behalf (in-
cluding an alternate payee, as defined in section
414(p)(8)) shall be treated as 1 participant. If
the accrued benefit of a participant is allocated
to such an alternate payee and 1 or more other
persons, the amount under clause (ii) shall be al-
located among such persons in the same manner
as the accrued benefit is allocated unless the
qualified domestic relations order (as defined in
section 414(p)(1)(A)) provides otherwise.
‘‘(3) PROHIBITED
PERIOD.—For purposes of
paragraph (1), the term ‘prohibited period’ means—
‘‘(A) except as provided in paragraph (4),
if a plan sponsor is required to make the con-
tribution for the current plan year under para-
graph (1), the period beginning on the 1st day
of the plan year and ending on the last day of
the 1st period of 2 consecutive plan years (begin-
ning on or after such 1st day) for which the
plan’s adjusted funded target liability percentage
was at least 60 percent,
‘‘(B) any period the plan sponsor is in
bankruptcy, or
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‘‘(C) any period during which the plan has
a liquidity shortfall (as defined in section
430(j)(4)(E)(i)).
The prohibited period for purposes of subparagraph
(B) shall not include any portion of a plan year
(even if the plan sponsor is in bankruptcy during
such period) which occurs on or after the date the
plan’s enrolled actuary certifies that, as of the valu-
ation date for the plan year, the plan’s adjusted fund-
ed target liability percentage is at least 100 percent.
‘‘(4) SATISFACTION
OF
REQUIREMENT
BEFORE
CLOSE OF PLAN YEAR.—If, before the close of the cur-
rent plan year—
‘‘(A) the plan sponsor makes the contribu-
tion required to be made under paragraph (1),
or
‘‘(B) the plan’s enrolled actuary certifies
that, as of the valuation date for the plan year,
the adjusted funded target liability percentage of
the plan is at least 60 percent,
this subsection shall be applied as if no prohibited pe-
riod had begun as of the beginning of such year and
the plan shall, under rules described by the Secretary,
restore any payments not made during the prohibited
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period in effect before the application of this para-
graph.
‘‘(d) LIMITATION ON BENEFIT ACCRUALS FOR PLANS
WITH SEVERE FUNDING SHORTFALLS.—
‘‘(1) IN GENERAL.—Except as provided in sub-
section (e), a single-employer plan shall provide that
all future benefit accruals under the plan shall cease
during a severe funding shortfall period, but only to
the extent the cessation of such accruals would have
been permitted under section 411(d)(6) if the ces-
sation had been implemented by a plan amendment
adopted immediately before the severe funding short-
fall period.
‘‘(2) SEVERE
FUNDING
SHORTFALL
PERIOD.—
For purposes of paragraph (1), the term ‘severe fund-
ing shortfall period’ means in the case of a plan the
adjusted funding target attainment percentage of
which as of the valuation date of the plan for any
plan year is less than 60 percent, the period—
‘‘(A) beginning on the 1st day of the suc-
ceeding plan year, and
‘‘(B) ending on the date the plan’s enrolled
actuary certifies that the plan’s funding target
attainment percentage is at least 60 percent.
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‘‘(3) OPPORTUNITY FOR INCREASED FUNDING.—
For purposes of paragraph (2)(A), a plan shall not
be treated as described in such paragraph for a plan
year if the plan’s enrolled actuary certifies that the
plan sponsor has before the end of the plan year con-
tributed (in addition to any minimum required con-
tribution under section 430) the amount sufficient to
result in an adjusted funding target attainment per-
centage as of the valuation date for the plan year of
60 percent.
‘‘(e) EXCEPTION FOR CERTAIN COLLECTIVELY BAR-
GAINED BENEFITS.—In the case of a plan maintained pur-
suant to a collective bargaining agreement between em-
ployee representatives and the plan sponsor and in effect
before the beginning of the first day on which a limitation
would otherwise apply under subsections (b), (c), or (d)—
‘‘(1) such limitations shall not apply to any
amendment, prohibited payment, or accrual with re-
spect to such plan, but
‘‘(2) the plan sponsor shall contribute (in addi-
tion to any minimum required contribution under
section 430) the amount sufficient to result in a fund-
ing target attainment percentage (as of the valuation
date for the plan year in which any such limitation
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would otherwise apply) equal to the percentage nec-
essary to prevent the limitation from applying.
‘‘(f) RULES RELATING
TO REQUIRED CONTRIBU-
TIONS.—
‘‘(1) SECURITY MAY BE PROVIDED.—
‘‘(A) IN
GENERAL.—For purposes of this
section, the adjusted funding target attainment
percentage shall be determined by treating as an
asset of the plan any security provided by a plan
sponsor in a form meeting the requirements of
subparagraph (B) .
‘‘(B) FORM OF SECURITY.—The security re-
quired under subparagraph (A) shall consist of—
‘‘(i) a bond issued by a corporate sur-
ety company that is an acceptable surety
for purposes of section 412 of the Employee
Retirement Income Security Act of 1974,
‘‘(ii) cash, or United States obligations
which mature in 3 years or less, held in es-
crow by a bank or similar financial institu-
tion, or
‘‘(iii) such other form of security as is
satisfactory to the Secretary and the parties
involved.
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‘‘(C) ENFORCEMENT.—Any security pro-
vided under subparagraph (A) may be perfected
and enforced at any time after the earlier of—
‘‘(i) the date on which the plan termi-
nates,
‘‘(ii) if there is a failure to make a
payment of the minimum required con-
tribution for any plan year beginning after
the security is provided, the due date for the
payment under section 430(j), or
‘‘(iii) if the adjusted funding target at-
tainment percentage is less than 60 percent
for a consecutive period of 7 years, the valu-
ation date for the last year in the period.
‘‘(D) RELEASE OF SECURITY.—The security
shall be released (and any amounts thereunder
shall be refunded together with any interest ac-
crued thereon) at such time as the Secretary may
prescribe in regulations, including regulations
for partial releases of the security by reason of
increases in the funding target attainment per-
centage.
‘‘(2) 
PREFUNDING
BALANCE
MAY
NOT
BE
USED.—No prefunding balance under section 430(f)
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may be used to satisfy any required contribution
under this section.
‘‘(3) TREATMENT
AS
UNPAID
MINIMUM
RE-
QUIRED CONTRIBUTION.—The amount of any required
contribution which a plan sponsor fails to make
under subsection (b) or (d) for any plan year shall
be treated as an unpaid minimum required contribu-
tion for purposes of subsection (j) and (k) of section
430 and for purposes of section 4971.
‘‘(g) NEW PLANS.—Subsections (b) and (d) shall not
apply to a plan for the first 5 plan years of the plan. For
purposes of this subsection, the reference in this subsection
to a plan shall include a reference to any predecessor plan.
‘‘(h) PRESUMED UNDERFUNDING FOR PURPOSES OF
BENEFIT LIMITATIONS BASED ON PRIOR YEAR’S FUNDING
STATUS.—
‘‘(1) PRESUMPTION
OF
CONTINUED
UNDER-
FUNDING.—In any case in which a benefit limitation
under subsection (b), (c), or (d) has been applied to
a plan with respect to the plan year preceding the
current plan year, the adjusted funding target attain-
ment percentage of the plan as of the valuation date
of the plan for the current plan year shall be pre-
sumed to be equal to the adjusted funding target at-
tainment percentage of the plan as of the valuation
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date of the plan for the preceding plan year until the
enrolled actuary of the plan certifies the actual ad-
justed funding target attainment percentage of the
plan as of the valuation date of the plan for the cur-
rent plan year.
‘‘(2) PRESUMPTION
OF
UNDERFUNDING
AFTER
10TH MONTH.—In any case in which no such certifi-
cation is made with respect to the plan before the first
day of the 10th month of the current plan year, for
purposes of subsections (b), (c), and (d), the plan’s
adjusted funding target attainment percentage shall
be conclusively presumed to be less than 60 percent as
of the first day of such 10th month.
‘‘(i) TREATMENT OF PLAN AS OF CLOSE OF PROHIB-
ITED OR CESSATION PERIOD.—For purposes of applying
this part—
‘‘(1) OPERATION OF PLAN AFTER PERIOD.—Un-
less the plan provides otherwise, payments and accru-
als will resume effective as of the day following the
close of a period of limitation of payment or accrual
of benefits under subsection (c) or (d).
‘‘(2) TREATMENT
OF
AFFECTED
BENEFITS.—
Nothing in this subsection shall be construed as affect-
ing the plan’s treatment of benefits which would have
been paid or accrued but for this section.
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‘‘(j) FUNDING TARGET ATTAINMENT PERCENTAGE.—
For purposes of this section—
‘‘(1) IN GENERAL.—The term ‘funding target at-
tainment percentage’ has the same meaning given
such term by section 430(d)(2).
‘‘(2) ADJUSTED FUNDED TARGET LIABILITY PER-
CENTAGE.—The term ‘adjusted funded target liability
percentage’ means the funded target liability percent-
age which is determined under subparagraph (A) by
increasing each of the amounts under subparagraphs
(A) and (B) of section 430(d)(2) by the aggregate
amount of purchases of annuities, payments of single
sums, and such other disbursements as the Secretary
shall prescribe in regulations, which were made by the
plan during the preceding 2 plan years.
‘‘(k) SPECIAL RULES.—
‘‘(1) BANKRUPTCY.—In the case of a plan spon-
sor during any period the plan is in bankruptcy—
‘‘(A) subsection (b) shall be applied by sub-
stituting ‘100 percent’ for ‘80 percent’ each place
it appears,
‘‘(B) any exception under subsection (b) for
any benefit increases pursuant to a collective
bargaining agreement shall not apply, and
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‘‘(C) the exception under subsection (f) shall
not apply for purposes of subsection (b).
‘‘(2) YEARS BEFORE EFFECTIVE DATE.—No plan
year beginning before 2007 shall be taken into ac-
count in determining whether this section applies to
any plan year beginning after 2006.’’.
(b) EFFECTIVE DATES.—
(1) IN
GENERAL.—The amendments made by
this section shall apply to plan years beginning after
December 31, 2006.
(2) COLLECTIVE
BARGAINING
EXCEPTION.—In
the case of a plan maintained pursuant to 1 or more
collective bargaining agreements between employee
representatives and 1 or more employers ratified be-
fore January 1, 2007, the amendments made by this
section shall not apply to plan years beginning before
the earlier of—
(A) the later of—
(i) the date on which the last collective
bargaining agreement relating to the plan
terminates (determined without regard to
any extension thereof agreed to after the
date of the enactment of this Act), or
(ii) the first day of the first plan year
to which the amendments made by this sub-
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section would (but for this subparagraph)
apply, or
(B) January 1, 2010.
For purposes of subparagraph (A)(i), any plan
amendment made pursuant to a collective bargaining
agreement relating to the plan which amends the plan
solely to conform to any requirement added by this
section shall not be treated as a termination of such
collective bargaining agreement.
SEC. 114. INCREASE IN DEDUCTION LIMIT FOR SINGLE-EM-
PLOYER PLANS.
(a) IN GENERAL.—Section 404 of the Internal Revenue
Code of 1986 (relating to deduction for contributions of an
employer to an employees’ trust or annuity plan and com-
pensation under a deferred payment plan) is amended—
(1) in subsection (a)(1)(A), by inserting ‘‘in the
case of a defined benefit plan other than a multiem-
ployer plan, in an amount determined under sub-
section (o), and in the case of any other plan’’ after
‘‘section 501(a),’’, and
(2) by inserting at the end the following new
subsection:
‘‘(o) DEDUCTION
LIMIT
FOR
SINGLE-EMPLOYER
PLANS.—For purposes of subsection (a)(1)(A)—