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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Pension Interest Rate Relief Act of
2002''.

SEC. 2. INTEREST RATE RANGE FOR ADDITIONAL FUNDING REQUIREMENTS.

(a) Amendments to the Internal Revenue Code of 1986.--
(1) Special rule.--Clause (i) of section 412(l)(7)(C) of
the Internal Revenue Code of 1986 (relating to interest rate)
is amended by adding at the end the following new subclause:
''(III) Special rule for 2001
through 2004.--For a plan year
beginning in 2001, 2002, 2003 or 2004,
notwithstanding subclause (I), in the
case that the rate of interest used
under subsection (b)(5) exceeds the
highest rate permitted under subclause
(I), the rate of interest used to
determine current liability under this
subsection may exceed the rate of
interest otherwise permitted under
subclause (I); except that such rate of
interest shall not exceed 120 percent
of the weighted average referred to in
subsection (b)(5)(B)(ii).''
(2) Quarterly contributions.--Subsection (m) of section 412
of such Code is amended by adding at the end the following new
paragraph:
''(7) Special rule for 2005.--In any case in which the
interest rate used to determine current liability is determined
under subsection (l)(7)(C)(i)(III) for purposes of applying
paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005,
the current liability for the preceding plan year shall be
redetermined using 105 percent as the specified percentage
determined under subsection (l)(7)(C)(i)(II).''
(b) Amendments to the Employee Retirement Income Security Act of
1974.--
(1) Special rule.--Clause (i) of section 302(d)(7)(C) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1082(d)(7)(C)) is amended by adding at the end the following
new subclause:
''(III) Special rule for 2001
through 2004.--For a plan year
beginning in 2001, 2002, 2003 or 2004,
notwithstanding subclause (I), in the
case that the rate of interest used
under subsection (b)(5) exceeds the
highest rate permitted under subclause
(I), the rate of interest used to
determine current liability under this
subsection may exceed the rate of
interest otherwise permitted under
subclause (I); except that such rate of
interest shall not exceed 120 percent
of the weighted average referred to in
subsection (b)(5)(B)(ii).''
(2) Quarterly contributions.--Subsection (e) of section 302
of such Act (29 U.S.C. 1082) is amended by adding at the end
the following new paragraph:
''(7) Special rule for 2005.--In any case in which the
interest rate used to determine current liability is determined
under subsection (d)(7)(C)(i)(III) for purposes of applying
paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005,
the current liability for the preceding plan year shall be
redetermined using 105 percent as the specified percentage
determined under subsection (d)(7)(C)(i)(II).''
(c) PBGC.--Clause (iii) of section 4006(a)(3)(E) of the Employee
Retirement Income Security of Act 1974 (29 U.S.C. 1306(a)(3)(E)) is
amended by adding at the end the following new subclause:
''(IV) In the case of plan years beginning after December 31, 2001,
and before January 1, 2005, subclause (II) shall be applied by
substituting '100 percent' for '85 percent' and by substituting '115
percent' for '100 percent'. Subclause (III) shall be applied for such
years without regard to the preceding sentence. Any reference to this
clause by any other sections or subsections (other than sections 4010,
4011 and 4043) shall be treated as a reference to this clause without
regard to this subclause.''
(d) Amendments to Retirement Protection Act of 1994.--
(1) Transition rule made permanent.--Paragraph (1) of
section 769(c) of the Retirement Protection Act of 1994 is
amended--
(A) by striking ''transition'' each place it
appears in the heading and the text, and
(B) by striking ''for any plan year beginning after
1996 and before 2010''.
(2) Special rules.--Paragraph (2) of section 769(c) of the
Retirement Protection Act of 1994 is amended to read as
follows:
''(2) Special rules.--The rules described in this paragraph
are as follows:
''(A) For purposes of section 412(l)(9)(A) of the
Internal Revenue Code of 1986 and section 302(d)(9)(A)
of the Employee Retirement Income Security Act of 1974,
the funded current liability percentage for any plan
year shall be treated as not less than 90 percent.
''(B) For purposes of section 412(m) of the
Internal Revenue Code of 1986 and section 302(e)(9) of
the Employee Retirement Income Security Act of 1974,
the funded current liability percentage for any plan
year shall be treated as not less than 100 percent.
''(C) For purposes of determining unfunded vested
benefits under section 4006(a)(3)(E)(iii) of the
Employee Retirement Income Security Act of 1974, the
mortality table shall be the mortality table used by
the plan.''.
(3) Effective date.--The amendments made by this subsection
shall apply to plan years beginning after December 31, 2001.
Pension Interest Rate Relief Act of 2002 - Amends the Internal Revenue Code and Employee Retirement Income Security Act of 1974 by increasing, for plan years beginning 2001 through 2004, the permissible interest rate range used to determine additional funding requirements for certain benefit plans which are not multiemployer plans.Sets forth a special rule regarding the interest rate used to determine liability for plan years beginning in 2005.Amends the Retirement Protection Act of 1994 to establish special rules relating to funding liability percentages and the mortality table to be used for purposes of determining unfunded vested benefits.