Page:United States Statutes at Large Volume 100 Part 3.djvu/1148

 100 STAT. 2956

PUBLIC LAW 99-514—OCT. 22, 1986

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f-, transferred to an eligible retirement plan in accordance with the requirements of such subsection. ^. ^"(B) EuGiBLE RETIREMENT PLAN.—The term 'eligible retirement plan' has the meaning given such term by subsection (a)(SXEXiv)." (f) AMENDMENT RELATED TO SECTION 301 OF THE ACT.— (1) SPECIAL RULE FOR ESOPS.— (A) AMENDMENT TO THE INTERNAL REVENUE CODE.—Sec-

tion 411(d)(6) is amended by adding at the end thereof the following new subparagraph: '•"''^'"(C) SPECIAL RULE FOR ESOPS.—For purposes of this paragraph, any— "(i) tax credit employee stock ownership plan (as •' defined in section 409(a)), or "(ii) employee stock ownership plan (as defined in section 4975(e)(7)), " shall not be treated as failing to meet the requirements of this paragraph merely because it modifies distribution options in a nondiscriminatory manner." fi'. ifA (g) AMENDMENT TO ERISA.—Section 204(g) of the Employee Retirement Income Security Act of 1974 is ' ' amended by adding at the end thereof the following new paragraph: "(3)Forpurposesof this subsection, any— "(A) tax credit employee stock ownership plan (as defined in, section 409(a) of the Internal Revenue C!ode of 1954), or "(B) employee stock ownership plan (as defineid in section 4975(e)(7) of such Code), shall not be treated as failing to meet the requirements of this subsection merely because it modifies distribution options in a nondiscriminatory manner." (2) CLERICAL AMENDMENT.—Paragraph (1) of section 204(g) of the Employee Retirement Income Security Act of 1974 is amended by striking out "section 302(c)(8)" and inserting in lieu thereof "section 302(c)(8) or 4281". (g) AMENDMENT RELATED TO SECTION 302 OF THE ACT.—Paragraph

(2) of section 3020t>) of the Retirement Equity Act of 1984 is amended by striking out "Jgmuary 1, 1987" and inserting in lieu thereof "July 1, 1988". (h) AMENDMENTS RELATED TO SECTION 303 OF THE ACT.—

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(I)(A) Subsection (c) of section 303 of the Retirement Equity Act of 1984 (relating to transitional rule for requirement of joint and survivor annuity and preretirement survivor annuity) is amended by adding at the end thereof the following new paragraph: "(4) EUMINATION OF DOUBLE DEATH BENEFITS.—

"(A) IN GENERAL.—In the case of a participant described t:: in paragraph (2), death benefits (other than a qualified joint and survivor annuity or a qualified preretirement survivor 3 s bi»»"t annuity) payable to any beneficiary shall be reduced by the amount payable to the surviving spouse of such participant by reason of paragraph (2). The reduction under the preced.' ing sentence shall be made on the basis of the respective present values {as of the date of the participant's death) of ,'\ r { such death benefits and the amount so payable to the 1 surviving spouse.

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