Page:United States Statutes at Large Volume 100 Part 3.djvu/613

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2421

the Social Security Act, except that such section shall be applied— "(A) without regard to the age increase factor, and "(B) as if the earlv retirement age under section 216(1)(2) of such Act were 62.' (2) SPECIAL RULES FOR GOVERNMENTAL AND TAX-EXEMPT PLANS AND QUALIFIED POUCE AND FIREFIGHTERS.—Paragraph (2) of sec-

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tion 415(b) (relating to annual benefit) is amended by adding at the end thereof the following new subparagraphs:

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"(F) PLANS MAINTAINED BY GOVERNMENTS AND TAXEXEMPT ORGANIZATIONS.—In the case of a governmental

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plan (within the meaning of section 414(d)), a plan maintained by an organization (other than a governmental unit) exempt from tax under this subtitle, or a qualified merchant marine plan— "(i) subparagraph (G) shall be applied— "(I) by substituting 'age 62' for 'social security retirement age' each place it appears, and "(II) as if the last sentence thereof read as follows: 'The reduction under this subparagraph shall not reduce the limitation of paragraph (1)(A) below (i) $75,000 if the benefit begins at or after age 55, or (ii) if the benefit begins before age 55, the equivalent of the $75,000 limitation for age 55.', and "(ii) subparagraph (D) shall be applied by substituting 'age 65' for 'social security retirement age' each place it appears. For purposes of this subparagraph, the term 'qualified merchant marine plan' means a plan in existence on January 1, 1986, the participants in which are merchant marine officers holding licenses issued by the Secretary of Transportation under title 46, United States Code.

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"(G) SPECIAL LIMITATION FOR QUALIFIED POLICE OR FIRE-

FIGHTERS.—In the case of a qualified participant— "(i) subparagraph (G) shall not reduce the limitation of paragraph (I)(A) to an amount less than $50,000, and "(ii) the rules of subparagraph (F) shall apply. The Secretary shall adjust the $50,000 amount in clause (i) at the same time and in the same manner as under section 415(d). "(H) QUALIFIED PARTICIPANT DEFINED.—For purposes of

subparagraph (G), the term 'qualified participant' means a participant— "(i) in a defined benefit plan which is maintained by a State or political subdivision thereof, "(ii) with respect to whom the period of service taken into account in determining the amount of the benefit under such defined benefit plan includes at least 20 years of service of the participant— "(I) as a full-time employee of any police department or fire department which is organized and operated by the State or political subdivision maintaining such defined benefit plan to provide police protection, firefighting services, or emergency medical services for any area within the jurisdiction of such State or political subdivision, or

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