Page:United States Statutes at Large Volume 100 Part 3.djvu/617

 PUBLIC LAW 99-514—OCT. 22, 1986 t,

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100 STAT. 2425

tions under paragraphs dXB) and (4), except that such subparagraph shall be applied with respect to years of service with an employer rather than years of participation in a plan. "(C) LIMITATION ON REDUCTION.—In no event shall subparagraph (A) or (B) reduce the limitations referred to in paragraphs (1) and (4) to an amount less than Vio of such limitation (determined without regard to this paragraph). "(D) APPLICATION TO CHANGES IN BENEFIT STRUCTURE.—To

the extent provided in regulations, this paragraph shall be applied separately with respect to each change in the benefit structure of a plan." (g) CONFORMING AMENDMENTS.—

(1) Paragraph (1) of section 415(d) is amended by inserting "and" at the end of subparagraph (A), by striking out subparagraph (B), and by redesignating subparagraph (C) as paragraph (B). (2) Paragraph (2) of section 415(d) is amended— (A) by striking out "subparagraphs (A) and (B)" and inserting in lieu thereof "subparagraph (A)", and (B) by striking out "subparagraph (C)" and inserting in lieu thereof "subparagraph (B)". (3) Paragraph (3) of section 415(d) is amended by striking out "subparagraph (A) or (B)" and inserting in lieu thereof "subparagraph (A)". (h) PLANS MAY INCORPORATE SECTION 415 LIMITATIONS BY REF-

ERENCE.—Notwithstanding any other provision of law, except as provided in regulations prescribed by the Secretary of the Treasury or his delegate, a plan may incorporate by reference the limitations under section 415 of the Internal Revenue Code of 1986. (i) EFFECTIVE DATES.—

(1) IN GENERAL.—Except as provided in this subsection, the amendments made by this section shall apply to years beginning after December 31, 1986. (2) COLLECTIVE BARGAINING AGREEMENTS.—In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified before March 1, 1986, the amendments made by this section (other than subsection (d)) shall not apply to contributions or benefits pursuant to such agreement in years beginning before the earlier of— (A) the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after February 28, 1986), or (B) January 1, 1989. (3) RIGHT TO HIGHER ACCRUED DEFINED BENEFIT PRESERVED.—

(A) IN GENERAL.—In the case of an individual who is a participant (as of the 1st day of the 1st year to which the amendments made by this section apply) in a defined benefit plan which is in existence on May 6, 1986, and with respect to which the requirements of section 415 of the Internal Revenue Code of 1986 have been met for all plan years, if such individual's current accrued benefit under the plan exceeds the limitation of subsection (b) of section 415 of such Code (as amended by this section), then (in the case of such plan), for purposes of subsections (b) and (e) of such section, the limitation of such subsection (b)(1)(A) with re-

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