Page:United States Statutes at Large Volume 100 Part 3.djvu/620

 100 STAT. 2428

PUBLIC LAW 99-514—OCT. 22, 1986

than 180 days after the date of notification by the Secretary of the inconsistency unless the employer corrects the inconsistency before the 1st day of such plan year. "(c) INDIVIDUALS WHO ARE PARTICIPANTS IN MORE THAN 1 PLAN.—

"(1) IN GENERAL.—The maximum amount of the compensation of any one individual which may be deferred under subsection (a) during any taxable year shall not exceed $7,500 (as modified by any adjustment provided under subsection (b)(3)). "(2) COORDINATION WITH CERTAIN OTHER DEFERRALS.—In apply^ ing paragraph (1) of this subsection and paragraphs (2) and (3) of subsection (b)— "(A) any amount excluded from gross income under secar. ~,.t tion 4030?) for the taxable year, and "(B) any amount— /. X. "(i) excluded from gross income under section ',..'^' ^ 402(a)(8) or section 402(h)(1)(B) for the taxable year, or '' ' "" "(ii) with respect to which a deduction is allowable by reason of a contribution to an organization described in section 501(c)(18) for the taxable year, shall be treated as an amount deferred under subsection (a). In ^,,^, applying section 402(g)(8)(A)(iii) or 403(b)(2)(A)(ii), an amount deferred under subsection (a) for any year of service shall be taken into account as if described in section 402(g)(3)(C) or 4030t))(2)(A)(ii), respectively. Subparagraph (B) shall not apply in the case of a participant in a rural electric cooperative plan (as defined in section 401(k)(7)). "(d) DISTRIBUTION REQUIREMENTS.—

^.j "(1) IN GENERAL.—For purposes of subsection (b)(5), a plan ""'^ meets the distribution requirements of this subsection if— "(A) the plan provides that amounts payable under the plan will be made available to participants or other bene^^_,. ficiaries not earlier than when the participant is separated from service with the employer or is faced with an un,^ ^,, foreseeable emergency (determined in the manner pre' ^* scribed by the Secretary by regulation), and "(B) the plan meets the minimum distribution requirements of paragraph (2). "(2) MINIMUM DISTRIBUTION REQUIREMENTS.—A plan meets the minimum distribution requirements of this paragraph if such plan meets the requirements of subparagraphs (A), (B), and "(A) APPLICATION OF SECTION 401(a)(9).—A plan meets the ^,, j„ requirements of this subparagraph if the plan meets the requirements of section 401(a)(9). •c ¥ r r f> '^^^ ADDITIONAL DISTRIBUTION REQUIREMENTS.—A plan meets the requirements of this subparagraph if— ,;,j \j,, "(i) in the case of a distribution beginning before the " * ^ death of the participant, such distribution will be made in a form under which— "(I) at least % of the total amount payable with respect to the participant will be paid during the life expectancy of such participant (determined as of the commencement of the distribution), and "(II) any amount not distributed to the participant during his life will be distributed after the ^, death of the participant at least as rapidly as

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