Page:United States Statutes at Large Volume 101 Part 2.djvu/1136

 101 STAT. 1330-342

PUBLIC LAW 100-203—DEC. 22, 1987

funded new liability amount, the unpredictable contingent event amount, the current payment amount, and any other ~"-'S,. charges or credits under this section as are necessary to avoid duplication or omission of any factors in the determination of such amounts, charges, or credits." 26 USC 412 note. (c) REVISION OF VALUATION REGULATIONS.—Effective with respect to plan years beginning after December 31, 1987, the provisions of the regulations prescribed under section 412(c)(2) of the 1986 Code which permit asset valuations to be based on a range between 85 percent and 115 percent of average value shall have no force and effect with respect to plans other than multiemployer plans (as defined in section 414(f) of the 1986 Code). The Secretary of the Treasury or his delegate shall amend such regulations to carry out the purposes of the preceding sentence. Regulations. 26 USC 412.

(d) VALUATION OF BONDS.— (1) AMENDMENT TO 1986 CODE.—Subparagraph (B) of section

412(c)(2) of the 1986 Code is amended by adding at the end thereof the following new sentence: "In the case of a plan other than a multiemployer plan, this subparagraph shall not apply, but the Secretary may by regulations provide that the value of any dedicated bond portfolio of such plan shall be determined by using the interest rate under subsection (b)(5)." (2) AMENDMENT TO ERISA.—Subparagraph (B) of section 302(c)(2) of ERISA is amended by adding at the end thereof the following new sentence: "In the case of a plan other than a multiemployer plan, this subparagraph shall not apply, but the Secretary of the Treasury may by regulations provide that the value of any dedicated bond portfolio of such plan shall be determined by using the interest rate under subsection (b)(5)."

Regulations. 29 USC 1082

26 USC 412 note.

(e) EFFECTIVE DATE.—

(1) IN GENERAL.—Except as provided in this subsection, the amendments made by this section shall apply with respect to plan years beginning after December 31, 1988. (2) SUBSECTIONS (C) AND (D).—The amendments made by subsections (c) and (d) shall apply with respect to years beginning after December 31, 1987. (3) SPECIAL RULE FOR STEEL COMPANIES.—

(A) IN GENERAL.—For any plan year beginning before January 1, 1994, any increase in the funding standard account under section 412(1) of the 1986 Code or section 302(d) of ERISA (as added by this section) with respect to any steel employee plan shall not exceed the sum of— (i) the required percentage of the current liability under such plan, plus (ii) the amount determined under subparagraph (C)(i) for such plan year. (B) REQUIRED PERCENTAGE.—For purposes of subpara-

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graph (A), the term "required percentage" means, with respect to any plan year, the excess (if any) of— (i) the sum of— ^ (I) the funded current liability percentage as of the beginning of the 1st plan year beginning after December 31, 1988 (determined without regard to any plan amendment adopted after June 30, 1987), plus (II) 1 percentage point for the plan year for which the determination under this paragraph is being made and for each prior plan year beginning after December 31, 1988, over

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