Page:United States Statutes at Large Volume 102 Part 4.djvu/728

 102 STAT. 3698

PUBLIC LAW 100-647—NOV. 10, 1988

employees, and methods by which plans may be modified to satisfy minimum participation requirements. (b) REPORT.—The Secretary of the Treasury or his delegate shall report the results of the study under subsection (a) to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives not later than September 1, 1989. SEC. 6057. PROHIBITION ON COLLECTIBLES NOT TO INCLUDE STATE COINS.

(a) IN GENERAL.—Paragraph (3) of section 408(m) of the 1986 Code is amended to read as follows: "(3) EXCEPTION FOR CERTAIN COINS.—In the case of an individual retirement account, paragraph (2) shall not apply to— "(A) any gold coin described in paragraph (7), (8), (9), or (10) of section 5112(a) of title 31, "(6) any silver coin described in section 5112(e) of title 31, or "(C) any coin issued under the laws of any State." 26 USC 408 note. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to acquisitions after the date of the enactment of this Act. SEC. 6058. APPLICATION OF FUNDING RULES TO MULTIPLE EMPLOYER PLANS.

(a) IN GENERAL.—Paragraph (4) of section 413(c) of the 1986 Code is amended to read as follows: "(4) FUNDING.—

"(A) IN GENERAL.—In the case of a plan established after December 31, 1988, each employer shall be treated as maintaining a separate plan for purposes of section 412 unless such plan uses a method for determining required contributions which provides that any employer contributes not less than the amount which would be required if such employer maintained a separate plan. (B) OTHER PLANS.—In the case of a plan not described in subparagraph (A), the requirements of section 412 shall be determined as if all participants in the plan were employed by a single employer unless the plan administrator elects not later than the close of the first plan year of the plan beginning after the date of enactment of the Technical and Miscellaneous Revenue Act of 1988 to have the provisions of subparagraph (A) apply. An election under the preceding sentence shall take effect for the plan year in wluch made and, once made, may be revoked only with the consent of the Secretary." (b) DEDUCTION LIMITATIONS.—Paragraph (6) of section 413(c) of the

1986 diode is amended to read as follows: "(6) DEDUCTION LIMITATIONS.—

"(A) IN GENERAL.—In the case of a plan established after December 31, 1988, each applicable limitation provided by section 404(a) shall be determined as if each employer were maintaining a separate plan. "(B) OTHER PLANS.—

"(i) IN GENERAL.—In the case of a plan not described in subparagraph (A), each applicable limitation provided by section 404(a) shall be determined as if all participants in the plan were employed by a single

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