Page:United States Statutes at Large Volume 103 Part 3.djvu/368

 103 STAT. 2436 PUBLIC LAW 101-239—DEC. 19, 1989 "(HI) has years of service greater than the mini- mum years of service necessary for eligibility to '^ •". participate in the plan.", and (ii) by adding at the end thereof the following new clause: ^ (iv) ELECTION.—An employer may elect not to have this subparagraph apply. Such an election, once made, may be revoked only with the consent of the Sec- retary.". 29 USC 1082. (B) Section 302(d)(7)(D) of ERISA is amended— (i) by striking "and" at the end of clause (iiiXD, by striking the period at the end of clause (iiiXH) and inserting ", and, and by adding at the end of clause (iii) the following new subclause: "(III) has years of service greater than the mini- mum years of service necessary for eligibility to participate in the plan.", and (ii) by adding at the end thereof the following new clause:, (iv) ELECTION.— An employer may elect not to have this subparagraph apply. Such an election, once made, may be revoked only with the consent of the Secretary of the Treasury.". 26 USC 412. (5)(A) Section 412(1)(8) is amended— (i) by striking "reduced by any credit balance in the funding standard account" in subparagraph (A)(ii), and (ii) by adding at the end thereof the following new subparagraph: "(E) DEDUCTION FOR CREDIT BALANCES. — For purposes of this subsection, the amount determined under subpara- graph (A)(ii) shall be reduced by any credit balance in the funding standard account. The Secretary may provide for such reduction for purposes of any other provision which references this subsection.". (B) Section 302(d)(8) of ERISA is amended— (i) by striking "reduced by any credit balance in the funding standard account" in subparagraph (A)(ii), and (ii) by adding at the end thereof the following new subparagraph: "(E) DEDUCTION FOR CREDIT BALANCES. — For purposes of this subsection, the emiount determined under subpara- graph (A)(ii) shall be reduced by any credit balance in the funding standard account. The Secretary of the Treasury may provide for such reduction for purposes of any other provision which references this subsection.". (6)(A) Section 412(c)(9) is amended- (i) by striking "3 years" and inserting "year", and (ii) by striking 3-yEAR" in the heading and inserting " ANNUAL". (B) Section 302(c)(9) of ERISA is amended by striking "3 years" and inserting "year". (7) Subclause (II) of section 9303(e)(3)(C)(ii) of the Pension 26 USC 412 note. Protection Act is amended by inserting "(and any income alloca- ble to such amount)" after "clause (i)". (b) AMENDMENTS RELATED TO SECTION 9304.— (I)(A) Subparagraph (A) of section 412(c)(10) is amended— (i) by inserting "defined benefit" before "plan other", and (ii) by striking "PLANS" in the heading and inserting "D EFINED BENEFIT PLANS".

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