Page:United States Statutes at Large Volume 108 Part 6.djvu/454

 108 STAT. 5022 PUBLIC LAW 103-465—DEC. 8, 1994 "(II) the value of the plan's assets determined under paragraph (2). "(ii) CURRENT LIABILITY; ASSETS.— For purposes of clause (i)— "(I) the term 'current liability' has the meaning given such term by subsection (1)(7) (without regard to subpsiragraph (D) thereof), and "(II) assets shall not be reduced by any credit balance in the funding standard account." 26 USC 412. (C) Subparagraph (B) of section 412(c)(7) is amended to read as follows: "(B) CURRENT LIABILITY. —For purposes of subparagraph (D) and subclause (I) of subparagraph (A)(i), the term 'current UabOity' has the meaning given such term by subsection (1)(7) (without regard to subparagraphs (C) and (D) thereof) and using the rate of interest used under subsection (b)(5)(B).' ' (11) REFERENCE TO ACT.—Section 404(g)(4) is amended by striking "the Single-Employer Pension Plan Amendments Act of IQSo' and inserting "the Retirement Protection Act of 1994". 26 USC 401 note. (b) EFFECTIVE DATES.— (1) IN GENERAL. —Except as provided in psiragraph (2), the amendments made by this section shall apply to plan years beginning after December 31, 1994. (2) REFERENCE. —The amendment made by subsection (a)(ll) slmll take effect on the date of the enactment of this Act. SEC. 752. LBDTATION ON CHANGES IN CURRENT LIABILITY ASSUMPTIONS. (a) IN GENERAL.— Paragraph (5) of section 412(c) is amended— (1) by striking "If the funding method" and inserting the following: "(A) IN GENERAL. — If the funding method", and (2) by adding at the end the following new subparagraph: "(B) APPROVAL REQUIRED FOR CERTAIN CHANGES IN ASSUMPTIONS BY CERTAIN SINGLE-EMPLOYER PLANS SUBJECT TO ADDITIONAL FUNDING REQUIREMENT.— "(i) IN GENERAL. —No actuarial assumption (other than the assimiptions described in subsection (1)(7)(C)) used to determine the current Uability for a plan to which this subparagraph applies may be changed without the approval of the Secretary. "(ii) PLANS TO WHICH SUBPARAGRAPH APPLIES.— This subparagraph shall apply to a plan only if— (I) the plan is a defined oenefit plan (other than a multiemployer plan) to which title IV of the Employee Retirement Income Security Act of 1974 applies; "(II) the aggregate unfunded vested benefits as of the close of the preceding pljin year (as determined under section 4006(a)(3)(E)(iii) of the Employee Retirement Income Security Act of 1974) of such plan and all other plans maintained by the contributing sponsors (as defined in section 4001(a)(13) of such Act) and members of such sponsors' controlled groups (as defined in section

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