Page:United States Statutes at Large Volume 108 Part 6.djvu/460

 108 STAT. 5028 PUBLIC LAW 103-465—DEC. 8, 1994 (ii) by striking "or^ at the end of subclause (I); (iii) by striking the period at the end of subclause (II) and inserting ", or"; and (iv) by adding after subclause (II) the following new clause: "(III) 25 percent of the amount determined under subsection (d)(5)(A)(iii) for the plan year." (7) REQUIRED INTEREST RATE AND MORTAUTY ASSUMPTIONS FOR DETERMINING CURRENT LIABILITY.— (A) IN GENERAL.— Subparagraph (C) of section 302(d)(7) 29 USC 1082. of such Act is amended to read as follows: "(C) INTEREST RATE AND MORTALITY ASSUMPTIONS Effective date. USED. —Effective for plan years beginning after December 31, 1994— "(i) INTEREST RATE. — "(I) IN GENERAL.—The rate of interest used to determine current UabiHty \mder this subsection shall be the rate of interest used under subsection (b)(5), except that the highest rate in the permissible range under subparagraph (B)(ii) thereof shall not exceed the specified percentage under subclause (II) of the weighted average referred to in such subparagraph. "(II) SPECIFIED PERCENTAGE.—For purposes of subclause (I), the specified percentage shall be determined as follows: "In the case of plan years beginning The specified in calendar year: percentage is: 1995 109 1996 108 1997 107 1998 106 1999 and thereafter 106. " (ii) MORTALITY TABLES.— " (I) COMMISSIONERS' STANDARD TABLE.—In the case of plan years beginning before the first plan year to which the fS«t tables prescribed under subclause (II) apply, the mortality table used in determining current liability under this subsection shall be the table prescribed by the Secretsuy of the Treasury which is based on the prevailing commissioners' standard table (described in section 807(d)(5)(A) of the Internal Revenue Code of 1986) used to determine reserves for group annuity contracts issued on January 1, 1993. "(II) SECRETARIAL AUTHORITY. —The Secretary of the Treasury may by regulation prescribe for plan years beginning after December 31, 1999, mortality tables to be used in determining current liabihty under this subsection. Such tables shall be based upon the actual experience of pension plans and projected trends in such experience. In prescribing such tables, the Secretary of the Treasury shall take into account results of available independent studies of mortality of individuals covered by pension plans.

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