Page:United States Statutes at Large Volume 108 Part 6.djvu/463

 '••^ iritl* t- PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 5031 age points for any such applicable plan year is the sum of— "(I) 2 percentage points; " (II) the apphcable number of percentage points (if any) under this clause for the preceding apphcable plan year, " (III) the product of.10 multiplied by the excess (if any) of (a) 85 percentage points over (b) the sum of the initial funded current liabihty percentage and the number determined under subclause (II); "(IV) for apphcable plan years beginning in 2000,1 percentage point; and "(V) for apphcable plan years beginning in 2001, 2 percentage points, "(iii) PLANS TO WHICH CLAUSE (ii) APPLIES.— " (I) IN GENERAL. —C lause (ii) shall apply to a plan for an apphcable plan year if the initial funded current liability percentage of such plan is more than 75 percent "(II) PLANS INITLIVLLY UNDER CLAUSE (i). — In the case of a plan which (but for this subclause) has an initial funded current habihty percentage of 75 percent or less, clause (ii) (and not clause (i)) shall apply to such plan with respect to apphcable plan years beginning after the first apphcable plan yesir for which the sum of the initial funded ciurent habliity percentage and the apphcable number of percentage points (determined under clause (i)) exceeds 75 percent For purposes of applying clause (ii) to such a plan, the initial funded current liability percentage of such plan shall be treated as being the sum referred to in the preceding sentence. "(C) DEFINITIONS.— For purposes of this paragraph— "(i) The term 'applicable plstn year* means a plan year beginning after December 31, 1994, and before January 1, 2002. "(ii) The term Initial funded current liabihty percentage' means the funded current habihty percentage as of the first day of the first plan year beginning after December 31, 1994." (9) LIQUIDITY REQUIREMENT. — (A) IN GENERAL. — Section 302(e) of such Act is amended 29 USC 1082. by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph: "(5) LIQUIDITY REQUIREMENT.— "(A) IN GENERAL.— A plan to which this paragraph apphes shall be treated as failing to pay the fml amount of any required installment to the extent that the value of the liquid assets paid in such installment is less than the hquidity shortfall (whether or not such hquidity shortfall exceeds the amount of such installment required to be paid but for this paragraph). "(B) PLANS TO WHICH PARAGRAPH APPLIES. —This paragraph shall apply to a defined benefit plan (other than

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