Page:United States Statutes at Large Volume 108 Part 6.djvu/468

 108 STAT. 5036 PUBLIC LAW 103-465—DEC. 8, 1994 SEC. 764. MODIFICATION OF QUARTE31LY CONTRIBUTION REQUIREMENT. (a) IN GENERAL. — Paragraph (1) of section 302(e) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1082(e)) is amended— (1) by inserting Vhich has a funded current liability percentage (as defined in subsection (d)(8)) for the preceding plan year of less than 100 percent" before ^ails", and (2) by striking "any plan year^ and inserting "the plan year". 29 USC 1082 (b) EFFECTIVE DATE. —The amendment made by this section "°*®- shall apply to plan years beginning after the date of enactment of this Act. Subpart C—Other Funding Provisions SEC. 766. PROHIBITION ON BENEFIT INCREASES WHERE PLAN SPON- SOR IS IN BANKRUPTCY. (a) AMENDMENT TO THE EMPLOYEE RETIREMENT INCOME SECU- RITY ACT OF 1974. —Section 204 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1054) is amended by redesignating subsection (i) as (j) and inserting after subsection (h) the following new subsection: "(i)(l) In the case of a plan described in paragraph (3) which is maintained by an employer that is a debtor in a case under title 11, United States Code, or similar Federal or State law, no amendment of the plan which increases the Uabilities of the plan by reason of— "(A) any iacrease in benefits, "(B) any change in the accrual of benefits, or "(C) any change in the rate at which benefits become nonforfeitable under the plan, with respect to employees of the debtor, shall be effective prior to the effective date of such employer's plan of reorganization. "(2) Paragraph (1) shall not apply to any plan amendment that— "(A) the Secretary of the Treasury determines to be reasonable and that proviaes for only de minimis increases in the liabOities of the plan with respect to employees of the debtor, "(B) only repeals an amendment described in section 302(c)(8), "(C) is required as a condition of qualification under part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986, or "(D) was adopted prior to, or pursuant to a collective bargsiining agreement entered into prior to, the date on which the employer became a debtor in a case under title 11, United States Code, or similar Federal or State law. "(3) This subsection shall apply only to plans (other than midtiemployer plans) covered under section 4021 of this Act for which the funded current Uability percentage (within the meaning of section 302(d)(8) of this Act) is less than 100 percent after taking into account the effect of the amendment. "(4) For purposes of this subsection, the term 'employer' has the meaning set fortii in section 302(c)(ll)(A), without regard to section 302(c)(ll)(B). "

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