Page:United States Statutes at Large Volume 111 Part 1.djvu/972

 Ill STAT. 948 PUBLIC LAW 105-34—AUG. 5, 1997 Subtitle H—Pension Provisions SEC. 1071. PENSION ACCRUED BENEFIT DISTRIBUTABLE WITHOUT CONSENT INCREASED TO $5,000. (a) AMENDMENT TO 1986 CODE.— (1) IN GENERAL. — Subparagraph (A) of section 411(a)(ll) (relating to restrictions on certain mandatory distributions) is amended by striking "$3,500" and inserting "$5,000". (2) CONFORMING AMENDMENTS.— (A) Section 411(a)(7)(B), paragraphs (1) and (2) of section 417(e), and section 457(e)(9) are each amended by striking "$3,500" each place it appears (other than the headings) and inserting "the dollar limit under section 411(a)(ll)(A)". (B) The headings for paragraphs (1) and (2) of section 417(e) and subparagraph (A) of section 457(e)(9) are each amended by striking "$3,500" and inserting "DOLLAR LIMIT". (b) AMENDMENTS TO ERISA.— (1) IN GENERAL. —Section 203(e)(1) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1053(e)(1)) is amended by striking "$3,500 " and inserting "$5,000 ". (2) CONFORMING AMENDMENTS. — Sections 204(d)(1) and 205(g)(1) and (2) (29 U.S.C. 1054(d)(1) and 1055(g)(1) and (2)) are each amended by striking "$3,500" and inserting "the dollar limit under section 203(e)(1)". 26 USC 411 note. (c) EFFECTIVE DATE. —The amendments made by this section shall apply to plan years beginning after the date of the enactment of this Act. SEC. 1072. ELECTION TO RECEIVE TAXABLE CASH COMPENSATION IN LIEU OF NONTAXABLE PARKING BENEFITS. (a) IN GENERAL. —Section 132(f)(4) (relating to benefits not in lieu of compensation) is amended by adding at the end the following new sentence: "This paragraph shall not apply to any qualified parking provided in lieu of compensation which otherwise would have been includible in gross income of the employee, and no amount shall be included in the gross income of the employee solely because the employee may choose between the qualified parking and compensation.". 26 USC 132 note. (b) EFFECTIVE DATE. —The amendment made by this section shall apply to taxable years beginning after December 31, 1997. SEC. 1073. REPEAL OF EXCESS DISTRIBUTION AND EXCESS RETIRE- MENT ACCUMULATION TAX. (a) REPEAL OF EXCESS DISTRIBUTION AND EXCESS RETIREMENT ACCUMULATION TAX. — Section 4980A (relating to excess distributions from qualified retirement plans) is repealed. (b) CONFORMING AMENDMENTS. — (1) Section 691(c)(1) is amended by striking subparagraph (C). (2) Section 2013 is amended by striking subsection (g). (3) Section 2053(c)(1)(B) is amended by striking the last sentence. (4) Section 6018(a) is amended by striking paragraph (4). 42 USC 4980A (c) EFFECTIVE DATES.— note.

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