Page:United States Statutes at Large Volume 115 Part 1.djvu/161

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 139 a simplified form of notice for, or exempt from any notice requirement, a plan— "(A) which has fewer than 100 participants who have accrued a benefit under the plan, or "(B) which offers participants the option to choose between the new benefit formula and the old benefit formula. "(3) TIMING OF NOTICE. —Except as provided in regulations, the notice required by paragraph (1) shall be provided within a reasonable time before the effective date of the plan amendment. "(4) DESIGNEES. —Any notice under paragraph (1) may be provided to a person designated, in writing, by the person to which it would otherwise be provided. "(5) NOTICE BEFORE ADOPTION OF AMENDMENT. — A plan shall not be treated as failing to meet the requirements of paragraph (1) merely because notice is provided before the adoption of the plan amendment if no material modification of the amendment occurs before the amendment is adopted. "(f) DEFINITIONS AND SPECIAL RULES. —For purposes of this section^^— "(1) APPLICABLE INDIVIDUAL.—The term 'applicable individual' means, with respect to any plan amendment— "(A) each participant in the plan, and "(B) any beneficiary who is an alternate payee (within the meaning of section 414(p)(8)) under an applicable qualified domestic relations order (within the meaning of section 414(p)(l)(A)), whose rate of future benefit accrual under the plan may reasonably be expected to be significantly reduced by such plan amendment. "(2) APPLICABLE PENSION PLAN.— The term 'applicable pension plan' means— "(A) any defined benefit plan, or "(B) an individual account plan which is subject to the funding standards of section 412. Such term shall not include a governmental plan (within the meaning of section 414(d)) or a church plan (within the meaning of section 414(e)) with respect to which the election provided by section 410(d) has not been made. "(3) EARLY RETIREMENT.— ^A plan amendment which eliminates or significantly reduces any early retirement benefit or retirement-type subsidy (within the meaning of section 411(d)(6)(B)(i)) shall be treated as having the effect of significantly reducing the rate of future benefit accrual. "(g) NEW TECHNOLOGIES.— The Secretary may by regulations allow any notice under subsection (e) to be provided by using new technologies.". (2) CLERICAL AMENDMENT.—The table of sections for chapter 43 is amended by adding at the end the following new item: "Sec. 4980F. Failure of applicable plans reducing benefit accruals to satisfy notice requirements.". (b) AMENDMENT OF ERISA. —Subsection (h) of section 204 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1054) is amended to read as follows: 89-194O-03 -6 QL3 Part1

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