Page:United States Statutes at Large Volume 115 Part 1.djvu/163

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 141 "(ii) any beneficiary who is an alternate payee (within the meaning of section 206(d)(3)(K)) under an appHcable quaUfied domestic relations order (within the meaning of section 206(d)(3)(B)(i)), whose rate of future benefit accrual under the plan may reasonably be expected to be significantly reduced by such plan amendment. "(B) The term 'applicable pension plan' means— "(i) any defined benefit plan; or "(ii) an individual account plan which is subject to the funding standards of section 412 of the Internal Revenue Code of 1986. "(9) For purposes of this subsection, a plan amendment which eliminates or significantly reduces any early retirement benefit or retirement-type subsidy (within the meaning of subsection (g)(2)(A)) shall be treated as having the effect of significantly reducing the rate of future benefit accrual.". (c) EFFECTIVE DATES.— 26 USC 4980F (1) IN GENERAL.—The amendments made by this section note shall apply to plan amendments taking effect on or after the Applicability, date of the enactment of this Act. (2) TRANSITION.— Until such time as the Secretary of the Treasury issues regulations under sections 4980F(e)(2) and (3) of the Internal Revenue Code of 1986, and section 204(h) of the Employee Retirement Income Security Act of 1974, as added by the amendments made by this section, a plan shall be treated as meeting the requirements of such sections if it makes a good faith effort to comply with such requirements. (3) SPECIAL NOTICE RULE.— (A) IN GENERAL.— The period for providing any notice required by the amendments made by this section shall not end before the date which is 3 months after the date of the enactment of this Act. (B) REASONABLE NOTICE. — The amendments made by this section shall not apply to any plan amendment taking effect on or after the date of the enactment of this Act if, before April 25, 2001, notice was provided to participants and beneficiaries adversely affected by the plan amendment (or their representatives) which was reasonably expected to notify them of the nature and effective date of the plan amendment. Subtitle F—Reducing Regulatory Burdens SEC. 661. MODIFICATION OF TIMING OF PLAN VALUATIONS. (a) IN GENERAL. —Paragraph (9) of section 412(c) (relating to 26 USC 412. annual valuation) is amended to read as follows: " (9) ANNUAL VALUATION. — "(A) IN GENERAL. —For purposes of this section, a determination of experience gains and losses and a valuation of the plan's liability shall be made not less frequently than once every year, except that such determination shall be made more frequently to the extent required in particular cases under regulations prescribed by the Secretary. "(B) VALUATION DATE.—

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