Page:United States Statutes at Large Volume 118.djvu/635

 118 STAT. 605 PUBLIC LAW 108–218—APR. 10, 2004 ‘‘(iv) ELIGIBLE MULTIEMPLOYER PLAN.—For pur poses of this subparagraph, the term ‘eligible multiem ployer plan’ means a multiemployer plan— ‘‘(I) which had a net investment loss for the first plan year beginning after December 31, 2001, of at least 10 percent of the average fair market value of the plan assets during the plan year, and ‘‘(II) with respect to which the plan’s enrolled actuary certifies (not taking into account the application of this subparagraph), on the basis of the acutuarial assumptions used for the last plan year ending before the date of the enactment of this subparagraph, that the plan is projected to have an accumulated funding deficiency (within the meaning of subsection (a)(2)) for any plan year beginning after June 30, 2003, and before July 1, 2006. For purposes of subclause (I), a plan’s net investment loss shall be determined on the basis of the actual loss and not under any actuarial method used under subsection (c)(2). ‘‘(v) EXCEPTION TO TREATMENT OF ELIGIBLE MULTI EMPLOYER PLAN.—In no event shall a plan be treated as an eligible multiemployer plan under clause (iv) if— ‘‘(I) for any taxable year beginning during the 10 year period preceding the first plan year for which an election is made under clause (i), any employer required to contribute to the plan failed to timely pay any excise tax imposed under section 4971 of the Internal Revenue Code of 1986 with respect to the plan, ‘‘(II) for any plan year beginning after June 30, 1993, and before the first plan year for which an election is made under clause (i), the average contribution required to be made by all employers to the plan does not exceed 10 cents per hour or no employer is required to make contributions to the plan, or ‘‘(III) with respect to any of the plan years beginning after June 30, 1993, and before the first plan year for which an election is made under clause (i), a waiver was granted under section 303 of this Act or section 412(d) of the Internal Revenue Code of 1986 with respect to the plan or an extension of an amortization period was granted under section 304 of this Act or section 412(e) of such Code with respect to the plan. ‘‘(vi) NOTICE.—If a plan sponsor makes an election under this subparagraph or section 412(b)(7)(F) of the Internal Revenue Code of 1986 for any plan year, the plan administrator shall provide, within 30 days of filing the election for such year, written notice of the election to participants and beneficiaries, to each labor organization representing such participants or bene ficiaries, to each employer that has an obligation to Deadline.

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