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 120 STAT. 842

year. For purposes of this paragraph, all defined benefit plans (other than multiemployer plans) maintained by the same employer (or any member of such employer’s controlled group) shall be treated as 1 plan, but only participants with respect to such employer or member shall be taken into account and the rules of subsection (g)(2)(C) shall apply. ‘‘(j) PAYMENT OF MINIMUM REQUIRED CONTRIBUTIONS.— ‘‘(1) IN GENERAL.—For purposes of this section, the due date for any payment of any minimum required contribution 1⁄2 months after the close of the for any plan year shall be 8 plan year. ‘‘(2) INTEREST.—Any payment required under paragraph (1) for a plan year that is made on a date other than the valuation date for such plan year shall be adjusted for interest accruing for the period between the valuation date and the payment date, at the effective rate of interest for the plan for such plan year. ‘‘(3) ACCELERATED QUARTERLY CONTRIBUTION SCHEDULE FOR UNDERFUNDED PLANS.— ‘‘(A) FAILURE TO TIMELY MAKE REQUIRED INSTALLMENT.—In any case in which the plan has a funding shortfall for the preceding plan year, the employer maintaining the plan shall make the required installments under this paragraph and if the employer fails to pay the full amount of a required installment for the plan year, then the amount of interest charged under paragraph (2) on the underpayment for the period of underpayment shall be determined by using a rate of interest equal to the rate otherwise used under paragraph (2) plus 5 percentage points. ‘‘(B) AMOUNT OF UNDERPAYMENT, PERIOD OF UNDERPAYMENT.—For purposes of subparagraph (A)— ‘‘(i) AMOUNT.—The amount of the underpayment shall be the excess of— ‘‘(I) the required installment, over ‘‘(II) the amount (if any) of the installment contributed to or under the plan on or before the due date for the installment. ‘‘(ii) PERIOD OF UNDERPAYMENT.—The period for which any interest is charged under this paragraph with respect to any portion of the underpayment shall run from the due date for the installment to the date on which such portion is contributed to or under the plan. ‘‘(iii) ORDER OF CREDITING CONTRIBUTIONS.—For purposes of clause (i)(II), contributions shall be credited against unpaid required installments in the order in which such installments are required to be paid. ‘‘(C) NUMBER OF REQUIRED INSTALLMENTS; DUE DATES.—For purposes of this paragraph— ‘‘(i) PAYABLE IN 4 INSTALLMENTS.—There shall be 4 required installments for each plan year. ‘‘(ii) TIME FOR PAYMENT OF INSTALLMENTS.—The due dates for required installments are set forth in the following table:

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