Page:United States Statutes at Large Volume 124.djvu/1311

 124 STAT. 1285 PUBLIC LAW 111–192—JUNE 25, 2010 on the conditions applicable to the treatment of any portion of the election year shortfall amortiza- tion base that remains unamortized as of the rev- ocation date. ‘‘(v) ELIGIBLE PLAN YEAR.—For purposes of this subparagraph, the term ‘eligible plan year’ means any plan year beginning in 2008, 2009, 2010, or 2011, except that a plan year shall only be treated as an eligible plan year if the due date under subsection (j)(1) for the payment of the minimum required con- tribution for such plan year occurs on or after the date of the enactment of this subparagraph. ‘‘(vi) REPORTING.—A plan sponsor of a plan who makes an election under clause (i) shall— ‘‘(I) give notice of the election to participants and beneficiaries of the plan, and ‘‘(II) inform the Pension Benefit Guaranty Cor- poration of such election in such form and manner as the Director of the Pension Benefit Guaranty Corporation may prescribe. ‘‘(vii) INCREASES IN REQUIRED INSTALLMENTS IN CERTAIN CASES.—For increases in required contribu- tions in cases of excess compensation or extraordinary dividends or stock redemptions, see paragraph (7).’’. (2) INCREASES IN REQUIRED INSTALLMENTS IN CERTAIN CASES.—Section 303(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1083(c)) is amended by adding at the end the following paragraph: ‘‘(7) INCREASES IN ALTERNATE REQUIRED INSTALLMENTS IN CASES OF EXCESS COMPENSATION OR EXTRAORDINARY DIVIDENDS OR STOCK REDEMPTIONS.— ‘‘(A) IN GENERAL.—If there is an installment accelera- tion amount with respect to a plan for any plan year in the restriction period with respect to an election year under paragraph (2)(D), then the shortfall amortization installment otherwise determined and payable under such paragraph for such plan year shall, subject to the limitation under subparagraph (B), be increased by such amount. ‘‘(B) TOTAL INSTALLMENTS LIMITED TO SHORTFALL BASE.—Subject to rules prescribed by the Secretary of the Treasury, if a shortfall amortization installment with respect to any shortfall amortization base for an election year is required to be increased for any plan year under subparagraph (A)— ‘‘(i) such increase shall not result in the amount of such installment exceeding the present value of such installment and all succeeding installments with respect to such base (determined without regard to such increase but after application of clause (ii)), and ‘‘(ii) subsequent shortfall amortization installments with respect to such base shall, in reverse order of the otherwise required installments, be reduced to the extent necessary to limit the present value of such subsequent shortfall amortization installments (after application of this paragraph) to the present value of the remaining unamortized shortfall amortization base. Regulations. Notice. Definition.