Page:United States Statutes at Large Volume 124.djvu/1328

 124 STAT. 1302 PUBLIC LAW 111–192—JUNE 25, 2010 is maintained exclusively by one or more organizations described in section 501(c)(3).’’. (c) EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to plan years beginning after August 31, 2009. (2) SPECIAL RULE.—In the case of a plan for which the valuation date is not the first day of the plan year, the amend- ments made by this section shall apply to plan years beginning after December 31, 2008. Subtitle B—Multiemployer Plans SEC. 211. ADJUSTMENTS TO FUNDING STANDARD ACCOUNT RULES. (a) ADJUSTMENTS.— (1) AMENDMENT TO ERISA.—Section 304(b) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1084(b)) is amended by adding at the end the following new paragraph: ‘‘(8) SPECIAL RELIEF RULES.—Notwithstanding any other provision of this subsection— ‘‘(A) AMORTIZATION OF NET INVESTMENT LOSSES.— ‘‘(i) IN GENERAL.—A multiemployer plan with respect to which the solvency test under subparagraph (C) is met may treat the portion of any experience loss or gain attributable to net investment losses incurred in either or both of the first two plan years ending after August 31, 2008, as an item separate from other experience losses, to be amortized in equal annual installments (until fully amortized) over the period — ‘‘(I) beginning with the plan year in which such portion is first recognized in the actuarial value of assets, and ‘‘(II) ending with the last plan year in the 30-plan year period beginning with the plan year in which such net investment loss was incurred. ‘‘(ii) COORDINATION WITH EXTENSIONS.—If this subparagraph applies for any plan year— ‘‘(I) no extension of the amortization period under clause (i) shall be allowed under subsection (d), and ‘‘(II) if an extension was granted under sub- section (d) for any plan year before the election to have this subparagraph apply to the plan year, such extension shall not result in such amortiza- tion period exceeding 30 years. ‘‘(iii) NET INVESTMENT LOSSES.—For purposes of this subparagraph— ‘‘(I) IN GENERAL.—Net investment losses shall be determined in the manner prescribed by the Secretary of the Treasury on the basis of the dif- ference between actual and expected returns (including any difference attributable to any crimi- nally fraudulent investment arrangement). ‘‘(II) CRIMINALLY FRAUDULENT INVESTMENT ARRANGEMENTS.—The determination as to whether Determination. Applicability. 26 USC 430 note.