Page:United States Statutes at Large Volume 124.djvu/1330

 124 STAT. 1304 PUBLIC LAW 111–192—JUNE 25, 2010 ‘‘(I) any such increase is paid for out of addi- tional contributions not allocated to the plan imme- diately before the application of this paragraph to the plan, and ‘‘(II) the plan’s funded percentage and pro- jected credit balances for such 2 plan years are reasonably expected to be at least as high as such percentage and balances would have been if the benefit increase had not been adopted, or ‘‘(ii) the amendment is required as a condition of qualification under part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986 or to comply with other applicable law. ‘‘(E) REPORTING.—A plan sponsor of a plan to which this paragraph applies shall— ‘‘(i) give notice of such application to participants and beneficiaries of the plan, and ‘‘(ii) inform the Pension Benefit Guaranty Corpora- tion of such application in such form and manner as the Director of the Pension Benefit Guaranty Corpora- tion may prescribe.’’. (2) AMENDMENT TO INTERNAL REVENUE CODE OF 1986.— Section 431(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 on the basis of the difference between Determination. 26 USC 431. Notice.