Page:United States Statutes at Large Volume 124.djvu/1332

 124 STAT. 1306 PUBLIC LAW 111–192—JUNE 25, 2010 benefits may not go into effect during either of the 2 plan years immediately following such plan year unless— ‘‘(i) the plan actuary certifies that— ‘‘(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 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.’’. (b) EFFECTIVE DATES.— (1) IN GENERAL.—The amendments made by this section shall take effect as of the first day of the first plan year ending after August 31, 2008, except that any election a plan makes pursuant to this section that affects the plan’s funding standard account for the first plan year beginning after August 31, 2008, shall be disregarded for purposes of applying the provisions of section 305 of the Employee Retirement Income Security Act of 1974 and section 432 of the Internal Revenue Code of 1986 to such plan year. (2) RESTRICTIONS ON BENEFIT INCREASES.—Notwith- standing paragraph (1), the restrictions on plan amendments increasing benefits in sections 304(b)(8)(D) of such Act and 431(b)(8)(D) of such Code, as added by this section, shall take effect on the date of enactment of this Act. TITLE III—BUDGETARY PROVISIONS SEC. 301. BUDGETARY PROVISIONS. The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go-Act of 2010, shall be determined by reference to the latest statement titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this Act, submitted for printing in the 26 USC 431 note. Notice.