Page:United States Statutes at Large Volume 88 Part 1.djvu/918

 874

PUBLIC LAW 93-406-SEPT. 2, 1974

[88 STAT.

accounts shall be— (1) charged with the sum of— (A) the lesser of normal cost under the funding method used under the plan or normal cost determined under the unit credit method, (B) the excess, if any, of the present value of accrued benefits under the plan over the fair market value of the assets, and (C) an amount equal to the excess, if any, of credits to the alternative minimum funding standard account for all prior plan years over charges to such account for all such years, and (2) credited with the amount considered contributed by the employer to or under the plan (within the meaning of section 302(c) (10)) for the plan year. (c) The alternative minimum funding standard account (and items therein) shall be charged or credited with interest in the manner provided under section 302(b)(5) with respect to the funding standard account. EFFECTIVE DATES 29 USC 1086.

Post, p. 932.

26 USC 501,

gjjQ^ 3g_ (^2i) Except as otherwise provided in this section, this part shall apply in the case of plan years beginning after the date of the enactment of this Act. (b) Except as otherwise provided in subsections (c) and (d), in the case of a plan in existence on January 1, 1974, this part shall apply in the case of plan years beginning after December 31, 1975. (c)(1) In the case of a plan maintained on January 1, 1974, pursuant to one or more agreements which the Secretary finds to be collective bargaining agreements between employee representatives and one or more employers, this part shall apply only with respect to plan years beginning after the earlier of the date specified in subparagraph (A) or (B) of section 211(c)(1). (2) This subsection shall apply with respect to a plan if (and only if) the application of this subsection results in a later effective date for this part than the effective date required by subsection (b). (d) I n the case of a plan the administrator of which elects under section 1017(d) of this Act to have the provisions of the Internal Revenue Code of 1954 relating to participation, vesting, funding, and form of benefit to apply to a plan year and to all subsequent plan years, this part shall apply to plan years beginning on the earlier of the first plan year to which such election applies or the first plan year determined under subsections (a), (b), and (c) of this section. (e) I n the case of a plan maintained by a labor organization which is exempt from tax under section 501(c)(5) of the Internal Revenue Code of 1954 exclusively for the benefit of its employees and their beneficiaries, this part shall be applied by substituting for the term "December 31, 1975" in subsection (b), the earlier of— (1) the date on which the second convention of such labor organization held after the date of the enactment of this Act ends, or (2) December 31, 1980, but in no event shall a date earlier than the later of December 31, 1975, or the date determined under subsection (c) be substituted. PART 4—FIDUCIARY RESPONSIBILITY COVERAGE

29 USC 1101. Ante, p. 11.

g^j. 401. (a) This part shall apply to any employee benefit plan described in section 4(a) (and not exempted under section 4(b)),

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