Page:United States Statutes at Large Volume 88 Part 1.djvu/950

 906

PUBLIC LAW 93-406-SEPT. 2, 1974

[88 STAT.

circumstances as may be provided under regulations prescribed by the Secretary or his delegate. " (C) REPAYMENT OF SUBPARAGRAPH (b) DISTRIBUTIONS.—

42 USC 401,

For purposes of determining the employee's accrued benefit under a plan, the plan may not disregard service as provided in subparagraph (B) unless the plan provides an opportunity for the participant to repay the full amount of the distribution described m such subparagraph (B) with, in the case of a defined benefit plan, interest at the rate determined for purposes of subsection (c)(2)(C) and provides that upon such repayment the employee's accrued benefit shall be recomputed by taking into account service so disregarded. This subparagraph shall apply only in the case of a participant Avho— "(i) received such a distribution in any plan year to which this section applies, which distribution was less than the present value of his accrued benefit, "(ii) resumes employment covered under the plan, and " (iii) repays the full amount of such distribution with, in the case of a defined benefit plan, interest at the rate determined for purposes of subsection (c)(2)(C). In the case of a defined contribution plan, the plan provision required under this subparagraph may provide that such repayment must be made before the participant has any oneyear break in service commencing after such withdrawal. "(8) NORMAL RETIREMENT AGE.—For purposes of this section, the term 'normal retirement age' means the earlier of— " (A) the time a plan participant attains normal retirement age under the plan, or " (B) the later of— " (i) the time a plan participant attains age 65, or "(ii) the 10th anniversary of the time a plan participant commenced participation in the plan. "(9) NORMAL RETIREMENT BENEFIT.—For purposes of this section, the term 'normal retirement benefit' means the greater of the early retirement benefit under the plan, or the benefit under the plan commencing at normal retirement age. The normal retirement benefit shall be determined without regard to— " (A) medical benefits, and " (B) disability benefits not in excess of the qualified disability benefit. For purposes of this paragraph, a qualified disability benefit is a disability benefit provided by a plan which does not exceed the benefit which would be provided for the participant if he separated from the service at normal retirement age. For purposes of this paragraph, the early retirement benefit under a plan shall be determined without regard to any benefits commencing before benefits payable under title II of the Social Security Act become payable which— " (i) do not exceed such social security benefits, and "(ii) terminate when such social security benefits commence. " (10) CHANGES I N VESTING SCHEDULE.— " (A) GENERAL RULE.—A plan amendment

changing any vesting schedule under the plan shall be treated as not satisfy-

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