Page:United States Statutes at Large Volume 96 Part 1.djvu/551

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 509

(A) IN GENERAL.—In the case of a n individual who is a participant before January 1, 1983, in a defined benefit plan which is in existence on July 1, 1982, and with respect to which the requirements of section 415 of such Code have been m e t for all years, if such individual's c u r r e n t accrued benefit under such plan exceeds the limitation of subsection (b) of section 415 of the I n t e r n a l Revenue Code of 1954 (as amended by this section), the n (in the case of such plan) for purposes of subsections (b) and (e) of such section, the limitation of such subsection (b) with respect to such individual shall be equal to such c u r r e n t accrued benefit. (B) C U R R E N T ACCRUED BENEP^IT DEFINED.—

(i) IN GENERAL.— For purposes of this paragraph, the term " c u r r e n t accrued benefit" means the individual's accrued benefit (at the close of the last year beginning before January 1, 1983) when expressed as an annual benefit (within the m e a n i n g of section 415(b)(2) of such Code as in effect before the amendments made by this Act).

26 USC 415.

(ii) SPECIAL RULE. — For purposes of determining the

a m o u n t of any individual's c u r r e n t accrued benefit— (I) no change in the term s and conditions of the plan after July 1, 1982, and (II) no cost-of-living adjustment occurring after July 1, 1982, shall be t a k e n into account. (5) SPECIAL RULE FOR COLLECTIVE BARGAINING AGREEMENTS.—

In the case of a plan m a i n t a i n e d on the date of the e n a c t m e n t of this Act pursuant to 1 or more collective bargaining a g r e e m e n t s between employee representatives and 1 or more employers, the amendments made by this section and section 253 (relating to age 70 V2) shall not apply to years beginning before the earlier of(A) the date on which the last of the collective b a r g a i n i n g a g r e e m e n t s relating to the plan term i n a t e s (determined without regard to any extension thereof agreed to after the date of the e n a c t m e n t of this Act), or (B) January 1, 1986. For purposes of subparagraph (A), any plan amendment m a d e pursuant to a collective bargaining a g r e e m e n t relating to the plan which amends the plan solely to conform to any requirement added by this section and section 253 shall not be treated as a termination of such collective bargaining a g r e e m e n t. SKC. 2;jfi. LOANS TRKATKI) AS DI.STRIBl TIONS.

(a) GENERAL RULE.—Section 72 (relating to a n n u i t i e s and certain proceeds of endowment and life insurance contracts) is amended by redesignating subsection (p) as subsection (q) and by inserting after subsection (o) the following new subsection: "(p)

LOANS TREATED

AS DISTRIBUTIONS.—For

purposes

of

this

section — "(1) T R E A T M E N T AS DISTRIBUTIONS.—

"(A) LOANS.—If during any taxable year a participant or beneficiary receives (directly or indirectly) any amouiit as a loan from a qualified employer plan, such a m o u n t shall be treated as having been received by such individual as a distribution under such plan.

95 Stat. 278.

�