Page:United States Statutes at Large Volume 98 Part 2.djvu/270

 98 STAT. 1430

Ante, p. 852. 26 USC 4975. Ante, p. 852.

Age limitation.

PUBLIC LAW 98-397—AUG. 23, 1984

or (B) or to which this clause applied with respect to the participant. "(2)(A) In the case of— "(i) a tax credit employee stock ownership plan (as defined in section 409(a) of the Internal Revenue Code of 1954), or "(ii) an employee stock ownership plan (as defined in section 4975(e)(7) of such Code), subsection (a) shall not apply to that portion of the employee's accrued benefit to which the requirements of section 409(h) of such Code apply. "(B) Subparagraph (A) shall not apply with respect to any participant unless the requirements of clause (i), (ii), and (iii) of paragraph (I)(C) are met with respect to such participant. "(c)(1) A plan meete the requirements of this section only if— "(A) under the plan, each participant— "(i) may elect at any time during the applicable election period to waive the qualified joint and survivor annuity form of benefit or the qualified preretirement survivor annuity form of benefit (or both), and "(ii) may revoke any such election at any time during the applicable election period, and "(B) the plan meets the requirements of paragraphs (2) and (3). "(2) Each plan shall provide that an election under paragraph (IXAXi) shall not take effect unless— "(A) the spouse of the participant consents in writing to such election, and the spouse's consent acknowledges the effect of such election and is witnessed by a plan representative or a notary public, or "(B) it is established to the satisfaction of a plan representative that the consent required under subparagraph (A) may not be obtained because there is no spouse, because the spouse cannot be located, or because of such other circumstances as the Secretary of the Treasury may by regulations prescribe. Any consent by a spouse (or establishment that the consent of a spouse may not be obtained) under the preceding sentence shall be effective only with respect to such spouse. "(3)(A) Each plan shall provide to each participant, within a reasonable period of time before the annuity starting date (and consistent with such regulations as the Secretary of the Treasury may prescribe) a written explemation of— "(i) the terms and conditions of the qualified joint and survivor annuity, "(ii) the participant's right to make, and the effect of, an election under paragraph (1) to waive the joint and survivor annuity form of benefit, "(iii) the rights of the participant's spouse under paragraph (2), and "(iv) the right to make, and the effect of, a revocation of an election under paragraph (1). "(B) Each plan shall provide to each participant, within the period beginning with the first day of the plan year in which the participant attains age 32 and ending with the close of the plan year preceding the plan year in which the participant attains age 35 (and consistent with such regulations as the Secretary of the Treasury may prescribe), a written explanation with respect to the qualified

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