PUBLIC LAW 99-272—APR. 7, 1986
100 STAT. 265
"(A) notice of the completed application for any waiver, extension, or modification, and "(B) an opportunity to comment on such application within 30 days after receipt of such notice, and "(2) consider— "(A) any comments of the Corporation under paragraph (1)(B), and "(B) any views of any employee organization representing participants in the plan which are submitted in writing to the Secretary of the Treasury in connection with such application. Information provided to the corporation under this subsection shall be considered tax return information and subject to the safeguarding and reporting requirements of section 6103(p) of the Internal Revenue Code of 1954. 26 USC 6103. "(c) EXCEPTION FOR CERTAIN WAIVERS AND EXTENSIONS.—
"(1) IN GENERAL.—The preceding provisions of this section shall not apply to any plan with respect to which the sum of— "(A) the outstanding balance of the accumulated funding deficiencies (within the meaning of section 302(a)(2) of this Act and section 412(a) of the Internal Revenue Code of 1954) 29 USC 1082. of the plan, 26 USC 412. "(B) the outstanding balance of the amount of waived funding deficiencies of the plan waived under section 303 of this Act or section 412(d) of such Code, and "(C) the outstanding balance of the amount of decreases in the minimum funding standard allowed under section 304 of this Act or section 412(e) of such Code, 29 USC 1084. is less than $2,000,000. "(2) ACCUMULATED FUNDING DEFICIENCIES.—For purposes of
paragraph (1)(A), accumulated funding deficiencies shall include any increase in such amount which would result if all applications for waivers of the minimum funding standard under section 303 of this Act or section 412(d) of the Internal Revenue Code of 1954 and for extensions of the amortization period under section 304 of this Act or section 412(e) of such Code which are pending with respect to such plan were denied.". (B)
CONFORMING
AMENDMENT.—Section
211(c)(1)
is
29 USC 1083.
29 USC 1061.
amended by striking out "306(c)" and inserting in lieu thereof "307(c)". (C) CLERICAL AMENDMENT.—The table of sections in section 1 is amended by striking out the item relating to section 306 and inserting in lieu thereof the following new items: "Sec. 306. Security for waivers of minimum funding standard and extensions of amortization period. "Sec. 307. Effective dates." (2) AMENDMENTS TO THE INTERNAL REVENUE CODE OF I 9 5 4. —
(A) IN GENERAL.—Subsection (f) of section 412 of the Internal Revenue Code of 1954 (relating to requirement that benefits may not be increased during waiver or extension period) is amended by adding at the end thereof the following new paragraph: "(3) SECURITY FOR WAIVERS AND EXTENSIONS; TIONS.— "(A) SECURITY MAY BE REQUIRED.—
CONSULTA-
26 USC 412.
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