101 STAT. 1330-344
PUBLIC LAW 100-203—DEC. 22, 1987
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"(i) beginning on the day after the last day of such plan year, and "(ii) ending on the day which is SVz months after the close of the plan year, shall be deemed to have been made on such last day. "(B) MULTIEMPLOYER PLANS.—In the case of a multiemployer plan, any contributions for a plan year made by an employer after the Isist day of such plan year, but not later than two and one-half months after such day, shall be deemed to have been made on such leist day. For purposes of this subparagraph, such two and one-half month period may be extended for not more than six months under regulations prescribed by the Secretary." (2) AMENDMENT TO ERISA.—Paragraph (10) of section 302(c) of ERISA (relating to time when certain contributions deemed made) (29 U.S.C. 1082(c)(10))»» is amended to read as follows: "(10) For purposes of this section—
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"(A) In the case of a plan other than a multiemployer plan, any contributions for a plan year made by an employer during sf ri the period— "(i) beginning on the day after the last day of such plan year, and "(ii) ending on the date which is 8V2 months after the close of the plan year, i shall be deemed to have been made on such last day. "(B) In the case of a multiemployer plan, any contributions for a plan year made by an employer after the last day of such plan year, but not later than two and one-half months after such day, shall be deemed to have been made on such last day. Regulations. For purposes of this subparagraph, such two and one-half month period may be extended for not more than six months under regulations prescribed by the Secretary of the Treasury." 26 USC 412 note. (3) EFFECTIVE DATE.—The amendments made by this subsection shall apply to plan years beginning after December 31, 1987. (b) QUARTERLY ESTIMATED PAYMENTS REQUIRED.— (1) AMENDMENT TO 1986 CODE.—Section 412 of the 1986 Code
26 USC 412.
(relating to minimum funding standard) is amended by adding at the end thereof the following new subsection: "(m) QUARTERLY CONTRIBUTIONS REQUIRED.—
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"(1) IN GENERAL.—If a plan (other than a multiemployer plan) fails to pay the full amount of a required installment for any plan year, then the rate of interest charged to the funding ' standard account under subsection (b)(5) with respect to the amount of the underpayment for the period of the underpayment shall be equal to the greater of— ji; i. «^^j -jYg percent of the Federal mid-term rate (as in effect under section 1274 for the 1st month of such plan year), or lij I u(g) ^j^g j. ^ ^ ^jjjgj. subsection (b)(5). "(2) AMOUNT OF UNDERPAYMENT, PERIOD OF UNDERPAYMENT.—
For purposes of paragraph (1)— ^;^; "(A) AMOUNT.—The amount of the underpayment shall " " * be the excess of— "(i) the required installment, over »• Copy read "1082(c)(10)".
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