PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2439 (2) The last sentence of section 303(e)(l) of ERISA is amended 29 USC 1083. by striking "the benefit liabilities" and inserting "for benefit liabilities". (3) Section 9306(fK3) of the Pension Protection Act is amended 26 USC 412 note, to read as follows: "(3) SUBSECTION (b).— The amendments made by subsection (b) shall apply to waivers for plan years beginning after December 31, 1987. For purposes of applying such amendments, the number of wtdvers which may be granted for plan years after December 31, 1987, shall be determined without regard to any waivers granted for plan years beginning before January 1, 1988.". (d) AMENDMENTS RELATED TO SECTION 9307.— (I)(A) Qause (iu) of section 412(b)(5)(B) is amended by striking 26 USC 412. "for purposes of this section and for purposes of determining current liability,". (B) Clause (iii) of section 302(b)(5)(B) of ERISA is amended by 29 USC 1082. striking "for purposes of this section and for purposes of deter- mining current liability,". (2)(A) Section 302(b)(5)(B) of ERISA is amended by inserting the following matter after the heading and before clause (i): "For purposes of determining a plan's current liability and for purposes of determining a plans required contribution under section 302(d) for any plan year—". (B) Section 302(b)(5) of ERISA is amended by striking the matter following the heading thereof and preceding subpara- graph (A). (C) Subclause 0) of section 3020i)X5XBXii) of ERISA is amended by striking "average rate" and inserting "the weighted average of the rates" (3) Section 9307(f) of the Pension Protection Act is amended to 26 USC 404 note, read as follows: "(f) EFFECTIVE DATE.— "(1) IN GENERAL.— Except as provided in paragraph (2), the amendments made by this section shall apply to years begin- ning after December 31, 1987. "(2) AMORTIZATION OF GAINS AND LOSSES. — Sections 412(b)(2)(B)(iv) and 412(b)(3)(B)(ii) of the Internal Revenue Code of 1986 and sections 302a)X2XBXiv) and 302(b)(3)(B)(ii) of the Employee Retirement Income Security Act of 1974 (as amended by paragraphs (I)(A) and (2)(A) of subsection (a)) shall apply to gains and losses established in years beginning after December 31, 1987. For purposes of the preceding sentence, any gain or loss determined by a valuation occurring as of January 1, 1988, shall be treated as established in years beginning before 1988, or at the election of the employer, shall be amortized in accordance with Internal Revenue Service Notice 89-52.". (4) Subparagraphs (A) and (B) of section 302(c)(3) of ERISA are each amended by adjusting the left-hand margination thereof, and of each subdivision thereof, 2 ems to the left. (e) AMENDMENTS RELATED TO SECTION 9311.— (1) Section 9311(a)(2) of the Pension Protection Act is amended 29 USC 1344 by striking "plan assets to the employer for purposes of section "°*®- 4044(d)(l)(C) of the Employee Retirement Income Security Act of 1974" and inserting "residual plan assets upon termination". (2) Section 9311(d) of the Pension Protection Act is amended— 29 USC 1344 note.
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