PUBLIC LAW 103-465—DEC. 8, 1994 108 STAT. 5023 4001(a)(14) of such Act) which are covered by title IV of such Act (disregarding plans with no unfunded vested benefits) exceed $50,000,000; and "(III) the change in assumptions (determined after taking into account any cnanges in interest rate and mortality table) results in a decrease in the unfunded current Uabliity of the plan for the current plan year that exceeds $50,000,000, or that exceeds $5,000,000 and that is 5 percent or more of the current Uabliity of the plan before such change." (b) EFFECTIVE DATE,, — 26 USC 412 note. (1) IN GENERA]..—The amendment made by this section shall apply to changes in assiunptions for plan years beginning after October 28, 1993. (2) CERTAIN CH/\NGES CEASE TO BE EFFECTIVE.— In the case of changes in assumptions for plan years beginning after December 31, 1992, and on or before October 28, 1993, such changes shall cease to be effective for plan years beginning after December 31, 1994, if— (A) such change would have required the approval of the Secretary of the Treasury had such amendment applied to such mange, and (B) such change is not so approved. SEC. 763. ANTICIPATION OF BARGAINED BENEFIT INCREASES. (a) IN GENERAL.—Section 412(c) is amended by adding at the 26 USC 412. end the following new paragraph: "(12) AJJTICIPATION OF BENEFIT INCREASES EFFECTIVE IN THE FUTURE. —In determining projected benefits, the funding method of a coUectively bargained plan described in section 413(a) (other than a multiemployer plan) shall anticipate benefit increases schedilied to take effect during the term of the coUective bargaining agreement applicable to the plan." (b) EFFECTIVE DATE. —The amendment made by this section 26 USC 412 note. shall apply to plan years beginning after December 31, 1994, with respect to coUective bargaining agreements in effect on or after January 1, 1995. SEC. 754. MODIFICATION OF QUARTERLY CONTRIBUTION REQUIREMENT. (a) IN GENERAL.— Paragraph (1) of section 412(m) is amended— (1) by inserting Vmch has a funded cmrent liability percentage (as defined in subsection (1)(8)) for the preceding plan year of less than 100 percent" before "fails", and (2) by striking "any plan year" and inserting "the plan year". (b) EFFECTIVE DATE. —The amendment made by this section 26 USC 412 note. shall apply to plan years beginning after the date of enactment of this Act. SEC. 765. EXCEPTIONS TO EXCISE TAX ON NONDEDUCTIBLE CONTRIBUTIONS. (a) IN GENERAL.—Section 4972(c) is amended by adding at the end the following new paragraph: "(6) EXCEPTIONS.—In determining the amount of nondeductible contributions for any taxable year, there shall not be taken into account—
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