118 STAT. 602 PUBLIC LAW 108–218—APR. 10, 2004 of benefits, or any change in the rate at which benefits become nonforfeitable under the plan shall be adopted during any applicable plan year, unless— ‘‘(i) the plan’s enrolled actuary certifies (in such form and manner prescribed by the Secretary) that the amendment provides for an increase in annual contributions which will exceed the increase in annual charges to the funding standard account attributable to such amendment, or ‘‘(ii) the amendment is required by a collective bargaining agreement which is in effect on the date of enactment of this subparagraph. If a plan is amended during any applicable plan year in violation of the preceding sentence, any election under this paragraph shall not apply to any applicable plan year ending on or after the date on which such amendment is adopted. ‘‘(C) APPLICABLE EMPLOYER.—For purposes of this para graph, the term ‘applicable employer’ means an employer which is— ‘‘(i) a commercial passenger airline, ‘‘(ii) primarily engaged in the production or manu facture of a steel mill product or the processing of iron ore pellets, or ‘‘(iii) an organization described in section 501(c)(5) and which established the plan to which this paragraph applies on June 30, 1955. ‘‘(D) APPLICABLE PLAN YEAR.—For purposes of this paragraph— ‘‘(i) IN GENERAL.—The term ‘applicable plan year’ means any plan year beginning after December 27, 2003, and before December 28, 2005, for which the employer elects the application of this paragraph. ‘‘(ii) LIMITATION ON NUMBER OF YEARS WHICH MAY BE ELECTED.—An election may not be made under this paragraph with respect to more than 2 plan years. ‘‘(E) ELECTION.—An election under this paragraph shall be made at such time and in such manner as the Secretary may prescribe.’’. (c) EFFECT OF ELECTION.—An election under section 302(d)(12) of the Employee Retirement Income Security Act of 1974 or section 412(l)(12) of the Internal Revenue Code of 1986 (as added by this section) with respect to a plan shall not invalidate any obligation (pursuant to a collective bargaining agreement in effect on the date of the election) to provide benefits, to change the accrual of benefits, or to change the rate at which benefits become non forfeitable under the plan. (d) PENALTY FOR FAILING TO PROVIDE NOTICE.—Section 502(c)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1132(c)(3)) is amended by inserting ‘‘or who fails to meet the requirements of section 302(d)(12)(E) with respect to any person’’ after ‘‘101(e)(2) with respect to any person’’. SEC. 103. MULTIEMPLOYER PLAN FUNDING NOTICES. (a) IN GENERAL.—Section 101 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021) is amended by inserting after subsection (e) the following new subsection: 26 USC 412 note.
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