PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 1055
‘‘(ii) which is the actuarial equivalent of a single annuity for the life of the participant. Such term also includes any annuity in a form having the effect of an annuity described in the preceding sentence. ‘‘(B)(i) For purposes of subparagraph (A), if the survivor annuity percentage— ‘‘(I) is less than 75 percent, the applicable percentage is 75 percent, and ‘‘(II) is greater than or equal to 75 percent, the applicable percentage is 50 percent. ‘‘(ii) For purposes of clause (i), the term ‘survivor annuity percentage’ means the percentage which the survivor annuity under the plan’s qualified joint and survivor annuity bears to the annuity payable during the joint lives of the participant and the spouse.’’. (3) NOTICE.—Section 205(c)(3)(A)(i) of such Act (29 U.S.C. 1055(c)(3)(A)(i)) is amended by inserting ‘‘and of the qualified optional survivor annuity’’ after ‘‘annuity’’. (c) EFFECTIVE DATES.— (1) IN GENERAL.—The amendments made by this section shall apply to plan years beginning after December 31, 2007. (2) SPECIAL RULE FOR COLLECTIVELY BARGAINED PLANS.— In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified on or before the date of the enactment of this Act, the amendments made by this section shall not apply to plan years beginning before the earlier of— (A) the later of— (i) January 1, 2008, or (ii) the date on which the last collective bargaining agreement related to the plan terminates (determined without regard to any extension thereof after the date of enactment of this Act), or (B) January 1, 2009.
26 USC 417 note.
TITLE XI—ADMINISTRATIVE PROVISIONS SEC. 1101. EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM.
(a) IN GENERAL.—The Secretary of the Treasury shall have full authority to establish and implement the Employee Plans Compliance Resolution System (or any successor program) and any other employee plans correction policies, including the authority to waive income, excise, or other taxes to ensure that any tax, penalty, or sanction is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure. (b) IMPROVEMENTS.—The Secretary of the Treasury shall continue to update and improve the Employee Plans Compliance Resolution System (or any successor program), giving special attention to— (1) increasing the awareness and knowledge of small employers concerning the availability and use of the program; (2) taking into account special concerns and circumstances that small employers face with respect to compliance and correction of compliance failures;
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Establishment. 29 USC 1202a.
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