PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 855
‘‘(A) IN GENERAL.—The term ‘unpaid minimum required contribution’ means, with respect to any plan year, any minimum required contribution under section 430 for the plan year which is not paid on or before the due date (as determined under section 430(j)(1)) for the plan year. ‘‘(B) ORDERING RULE.—Any payment to or under a plan for any plan year shall be allocated first to unpaid minimum required contributions for all preceding plan years on a first-in, first-out basis and then to the minimum required contribution under section 430 for the plan year.’’. (3) Section 4971(e)(1) of such Code is amended by striking ‘‘section 412(b)(3)(A)’’ and inserting ‘‘section 412(a)(1)(A)’’. (4) Section 4971(f)(1) of such Code is amended— (A) by striking ‘‘section 412(m)(5)’’ and inserting ‘‘section 430(j)(4)’’, and (B) by striking ‘‘section 412(m)’’ and inserting ‘‘section 430(j)’’. (5) Section 4972(c)(7) of such Code is amended by striking ‘‘except to the extent that such contributions exceed the fullfunding limitation (as defined in section 412(c)(7), determined without regard to subparagraph (A)(i)(I) thereof)’’ and inserting ‘‘except, in the case of a multiemployer plan, to the extent that such contributions exceed the full-funding limitation (as defined in section 431(c)(6))’’. (f) REPORTING REQUIREMENTS.—Section 6059(b) of such Code is amended— (1) by striking ‘‘the accumulated funding deficiency (as defined in section 412(a))’’ in paragraph (2) and inserting ‘‘the minimum required contribution determined under section 430, or the accumulated funding deficiency determined under section 431,’’, and (2) by striking paragraph (3)(B) and inserting: ‘‘(B) the requirements for reasonable actuarial assumptions under section 430(h)(1) or 431(c)(3), whichever are applicable, have been complied with.’’.
26 USC 4971.
SEC. 115. MODIFICATION OF TRANSITION RULE TO PENSION FUNDING REQUIREMENTS.
(a) IN GENERAL.—In the case of a plan that— (1) was not required to pay a variable rate premium for the plan year beginning in 1996, (2) has not, in any plan year beginning after 1995, merged with another plan (other than a plan sponsored by an employer that was in 1996 within the controlled group of the plan sponsor), and (3) is sponsored by a company that is engaged primarily in the interurban or interstate passenger bus service, the rules described in subsection (b) shall apply for any plan year beginning after December 31, 2007. (b) MODIFIED RULES.—The rules described in this subsection are as follows: (1) For purposes of section 430(j)(3) of the Internal Revenue Code of 1986 and section 303(j)(3) of the Employee Retirement Income Security Act of 1974, the plan shall be treated as not having a funding shortfall for any plan year. (2) For purposes of—
VerDate 14-DEC-2004
26 USC 430 note. Applicability. Effective date.
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