120 STAT. 858
26 USC 409A note.
PUBLIC LAW 109–280—AUG. 17, 2006
‘‘(i) APPLICABLE COVERED EMPLOYEE.—The term ‘applicable covered employee’ means any— ‘‘(I) covered employee of a plan sponsor, ‘‘(II) covered employee of a member of a controlled group which includes the plan sponsor, and ‘‘(III) former employee who was a covered employee at the time of termination of employment with the plan sponsor or a member of a controlled group which includes the plan sponsor. ‘‘(ii) COVERED EMPLOYEE.—The term ‘covered employee’ means an individual described in section 162(m)(3) or an individual subject to the requirements of section 16(a) of the Securities Exchange Act of 1934.’’. (b) CONFORMING AMENDMENTS.—Paragraphs (4) and (5) of section 409A(b) of such Code, as redesignated by subsection (a) of this subsection, are each amended by striking ‘‘paragraph (1) or (2)’’ each place it appears and inserting ‘‘paragraph (1), (2), or (3)’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to transfers or other reservation of assets after the date of the enactment of this Act.
TITLE II—FUNDING RULES FOR MULTIEMPLOYER DEFINED BENEFIT PLANS AND RELATED PROVISIONS Subtitle A—Amendments to Employee Retirement Income Security Act of 1974 SEC. 201. FUNDING RULES FOR MULTIEMPLOYER DEFINED BENEFIT PLANS.
(a) IN GENERAL.—Part 3 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (as amended by this Act) is amended by inserting after section 303 the following new section: ‘‘MINIMUM 29 USC 1084.
VerDate 14-DEC-2004
10:20 Jul 12, 2007
FUNDING STANDARDS FOR MULTIEMPLOYER PLANS
‘‘SEC. 304. (a) IN GENERAL.—For purposes of section 302, the accumulated funding deficiency of a multiemployer plan for any plan year is— ‘‘(1) except as provided in paragraph (2), the amount, determined as of the end of the plan year, equal to the excess (if any) of the total charges to the funding standard account of the plan for all plan years (beginning with the first plan year for which this part applies to the plan) over the total credits to such account for such years, and ‘‘(2) if the multiemployer plan is in reorganization for any plan year, the accumulated funding deficiency of the plan determined under section 4243. ‘‘(b) FUNDING STANDARD ACCOUNT.— ‘‘(1) ACCOUNT REQUIRED.—Each multiemployer plan to which this part applies shall establish and maintain a funding
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