120 STAT. 894
PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(B) a change in the definition of the term ‘wages’ under section 3121, or a change in the amount of such wages taken into account under regulations prescribed for purposes of section 401(a)(5), results in an increase or decrease in accrued liability under a plan, such increase or decrease shall be treated as an experience loss or gain. ‘‘(5) FULL FUNDING.—If, as of the close of a plan year, a plan would (without regard to this paragraph) have an accumulated funding deficiency in excess of the full funding limitation— ‘‘(A) the funding standard account shall be credited with the amount of such excess, and ‘‘(B) all amounts described in subparagraphs (B), (C), and (D) of subsection (b)(2) and subparagraph (B) of subsection (b)(3) which are required to be amortized shall be considered fully amortized for purposes of such subparagraphs. ‘‘(6) FULL-FUNDING LIMITATION.— ‘‘(A) IN GENERAL.—For purposes of paragraph (5), the term ‘full-funding limitation’ means the excess (if any) of— ‘‘(i) the accrued liability (including normal cost) under the plan (determined under the entry age normal funding method if such accrued liability cannot be directly calculated under the funding method used for the plan), over ‘‘(ii) the lesser of— ‘‘(I) the fair market value of the plan’s assets, or ‘‘(II) the value of such assets determined under paragraph (2). ‘‘(B) MINIMUM AMOUNT.— ‘‘(i) IN GENERAL.—In no event shall the full-funding limitation determined under subparagraph (A) be less than the excess (if any) of— ‘‘(I) 90 percent of the current liability of the plan (including the expected increase in current liability due to benefits accruing during the plan year), over ‘‘(II) the value of the plan’s assets determined under paragraph (2). ‘‘(ii) ASSETS.—For purposes of clause (i), assets shall not be reduced by any credit balance in the funding standard account. ‘‘(C) FULL FUNDING LIMITATION.—For purposes of this paragraph, unless otherwise provided by the plan, the accrued liability under a multiemployer plan shall not include benefits which are not nonforfeitable under the plan after the termination of the plan (taking into consideration section 411(d)(3)). ‘‘(D) CURRENT LIABILITY.—For purposes of this paragraph— ‘‘(i) IN GENERAL.—The term ‘current liability’ means all liabilities to employees and their beneficiaries under the plan.
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