12 2 STA T .5097PUBLIC LA W 110 –4 5 8—DE C.2 3, 2008 (2) ( A ) ,and (2)( F )( i ) sh a l la p pl yto plan y e a r s b e g inning a f ter D e c e m ber 31 ,2 0 0 8. ( B ) ELECTIONF O R E A RLIER A P PLICATION. —T he amend - ments made by s u ch paragraphs shall apply to a plan for the first plan year beginning after December 31, 200 7 , if the plan sponsor ma k es the election under this subpara- graph. An election under this subparagraph shall be made at such time and in such manner as the S ecretary of the Treasury or the Secretary ’ s delegate may prescribe, and, once made, may be re v oked only w ith the consent of the Secretary. (c) A M EN D MENT SR ELATED TO SECTIONS 103 AND 113.— (1) AMENDMENTS TO ERISA.— (A) Section 101( j )ofER I SA is amended— (i) in paragraph (2), by striking ‘ ‘section 20 6 (g)( 4 )(B)’’ and inserting ‘‘section 206(g)(4)(A)’’
and (ii) by adding at the end the following
‘‘The Sec- retary of the Treasury, in consultation with the Sec- retary, shall have the authority to prescribe rules applicable to the notices re q uired under this sub- section.’’. (B) Section 206(g)(1)(B)(ii) of ERISA is amended by striking ‘‘a funding’’ and inserting ‘‘an adjusted funding’’. ( C ) The heading for section 206(g)(1)(C) of ERISA is amended by inserting ‘‘ B ENEFIT’’ after ‘‘E V ENT’’. (D) Section 206(g)(3)(E) of ERISA is amended by adding at the end the following new flush sentence: ‘‘Such term shall not include the payment of a benefit which under section 203(e) may be immediately distributed without the consent of the participant.’’. (E) Section 206(g)( 5 )(A)(iv) of ERISA is amended by inserting ‘‘adjusted’’ before ‘‘funding’’. (F) Section 206(g)( 9 )(C) of ERISA is amended— (i) by striking ‘‘without regard to this subpara- graph and’’ in clause (i), and (ii) in clause (iii)— (I) by striking ‘‘without regard to this subpara- graph’’ and inserting ‘‘without regard to the reduc- tion in the value of assets under section 303(f)(4)’’, and (II) by inserting ‘‘beginning’’ before ‘‘after’’ each place it appears. ( G ) Section 206(g) of ERISA is amended by redesig- nating paragraph (10) as paragraph (11) and by inserting after paragraph (9) the following new paragraph: ‘‘(10) SECRETARIAL A U T H ORIT Y FOR PLANS W ITH ALTERNATE VALUATION DATE.—In the case of a plan which has designated a valuation date other than the first day of the plan year, the Secretary of the Treasury may prescribe rules for the application of this subsection which are necessary to reflect the alternate valuation date.’’. ( H ) Section 502(c)(4) of ERISA is amended by striking ‘‘by any person’’ and all that follows through the period and inserting ‘‘by any person of subsection (j), (k), or (l) of section 101 or section 514(e)(3).’’. (2) AMENDMENTS TO 1986 CODE.— (A) Section 436(b)(2) of the 1986 Code is amended— 26USC43 6 . 2 9 USC 1 132. 29USC1 05 6. 29 USC 1021.
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