Page:United States Statutes at Large Volume 115 Part 1.djvu/118

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115 STAT. 96 PUBLIC LAW 107-16-JUNE 7, 2001 "(i) which is made by an individual as an employee under a qualified employer plan which allows employees to elect to make contributions described in paragraph (1), and "(ii) with respect to which the individual has designated the contribution as a contribution to which this subsection applies.". (b) AMENDMENT OF ERISA.— (1) IN GENERAL.— Section 4 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1003) is amended by adding at the end the following new subsection: "(c) If a pension plan allows an employee to elect to make voluntary employee contributions to accounts and annuities as provided in section 408(q) of the Internal Revenue Code of 1986, such accounts and annuities (and contributions thereto) shall not be treated as part of such plan (or as a separate pension plan) for purposes of any provision of this title other than section 403(c), 404, or 405 (relating to exclusive benefit, and fiduciary and cofiduciary responsibilities).". (2) CONFORMING AMENDMENT.—Section 4(a) of such Act (29 U.S.C. 1003(a)) is amended by inserting "or (c)" after "subsection (b)". Applicability. (c) EFFECTIVE DATE. —The amendments made by this section 26 USC 408 note, shall apply to plan years beginning after December 31, 2002. Subtitle B—Expanding Coverage SEC. 611. EVCREASE IN BENEFIT AND CONTRIBUTION LIMITS. (a) DEFINED BENEFIT PLANS. — (1) DOLLAR LIMIT.— 26 USC 415. (A) Subparagraph (A) of section 415(b)(1) (relating to limitation for defined benefit plans) is amended by striking " $90,000 " and inserting "$160,000". (B) Subparagraphs (C) and (D) of section 415(b)(2) are each amended in the headings and the text, by striking "$90,000" and inserting "$160,000", (C) Paragraph (7) of section 415(b) (relating to benefits under certain collectively bargained plans) is amended by striking "the greater of $68,212 or one-half the amount otherwise applicable for such year under paragraph (1)(A) for '$90,000'" and inserting "one-half the amount otherwise applicable for such year under paragraph (1)(A) for '$160,000' ". (2) LIMIT REDUCED WHEN BENEFIT BEGINS BEFORE AGE 62. — Subparagraph (C) of section 415(b)(2) is amended by striking "the social security retirement age" each place it appears in the heading and text and inserting "age 62" and by striking the second sentence. (3) LIMIT INCREASED WHEN BENEFIT BEGINS AFTER AGE 65. — Subparagraph (D) of section 415(b)(2) is amended by striking "the social security retirement age" each place it appears in the heading and text and inserting "age 65". (4) COST-OF-LIVING ADJUSTMENTS.— Subsection (d) of section 415 (related to cost-of-living adjustments) is amended— (A) by striking "$90,000" in paragraph (1)(A) and inserting "$160,000 "; and