PUBLIC LAW 107-16^JUNE 7, 2001 115 STAT. 131 " (11) SPECIAL LIMITATION RULE FOR GOVERNMENTAL AND MULTIEMPLOYER PLANS. — In the case of a governmental plan (as defined in section 414(d)) or a multiemployer plan (as defined in section 414(f)), subparagraph (B) of paragraph (1) shall not apply.". (2) CONFORMING AMENDMENT.— Section 415(b)(7) (relating 26 USC 415. to benefits under certain collectively bargained plans) is amended by inserting "(other than a multiemployer plan)" after "defined benefit plan" in the matter preceding subparagraph (A). (b) COMBINING AND AGGREGATION OF PLANS. — (1) COMBINING OF PLANS.— Subsection (f) of section 415 (relating to combining of plans) is amended by adding at the end the following: "(3) EXCEPTION FOR MULTIEMPLOYER PLANS.— Notwithstanding paragraph (1) and subsection (g), a multiemployer plan (as defined in section 414(f)) shall not be combined or aggregated— "(A) with any other plan which is not a multiemployer plan for purposes of applying subsection (b)(1)(B) to such other plan, or "(B) with any other multiemployer plan for purposes of applying the limitations established in this section.". (2) CONFORMING AMENDMENT FOR AGGREGATION OF PLANS.— Subsection (g) of section 415 (relating to aggregation of plans) is amended by striking "The Secretary" and inserting "Except as provided in subsection (f)(3), the Secretary". (c) EFFECTIVE DATE. —The amendments made by this section Applicability. shall apply to years beginning after December 31, 2001. 26 USC 415 note. SEC. 655. PROTECTION OF INVESTMENT OF EMPLOYEE CONTRIBU- TIONS TO 401(k) PLANS. (a) IN GENERAL. —Section 1524(b) of the Taxpayer Relief Act of 1997 is amended to read as follows: 29 USC 1107 "(b) EFFECTIVE DATE. — note. "(1) IN GENERAL.— Except as provided in paragraph (2), the amendments made by this section shall apply to elective deferrals for plan years beginning after December 31, 1998. "(2) NONAPPLICATION TO PREVIOUSLY ACQUIRED PROP- ERTY. —The amendments made by this section shall not apply to any elective deferral which is invested in assets consisting of qualifying employer securities, qualifying employer real property, or both, if such assets were acquired before January 1, 1999. ". (b) EFFECTIVE DATE. —The amendment made by this section 29 USC ii07 shall apply as if included in the provision of the Taxpayer Relief ^^ote- Act of 1997 to which it relates. SEC. 656. PROHIBITED ALLOCATIONS OF STOCK IN S CORPORATION ESOP. (a) IN GENERAL.—Section 409 (relating to qualifications for tax credit employee stock ownership plans) is amended by redesignating subsection (p) as subsection (q) and by inserting after subsection (o) the following new subsection: " (p) PROHIBITED ALLOCATIONS OF SECURITIES IN AN S CORPORA- TION.—
�
