120 STAT. 788
‘‘(A) IN GENERAL.—The Secretary of the Treasury shall, before granting a waiver under this subsection, require each applicant to provide evidence satisfactory to such Secretary that the applicant has provided notice of the filing of the application for such waiver to each affected party (as defined in section 4001(a)(21)). Such notice shall include a description of the extent to which the plan is funded for benefits which are guaranteed under title IV and for benefit liabilities. ‘‘(B) CONSIDERATION OF RELEVANT INFORMATION.—The Secretary of the Treasury shall consider any relevant information provided by a person to whom notice was given under subparagraph (A). ‘‘(7) RESTRICTION ON PLAN AMENDMENTS.— ‘‘(A) IN GENERAL.—No amendment of a plan which increases the liabilities of the plan by reason of any increase in benefits, any change in the accrual of benefits, or any change in the rate at which benefits become nonforfeitable under the plan shall be adopted if a waiver under this subsection or an extension of time under section 304(d) is in effect with respect to the plan, or if a plan amendment described in subsection (d)(2) has been made at any time in the preceding 12 months (24 months in the case of a multiemployer plan). If a plan is amended in violation of the preceding sentence, any such waiver, or extension of time, shall not apply to any plan year ending on or after the date on which such amendment is adopted. ‘‘(B) EXCEPTION.—Subparagraph (A) shall not apply to any plan amendment which— ‘‘(i) the Secretary of the Treasury determines to be reasonable and which provides for only de minimis increases in the liabilities of the plan, ‘‘(ii) only repeals an amendment described in subsection (d)(2), or ‘‘(iii) is required as a condition of qualification under part I of subchapter D of chapter 1 of the Internal Revenue Code of 1986. ‘‘(8) CROSS REFERENCE.—For corresponding duties of the Secretary of the Treasury with regard to implementation of the Internal Revenue Code of 1986, see section 412(c) of such Code. ‘‘(d) MISCELLANEOUS RULES.— ‘‘(1) CHANGE IN METHOD OR YEAR.—If the funding method, the valuation date, or a plan year for a plan is changed, the change shall take effect only if approved by the Secretary of the Treasury. ‘‘(2) CERTAIN RETROACTIVE PLAN AMENDMENTS.—For purposes of this section, any amendment applying to a plan year which— ‘‘(A) is adopted after the close of such plan year but 1⁄2 months after the close of the plan year no later than 2 (or, in the case of a multiemployer plan, no later than 2 years after the close of such plan year), ‘‘(B) does not reduce the accrued benefit of any participant determined as of the beginning of the first plan year to which the amendment applies, and
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10:20 Jul 12, 2007
PUBLIC LAW 109–280—AUG. 17, 2006
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