PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 863
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) of the Internal Revenue Code of 1986). ‘‘(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. ‘‘(ii) TREATMENT OF UNPREDICTABLE CONTINGENT EVENT BENEFITS.—For purposes of clause (i), any benefit contingent on an event other than— ‘‘(I) age, service, compensation, death, or disability, or ‘‘(II) an event which is reasonably and reliably predictable (as determined by the Secretary of the Treasury), shall not be taken into account until the event on which the benefit is contingent occurs. ‘‘(iii) INTEREST RATE USED.—The rate of interest used to determine current liability under this paragraph shall be the rate of interest determined under subparagraph (E). ‘‘(iv) MORTALITY TABLES.— ‘‘(I) COMMISSIONERS’ STANDARD TABLE.—In the case of plan years beginning before the first plan year to which the first tables prescribed under subclause (II) apply, the mortality table used in determining current liability under this paragraph shall be the table prescribed by the Secretary of the Treasury which is based on the prevailing commissioners’ standard table (described in section 807(d)(5)(A) of the Internal Revenue Code of 1986)
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