124 STAT. 1291 PUBLIC LAW 111–192—JUNE 25, 2010 years (using the segment rates under subpara- graph (C) for the election year). ‘‘(iii) 15-YEAR AMORTIZATION.—The shortfall amortization installments determined under this subparagraph are the amounts necessary to amortize the shortfall amortization base of the plan for the election year in level annual installments over the 15-plan-year period beginning with the election year (using the segment rates under subparagraph (C) for the election year). ‘‘(iv) ELECTION.— ‘‘(I) IN GENERAL.—The plan sponsor of a plan may elect to have this subparagraph apply to not more than 2 eligible plan years with respect to the plan, except that in the case of a plan described in section 106 of the Pension Protection Act of 2006, the plan sponsor may only elect to have this subparagraph apply to a plan year beginning in 2011. ‘‘(II) AMORTIZATION SCHEDULE.—Such election shall specify whether the amortization schedule under clause (ii) or (iii) shall apply to an election year, except that if a plan sponsor elects to have this subparagraph apply to 2 eligible plan years, the plan sponsor must elect the same schedule for both years. ‘‘(III) OTHER RULES.—Such election shall be made at such time, and in such form and manner, as shall be prescribed by the Secretary, and may be revoked only with the consent of the Secretary. The Secretary shall, before granting a revocation request, provide the Pension Benefit Guaranty Corporation an opportunity to comment on the conditions applicable to the treatment of any por- tion of the election year shortfall amortization base that remains unamortized as of the revocation date. ‘‘(v) ELIGIBLE PLAN YEAR.—For purposes of this subparagraph, the term ‘eligible plan year’ means any plan year beginning in 2008, 2009, 2010, or 2011, except that a plan year shall only be treated as an eligible plan year if the due date under subsection (j)(1) for the payment of the minimum required con- tribution for such plan year occurs on or after the date of the enactment of this subparagraph. ‘‘(vi) REPORTING.—A plan sponsor of a plan who makes an election under clause (i) shall— ‘‘(I) give notice of the election to participants and beneficiaries of the plan, and ‘‘(II) inform the Pension Benefit Guaranty Cor- poration of such election in such form and manner as the Director of the Pension Benefit Guaranty Corporation may prescribe. ‘‘(vii) INCREASES IN REQUIRED INSTALLMENTS IN CERTAIN CASES.—For increases in required contribu- tions in cases of excess compensation or extraordinary dividends or stock redemptions, see paragraph (7).’’. Notice. Definition.
