124 STAT. 1298 PUBLIC LAW 111–192—JUNE 25, 2010 ‘‘(B) the increased unfunded new liability for such plan year, and ‘‘(2) in the case of the excess of the unfunded new liability over the increased unfunded new liability, such applicable percentage shall be determined without regard to this section. ‘‘(d) ELECTION.— ‘‘(1) IN GENERAL.—The plan sponsor of a plan may elect to have this section apply to not more than 2 eligible plan years with respect to the plan, except that in the case of a plan to which section 106 of this Act applies, the plan sponsor may only elect to have this section apply to 1 eligible plan year. ‘‘(2) AMORTIZATION SCHEDULE.—Such election shall specify whether the rules under subsection (b) or (c) shall apply to an election year, except that if a plan sponsor elects to have this section apply to 2 eligible plan years, the plan sponsor must elect the same rule for both years. ‘‘(3) OTHER RULES.—Such election shall be made at such time, and in such form and manner, as shall be prescribed by the Secretary of the Treasury, and may be revoked only with the consent of the Secretary of the Treasury. ‘‘(e) DEFINITIONS.—For purposes of this section— ‘‘(1) ELIGIBLE PLAN YEAR.—For purposes of this subpara- graph, the term ‘eligible plan year’ means any plan year begin- ning in 2008, 2009, 2010, or 2011, except that a plan year beginning in 2008 shall only be treated as an eligible plan year if the due date for the payment of the minimum required contribution for such plan year occurs on or after the date of the enactment of this clause. ‘‘(2) PRE-EFFECTIVE DATE PLAN YEAR.—The term ‘pre-effec- tive date plan year’ means, with respect to a plan, any plan year prior to the first year in which the amendments made by this subtitle and subtitle B apply to the plan. ‘‘(3) INCREASED UNFUNDED NEW LIABILITY.—The term ‘increased unfunded new liability’ means, with respect to a year, the excess (if any) of the unfunded new liability over the amount of unfunded new liability determined as if the value of the plan’s assets determined under subsection 302(c)(2) of such Act and section 412(c)(2) of such Code equaled the product of the current liability of the plan for the year multi- plied by the funded current liability percentage (as defined in section 302(d)(8)(B) of such Act and 412(l)(8)(B) of such Code) of the plan for the second plan year preceding the first election year of such plan. ‘‘(4) OTHER DEFINITIONS.—The terms ‘unfunded new liability’ and ‘current liability’ shall have the meanings set forth in section 302(d) of such Act and section 412(l) of such Code.’’. (b) ELIGIBLE CHARITY PLANS.—Section 104 of the Pension Protection Act of 2006 is amended— (1) by striking ‘‘eligible cooperative plan’’ wherever it appears in subsections (a) and (b) and inserting ‘‘eligible cooperative plan or an eligible charity plan’’, and (2) by adding at the end the following new subsection: ‘‘(d) ELIGIBLE CHARITY PLAN DEFINED.—For purposes of this section, a plan shall be treated as an eligible charity plan for a plan year if the plan is maintained by more than one employer 26 USC 401 note.
