Sec. 211. Modifications of deadlines for adopting pension plan amendments
443 words·~2 min read·
/bill/113/s/1270/is/section-211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 401(b) is amended— by striking all that precedes stock bonus, pension, profit-sharing and inserting: A , and by adding at the end the following: Except as provided in subparagraph (B), in the case of any required amendment to a stock bonus, pension, profit-sharing, or annuity plan— the plan shall be treated as being operated in accordance with the terms of the plan during the remedial period, and except as provided by the Secretary, such plan shall not fail to meet the requirements of section 411(d)(6) of the Internal Revenue Code of 1986 and section 204(g) of the Employee Retirement Income Security Act of 1974 by reason of such amendment. Subparagraph
(A)shall not apply to any required amendment to a plan unless— the required amendment is adopted before the end of the remedial period, the plan is operated as if the required amendment were in effect during the remedial period, and the required amendment applies retroactively for the remedial period. For purposes of this paragraph, the term required amendment means any amendment to a plan which is required by (or integral to meeting the requirements of) any Federal law or any regulation issued by the Secretary or the Secretary of Labor. For purposes of this paragraph— The term remedial period means, with respect to any required amendment to a plan, the period— beginning on the date the amendment is required under the law or regulation described in subparagraph
(C)to take effect, and ending on the last day in the remedial plan review period with respect to the plan in which the date determined under subclause
(I)occurs (or, if earlier, the date the plan amendment is adopted). The term remedial plan review period means, with respect to any plan, the period established by the Secretary under the authority of section 401(b) as the regular cycle of review by the Secretary for determining whether the plan continues to meet the requirements of this title for treatment as a qualified plan under section 401(a). . Section 401(b), as amended by subsection (a), is amended by adding at the end the following: In the case of an amendment to which paragraphs
(1)and
(2)do not otherwise apply, the provisions of paragraph
(1)shall apply to such amendment if it is to take effect during a plan year and is adopted by the last day prescribed by law (including extensions) for filing the return of tax for the taxable year of the employer within which such plan year ends. . The amendments made by this section shall apply with respect to amendments taking effect with respect to plan years beginning after December 31, 2013.