Sec. 307. Simplification of elections and notices
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Section 303 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1083 ) is amended by adding at the end the following: An election required to be made by the plan sponsor under this section, including an election made under rules prescribed by the Secretary of the Treasury to implement this section, shall be deemed to have been timely made if the election is made on or before the due date specified in subsection (j)(1) or, if later, the due date of the actuarial report required under section 103(d). .
Section 101(f)(3)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021(f)(3)(B)) is amended— in the heading, by striking ; for small plans by inserting a plan with an adjusted funding target attainment percentage of more than 80 percent for the prior year or after In the case of ; by striking (as such term is used under section 303(g)(2)(B)) ; and by striking upon and inserting not later than 2 months after . Section 430 of the Internal Revenue Code of 1986 is amended by adding at the end the following:
An election required to be made by the plan sponsor under this section, including an election made under rules prescribed by the Secretary to implement this section, shall be deemed to have been timely made if the election is made on or before the due date specified in subsection (j)(1) or, if later, the due date of the actuarial report required under section 6059. . The amendments made by this section shall apply to plan years beginning after December 31, 2014.
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