Sec. 502. Application of certain requirements to composite plans
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Section 101(f) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1021(f) ), as amended by this Act, is further amended— in paragraph
(1)by striking title IV applies and inserting title IV applies or which is a composite plan ; and by adding at the end the following: The provisions of this subsection shall apply to a composite plan only to the extent prescribed by the Secretary in regulations that take into account the differences between a composite plan and a defined benefit plan that is a multiemployer plan. . Section 103 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1023 ) is amended— in subsection
(d)by adding at the end the following sentence: The provisions of this subsection shall apply to a composite plan only to the extent prescribed by the Secretary in regulations that take into account the differences between a composite plan and a defined benefit plan that is a multiemployer plan. ; in subsection
(f)by adding at the end the following: With respect to any composite plan— the provisions of paragraph (1)(A) shall apply by substituting current funded ratio and projected funded ratio (as such terms are defined in section 802(a)(2)) for funded percentage each place it appears; and the provisions of paragraph
(2)shall apply only to the extent prescribed by the Secretary in regulations that take into account the differences between a composite plan and a defined benefit plan that is a multiemployer plan. ; and by adding at the end the following: A multiemployer plan that incorporates the features of a composite plan as provided in section 801(b) shall be treated as a single plan for purposes of the report required by this section, except that separate financial statements and actuarial statements shall be provided under paragraphs
(3)and
(4)of subsection
(a)for the defined benefit plan component and for the composite plan component of the multiemployer plan. . Section 105(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1025(a) ) is amended by adding at the end the following: For purposes of this subsection, a composite plan shall be treated as a defined benefit plan to the extent prescribed by the Secretary in regulations that take into account the differences between a composite plan and a defined benefit plan that is a multiemployer plan. . Section 6058 of the Internal Revenue Code of 1986 is amended by redesignating subsection
(f)as subsection
(g)and by inserting after subsection
(e)the following: A multiemployer plan that incorporates the features of a composite plan as provided in section 437(b) shall be treated as a single plan for purposes of the return required by this section, except that separate financial statements shall be provided for the defined benefit plan component and for the composite plan component of the multiemployer plan. . The amendments made by this section shall apply to plan years beginning after the date of the enactment of this Act.
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