TIME WHEN CONTRIBUTIONS DEEMED MADE TO CERTAIN PENSION PLANS.

SEC. 402. TIME WHEN CONTRIBUTIONS DEEMED MADE TO CERTAIN PENSION PLANS. Section 1017 of the Employee Retirement Income Security Act of 1974 (relating to effective dates for funding, etc., provisions of that Act) is amended— (1) in subsection (b) by striking out “(c) through (h),” and inserting in lieu thereof “(c) through (i),”; and (2) by adding at the end thereof the following new subsection: “(i) Contributions to H.R. 10 Plans.— Notwithstanding subsections (b) and (c)(2), in the case of a plan in existence on January 1, 1974, the amendment made by section 1013(c)(2) of this Act shall apply, with respect to a plan which provides contributions or benefits for employees some or all of whom are employees within the meaning of section 401(c)(1) of the Internal Revenue Code of 1954, for plan years beginning after December 31, 1974, but only if the employer (within the meaning of section 401(c)(4) of such Code) elects in such manner and at such time as the Secretary of the Treasury or his delegate shall by regulations prescribe, to have such amendment so apply. Any election made under this subsection, once made, shall lie irrevocable.”