ADJUSTMENTS TO LIEN FOR MISSED MINIMUM FUNDING CONTRIBUTIONS.

SEC. 768. ADJUSTMENTS TO LIEN FOR MISSED MINIMUM FUNDING CONTRIBUTIONS. (a) Amendments to the Internal Revenue Code of 1986.— (1) Clarification of applicability of provision.—Paragraph (2) of section 412(n) is amended by adding at the end the following new sentence: “This subsection shall not apply to any plan to which section 4021 of the Employee Retirement 108 STAT. 5041Income Security Act of 1974 does not apply (as such section is in effect on the date of the enactment of the Retirement Protection Act of 1994).”. (2) Repeal of $1,000,000 offset.—Paragraph (3) of section 412(n) is amended to read as follows: “(3) Amount of lien.— For purposes of paragraph (1), the amount of the lien shall be equal to the aggregate unpaid balance of required installments and other payments required under this section (including interest)— “(A) for plan years beginning after 1987, and “(B) for which payment has not been made before the due date.” (3) Repeal of 60-day delay.—Section 412(n)(4)(B) is amended by striking “60th day following the”. (b) Amendments to the Employee Retirement Income Security Act of 1974.— (1) Clarification of applicability of provision.—Section 302(f)(1) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1082(f)(1)) is amended by striking “to which this section applies” and inserting “covered under section 4021 of this Act”. (2) Repeal of $1,000,000 offset.—Paragraph (3) of section 302(f) of such Act is amended to read as follows: “(3) Amount of lien.— For purposes of paragraph (1), the amount of the lien shall be equal to the aggregate unpaid balance of required installments and other payments required under this section (including interest)— “(A) for plan years beginning after 1987, and “(B) for which payment has not been made before the due date.” (3) Repeal of 60-day delay.—Section 302(f)(4)(B) of such Act is amended by striking “60th day following the”. (c) Effective Date.—The amendments made by this section shall be effective for installments and other payments required under section 412 of the Internal Revenue Code of 1986 or under part 3 of subtitle B of the Employee Retirement Income Security Act of 1974 that become due on or after the date of enactment.