REPEAL OF 160 PERCENT OF CURRENT LIABILITY FUNDING LIMIT.

SEC. 651. REPEAL OF 160 PERCENT OF CURRENT LIABILITY FUNDING LIMIT. (a) Amendments to Internal Revenue Code.—Section 412(c)(7) (relating to full-funding limitation) is amended— (1) by striking “the applicable percentage” in subparagraph (A)(i)(I) and inserting “in the case of plan years beginning before January 1, 2004, the applicable percentage”; and (2) by amending subparagraph (F) to read as follows: “(F) Applicable percentage.—For purposes of subparagraph (A)(i)(I), the applicable percentage shall be determined in accordance with the following table: “In the case of any plan year beginning in— The applicable percentage is— 2002 165 2003 170.”. (b) Amendment of ERISA.—Section 302(c)(7) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1082(c)(7)) is amended— (1) by striking “the applicable percentage” in subparagraph (A)(i)(I) and inserting “in the case of plan years beginning before January 1, 2004, the applicable percentage”, and (2) by amending subparagraph (F) to read as follows; “(F) Applicable percentage.—For purposes of subparagraph (A)(i)(I), the applicable percentage shall be determined in accordance with the following table: “In the case of any plan year beginning in calendar year— The applicable percentage is— 2002 165 2003 170.”. (c) Effective Date.—The amendments made by this section shall apply to plan years beginning after December 31, 2001.