TREATMENT OF MULTIEMPLOYER PLANS UNDER SECTION 415.

SEC. 654. TREATMENT OF MULTIEMPLOYER PLANS UNDER SECTION 415. (a) Compensation Limit.— (1) In general.—Paragraph (11) of section 415(b) (relating to limitation for defined benefit plans) is amended to read as follows:115 STAT. 131 “(11) Special limitation rule for governmental and multiemployer plans.—In the case of a governmental plan (as defined in section 414(d)) or a multiemployer plan (as defined in section 414(f)), subparagraph (B) of paragraph (1) shall not apply.”. (2) Conforming amendment.—Section 415(b)(7) (relating to benefits under certain collectively bargained plans) is amended by inserting “(other than a multiemployer plan)” after “defined benefit plan” in the matter preceding subparagraph (A). (b) Combining and Aggregation of Plans.— (1) Combining of plans.—Subsection (f) of section 415 (relating to combining of plans) is amended by adding at the end the following: “(3) Exception for multiemployer plans.—Notwithstanding paragraph (1) and subsection (g), a multiemployer plan (as defined in section 414(f)) shall not be combined or aggregated— “(A) with any other plan which is not a multiemployer plan for purposes of applying subsection (b)(1)(B) to such other plan, or “(B) with any other multiemployer plan for purposes of applying the limitations established in this section.”. (2) Conforming amendment for aggregation of plans.—Subsection (g) of section 415 (relating to aggregation of plans) is amended by striking “The Secretary” and inserting “Except as provided in subsection (f)(3), the Secretary”. (c) Effective Date.—The amendments made by this section shall apply to years beginning after December 31, 2001.