,,ii  #aae? ,,congress  #a/ ,session    
,s4 #abci  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #be1 #bjag,ms4    
,coll9s 7= h]self1 ,mr4 ,c>d91 & ,mr4   
,s*um]7 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify ! rules 
applicable to l5g? ( s]vice aw>d plans4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,l5g? ( ,s]vice ,aw>d ,program ,cap   
,adju/m5t ,priority ,act or ! ,,losap   
,,cap ,act4  #b4 ,modification ( rules  
applicable to l5g? ( s]vice aw>d plans  
7a7 ,maximum def]ral am\nt ,clause 7ii7 
( section #deg7;e77#aa77;,b7 ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ #c1jjj & ins]t+ #f1jjj4  7b7   
,co/ ( liv+ adju/m5t ,subp>agraph 7,b7 (
 section #deg7;e77#aa7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+3  7iii7 ,co/ ( liv+   
adju/m5t ,9 ! case ( taxable ye>s beg9n+
 aft] ,decemb] #ca1 #bjag1 ! ,secret>y  
%all adju/ ! #f1jjj am\nt "u clause 7ii7

 at ! same "t & 9 ! same mann] z "u     
section #dae7;d71 except t ! base p]iod 
%all be ! cal5d> qu>t] beg9n+ ,july #a1 
#bjaf1 & any increase "u ?is p>agraph t 
is n a multiple ( #ejj %all be r\nd$ to 
! next l[e/ multiple ( #ejj4  4  7c7    
,application ( limitation on accruals   
,subp>agraph 7,b7 ( section             
#deg7;e77#aa7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 z am5d$ by subsection 7b71 is 
am5d$ by add+ at ! end ! foll[+3  7iv7  
,special rule = application ( limitation
 on accruals = c]ta9 plans ,9 ! case ( a
 plan describ$ 9 subp>agraph 7,a77ii7   
:i* is a def9$ b5efit plan 7z def9$ 9   
section #dad7;j771 ! limitation "u      
clause 7ii7 %all apply to ! actu>ial    
pres5t value ( ! aggregate am\nt ( l5g? 
( s]vice aw>ds accru+ ) respect to any  
ye> ( s]vice4 ,su* actu>ial pres5t value
 ) respect to any ye> %all be calculat$ 
us+ reasonable actu>ial assumptions &   
me?ods1 assum+ paym5t w be made "u ! mo/
 valuable =m ( paym5t "u ! plan ) paym5t
 comm5c+ at ! lat] ( ! e>lie/ age at :i*

 unr$uc$ b5efits are payable "u ! plan  
or ! p>ticipant's age at ! "t ( !       
calculation4  4  7d7 ,effective date ,! 
am5dm5ts made by ?is ,act %all apply to 
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjag4