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which create significant burdens or complexities
for the plan and plan participants, unless such
amendment adversely affects the rights of any
participant in a more than de minimis manner. The
Secretary may by regulations provide that this
subparagraph shall not apply to a plan amendment
described in clause (ii) (other than a plan
amendment having an effect described in
clause (i)).
The Uruguay Round Agreements Act, Pub. L. 103-465, sec.
767(d)(2), 108 Stat. 5040, provides that a participant’s accrued
benefit is not considered to be reduced in violation of section
411(d)(6) merely because the benefit is determined in accordance
with the applicable interest rate under section 417(e)(3)(A),
i.e., the annual interest rate on 30-year Treasury securities.
Section 1.417(e)-1(d)(10), Income Tax Regs., explains the scope
of this relief from the anti-cutback rule of section 411(d)(6).
See T.D. 8768, 1998-1 C.B. 1027, 1029-1030. Section
1.417(e)-1(d)(10)(i), Income Tax Regs., provides the general rule
that a plan amendment that changes the interest rate, the time
for determining the interest rate, or the mortality assumptions
used for the purposes described in section 1.417(e)-1(d)(1),
Income Tax Regs. (relating to the calculation of the present
value of a participant’s accrued benefit), is subject to section
411(d)(6). Subdivisions (ii) through (v) of section
1.417(e)-1(d)(10), Income Tax Regs., provide safe harbors from
the general rule of section 1.417(e)-1(d)(10)(i), Income Tax
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