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amendment to the lump-sum payment option satisfied the additional
requirement established by the Commissioner in Rev. Proc. 99-23,
sec. 3.06, 1999-1 C.B. at 923, by offering the greater of the
accrued benefit calculated using the PBGC interest rate or the
annual interest rate on 30-year Treasury securities for payments
occurring on and after January 1, 2000, but before January 1,
2002.
In sum, we conclude that respondent Commissioner did not err
in determining that the amendment to the plan’s lump-sum payment
option did not violate the anti-cutback rule of section
411(d)(6).
We have considered the arguments of the parties that were
not specifically addressed in this opinion. Those arguments are
either without merit or irrelevant to our decision.
To reflect the foregoing,
Decision will be entered
for respondents.
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