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107 STAT. 472 PUBLIC LAW 103-66—AUG. 10, 1993 endar year, except that the base period for purposes of section 415(dXlXA) shall be the calendar quarter beginning October 1,1993." 26 use 401. (2) CONFORMING AMENDMENT.—Section 401(aX17) is amended by striking '*(n) A trust" and inserting: "(17) COMPENSATION LIMIT.— **(A) IN GENERAL.—A trust". (b) SiMPUFiED EMPLOYEE PENSIONS.— (1) IN GENERAL.—Paragraphs (3XC) and (6XDXii) of section 408(k) are each amended by striking "$200,000" and inserting "$150,000". (2) COST-OF-LIVING.—Paragraph (8) of section 408(k) is amended to read as follows: "(8) COST-OF-LIVING ADJUSTMENT.—The Secretary shall ac^ust the $300 amoiuit in paragraph (2XC) at the same time and in the same manner as under section 415(d) and shall adjust the $150,0(K) amoimt in paragraphs (3XC) and (GXDXii) at the same time, and by the same amoimt, as any adjustment under section 401(aX17)(B)." (c) OTHER RELATED PROVISIONS.— (1) IN GENERAL.—Sections 404(1) and 505(bX7) are each amended— (A) by striking "$200,000" m the first sentence and inserting "$150,000", and (B) oy striking the second sentence and inserting "The Secretary shall aqjust the $150,000 amount at the same time, and by the same amount, as any adjustment under section 401(aX17XB)." (2) CONFORMING AMENDMENT.—The heading for section 505(bX7) is amended by striking "$200,000". 26 use 401 note. (d) EFFECTIVE DATES.— (1) IN GENERAL.—^Except as provided in this subsection, the amendments made by this section shall apply to benefits accruing in plan years beginning after December 31, 1993. (2) COLLECTIVELY BARGAINED PLANS.—In the case of a plan maintained pursuant to 1 or more collective bargaining agree- ments between employee representatives and 1 or more employ- ers ratified before the date of the enactment of this Act, the amendments made by this section shall not apply to contribu- tions or benefits pursuant to such agreements for plan years beginning before the earlier of— (A) the latest of— (i) January 1,1994, (ii) the date on which the last of such collective bargaining agreements terminates (without regard to any extension, amendment, or modification of such agreements on or after such date of enactment), or (iii) in the case of a plan maintained pursuant to collective bargaining under the Railway Labor Act, the date of execution of an extension or replacement of the last of such collective bargaining agreements in effect on such date of enactment, or (B) January 1,1997. (3) TRANSITION RULE FOR STATE AND LOCAL PLANS.— (A) IN GENERAL.—In the case of an eligible participant in a governmental plan (within the meaning of section 414(d) of the Internal Revenue Code of 1986), the dollar