88 STAT. ]
PUBLIC LAW 93-406-SEPT. 2, 1974
983
" (D)(i) The provisions of this paragraph apply only if the participant elects its application at the time and in the manner provided under regulations prescribed by the Secretary or his delegate. Not more than one election may be made under subparagraph (A) by any participant, A participant who elects to have the provisions of subparagraph (A), (B), or (C) of this paragraph apply to him may not elect to have any other subparagraph of this paragraph apply to him. Any election made under this paragraph is irrevocable. 'Educational " (ii) For purposes of this paragraph the term 'educational institution." institution' means an educational institution as defined in section 151(e)(4). 26 USC 151. "(iii) For purposes of this paragraph the term 'home "Home health health service agency' means an organization described in ^^'"^^ agency.' subsection 501(c)(3) which is exempt from tax under section 26 USC soi. 501(a) and which has been determined by the Secretary of Health, Education, and Welfare to be a home health agency (as defined in section 1861(o) of the Social Security Act). "^^ ^^^ isgsx. " (d) CosT-OF-LiviNG ADJUSTMENTS. —
"(1) IN GENERAL.—The Secretary or his delegate shall adjust annually— " (A) the $75,000 amount in subsection (b)(1)(A), " (B) the $25,000 amount in subsection (c)(1)(A), and "(C) in the case of a participant who is separated from service, the amount taken into account under subsection (b) for increases m the cost of living in accordance with regulations prescribed by the Secretary or his delegate. Such regulations shall provide for adjustment procedures which are similar to the procedures used to adjust primary insurance amounts under section 215 (i)(2)(A) of the Social Security Act. 42 USC 4i5. "(2) BASE PERIODS.—The base period taken into account— " (A) for purposes of subparagraphs (A) and (B) of paragraph (1) is the calendar quarter beginning October 1, 1974, and " (B) for purposes of subparagraph (C) of paragraph (1) is the last calendar quarter of the calendar year before the calendar year in which the participant is separated from service. " (e) LIMITATION I N CASE OF DEFINED BENEFIT P L A N AND DEFINED CONTRIBUTION P L A N FOR SAME EMPLOYEE.—
"(1) IN GENERAL.—In any case in which an individual is a participant in both a defined benefit plan and a defined contribution plan maintained by the same employer, the sum of the defined benefit plan fraction and the defined contribution plan fraction for any year may not exceed 1.4. "(2) DEFINED BENEFIT PLAN FRACTION.—For purposes of this subsection, the defined benefit plan fraction for any year is a fraction— " (A) the numerator of which is the projected annual benefit of the participant under the plan (determined as of the close of the year), and " (B) the denominator of which is the projected annual benefit of the participant under the plan (determined as of the close of the year) if the plan provided the maximum benefit allowable under subsection (b). " (3) DEFINED CONTRIBUTION PLAN FRACTION.—For
purposes
of this subsection, the defined contribution plan fraction for any year is a fraction—
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