current liability
(i)The term “current liability” means all liabilities to employees and their beneficiaries under the plan. (ii)For purposes of clause (i), any benefit contingent on an event other than— (I)age, service, compensation, death, or disability, or (II)an event which is reasonably and reliably predictable (as determined by the Secretary of the Treasury), (iii)The rate of interest used to determine current liability under this paragraph shall be the rate of interest determined under subparagraph (E). (iv) (I)In the case of plan years beginning before the first plan year to which the first tables prescribed under subclause (II) apply, the mortality table used in determining current liability under this paragraph shall be the table prescribed by the Secretary of the Treasury which is based on the prevailing commissioners’ standard table (described in) used to determine reserves for group annuity contracts issued on. (II)The Secretary of the Treasury may by regulation prescribe for plan years beginning after, mortality tables to be used in determining current liability under this subsection. Such tables shall be based upon the actual experience of pension plans and projected trends in such experience. In prescribing such tables, such Secretary shall take into account results of available independent studies of mortality of individuals covered by pension plans. (v)Notwithstanding clause (iv)— (I)The Secretary of the Treasury shall establish mortality tables which may be used (in lieu of the tables under clause (iv)) to determine current liability under this subsection for individuals who are entitled to benefits under the plan on account of disability. Such Secretary shall establish separate tables for individuals whose disabilities occur in plan years beginning before, and for individuals whose disabilities occur in plan years beginning on or after such date. (II)In the case of disabilities occurring in plan years beginning after, the tables under subclause (I) shall apply only with respect to individuals described in such subclause who are disabled within the meaning of title II of the Social Security Act [et seq.] and the regulations thereunder. (vi)The Secretary of the Treasury shall periodically (at least every 5 years) review any tables in effect under this subparagraph and shall, to the extent such Secretary determines necessary, by regulation update the tables to reflect the actual experience of pension plans and projected trends in such experience. (E)For purposes of determining a plan’s current liability for purposes of this paragraph— (i)If any rate of interest used under the plan under subsection (b)(6) to determine cost is not within the permissible range, the plan shall establish a new rate of interest within the permissible range. (ii)For purposes of this subparagraph—