A bill to amend the Internal Revenue Code of 1986 to allow a one-time election of the interest rate to be used to determine present value for purposes of pension cash-out restrictions, and for other purposes.

Amends the Internal Revenue Code to allow a pension plan to make an irrevocable election regarding the interest rate (within a specified minimum and maximum) to be used in determining present value for purposes of provisions relating to restrictions on cash-outs. Modifies provisions limiting certain assumptions relating to annual benefit limitations for defined benefit plans.