((a)) Except as provided in subsections (b), (c), and (d), this part shall take effect on .

((b))

((1)) The provisions of this part authorizing the Secretary to promulgate regulations shall take effect on .

((2)) Upon application of a plan, the Secretary may postpone until not later than , the applicability of any provision of sections 1102, 1103 (other than 1103(c)), 1105 (other than 1105(a) and (d)), and 1110(a) of this title, as it applies to any plan in existence on , if he determines such postponement is (A) necessary to amend the instrument establishing the plan under which the plan is maintained and (B) not adverse to the interest of participants and beneficiaries.

((3)) This part shall take effect on , with respect to a plan which terminates after , and before , and to which at the time of termination applies.

((c)) Sections 1106 and 1107(a) of this title (relating to prohibited transactions) shall not apply—

((1)) until , to a loan of money or other extension of credit between a plan and a party in interest under a binding contract in effect on (or pursuant to renewals of such a contract), if such loan or other extension of credit remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be, and if the execution of the contract, the making of the loan, or the extension of credit was not, at the time of such execution, making, or extension, a prohibited transaction (within the meaning of or the corresponding provisions of prior law);

((2)) until , to a lease or joint use of property involving the plan and a party in interest pursuant to a binding contract in effect on (or pursuant to renewals of such a contract), if such lease or joint use remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if the execution of the contract was not, at the time of such execution, a prohibited transaction (within the meaning of or the corresponding provisions of prior law);

((3)) until , to the sale, exchange or other disposition of property described in paragraph (2) between a plan and a party in interest if—

((A)) in the case of a sale, exchange, or other disposition of the property by the plan to the party in interest, the plan receives an amount which is not less than the fair market value of the property at the time of such disposition; and

((B)) in the case of the acquisition of the property by the plan, the plan pays an amount which is not in excess of the fair market value of the property at the time of such acquisition;

((4)) until , to the provision of services, to which paragraphs (1), (2), and (3) do not apply between a plan and a party in interest—

((A)) under a binding contract in effect on (or pursuant to renewals of such contract), or

((B)) if the party in interest ordinarily and customarily furnished such services on , if such provision of services remains at least as favorable to the plan as an arm’s-length transaction with an unrelated party would be and if such provision of services was not, at the time of such provision, a prohibited transaction (within the meaning of ) or the corresponding provisions of prior law; or

((5)) the sale, exchange, or other disposition of property which is owned by a plan on , and all times thereafter, to a party in interest, if such plan is required to dispose of such property in order to comply with the provisions of (relating to the prohibition against holding excess employer securities and employer real property), and if the plan receives not less than adequate consideration.

((d)) Any election, or failure to elect, by a disqualified person under section 2003(c)(1)(B) of this Act shall be treated for purposes of this part (but not for purposes of ) as an act or omission occurring before the effective date of this part.

((e)) The preceding provisions of this section shall not apply with respect to amendments made to this part in provisions enacted after .