(1) under tables prescribed by the Secretary, and
(2) by using an interest rate (rounded to the nearest 2/10ths of 1 percent) equal to 120 percent of the Federal midterm rate in effect under for the month in which the valuation date falls.
This section shall not apply for purposes of part I of subchapter D of chapter 1 or any other provision specified in regulations.
(1) In general
The tables prescribed by the Secretary for purposes of subsection (a) shall contain valuation factors for a series of interest rate categories.
(2) Revision for recent mortality charges
The Secretary shall revise the initial tables prescribed for purposes of subsection (a) to take into account the most recent mortality experience available as of the time of such revision. Such tables shall be revised not less frequently than once each 10 years to take into account the most recent mortality experience available as of the time of the revision.
For purposes of this section, the term “valuation date” means the date as of which the valuation is made.
For purposes of this section, the term “tables” includes formulas.