plan For purposes of this subparagraph, the term applicable eligible retirement plan means an eligible retirement plan (as defined in section 402(c)(8)(B)) and any other plan, contract, or arrangement to which the requirements of this paragraph apply. (iii) Special rule for benefits paid as a life annuity from defined benefit plan In determining the aggregate value under clause (i), there shall not be taken into account the value of any benefits under a defined benefit plan that, on the measurement date, are being paid as a life annuity. (iv) Measurement date (I) Initial measurement dates The initial measurement date for an employee is the last day of the calendar year preceding the earlier of— (aa) the calendar year in which the employee attains the applicable age, or (bb) the calendar year in which the employee dies. (II) Subsequent measurement dates If, in a calendar year, an employee to whom subparagraph (A) or (B) does not apply by reason of clause (i) receives contributions, rollovers, or transfers of amounts, or accrues additional benefits under a defined benefit plan, that were not previously taken into account in applying this subparagraph, then the last day of that calendar year shall be a new measurement date and a new determination shall be made as to whether clause (i) applies to such employee. (v) Determination of value For purposes of this subparagraph— (I) In general Except as provided in subclause (II), the value of an employee's interest in a plan is the account balance of such plan. (II) Defined benefit plans The value of defined benefit plan benefits shall be determined in accordance with the applicable interest rate and applicable mortality rate assumptions under section 417(e), except that the value shall be equal to the amount of the single sum payment payable to the extent available under the plan. (vi) Phase-out of exception In the case of an employee whose aggregate balance described in clause (i) as of a measurement date exceeds the dollar amount in effect under such clause by less