of clause (i)(II), the applicable percentage is the percentage in effect under section 36B(c)(2)(B)(II) for the plan year. (d) Retirement plan requirements (1) In general The requirements of this subsection are met for any calendar year with respect to an employee of the applicable employer who is a low-wage employee if the employee is eligible to participate in one or more applicable eligible retirement plans maintained by the applicable employer (or any member of the group of employers treated as an applicable employer under subsection (b)(1)(C)) for a plan year ending with or within the calendar year. (2) Applicable eligible retirement plan For purposes of this subsection, the term applicable eligible retirement plan means an eligible retirement plan which, with respect to the plan year described in paragraph (1), is either— (A) a defined contribution plan which requires the employer to make nonelective contributions of at least 5 percent of the compensation of the employee, or (B) a defined benefit plan— (i) with respect to which the accrued benefit of the employee derived from employer contributions, when expressed as an annual retirement benefit, is not less than the product of— (I) the lesser of 2 percent multiplied by the employee's years of service (determined under the rules of paragraphs (4), (5), and (6) of section 411(a)) with the employer or 20 percent, multiplied by (II) the employee's final average pay, or (ii) which is an applicable defined benefit plan (as defined in section 411(a)(13)(B))— (I) which meets the interest credit requirements of section 411(b)(5)(B)(i) with respect to the plan year, and (II) under which the employee receives a pay credit for the plan year which is not less than 5 percent of compensation. (3) Definitions and special rules For purposes of this subsection— (A) Eligible retirement plan The term eligible retirement plan has the meaning given such term by section 402(c)(8)(B), except that in the case of an account or annuity described in clause (i) or (ii) thereof, such