rate The term section 7702 applicable Federal interest rate means, with respect to any adjustment year, the average (rounded to the nearest whole percentage point) of the applicable Federal mid-term rates (as defined in section 1274(d) but based on annual compounding) effective as of the beginning of each of the calendar months in the most recent 60-month period ending before the second calendar year prior to such adjustment year. (D) Adjustment year The term adjustment year means the calendar year following any calendar year that includes the effective date of a change in the prescribed U.S. valuation interest rate for life insurance with guaranteed durations of more than 20 years (as defined in the National Association of Insurance Commissioners' Standard Valuation Law). (E) Transition rule Notwithstanding subparagraph (A), the insurance interest rate shall be 2 percent in the case of any contract which is issued during the period that— (i) begins on January 1, 2021, and (ii) ends immediately before the beginning of the first adjustment year that beings after December 31, 2021. . (e) Effective date The amendments made by this section shall apply to contracts issued after December 31, 2020. H Giving Retirement Options to Workers Act 101. Short title, etc (a) Short title This division may be cited as the Giving Retirement Options to Workers Act of 2020 or the GROW Act . (b) Table of contents The table of contents for this division is as follows: Sec. 101. Short title, etc. Sec. 102. Composite plans. Sec. 103. Application of certain requirements to composite plans. Sec. 104. Treatment of composite plans under title IV. Sec. 105. Conforming changes. Sec. 106. Effective date. 102. Composite plans (a) Amendment to the Employee Retirement Income Security Act of 1974 (1) In general Title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.) is amended by adding at the end the following: 8 Composite Plans and Legacy Plans 801. Composite plan defined (a) In general For purposes of this Act,