,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #ddia  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #h1 #bjaf    
,mr4 ,cr[ley 7= himself & ,mr4 ,ellison7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,ways & ,means  ,a   
,,bill  ,to provide = ,my,r,a acc\nts1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,mak+ ,y\r         
,retirem5t ,accessible ,act or ! ,my,r,a
 ,act4  #b4 ,my,r,a ,acc\nts  7a7 ,9    
g5]al ,section #djh;,a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+3  7g7 ,my,r,a acc\nts 
7#a7 ,special rule = contributions f tax
 refunds ,a taxpay] may elect to        
contribute any portion ( an ov]paym5t ( 
income tax = a taxable ye> to a ,my,r,a 
acc\nt4 ,! am\nt elect$ "u ! prec$+     
s5t5ce--  7,a7 %all n exce$ ! am\nt     
all[$ z a cr$it "u section #be;,b = !   
taxable ye>1 &  7,b7 %all n be treat$ z 
qualifi$ retirem5t contributions =      
purposes ( section #bai4  7#b7 ,direct  
deposit ,! ,secret>y %all provide =     

direct deposit ( refunds f ov]paym5ts ( 
income tax by a taxpay] to ! ,my,r,a    
acc\nt ( a p>ticipant4  7#c7 ,my,r,a    
acc\nt def9$ ,= purposes ( ?is          
subsection1 ! t]m ,my,r,a acc\nt means a
 ,ro? ,,ira :i* meets ! requirem5ts (   
section #cajf7;d7 ( title #ca1 ,unit$   
,/ates ,code4  4  7b7 ,my,r,a program   
,section #cajf ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by add+ at ! end 
! foll[+ new subsection3  7d7  7#a7 ,!  
,secret>y %all1 9 accordance ) ?is      
subsection1 e/abli% & c>ry out a program
 ( individual sav+s acc\nts to be kn[n z
 ,my,r,a acc\nts "u :i* ! ,secret>y     
%all1 ^u receipt ( contributions 9 ca%  
by or on behalf ( a p>ticipant1 issue   
retirem5t sav+s bonds to ! ,my,r,a      
acc\nt ( ! p>ticipant4  7#b7 ,9 c>ry+   
out ! program "u p>agraph 7#a71 !       
,secret>y %all-- 7,a7 adm9i/] a ,my,r,a 
acc\nt = ea* p>ticipant & cr$it bonds   
issu$ to ! p>ticipant to ! ,my,r,a      
acc\nt ( ! p>ticipant1  7,b7 s]ve z     
cu/odian ( assets 9 ! program1  7,c7    

issue retirem5t sav+s bonds describ$ 9  
p>agraph 7#d71 &  7,d7 issue to ea*     
p>ticipant an annual /atem5t relat+ to !
 p>ticipant's ,my,r,a acc\nt4  7#c7 ,=  
purposes ( ?is subsection1 ! t]m ,my,r,a
 acc\nt means a ,ro? ,,ira 7z def9$ 9   
section #djh;,a ( ! ,int]nal ,rev5ue    
,code ( #aihf7 e/abli%$ by ! ,secret>y  
on behalf ( a p>ticipant4  7#d7 ,a      
retirem5t sav+s bond issu$ "u ?is       
subsection %all-- 7,a7 e>n int]e/ at !  
same annual p]c5tage rate z securities  
issu$ to ! ,gov]nm5t ,securities        
,inve/m5t ,fund 9 ! ,?rift ,sav+s ,plan 
= ,f$]al employees1 z det]m9$ "u section
 #hdch7;e77#b7 ( title #e1 ,unit$ ,/ates
 ,code1  7,b7 %all be comp\nd$ daily at 
#a_/cfj ( ! annual p]c5tage rate1  7,c7 
%all h a maturity date t is indet]m9ate 
& may diff] = ea* bond issu$1 b t does n
 exce$ ! e>li] ( #cj ye>s f ! date !    
bond is fir/ issu$ on behalf ( !        
p>ticipant or :5 ! total value ( all su*
 bonds held on behalf ( ! p>ticipant 9 !
 ,my,r,a acc\nt rea*es #ae1jjj1  7,d7   

%all cease to be> int]e/ on ! date (    
maturity1 &  7,e7 %all be r$eem$ by !   
,secret>y ^u maturity4  7#e7 ,^u rea*+  
maturity ! ,secret>y %all transf] !     
entire am\nt 9 ! ,my,r,a acc\nt 9 a     
mann] t meets ! rollov] requirem5ts (   
section #djh7;d77#c7 to a ,ro? ,,ira    
7o!r ?an a ,my,r,a acc\nt7 ( !          
p>ticipant adm9i/]$ by a tru/ee :o meets
 ! satisfaction requirem5ts ( !         
,secret>y "u section #djh7;a77#b74 ,=   
purposes ( ?is p>agraph1 ! ,secret>y    
%all make transf]s to eligible tru/ees  
on a rotat+ basis unless ! p>ticipant   
elects o!rwise4  7#f7 ,! ,secret>y %all 
accept contributions f employ]s on      
behalf ( employees by direct deposit4   
7#g7 ,! ,secret>y %all accept           
contributions f p>ticipants by direct   
deposit4  7#h7 ,p>ticipant in=mation "u 
! program "u ?is subsection %all be     
exempt f disclosure to ! public4  7#i7  
,! ,secret>y %all issue a qu>t]ly report
 to ,congress-- 7,a7 li/+ ! numb] (     
acc\nts creat$ 9 t qu>t]1 ! total numb] 

( acc\nts 9 exi/5ce1 ! ov]all value (   
assets 9 ! acc\nts1 & ! numb] ( taxpay]s
 p] zip code 7( ! taxpay]7 :o h creat$  
acc\nts2 &  7,b7 ! names ( employ]s :o  
paid f9es = failure ( ! employ] to      
notify _! employees ( ^! acc\nts4  7#aj7
 ,! ,secret>y %all issue su* regulations
 or o!r guidance z may be necess>y or   
appropriate to c>ry out ?is subsection4 
4  7c7 ,employ] requirem5ts  7#a7 ,*apt]
 #dc ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$ by add+ at ! end ! foll[+3     
#dihj;,j4 ,failure ( employ] relat+ to  
,my,r,a acc\nts  7a7 ,imposition ( tax  
,!re is h]eby impos$ a tax on ! failure 
( any employ] to meet ! requirem5ts (   
subsection 7e7 ) respect to any         
employee4  7b7 ,am\nt ( tax  7#a7 ,9    
g5]al ,! am\nt ( tax impos$ by          
subsection 7a7 on any failure ) respect 
to any employee %all be #ajj = ea* day 9
 ! noncompliance p]iod ) respect to su* 
failure4  7#b7 ,noncompliance p]iod ,=  
purposes ( ?is section1 ! t]m           
noncompliance p]iod means1 ) respect to 

any failure1 ! p]iod beg9n+ on ! date ! 
failure fir/ occurs & end+ on ! date !  
notice to :i* ! failure relates is      
provid$ or ! failure is o!rwise         
correct$4  7c7 ,limitations on am\nt (  
tax  7#a7 ,tax n to apply :]e failure n 
discov]$ & reasonable dilig5ce ex]cis$  
,no tax %all be impos$ by subsection 7a7
 on any failure dur+ any p]iod = :i* x  
is e/abli%$ to ! satisfaction ( !       
,secret>y t any employ] subject to      
liability = ! tax "u subsection 7d7 did 
n "k t ! failure exi/$ & ex]cis$        
reasonable dilig5ce to meet !           
requirem5ts ( subsection 7e74  7#b7 ,tax
 n to apply to failures correct$ )9 #cj 
days ,no tax %all be impos$ by          
subsection 7a7 on any failure if-- 7,a7 
any employ] subject to liability = ! tax
 "u subsection 7d7 ex]cis$ reasonable   
dilig5ce to meet ! requirem5ts (        
subsection 7e71 &  7,b7 su* employ]     
provides ! notice describ$ 9 subsection 
7e7 dur+ ! #cj-;day p]iod beg9n+ on !   
fir/ date su* employ] knew1 or ex]cis+  

reasonable dilig5ce w\ld h kn[n1 t su*  
failure exi/$4  7#c7 ,ov]all limitation 
= un9t5tional failures  7,a7 ,9 g5]al   
,if ! employ] subject to liability = tax
 "u subsection 7d7 ex]cis$ reasonable   
dilig5ce to meet ! requirem5ts (        
subsection 7e71 ! tax impos$ by         
subsection 7a7 = failures dur+ ! taxable
 ye> ( ! employ] %all n exce$ #ejj1jjj4 
7,b7 ,taxable ye>s 9 ! case ( c]ta9     
controll$ gr\ps ,= purposes ( ?is       
p>agraph1 if all p]sons :o are treat$ z 
a s+le employ] = purposes ( ?is section 
d n h ! same taxable ye>1 ! taxable ye>s
 tak5 into acc\nt %all be det]m9$ "u    
pr9ciples simil> to ! pr9ciples (       
section #aefa4  7#d7 ,waiv] by ,secret>y
 ,9 ! case ( a failure :i* is due to    
reasonable cause & n to willful neglect1
 ! ,secret>y may waive "p or all ( ! tax
 impos$ by subsection 7a7 to ! ext5t t !
 paym5t ( su* tax w\ld be excessive or  
o!rwise inequitable relative to !       
failure involv$4  7d7 ,liability = tax  
,! employ] %all be liable = ! tax impos$

 by subsection 7a74  7e7 ,employ]       
requirem5ts relat+ to ,my,r,a acc\nts   
7#a7 ,9 g5]al ,an employ] :o pays wages 
to any employee ?r\gh direct deposit    
%all make contributions ?r\gh direct    
deposit to ! ,my,r,a acc\nt ( ! am\nt ( 
wages designat$ by an employee :o elects
 to p>ticipate 9 ! ,my,r,a program "u   
section #cajf7;d7 ( title #ca1 ,unit$   
,/ates ,code4  7#b7 ,exception ,p>agraph
 7#a7 %all n apply to any employ] )     
respect to an employee if ! employ] (f]s
 an employ]-sponsor$ qualifi$ retirem5t 
plan to ! employee4  7#c7 ,notice       
requirem5t ,ea* employ] %all1 9 ea*     
pay/ub1 provide a uni=m notice to       
employees on h[ ! employees c create a  
,my,r,a acc\nt4  4  7#b7 ,! table (     
sections = *apt] #dc ( su* ,code is     
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #dihj;,j4 ,failure (       
employ] relat+ to ,my,r,a acc\nts4  4   
7d7 ,effective date ,! am5dm5ts made by 
?is section %all take effect on ! date (
 ! enactm5t ( ?is ,act4