,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cjgh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ba1 #bjaf,ms4   
,w>r5 7= h]self & ,mr4 ,da9es7 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to increase portability ( &    
access to retirem5t sav+s1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,retirem5t ,sav+s ,lo/ &   
,f\nd ,act ( #bjaf4  #b4 ,retirem5t     
,sav+s ,lo/ & ,f\nd  7a7 ,e/abli%m5t    
7#a7 ,9 g5]al ,n lat] ?an #b ye>s aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,commission] ( ,social ,security & !    
,secret>y ( ! ,treasury 9 coop]ation    
%all e/abli% an onl9e me*anism to be    
kn[n z ! ,retirem5t ,sav+s ,lo/ & ,f\nd1
 to be manag$ by ! ,director ( !        
,retirem5t ,sav+s ,lo/ & ,f\nd e/abli%$ 
"u section #c7;c7 ( ?is ,act--  7,a7 to 
all[ an individual to se>* = in=mation t
 enables ! individual to locate ! plan  
adm9i/rator ( any plans ) respect to :i*
 ! individual is a p>ticipant or        

b5efici>y1 & to provide contact         
in=mation = ! plan adm9i/rator ( any    
plan describ$ 9 p>agraph 7#b7 ) respect 
to :i* ! individual may be entitl$ to a 
b5efit1  7,b7 to all[ su* ,director to  
assi/ su* an individual 9 locat+ any    
plan ( ! individual1 &  7,c7 to all[ su*
 ,director to make any necess>y *anges  
to contact in=mation on record = ! plan 
adm9i/rator bas$ on any *anges to ! plan
 due to m]g] or consolidation ( ! plan )
 any o!r plan1 division ( ! plan into #b
 or m plans1 bankruptcy1 t]m9ation1     
*ange 9 "n ( ! plan1 *ange 9 "n or      
address ( ! plan adm9i/rator1 or o!r    
causes4  7#b7 ,plans describ$ ,a plan   
describ$ 9 ?is p>agraph is a plan to :i*
 ! ve/+ /&>ds ( section #bjc ( "p #b (  
subtitle ,b ( title ,i ( ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd apply ) respect to any plan ye> to
 :i* ! am5dm5ts made by subsection      
7c77#b77;,c7 apply4  7b7 ,adm9i/ration  
,! ,retirem5t ,sav+s ,lo/ & ,f\nd       
e/abli%$ "u subsection 7a7 %all provide 

individuals describ$ 9 subsection       
7a77#a7 only ) ! ability to view contact
 in=mation = ! plan adm9i/rator ( any   
plan ) respect to :i* ! individual is a 
p>ticipant or b5efici>y1 suffici5t to   
all[ ! individual to locate !           
individual's plan4  7c7 ,curr5t         
in=mation  7#a7 ,9 g5]al ,p>agraph 7#b7 
( section #fjeg7;a7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$-- 7,a7 by       
r$esignat+ subp>agraph 7,e7 z           
subp>agraph 7,g71  7,b7 by /rik+ & at ! 
end ( subp>agraph 7,d71 &  7,c7 by      
ins]t+ aft] subp>agraph 7,d7 ! foll[+   
new subp>agraphs3  7,e7 ! "n & taxpay]  
id5tify+ numb] ( ea* p>ticipant or =m]  
p>ticipant 9 ! plan-- 7i7 :o1 dur+ any  
previ\s plan ye>1 0 report$ "u          
subp>agraph 7,c71 & ) respect to :om !  
b5efits describ$ 9 subp>agraph 7,c77ii7 
7 fully paid dur+ ! plan ye>1  7ii7 )   
respect to :om any am\nt 0 di/ribut$ "u 
section #dja7;a77#ca77;,b7 dur+ ! plan  
ye>1 or  7iii7 ) respect to :om an      
annuity contract 0 di/ribut$ dur+ ! plan

 ye>1  7,f7 9 ! case ( a p>ticipant or  
=m] p>ticipant to :om subp>agraph 7,e7  
applies--  7i7 ! am\nt di/ribut$1  7ii7 
9 ! case ( a p>ticipant describ$ 9      
clause 7ii7 !re(1 ! "n & address ( !    
designat$ tru/ee or issu] describ$ 9    
section #dja7;a77#ca77;,b77i7 & ! acc\nt
 numb] ( ! individual retirem5t plan to 
:i* ! am\nt 0 di/ribut$1 &  7iii7 9 !   
case ( a p>ticipant describ$ 9 clause   
7iii7 !re(1 ! "n & address ( ! issu] (  
su* annuity contract & ! contract or    
c]tificate numb]1 &  4  7#b7 ,rules     
relat+ to direct tru/ee-to-tru/ee       
transf]s  7,a7 ,9 g5]al ,p>agraph 7#f7 (
 section #djb7;e7 ( su* ,code is am5d$--
 7i7 by /rik+ transf]s4--,any & ins]t+  
8transf]s4--  7,a7 ,9 g5]al ,any  1 &   
7ii7 by add+ at ! end ! foll[+ new      
subp>agraph3  7,b7 ,notification (      
tru/ee ,9 ! case ( a di/ribution "u     
section #dja7;a77#ca77;,b71 ! plan      
adm9i/rator %all notify ! designat$     
tru/ee or issu] describ$ 9 clause 7i7   
!re( t ! transf] is a m&atory           

di/ribution requir$ by su* section4  4  
7,b7 ,p5alty ,subsection 7i7 ( section  
#ffeb ( su* ,code is am5d$-- 7i7 by     
/rik+ to recipi5ts 9 ! head+ & ins]t+ or
 notification1  7ii7 by /rik+ #djb7;f71 
& ins]t+ #djb7;f7 or a notification z   
requir$ by section #djb7;e77#f77;,b711 &
  7iii7 by /rik+ su* writt5 explanation 
& ins]t+ su* writt5 explanation or      
notification4  7,c7 ,reports ,subsection
 7i7 ( section #djh ( su* ,code is      
am5d$-- 7i7 by r$esignat+ subp>agraphs  
7,a7 & 7,b7 ( p>agraph 7#b7 z clauses   
7i7 & 7ii71 respectively1 & by mov+ su* 
clauses #b ems to ! "r1  7ii7 by        
r$esignat+ p>agraphs 7#a7 & 7#b7 z      
subp>agraphs 7,a7 & 7,b71 respectively1 
& by mov+ su* subp>agraphs #b ems to !  
"r1  7iii7 by /rik+ z ! ,secret>y       
prescribes 9 subp>agraph 7,b77ii71 z s  
r$esignat$1 & all t foll[s ?r\gh a      
simple retirem5t acc\nt & ins]t+ 8z !   
,secret>y prescribes4  7#c7 ,simple     
retirem5t acc\nts ,9 ! case ( a simple  
retirem5t acc\nt  1  7iv7 by /rik+      

,reports4--,! tru/ee ( & ins]t+         
8,reports4--  7#a7 ,9 g5]al ,! tru/ee ( 
1  7v7 by /rik+ "u p>agraph 7#b7 9      
p>agraph 7#c71 z r$esignat$ by clause   
7iii71 & ins]t+ "u p>agraph 7#a77;,b71 &
  7vi7 by ins]t+ aft] p>agraph          
7#a77;,b77ii71 z r$esignat$ by ! prec$+ 
clauses1 ! foll[+ new p>agraph3  7#b7   
,m&atory di/ributions ,9 ! case ( an    
acc\nt1 contract1 or annuity to :i* a   
transf] ( a di/ribution "u section      
#dja7;a77#ca77;,b7 is made 7includ+ a   
transf] ( su* an am\nt f ! individual   
retirem5t plan to :i* ! am\nt 0         
orig9ally transf]r$ to ano!r individual 
retirem5t plan71 ! report requir$ by ?is
 subsection %all--  7,a7 id5tify !      
di/ribution ( su* am\nt z a m&atory     
di/ribution requir$ by su* section1     
7,b7 include ! "n1 address1 & taxpay]   
id5tify+ numb] ( ! tru/ee or issu] ( !  
individual retirem5t plan to :i* ! am\nt
 is transf]r$1 &  7,c7 be fil$ ) !      
,director ( ! ,retirem5t ,sav+s ,lo/ &  
,f\nd e/abli%$ "u section #b7;a7 ( !    

,retirem5t ,sav+s ,lo/ & ,f\nd ,act (   
#bjaf z well z ) ! ,secret>y4  4  7#c7  
,effective date ,! am5dm5ts made by ?is 
subsection %all apply to di/ributions   
made1 & returns & reports ! due date =  
:i* is1 aft] ! date t is "o ye> aft] !  
date ( ! enactm5t ( ?is ,act4  7d7      
,requirem5t ( electronic fil+  7#a7 ,9  
g5]al ,p>agraph 7#b7 ( section #fjaa7;e7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$-- 7,a7 by r$esignat+ subp>agraphs 
7,a7 & 7,b7 z clauses 7i7 & 7ii71       
respectively1 & by mov+ su* clauses #b  
ems to ! "r1  7,b7 by /rik+ !           
requirem5ts ( su* regulations & all t   
foll[s ?r\gh ! ,secret>y %all require & 
ins]t+ 8! requirem5ts ( su* regulations4
  7,b7 ,c]ta9 p>tn]%ips ,not)/&+        
subp>agraph 7,a71 ! ,secret>y %all      
require  1  7,c7 by /rik+               
regulations4--,9 prescrib+ & ins]t+     
8regulations4--  7,a7 ,9 g5]al ,9       
prescrib+  1 &  7,d7 by add+ at ! end ! 
foll[+ new subp>agraph3  7,c7           
,exceptions ,not)/&+ subp>agraph 7,a71 !

 ,secret>y %all require returns or      
reports requir$ "u--  7i7 sections      
#fjeg1 #fjeh1 & #fjei1 &  7ii7 sections 
#djh7;i71 #fjda1 & #fjdg to ! ext5t su* 
return or report relates to ! tax       
treatm5t ( a di/ribution f a plan1      
acc\nt1 contract1 or annuity1  to be    
fil$ on magnetic m$ia1 b only ) respect 
to p]sons :o are requir$ to file at lea/
 #ej returns dur+ ! cal5d> ye> t        
includes ! fir/ day ( ! plan ye> to :i* 
su* returns or reports relate4  4  7#b7 
,effective date ,! am5dm5ts made by ?is 
subsection %all apply to returns &      
reports ! due date = :i* is aft] ! date 
( ! enactm5t ( ?is ,act4  7e7 ,safegu>d+
 p>ticipant privacy & security ,9       
e/abli%+ ! ,retirem5t ,sav+s ,lo/ &     
,f\nd "u subsection 7a71 ! ,commission] 
( ,social ,security & ! ,secret>y ( !   
,treasury %all take all necess>y & prop]
 precautions1 includ+ consult+ ) !      
,secret>y ( ,heal? & ,human ,s]vices1 to
 ensure t p>ticipants' plan in=mation   
ma9ta9$ by ! ,retirem5t ,sav+s ,lo/ &   

,f\nd is protect$ & t p]sons o!r ?an !  
p>ticipant _c fraudul5tly claim !       
b5efits to :i* any p>ticipant is        
entitl$1 & to all[ any p>ticipant to opt
 out ( inclusion 9 ! ,lo/ & ,f\nd at !  
election ( ! p>ticipant4  7f7           
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ su* sums z   
may be necess>y to c>ry out ! purposes (
 ?is section4  #c4 ,m&atory transf]s (  
rollov] di/ributions  7a7 ,inve/m5t     
options  7#a7 ,9 g5]al ,subp>agraph 7,b7
 ( section #djd7;c77#c7 ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd7;c77#c77 is  
am5d$ by ins]t+ 1 &1 to ! ext5t !       
,secret>y provides 9 guidance or        
regulations issu$ aft] ! enactm5t ( !   
,retirem5t ,sav+s ,lo/ & ,f\nd ,act (   
#bjaf1 is made to a t>get date or       
lifecycle fund or to su* o!r option z ! 
,secret>y may s provide be=e ! p]iod4   
7#b7 ,regulations ,n lat] ?an #ahj days 
aft] ! date ( ! enactm5t ( ?is ,act1 !  
,secret>y ( ,labor %all promulgate      

regulations id5tify+ ! t>get date or    
lifecycle funds1 or specify+ !          
*>act]i/ics ( a t>get date or lifecycle 
fund1 t w be deem$ to meet ! requirem5ts
 ( section #djd7;c77#c77;,b7 ( !        
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#aajd7;c77#c77;,b771 z am5d$ by p>agraph
 7#a74  7b7 ,expansion ( cap2 au?ority  
,to transf] less] am\nts  7#a7 ,9 g5]al 
,clause 7ii7 ( section                  
#dja7;a77#ca77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by /rik+ #e1jjj &
 ins]t+ #f1jjj4  7#b7 ,less] am\nts     
,subp>agraph 7,b7 ( section             
#dja7;a77#ca7 ( su* ,code is am5d$ by   
add+ at ! end ! foll[+ new clauses3     
7iii7 ,transf]s ( less] am\nts to       
,retirem5t ,sav+s ,lo/ & ,f\nd or       
,treasury ,9 ! case ( a tru/ :i* is "p (
 an eligible plan1 su* tru/ %all n be a 
qualifi$ tru/ "u ?is section unless su* 
plan provides t if--  7,i7 a p>ticipant 
9 ! plan sep>ates f ! s]vice cov]$ by ! 
plan & ! def]r$ ve/$ b5efit to :i* su*  

p>ticipant is entitl$ is n 9 excess (   
#a1jjj1 &  7,,ii7 ! p>ticipant does n   
make an election "u subp>agraph 7,a7 &  
does n elect to receive ! di/ribution   
directly1  ! plan adm9i/rator %all1 aft]
 notify+ ! p>ticipant t ! p>ticipant is 
entitl$ to su* b5efit1 transf] ! am\nt (
 su* b5efit to ! ,director ( !          
,retirem5t ,sav+s ,lo/ & ,f\nd 9        
accordance ) section #c7;c77#b7 ( !     
,retirem5t ,sav+s ,lo/ & ,f\nd ,act (   
#bjaf1 or to an individual retirem5t    
acc\nt 7z def9$ 9 section #djh7;a77     
e/abli%$ by ! ,secret>y4 ,su* transf]   
%all n be made be=e ! lat] ( ! date t is
 #f mon?s aft] ! date on :i* !          
p>ticipant receives ! notification      
requir$ "u ! prec$+ s5t5ce1 or1 if !    
plan adm9i/rator attempts to pay !      
di/ribution to ! p>ticipant directly b !
 p>ticipant has n claim$ ! di/ribution1 
! date t is #f mon?s aft] ! date on :i* 
! attempt$ paym5t 0 s5t to ! p>ticipant4
  7iv7  ,income tax treatm5t ( transf]s 
to ,retirem5t ,sav+s ,lo/ & ,f\nd  ,=   

purposes ( det]m9+ ! income tax treatm5t
 ( transf]s to ! ,director ( !          
,retirem5t ,sav+s ,lo/ & ,f\nd "u clause
 7iii7--  7,i7 su* a transf] %all be    
treat$ z a transf] to an individual     
retirem5t plan "u clause 7i71 &  7,,ii7 
! di/ribution ( su* am\nts by !         
,director ( ! ,retirem5t ,sav+s ,lo/ &  
,f\nd %all be treat$ z a di/ribution f  
an individual retirem5t plan4  7v7      
,notification to ,retirem5t ,sav+s ,lo/ 
& ,f\nd ,9 ! case ( a tru/ :i* is "p (  
an eligible plan1 if a p>ticipant 9 !   
plan sep>ates f ! s]vice cov]$ by !     
plan1 ! plan adm9i/rator %all report--  
7,i7 ! total am\nt ( ! def]r$ ve/$      
b5efit to :i* ! p>ticipant is entitl$1 &
  7,,ii7 ! am\nt ( any di/ribution ( su*
 b5efit made to & claim$ by !           
p>ticipant1  to ! ,director ( !         
,retirem5t ,sav+s ,lo/ & ,f\nd =        
purposes ( ! ,retirem5t ,sav+s ,lo/ &   
,f\nd e/abli%$ "u section #b7;a7 ( !    
,retirem5t ,sav+s ,lo/ & ,f\nd ,act (   
#bjaf4  4  7c7 ,(fice ( ! ,retirem5t    

,sav+s ,lo/ & ,f\nd  7#a7 ,9 g5]al ,n   
lat] ?an "o ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,commission] ( ,social   
,security & ! ,secret>y ( ! ,treasury   
%all e/abli% )9 ! appropriate ag5cy or  
subdivision !re( an ,(fice ( !          
,retirem5t ,sav+s ,lo/ & ,f\nd1 to be   
adm9i/]$ by a ,director ( ! ,retirem5t  
,sav+s ,lo/ & ,f\nd :o 7)\t reg>d to !  
ag5cy or subdivision :]e su* ,(fice is  
e/abli%$7 %all report to bo? su*        
,commission] & su* ,secret>y4  7#b7     
,responsibilities ( ,director  7,a7 ,9  
g5]al ,9 addition to adm9i/]+ !         
,retirem5t ,sav+s ,lo/ & ,f\nd "u       
section #b1 ! ,director ( ! ,retirem5t  
,sav+s ,lo/ & ,f\nd e/abli%$ "u ?is     
subsection %all--  7i7 inve/ any am\nt  
transf]r$ "u section                    
#dja7;a77#ca77;,b77iii7 ( ! ,int]nal    
,rev5ue ,code ( #aihf 9 ,unit$ ,/ates   
,treasury securities2  7ii7 ^u          
application fil$ by ! p>ticipant or     
b5efici>y 9 su* =m & mann] z may be     
prescrib$ 9 regulations1 pay to !       

p>ticipant or b5efici>y ! am\nt         
transf]r$ 7or ! appropriate survivor    
b5efit7 ei!r--  7,i7 9 a s+le sum 7plus 
int]e/72 or  7,,ii7 9 su* o!r =m z is   
specifi$ 9 regulations2 &  7iii7 id5tify
 su* am\nt z eligible to be paid into an
 eligible retirem5t plan describ$ 9     
section #djb7;c77#h77;,b7 ( ! ,int]nal  
,rev5ue ,code ( #aihf4  7,b7 ,option to 
contract ,! ,director ( ! ,retirem5t    
,sav+s ,lo/ & ,f\nd may contract ) a    
?ird p>ty to c>ry out ! responsibilities
 "u subp>agraph 7,a74  7d7 ,effective   
dates  7#a7 ,9 g5]al ,except z provid$ 9
 p>agraph 7#b71 ! am5dm5ts made by ?is  
section %all apply to di/ributions made 
aft] ! date t is #b ye>s aft] ! date ( !
 enactm5t ( ?is ,act4  7#b7 ,m&atory    
transf] ( ve/$ b5efits ,! am5dm5ts made 
by subsection 7b7 %all apply to ve/$    
b5efits ) respect to p>ticipants :o     
sep>ate f s]vice connect$ to ! plan     
be=e1 on1 or aft] ! date t is #b ye>s   
aft] ! date ( ! enactm5t ( ?is ,act4