,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #ciaj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #b1 #bjag,mr4 
,neal 7= himself & ,mr4 ,bi%op (        
,mi*igan7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to make lifetime  
income & manag$ acc\nt options ( def9$  
contribution retirem5t sav+s plans      
portable4  #a4 ,portability ( lifetime  
income & manag$ acc\nt options  7a7 ,9  
g5]al ,subsection 7a7 ( section #dja ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by ins]t+ aft] p>agraph 7#cg7 ! foll[+ 
new p>agraph3  7#ch7 ,portability (     
lifetime income & manag$ acc\nt options 
7,a7 ,9 g5]al ,a tru/ =m+ "p ( a def9$  
contribution plan %all n be treat$ z    
fail+ to con/itute a qualifi$ tru/ "u   
?is section solely by reason ( all[+--  
7i7 qualifi$ di/ributions ( a lifetime  
income inve/m5t or a manag$ acc\nt      
inve/m5t1 or  7ii7 di/ributions ( a     
lifetime income inve/m5t 9 ! =m ( a     

qualifi$ plan di/ribution annuity       
contract1  on or aft] ! date t is #ij   
days prior to ! date on :i* su* lifetime
 income inve/m5t or su* manag$ acc\nt   
inve/m5t is no long] au?oriz$ to be held
 z an inve/m5t option "u ! plan except z
 may o!rwise be provid$ by regulations4 
7,b7 ,def9itions ,= purposes ( ?is      
subsection-- 7i7 ! t]m qualifi$         
di/ribution means a direct              
tru/ee-to-tru/ee transf] to an eligible 
retirem5t plan 7z def9$ 9 section       
#djb7;c77#h77;,b771 z describ$ 9 section
 #dja7;a77#ca77;,a71 & 9 ! case ( a     
manag$ acc\nt inve/m5t1 ! eligible      
retirem5t plan mu/ be ma9ta9$ by !      
acc\nt manag] ( su* manag$ acc\nt       
inve/m5t1  7ii7 ! t]m lifetime income   
inve/m5t means an inve/m5t option t is  
design$ to provide an employee )        
election rights-- 7,i7 t are n uni=mly  
available ) respect to o!r inve/m5t     
options "u ! plan1 &  7,,ii7 t are to a 
lifetime income feature available ?r\gh 
a contract or o!r arrangem5t (f]$ "u !  

plan or "u ano!r eligible retirem5t plan
 7z def9$ 9 section #djb7;c77#h77;,b77  
?r\gh a direct tru/ee-to-tru/ee transf] 
to su* o!r eligible retirem5t plan "u   
section #dja7;a77#ca77;,a71  7iii7 ! t]m
 lifetime income feature means-- 7,i7 a 
feature t gu>antees a m9imum level (    
income annually 7or m frequ5tly7 = at   
lea/ ! rema9d] ( ! life ( ! employee or 
! jo9t lives ( ! employee & ! employee's
 designat$ b5efici>y1 or  7,,ii7 an     
annuity payable on behalf ( ! employee  
"u :i* paym5ts are made 9 sub/antially  
equal p]iodic paym5ts 7n less frequ5tly 
?an annually7 ov] ! life ( ! employee or
 ! jo9t lives ( ! employee & !          
employee's designat$ b5efici>y1  7iv7 ! 
t]m qualifi$ plan di/ribution annuity   
contract means an annuity contract      
pur*as$ = a p>ticipant & di/ribut$ to ! 
p>ticipant by a plan describ$ 9         
subp>agraph 7,b7 ( section #djb7;c77#h7 
7)\t reg>d to clauses 7i7 & 7ii7 !re(71 
7v7 ! t]m manag$ acc\nt inve/m5t means  
an inve/m5t option "u :i* ! assets ( !  

employee's individual acc\nt are manag$ 
by an acc\nt manag]1 apply+ g5]ally     
accept$ inve/m5t !ories1 to a*ieve v>y+ 
degrees ( long-t]m appreciation &       
capital pres]vation bas$ on ! employee's
 age1 t>get retirem5t date or life      
expectancy1  7vi7 ! t]m acc\nt manag]   
means an inve/m5t manag] 7)9 ! mean+ (  
section #c7ch7 ( ! ,employee ,retirem5t 
,income ,security ,act71 &  7vii7 a     
lifetime income inve/m5t or manag$      
acc\nt inve/m5t is treat$ z no long]    
au?oriz$ to be held z an inve/m5t "u !  
plan if su* treatm5t applies to all plan
 p>ticipants or to a class ( su*        
p>ticipants1 z det]m9$ 9 any reasonable 
mann]4  4  7b7 ,ca% or def]r$ arrangem5t
 ,clause 7i7 ( section #dja7k77#b77;,b7 
( su* ,code is am5d$ by /rik+ or at !   
end ( subclause 7,,iv71 by /rik+ & at ! 
end ( subclause 7,v7 & ins]t+ or1 & by  
add+ at ! end ( clause 7i7 ! foll[+3    
7,,vi7 ) respect to am\nts inve/$ 9 a   
lifetime income inve/m5t 7z def9$ 9     
section #dja7;a77#ch77;,b77ii77 or a    

manag$ acc\nt inve/m5t 7z def9$ 9       
section #dja7;a77#ch77;,b77v771 ! date t
 is #ij days prior to ! date t su*      
lifetime income inve/m5t or su* manag$  
acc\nt inve/m5t may no long] be held z  
an inve/m5t option "u ! plan 7)9 ! mean+
 ( section #dja7;a77#ch77;,b77vii771    
provid$ t any di/ribution "u ?is        
subclause mu/ be 9 ! =m ( a qualifi$    
di/ribution 7z def9$ 9 section          
#dja7;a77#ch77;,b77i77 or1 9 ! case ( a 
lifetime income inve/m5t1 a qualifi$    
plan di/ribution annuity contract 7z    
def9$ 9 section #dja7;a77#ch77;,b77iv771
 &  4  7c7 ,section #djc7;b7 plans  7#a7
 ,annuity contracts ,p>agraph 7#aa7 (   
section #djc7;b7 ( su* ,code is am5d$ by
 /rik+ or at ! end ( subp>agraph 7,b71  
by /rik+ ! p]iod at ! end ( subp>agraph 
7,c71 & by ins]t+ 1 or1 & by add+ at !  
end ! foll[+3  7,d7 ) respect to am\nts 
inve/$ 9 a lifetime income inve/m5t 7z  
def9$ 9 section #dja7;a77#ch77;,b77ii77 
or a manag$ acc\nt inve/m5t 7z def9$ 9  
section #dja7;a77#ch77;,b77v771 ! date t

 is #ij days prior to ! date t su*      
lifetime income inve/m5t or su* manag$  
acc\nt inve/m5t may no long] be held z  
an inve/m5t option "u ! plan 7)9 ! mean+
 ( section #dja7;a77#ch77;,b77vii771    
provid$ t any di/ribution "u ?is        
subp>agraph mu/ be 9 ! =m ( a qualifi$  
di/ribution 7z def9$ 9 section          
#dja7;a77#ch77;,b77i77 or1 9 ! case ( a 
lifetime income inve/m5t1 a qualifi$    
plan di/ribution annuity contract 7z    
def9$ 9 section #dja7;a77#ch77;,b77iv774
  4  7#b7 ,cu/odial acc\nts ,clause 7ii7
 ( section #djc7;b77#g77;,a7 ( su* ,code
 is am5d$ to read z foll[s3  7ii7 "u !  
cu/odial acc\nt1 no su* am\nts may be   
paid or made available to any di/ributee
 7unless su* am\nt is a di/ribution to  
:i* section #gb7t77#b77;,g7 applies7    
be=e--  7,i7 ! employee dies1  7,,ii7 ! 
employee atta9s age #ei1  7,,iii7 !     
employee has a sev]ance f employm5t1    
7,,iv7 ! employee becomes disabl$ 7)9 ! 
mean+ ( section #gb7m77#g771  7,v7 9 !  
case ( contributions made pursuant to a 

sal>y r$uction agreem5t 7)9 ! mean+ (   
section #caba7;a77#e77;,d771 ! employee 
enc\nt]s f9ancial h>d%ip1 or  7,,vi7 )  
respect to am\nts inve/$ 9 a lifetime   
income inve/m5t 7z def9$ 9 section      
#dja7;a77#ch77;,b77ii77 or a manag$     
acc\nt inve/m5t 7z def9$ 9 section      
#dja7;a77#ch77;,b77v771 ! date t is #ij 
days prior to ! date t su* lifetime     
income inve/m5t or su* manag$ acc\nt    
inve/m5t may no long] be held z an      
inve/m5t option "u ! plan 7)9 ! mean+ ( 
section #dja7;a77#ch77;,b77vii771       
provid$ t any di/ribution "u ?is        
subp>agraph mu/ be 9 ! =m ( a qualifi$  
di/ribution 7z def9$ 9 section          
#dja7;a77#ch77;,b77i77 or1 9 ! case ( a 
lifetime income inve/m5t1 a qualifi$    
plan di/ribution annuity contract 7z    
def9$ 9 section #dja7;a77#ch77;,b77iv774
  4  7d7 ,eligible def]r$ comp5sation   
plans ,subp>agraph 7,a7 ( section       
#deg7;d77#a7 ( su* ,code is am5d$ by    
/rik+ or at ! end ( clause 7ii71 by     
ins]t+ or at ! end ( clause 7iii71 & by 

add+ aft] clause 7iii7 ! foll[+3  7iv7 )
 respect to am\nts inve/$ 9 a lifetime  
income inve/m5t 7z def9$ 9 section      
#dja7;a77#ch77;,b77ii77 or a manag$     
acc\nt inve/m5t 7z def9$ 9 section      
#dja7;a77#ch77;,b77v771 ! date t is #ij 
days prior to ! date t su* lifetime     
income inve/m5t or su* manag$ acc\nt    
inve/m5t may no long] be held z an      
inve/m5t option "u ! plan 7)9 ! mean+ ( 
section #dja7;a77#ch77;,b77vii771       
provid$ t any di/ribution "u ?is        
subp>agraph mu/ be 9 ! =m ( a qualifi$  
di/ribution 7z def9$ 9 section          
#dja7;a77#ch77;,b77i77 or1 9 ! case ( a 
lifetime income inve/m5t1 a qualifi$    
plan di/ribution annuity contract 7z    
def9$ 9 section #dja7;a77#ch77;,b77iv771
  4  7e7 ,effective date ,! am5dm5ts    
made by ?is section %all apply to plan  
ye>s beg9n+ aft] ,decemb] #ca1 #bjag4