,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fiij  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bh1        
#bjah,mr4 ,himes introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to create   
portable retirem5t & inve/m5t acc\nts = 
all ,am]icans1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,portable ,retirem5t & ,inve/m5t ,acc\nt
 ,act ( #bjah or ! ,,pria ,act ( #bjah4 
#b4 ,portable ,retirem5t & ,inve/m5t    
,acc\nt ,bo>d  7a7 ,e/abli%m5t ,!re is  
e/abli%$ a ,portable ,retirem5t &       
,inve/m5t ,bo>d 7ref]r$ to 9 ?is ,act z 
! ,bo>d7 to be head$ by a ,director     
7ref]r$ to 9 ?is ,act z ! ,director74   
7b7 ,memb]%ip  7#a7 ,9 g5]al ,! ,bo>d   
%all consi/ (-- 7,a7 #c memb]s appo9t$  
by ! ,secret>y ( ! ,treasury2  7,b7 #c  
memb]s appo9t$ by ! ,secret>y ( ,labor2 
7,c7 #b memb]s appo9t$ by ! ,p5sion     
,b5efit ,gu>anty ,corporation2 &  7,d7  
#a memb] appo9t$ by ! ,director ( !     
,bureau ( ,consum] ,f9ancial            

,protection4  7#b7 ,deadl9e = appo9tm5t 
,! appo9tm5ts describ$ "u p>agraph 7#a7 
%all be made n lat] ?an #a ye> aft] !   
date ( ! enactm5t ( ?is ,act4  7#c7     
,limitation ,9 mak+ appo9tm5ts "u       
p>agraph 7#a71 ! (ficials mak+ su*      
appo9tm5ts %all coord9ate to ensure t n 
m ?an #e memb]s ( ! same political p>ty 
may s]ve on ! ,bo>d at ! same "t4  7#d7 
,t]ms ( (fice ,ea* memb] ( ! ,bo>d %all 
hold (fice = a t]m ( #e ye>s & %all     
cont9ue 9 (fice until 8 successor is    
appo9t$ 9 ! same mann] z ! orig9al      
appo9tm5t 0 made4 ,! t]ms ( (fice ( !   
memb]s ( ! ,bo>d fir/ tak+ (fice aft] ! 
date ( ! enactm5t ( ?is ,act %all expire
 z foll[s3 "o at ! end ( #a ye>1 two at 
! end ( #b ye>s1 two at ! end ( #c ye>s1
 two at ! end ( #d ye>s1 & two at ! end 
( #e ye>s4  7#e7 ,vacancies ,ea* memb] (
 ! ,bo>d %all cont9ue 9 (fice until 8   
successor is appo9t$ 9 ! same mann] z ! 
orig9al appo9tm5t 0 made4 ,any vacancy  
on ! ,bo>d %all be fill$ 9 ! same mann] 
z ! initial appo9tm5t 0 made1 & memb]s (

 ! ,bo>d appo9t$ to fill vacancies %all 
be appo9t$ = ! rema9d] ( su* t]m4  7c7  
,director  7#a7 ,9 g5]al ,! ,director   
%all be select$ by ! ,presid5t f among !
 memb]s ( ! ,bo>d4  7#b7 ,au?ority to   
issue regulations ,! ,director is       
au?oriz$ to issue su* regulations or o!r
 guidance z ! ,director det]m9es are    
necess>y to c>ry out ! purposes ( ?is   
,act4  #c4 ,contracts to provide        
portable retirem5t & inve/m5t acc\nts   
7a7 ,9 g5]al ,n lat] ?an #a ye> aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,director %all e/abli% a program "u :i* 
! ,director %all aw>d "o contract ea*   
ye> on a competitive basis to an entity 
9 ! private sector to act z tru/ee ( all
 portable retirem5t & inve/m5t acc\nts  
7z def9$ 9 section #bbc;,a ( ! ,int]nal 
,rev5ue ,code ( #aihf7 e/abli%$ pursuant
 to section #d7;a77#b7 dur+ su* ye>4    
,ea* am\nt 9 a portable retirem5t &     
inve/m5t acc\nt provid$ by a tru/ee     
pursuant to a contract "u ?is subsection
 %all be inve/$ 9 a lifecycle fund      

provid$ by ! tru/ee z describ$ 9        
subsection 7c74 ,9 aw>d+ contracts to   
entities "u ?is subsection1 ! ,director 
%all consid]--  7#a7 ! specific         
composition ( ! lifecycle funds provid$ 
by su* tru/ee2  7#b7 ! s]vices to acc\nt
 hold]s (f]$ by su* tru/ee1 includ+     
available inve/m5t advice2  7#c7 ! fees 
*>g$ by su* tru/ee2 &  7#d7 ! importance
 ( ma9ta9+ a div]sity ( tru/ees4  7b7   
,c]tification ( tru/ees ,! ,director may
 n aw>d a contract to an entity "u      
subsection 7a7 unless ! ,director has   
c]tifi$ su* entity "u ?is subsection4 ,!
 ,director %all e/abli% c]tification    
crit]ia :i* %all include ! foll[+3  7#a7
 ,exp]tise1 includ+ ! pr(essional       
qualifications1 bus9ess model1 exp]i5ce1
 & tra9+ ( ! tru/ee & any s]vice        
provid]s t ! tru/ee int5ds to use4  7#b7
 ,regi/ration1 lic5s+1 & f9ancial       
s\ndness demon/rat+ t p>ticipant funds  
w\ld be h&l$ by a regulat$ f9ancial     
entity4  7#c7 ,reputation & cu/om]      
s]vice1 includ+ records ( comm5ts or    

compla9ts f employ]s & p>ticipants1     
timely consid]ation & resolution (      
compla9ts fil$1 & indep5d5t rat+ or     
accr$itations4  7c7 ,lifecycle fund ,a  
lifecycle fund describ$ 9 ?is subsection
 is a fund t-- 7#a7 is compris$ ( an    
appropriate mix ( index funds2  7#b7 is 
automatically adju/$ ov] "t dur+ ! "t   
horizon ( ! fund2  7#c7 /rikes a balance
 betwe5 expect$ risk & return ov] ! "t  
horizon ( ! fund2 &  7#d7 has an initial
 t>get retirem5t date t is consi/5t )   
retirem5t at age #fe4  7d7 ,fiduci>y    
responsibility ,a tru/ee ( a portable   
retirem5t & inve/m5t acc\nt %all act z a
 fiduci>y to ! acc\nt hold] & %all      
dis*>ge 8 duties ) respect to ! acc\nt 9
 ! sole int]e/ ( ! acc\nt hold] "u rules
 simil> to ^? applicable to an ,,erisa  
fiduci>y "u section #djd ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd74  #d4       
,e/abli%m5t2 contributions  7a7         
,e/abli%m5t  7#a7 ,portable ,retirem5t &
 ,inve/m5t ,acc\nt ,fund ,!re is        

e/abli%$ 9 ! ,treasury ! ,portable      
,retirem5t & ,inve/m5t ,acc\nt ,fund 79 
?is ,act ref]r$ to z ! ,fund74 ,! ,bo>d 
%all1 to ! greate/ ext5t practicable &  
consi/5t ) ! requirem5ts ( ?is ,act1    
manage ! ,fund 9 ! same mann] z ! ,?rift
 ,sav+s ,fund e/abli%$ "u section #hdcg 
( title #e1 ,unit$ ,/ates ,code4  7#b7  
,acc\nts ,= ea* individual = :om a      
notification is made "u clause 7iv7 (   
section #bje7;c77#b77;,b7 ( ! ,social   
,security ,act 7#db ,u4,s4,c4           
#dje7;c77#b77;,b771 z add$ by p>agraph  
7#c71 or ^: "n is includ$ on ! li/      
submitt$ "u p>agraph 7#d71 n lat] ?an   
#ij days aft] su* notification or       
submission1 ! ,director %all e/abli%1 ) 
su* individual z ! sole b5efici>y1 a    
portable retirem5t & inve/m5t acc\nt )9 
! ,fund4  7#c7 ,notification ( issuance 
( social security acc\nt numb]  7,a7 ,9 
g5]al ,section #bje7;c77#b77;,b7 ( !    
,social ,security ,act 7#db ,u4,s4,c4   
#dje7;c77#b77;,b77 is am5d$ by add+ at !
 end ! foll[+3  7iv7 ,n lat] ?an #fj    

days aft] assign+ a social security     
acc\nt numb] to an individual1 !        
,commission] ( ,social ,security %all   
notify ! ,director ( ! ,portable        
,retirem5t & ,inve/m5t ,acc\nt ,bo>d (  
su* assignm5t4  4  7,b7 ,effective date 
,! am5dm5t made by subp>agraph 7,a7 %all
 apply ) respect to social security     
acc\nt numb]s assign$ aft] a c]ta9 date1
 to be designat$ by ! ,director1 occurr+
 n lat] ?an #c ye>s aft] ! date ( !     
enactm5t ( ?is ,act4  7#d7 ,transition  
,n lat] ?an ! date designat$ pursuant to
 p>agraph 7#c77;,b71 occurr+ n lat] ?an 
#c ye>s aft] ! date ( ! enactm5t ( ?is  
,act1 ! ,commission] ( ,social ,security
 %all submit to ! ,director a li/ ( ! "n
 ( ea* liv+ individual :o has be5       
assign$ a social security acc\nt numb]4 
7b7 ,f$]al contributions  7#a7 ,9 g5]al 
,9 ! case ( an individual = :om a       
notification is made "u clause 7iv7 (   
section #bje7;c77#b77;,b7 ( ! ,social   
,security ,act 7#db ,u4,s4,c4           
#dje7;c77#b77;,b771 z add$ by subsection

 7a77#c71 :o is a *ild ( a taxpay] :o   
receiv$ a cr$it aga9/ tax "u section #cb
 ( ! ,int]nal ,rev5ue ,code ( #aihf = ! 
mo/ rec5t taxable ye> end+ be=e ! date (
 ! notification "u su* subsection1 !    
,director %all deposit into ! portable  
retirem5t & inve/m5t acc\nt ( !         
individual an am\nt det]m9$ "u p>agraph 
7#b74  7#b7 ,am\nt ,subject to p>agraph 
7#c71 ! am\nt det]m9$ "u ?is p>agraph   
is-- 7,a7 9 ! case ( a taxpay] eligible 
= ! maximum cr$it applicable to su*     
individual "u section #cb ( ! ,int]nal  
,rev5ue ,code ( #aihf1 ! applicable     
contribution am\nt2 &  7,b7 9 any o!r   
case1 a l[] am\nt to be det]m9$ "u      
regulations issu$ by ! ,secret>y ( !    
,treasury to reflect a proportional     
r$uction ( su* am\nt z ! cr$it "u su*   
section decreases4  7#c7 ,applicable    
contribution am\nt  7,a7 ,9 g5]al ,=    
purposes ( ?is subsection1 ! t]m        
applicable contribution am\nt means     
#ejj4  7,b7 ,inflation adju/m5t ,9 !    
case ( any taxable ye> beg9n+ 9 a cal5d>

 ye> aft] #bjbj1 ! doll> am\nt 9        
subp>agraph 7,a7 %all be increas$ by an 
am\nt equal to--  7i7 su* doll> am\nt1  
multipli$ by  7ii7 ! co/-(-liv+ adju/m5t
 det]m9$ "u section #a7;f77#c7 ( !      
,int]nal ,rev5ue ,code ( #aihf = !      
cal5d> ye> 9 :i* ! taxable ye> beg9s1 by
 sub/itut+ cal5d> ye> #bjai = cal5d> ye>
 #bjaf 9 subp>agraph 7,a77ii7 !re(4     
,any increase det]m9$ "u ! prec$+ s5t5ce
 %all be r\nd$ to ! ne>e/ multiple (    
#aj4  7#d7 ,contribution = transf] ,a   
b5efici>y ( a portable retirem5t &      
inve/m5t acc\nt1 or 9 ! case ( a        
b5efici>y :o has n atta9$ ! age ( #ah1 !
 p>5t or gu>dian ( su* b5efici>y1 may   
elect at any "t to transf] ! entire     
am\nt 9 ! acc\nt to a portable retirem5t
 & inve/m5t acc\nt 9 ! private sector4  
,su* acc\nt %all be held by a cu/odial  
entity su* z a bank1 cr$it union1 tru/  
company or an entity t is lic5s$ &      
regulat$ by ! ,secret>y pursuant to     
requirem5ts consi/5t ) section          
#a4djh-b;e ( title #bf1 ,code ( ,f$]al  

,regulations4 ,^u su* election1 !       
,director %all provide = a #ej deposit  
if ! b5efici>y completes a f9ancial     
lit]acy tra9+1 z det]m9$ appropriate by 
! ,director4 ,inve/m5ts 9 su* acc\nts   
are n subject to ! limitation to        
lifecycle funds describ$ 9 section #c4  
7c7 ,p]sonal contributions  7#a7 ,9     
g5]al ,! b5efici>y ( a portable         
retirem5t & inve/m5t acc\nt may at any  
"t contribute additional funds = deposit
 into su* acc\nt4  7#b7 ,direct deposit 
,any employ] :o p]mits wages to be paid 
to an employee by electronic funds      
transf] %all p]mit su* employee to elect
 to deposit1 by means ( electronic funds
 transf]1 a portion ( su* wages specifi$
 by ! employee into ! employee's        
portable retirem5t & inve/m5t acc\nt4   
7#c7 ,automatic contribution arrangem5t 
,any employ] may provide t an employee  
is treat$ z hav+ elect$ to h ! employ]  
make contributions 9 an am\nt equal to a
 uni=m p]c5tage ( comp5sation disclos$ 9
 advance to ! employee until ! employee 

specifically elects n to h su*          
contributions made 7or specifically     
elects to h su* contributions made at a 
diff]5t p]c5tage74  7#d7 ,sup]s$ure     
,p>agraph 7#d7 %all sup]c$e any law (   
any ,/ate 7)9 ! mean+ ( section         
#ead7;c77#a7 ( title #bi7 :i* w\ld      
directly or indirectly prohibit an      
employ] f adopt+ an arrangem5t describ$ 
9 p>agraph 7#d74 ,! ,director may       
prescribe regulations :i* w\ld e/abli%  
m9imum /&>ds t su* an arrangem5t w\ld be
 requir$ to satisfy 9 ord] = ?is        
p>agraph to apply 9 ! case ( su*        
arrangem5t4  7d7 ,employ] contributions 
,! employ] ( a b5efici>y ( a portable   
retirem5t & inve/m5t acc\nt may at any  
"t contribute additional funds = deposit
 into su* acc\nt4  7e7 ,transf] option  
7#a7 ,9 g5]al ,a b5efici>y ( a portable 
retirem5t & inve/m5t acc\nt 7or1 9 !    
case ( a b5efici>y :o is "u #ah ye>s (  
age1 ! p>5t or gu>dian ( ! b5efici>y7   
may elect at any "t to transf] ! entire 
am\nt 9 su* portable retirem5t &        

inve/m5t acc\nt to any portable         
retirem5t & inve/m5t acc\nt 9 ! private 
sector 7z def9$ 9 section #bbc;,a ( !   
,int]nal ,rev5ue ,code ( #aihf7 ) su*   
b5efici>y z ! sole b5efici>y4  7#b7     
,notifications  7,a7 ,/atem5ts ,!       
,director %all ensure t acc\nt /atem5ts 
are deliv]$ to ! b5efici>y ( a portable 
retirem5t & inve/m5t acc\nt by          
electronic deliv]y to ! ext5t           
practicable4  7,b7 ,notice ( transf]    
option ,:5 ! am\nt 9 a portable         
retirem5t & inve/m5t acc\nt fir/ exce$s 
#ae1jjj & :5 ! b5efici>y ( ! acc\nt     
atta9s ! age ( #ah1 ! ,director %all    
notify ! b5efici>y ( ! acc\nt ( ! option
 "u p>agraph 7#c7 to transf] ! entire   
am\nt 9 su* acc\nt to ano!r acc\nt4  #e4
 ,tax treatm5t  7a7 ,9 g5]al ,"p ,,vii (
 sub*apt] ,b ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #bbc ! foll[+ new section3
  #bbc;,a4 ,portable retirem5t &        
inve/m5t acc\nts  7a7 ,d$uction all[$   
7#a7 ,9 g5]al ,!re %all be all[$ z a    

d$uction = ! taxable ye> an am\nt equal 
to ! aggregate am\nt paid 9 ca% dur+ su*
 taxable ye> to a portable retirem5t &  
inve/m5t acc\nt by ! acc\nt b5efici>y4  
7#b7 ,c]ta9 rules to apply ,rules simil>
 to section #bai7;d77#b7 7relat+ to no  
d$uction = rollov]s7 %all apply =       
purposes ( ?is section4  7b7 ,maximum   
am\nt ( d$uction  7#a7 ,9 g5]al ,! am\nt
 all[able z a d$uction "u subsection 7a7
 to any individual = any taxable ye>    
%all n exce$ ! less] (--  7,a7 #ah1ejj1 
or  7,b7 an am\nt equal to ! comp5sation
 includible 9 ! individual's gross      
income = su* taxable ye>4  7#b7 ,cat*-up
 contributions = individuals #ej or old]
 ,9 ! case ( an individual :o has atta9$
 ! age ( #ej be=e ! close ( ! taxable   
ye>1 ! am\nts describ$ 9 p>agraph       
7#a77;,a7 & subsection 7c77#d7 = su*    
taxable ye> %all be increas$ by #f1jjj4 
7c7 ,portable retirem5t & inve/m5t      
acc\nt ,= purposes ( ?is title1 ! t]m   
portable retirem5t & inve/m5t acc\nt    
means a tru/ creat$ or organiz$ 9 !     

,unit$ ,/ates = ! exclusive b5efit ( an 
individual1 b only if ! writt5 gov]n+   
in/rum5t creat+ ! tru/ meets ! foll[+   
requirem5ts3  7#a7 ,! tru/ee is a bank  
7z def9$ 9 section #djh7n7 ( ! ,int]nal 
,rev5ue ,code ( #aihf7 or su* o!r p]son 
:o demon/rates to ! satisfaction ( !    
,secret>y t ! mann] 9 :i* su* o!r p]son 
w adm9i/] ! tru/ w be consi/5t ) !      
requirem5ts ( ?is section4  7#b7 ,!     
am\nts 9 ! tru/ may consi/ only (-- 7,a7
 deposits "u section #d7;b7 ( !         
,portable ,retirem5t & ,inve/m5t ,acc\nt
 ,act ( #bjah1  7,b7 am\nts describ$ 9  
subsection 7a77#a71  7,c7 am\nts        
deposit$ by an employ] ( ! acc\nt       
b5efici>y1  7,d7 int]e/ on am\nts 9 su* 
tru/1 &  7,e7 proce$s f inve/m5t (      
am\nts 9 su* tru/4  7#c7 ,except 9 !    
case ( a rollov] contribution describ$ 9
 subsection 7d77#d71 no contribution w  
be accept$ unless x is 9 ca%4  7#d7 ,no 
contributions 9 excess ( ! am\nt t is   
twice ! doll> am\nt 9 effect "u         
subsection 7b77#a77;,a7 w be accept$    

dur+ a cal5d> ye>4  7#e7 ,no di/ribution
 t w\ld br+ ! acc\nt balance bel[ !     
am\nt deposit$ 9 su* tru/ "u section    
7b77#a7 ( ! ,,pria ,act ( #bjah is all[$
 to an acc\nt b5efici>y :o has n atta9$ 
! age #ei4  7d7 ,tax treatm5t ( acc\nts 
7#a7 ,9 g5]al ,a portable retirem5t &   
inve/m5t acc\nt is exempt f taxation "u 
?is subtitle unless su* acc\nt has ceas$
 to be a portable retirem5t & inve/m5t  
acc\nt4 ,not)/&+ ! prec$+ s5t5ce1 any   
su* acc\nt is subject to ! taxes impos$ 
by section #eaa 7relat+ to imposition ( 
tax on unrelat$ bus9ess income (        
*>itable1 etc4 organizations74  7#b7    
,acc\nt t]m9ations ,rules simil> to !   
rules ( p>agraphs 7#b7 & 7#d7 ( section 
#djh7;e7 %all apply to portable         
retirem5t & inve/m5t acc\nts1 &         
subsection 7e77#b7 %all n apply to any  
am\nt treat$ z di/ribut$ "u su* rules4  
7e7 ,tax treatm5t ( di/ributions  7#a7  
,9 g5]al ,any am\nt paid or di/ribut$   
out ( a portable retirem5t & inve/m5t   
acc\nt %all be includ$ 9 ! gross income 

( su* b5efici>y4  7#b7 ,additional tax  
on c]ta9 di/ributions ,! tax impos$ by  
?is *apt] on ! acc\nt b5efici>y = any   
taxable ye> 9 :i* !re is a paym5t or    
di/ribution f a portable retirem5t &    
inve/m5t acc\nt ( su* b5efici>y %all be 
increas$ by #aj p]c5t unless su* paym5t 
or di/ribution is--  7,a7 paid or       
di/ribut$ on or aft] ! date on :i* !    
acc\nt b5efici>y atta9s age #ei1  7,b7  
paid or di/ribut$ to an acc\nt b5efici>y
 :o is disabl$ )9 ! mean+ ( subsection  
7m77#g71 or  7,c7 paid or di/ribut$ to  
an acc\nt b5efici>y :o has atta9$ age   
#ee & becomes unemploy$ aft] atta9+ su* 
age4  7#c7 ,c]ta9 di/ributions n tax$   
7,a7 ,9 g5]al ,p>agraphs 7#a7 & 7#b7    
%all n apply to any am\nt paid or       
di/ribut$ f a portable retirem5t &      
inve/m5t acc\nt to ! acc\nt b5efici>y to
 ! ext5t ! am\nt receiv$ is paid into a 
portable retirem5t & inve/m5t acc\nt1 or
 = an annuity1 = ! b5efit ( su*         
b5efici>y n lat] ?an ! #fj? day aft] !  
day on :i* ! b5efici>y receives ! paym5t

 or di/ribution4  7,b7 ,limitation ,?is 
p>agraph %all n apply to any am\nt      
describ$ 9 subp>agraph 7,a7 receiv$ by  
an individual f a portable retirem5t &  
inve/m5t acc\nt if1 at any "t dur+ !    
#a-ye> p]iod end+ on ! day ( su*        
receipt1 su* individual receiv$ any o!r 
am\nt describ$ 9 subp>agraph 7,a7 f a   
portable retirem5t & inve/m5t acc\nt :i*
 0 n includible 9 ! individual's gross  
income because ( ! application ( ?is    
p>agraph4  7#d7 ,transf] ( acc\nt       
incid5t to divorce ,! transf] ( an      
individual's int]e/ 9 a portable        
retirem5t & inve/m5t acc\nt to an       
individual's sp\se or =m] sp\se "u a    
divorce or sep>ation in/rum5t describ$ 9
 subp>agraph 7,a7 ( section #ga7;b77#b7 
%all n be consid]$ a taxable transf]    
made by su* individual not)/&+ any o!r  
provision ( ?is subtitle1 & su* int]e/  
%all1 aft] su* transf]1 be treat$ z a   
portable retirem5t & inve/m5t acc\nt )  
respect to :i* su* sp\se is ! acc\nt    
b5efici>y4  7#e7 ,treatm5t aft] dea? (  

acc\nt b5efici>y  7,a7 ,treatm5t if     
designat$ b5efici>y is sp\se ,if !      
acc\nt b5efici>y's surviv+ sp\se        
acquires su* b5efici>y's int]e/ 9 a     
portable retirem5t & inve/m5t acc\nt by 
reason ( be+ ! designat$ b5efici>y ( su*
 acc\nt at ! dea? ( ! acc\nt b5efici>y1 
su* portable retirem5t & inve/m5t acc\nt
 %all be treat$ z if ! sp\se 7 ! acc\nt 
b5efici>y4  7,b7 ,o!r cases ,if1 by     
reason ( ! dea? ( ! acc\nt b5efici>y1   
any p]son acquires ! acc\nt b5efici>y's 
int]e/ 9 a portable retirem5t & inve/m5t
 acc\nt 9 a case to :i* subp>agraph 7,a7
 does n apply--  7i7 su* acc\nt %all    
cease to be a portable retirem5t &      
inve/m5t acc\nt z ( ! date ( dea?1 &    
7ii7 an am\nt equal to ! fair m>ket     
value ( ! assets 9 su* acc\nt on su*    
date %all be includible if su* p]son is 
n ! e/ate ( su* b5efici>y1 9 su* p]son's
 gross income = ! taxable ye> :i*       
includes su* date1 or if su* p]son is ! 
e/ate ( su* b5efici>y1 9 su* b5efici>y's
 gross income = ! la/ taxable ye> ( su* 

b5efici>y4  7f7 ,loans treat$ z         
di/ributions ,= purposes ( ?is section--
 7#a7 ,9 g5]al ,if dur+ any taxable ye> 
a p>ticipant or b5efici>y receives      
7directly or indirectly7 any am\nt z a  
loan f a portable retirem5t & inve/m5t  
acc\nt1 su* am\nt %all be treat$ z hav+ 
be5 receiv$ by su* individual z a       
di/ribution f su* acc\nt4  7#b7         
,exception = c]ta9 loans  7,a7 ,g5]al   
rule ,p>agraph 7#a7 %all n apply to any 
loan to ! ext5t t su* loan 7:5 add$ to !
 out/&+ balance ( all o!r loans f su*   
acc\nt71 does n exce$ ! less] (--  7i7  
#ej1jjj1 r$uc$ by ! excess 7if any7 (-- 
7,i7 ! highe/ out/&+ balance ( loans f !
 acc\nt dur+ ! #a-ye> p]iod end+ on !   
day be=e ! date on :i* su* loan 0 made1 
ov]  7,,ii7 ! out/&+ balance ( loans f !
 plan on ! date on :i* su* loan 0 made1 
or  7ii7 ! great] (--  7,i7 "o-half ( ! 
am\nt 9 ! acc\nt1 or  7,,ii7 #aj1jjj4   
7,b7 ,requirem5t t loan be repayable )9 
#e ye>s  7i7 ,9 g5]al ,subp>agraph 7,a7 
%all n apply to any loan unless su*     

loan1 by its t]ms1 is requir$ to be     
repaid )9 #e ye>s4  7ii7 ,exception =   
home loans ,clause 7i7 %all n apply to  
any loan us$ to acquire any dwell+ unit 
:i* )9 a reasonable "t is to be us$     
7det]m9$ at ! "t ! loan is made7 z !    
pr9cipal resid5ce ( ! p>ticipant4  7,c7 
,requirem5t ( level amortization ,except
 z provid$ 9 regulations1 ?is p>agraph  
%all n apply to any loan unless         
sub/antially level amortization ( su*   
loan 7) paym5ts n less frequ5tly ?an    
qu>t]ly7 is requir$ ov] ! t]m ( ! loan4 
7g7 ,employ] d$uctions  7#a7 ,9 g5]al ,=
 d$uctions relat$ to employ]            
contributions1 see section #afb4  7#b7  
,nondiscrim9ation ,"u regulations       
prescrib$ by ! ,secret>y1 not)/&+       
section #afb1 no d$uction %all be all[$ 
= employ] contributions to a portable   
retirem5t & inve/m5t acc\nt on behalf ( 
an employee :o is a highly comp5sat$    
employee 7z def9$ 9 section #dad7q7     
#aje7;h77#e77 if ! employ] contributions
 made on behalf ( all employees         

discrim9ate 9 favor ( su* employees :o  
are highly comp5sat$ employees4  7#c7   
,c]ta9 controll$ gr\ps ,all employees :o
 are treat$ z employ$ by a s+le employ] 
"u subsection 7b71 7c71 & 7m7 ( section 
#dad %all be treat$ z employ$ by a s+le 
employ] = purposes ( ?is subsection4    
7h7 ,inflation adju/m5t  7#a7 ,9 g5]al  
,9 ! case ( any taxable ye> beg9n+ 9 a  
cal5d> ye> aft] #bjbj1 ! doll> am\nts "u
 subsection 7b7 & subsection 7c77#d7    
%all be increas$ by an am\nt equal to-- 
7,a7 su* doll> am\nt1 multipli$ by  7,b7
 ! co/-(-liv+ adju/m5t det]m9$ "u       
section #a7;f77#c7 = ! cal5d> ye> 9 :i* 
! taxable ye> beg9s1 det]m9$ by         
sub/itut+ cal5d> ye> #bjai = cal5d> ye> 
#bjaf 9 subp>agraph 7,a77ii7 !re(4  7#b7
 ,r\nd+ rules ,if any am\nt aft]        
adju/m5t "u p>agraph 7#a7 is n a        
multiple ( #ejj1 su* am\nt %all be r\nd$
 to ! next l[] multiple ( #ejj4  4  7b7 
,cl]ical am5dm5ts ,! table ( sections = 
*apt] #a is am5d$ by ins]t+ aft] ! item 
relat$ to section #bbc ! foll[+ new     

item3  ,sec4 #bbc;,a4 ,portable         
,retirem5t & ,inve/m5t ,acc\nts4  4  #f4
 ,option to rollov]  7a7 ,rollov] option
  7#a7 ,9 g5]al ,any individual :o holds
 an acc\nt describ$ "u p>agraph 7#b7 may
 elect to roll ov] ! entire am\nt 9 su* 
acc\nt into a portable retirem5t &      
inve/m5t acc\nt4 ,su* rollov] %all be   
treat$ z a rollov] describ$ 9 section   
#bbc;,a7e77#d7 ( ! ,int]nal ,rev5ue     
,code ( #aihf4  7#b7 ,acc\nts describ$  
,?is subsection %all apply to acc\nts   
op5$ or annuity contracts pur*as$       
pursuant to ! foll[+ sections ( !       
,int]nal ,rev5ue ,code ( #aihf3  7,a7   
,section #dja7k74  7,b7 ,section        
#djc7;b74  7,c7 ,section #deg4  7,d7    
,section #dji;,a4  7,e7 ,section #djh4  
#g4 ,regulations ,n lat] ?an #ahj days  
aft] ! date ( ! enactm5t ( ?is ,act1 !  
,secret>y ( ! ,treasury1 9 coord9ation )
 ! ,commission] ( ,social ,security1 z  
det]m9$ necess>y by ! ,secret>y1 %all   
issue regulations to c>ry out ?is       
section4