,,ii  #aaeth ,,congress  #ast ,session  
,s4 #abci  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #be1      
#bjag,ms4 ,collins 7for herself1 ,mr4   
,cardin1 and ,mr4 ,schumer7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,finance  ,a ,,bill  ,to amend the      
,internal ,revenue ,code of #aihf to    
modify the rules applicable to length of
 service award plans4  #a4 ,short title 
,this ,act may be cited as the ,length  
of ,service ,award ,program ,cap        
,adjustment ,priority ,act or the       
,,losap ,,cap ,act4  #b4 ,modification  
of rules applicable to length of service
 award plans  7a7 ,maximum deferral     
amount ,clause 7ii7 of section          
#deg7;e77#aa77;,b7 of the ,internal     
,revenue ,code of #aihf is amended by   
striking #c1jjj and inserting #f1jjj4   
7b7 ,cost of living adjustment          
,subparagraph 7,b7 of section           
#deg7;e77#aa7 of the ,internal ,revenue 
,code of #aihf is amended by adding at  

the end the following3  7iii7 ,cost of  
living adjustment ,in the case of       
taxable years beginning after ,december 
#ca1 #bjag1 the ,secretary shall adjust 
the #f1jjj amount under clause 7ii7 at  
the same time and in the same manner as 
under section #dae7;d71 except that the 
base period shall be the calendar       
quarter beginning ,july #a1 #bjaf1 and  
any increase under this paragraph that  
is not a multiple of #ejj shall be      
rounded to the next lowest multiple of  
#ejj4  4  7c7 ,application of limitation
 on accruals ,subparagraph 7,b7 of      
section #deg7;e77#aa7 of the ,internal  
,revenue ,code of #aihf1 as amended by  
subsection 7b71 is amended by adding at 
the end the following3  7iv7 ,special   
rule for application of limitation on   
accruals for certain plans ,in the case 
of a plan described in subparagraph     
7,a77ii7 which is a defined benefit plan
 7as defined in section #dad7;j771 the  
limitation under clause 7ii7 shall apply
 to the actuarial present value of the  

aggregate amount of length of service   
awards accruing with respect to any year
 of service4 ,such actuarial present    
value with respect to any year shall be 
calculated using reasonable actuarial   
assumptions and methods1 assuming       
payment will be made under the most     
valuable form of payment under the plan 
with payment commencing at the later of 
the earliest age at which unreduced     
benefits are payable under the plan or  
the participant's age at the time of the
 calculation4  4  7d7 ,effective date   
,the amendments made by this ,act shall 
apply to taxable years beginning after  
,december #ca1 #bjag4