,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hefg ,,in ,,the ,,house ,,of ,,representatives ,october #i1 #bjbj,mrs4 ,murphy of ,florida 7for herself and ,mr4 ,estes7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to increase to #ge the required beginning date age for mandatory retirement distributions and to exempt from such distribution rules individuals with lower account balances4 #a4 ,short title ,this ,act may be cited as the ,required ,minimum ,distribution ,modernization ,act of #bjbj4 #b4 ,increase in age for required beginning date for mandatory distributions 7a7 ,in general ,section #dja7;a77#i77;,c77i77,i7 of the ,internal ,revenue ,code of #aihf is amended by striking age #gb and inserting age #ge4 7b7 ,spouse beneficiaries2 special rule for owners ,subparagraphs 7,b77iv77,i7 and 7,c77ii77,i7 of section #dja7;a77#i7 of such ,code are each amended by striking age #gb and inserting age #ge4 7c7 ,conforming amendments ,the last sentence of section #djh7;b7 of such ,code is amended by striking age #gb and inserting age #ge4 7d7 ,effective date ,the amendments made by this section shall apply to distributions required to be made after ,december #ca1 #bjbj1 with respect to individuals who attain age #gb after such date4 #c4 ,exemption from required minimum distribution rules for individuals with certain account balances 7a7 ,in general ,section #dja7;a77#i7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,j7 ,exception from required minimum distributions during life of employee where assets do not exceed #ajj1jjj 7i7 ,in general ,if1 as of a measurement date1 the aggregate value of an employee's entire interest under all defined contribution plans does not exceed #ajj1jjj1 then1 during any succeeding calendar year beginning before the next measurement date1 the requirements of subparagraph 7,a7 shall not apply with respect to such employee4 7ii7 ,defined contribution plan ,for purposes of this subparagraph1 the term defined contribution plan has the same meaning as when used in subparagraph 7,h74 7iii7 ,limit on required minimum distribution ,the required minimum distribution determined under subparagraph 7,a7 for an employee under all defined contribution plans shall not exceed an amount equal to the excess of-- 7,i7 the aggregate value of an employee's entire interest under such plans on the last day of the calendar year to which such distribution relates1 over 7,,ii7 the dollar amount in effect under clause 7i7 for such calendar year4 ,the ,secretary in regulations or other guidance may provide how such amount shall be distributed in the case of an individual with more than one defined contribution plan4 7iv7 ,measurement date ,for purposes of this subparagraph1 the term measurement date means1 with respect to any employee-- 7,i7 the last day of the calendar year preceding the calendar year in which the employee attains age #ge1 and 7,,ii7 in the case of any employee who 7after a measurement date determined under subclause 7,i7 with respect to such employee7 receives contributions1 rollovers1 or transfers of amounts that were not previously taken into account in applying this subparagraph1 the last day of the calendar year in which such contribution1 rollover1 or transfer was so received4 7v7 ,inflation adjustment ,in the case of any calendar year beginning after #bjbj1 the #ajj1jjj amount in clause 7i7 shall be increased by an amount equal to-- 7,i7 such dollar amount1 multiplied by 7,,ii7 the cost of living adjustment determined under section #a7;f77#c7 for the calendar year1 determined by substituting calendar year #bjai for calendar year #bjaf in subparagraph 7,a77ii7 thereof4 ,any increase determined under this clause shall be rounded to the next lowest multiple of #e1jjj4 7vi7 ,plan administrator reliance on employee certification ,a defined contribution plan described in clause 7iii71 7iv71 7v71 or 7vi7 of section #djb7;c77#h77;,b7 shall not be treated as failing to meet the requirements of this paragraph in the case of any failure to make a required minimum distribution for a calendar year if-- 7,i7 the aggregate value of an employee's entire interest under all defined contribution plans of the employer on the last day of the calendar year to which such distribution relates does not exceed the dollar amount in effect for such year under clause 7i71 and 7,,ii7 the employee certifies that the aggregate value of the employee's entire interest under all defined contribution plans on the most recent measurement date with respect to the employee 7as determined by the employee based on guidance provided by the ,secretary7 did not exceed the dollar amount in effect for such year under clause 7i74 7vii7 ,aggregation rule ,all employers treated as a single employer under subsection 7b71 7c71 7m71 or 7o7 of section #dad shall be treated as a single employer for purposes of clause 7v74 4 7b7 ,plan administrator reporting ,section #fjdg of such ,code is amended by redesignating subsection 7h7 as subsection 7i7 and by inserting after subsection 7g7 the following new subsection3 7h7 ,account balance for participants who have attained age #gd 7#a7 ,in general ,not later than ,january #ca of each year1 the plan administrator 7as defined in section #dad7;g77 of each defined contribution plan 7as defined in section #dja7;a77#i77;,j77 shall make a return to the ,secretary with respect to each participant of such plan who has attained age #gd as of the end of the preceding calendar year which states-- 7,a7 the name and plan number of the plan1 7,b7 the name and address of the plan administrator1 7,c7 the name1 address1 and taxpayer identification number of the participant1 and 7,d7 the account balance of such participant as of the end of the preceding calendar year4 7#b7 ,statement furnished to participant ,every person required to make a return under paragraph 7#a7 with respect to a participant shall furnish a copy of such return to such participant4 7#c7 ,application to individual retirement plans and annuities ,in the case of an defined contribution plan described in clause 7i7 or 7ii7 of section #djb7;c77#h77;,b7-- 7,a7 any reference in this subsection to the plan administrator shall be treated as a reference to the trustee or issuer1 as the case may be1 and 7,b7 any reference in this subsection to the participant shall be treated as a reference to the individual for whom such account or annuity is maintained4 4 7c7 ,effective date ,the amendments made by this section shall apply to distributions required to be made in calendar years beginning more than #abj days after the date of the enactment of this ,act4