,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #hefg ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #i1 #bjbj,mrs4 ,murphy ( ,florida 7= h]self & ,mr4 ,e/es7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to increase to #ge ! requir$ beg9n+ date age = m&atory retirem5t di/ributions & to exempt f su* di/ribution rules individuals ) l[] acc\nt balances4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,requir$ ,m9imum ,di/ribution ,mod]nization ,act ( #bjbj4 #b4 ,increase 9 age = requir$ beg9n+ date = m&atory di/ributions 7a7 ,9 g5]al ,section #dja7;a77#i77;,c77i77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ age #gb & ins]t+ age #ge4 7b7 ,sp\se b5efici>ies2 special rule = own]s ,subp>agraphs 7,b77iv77,i7 & 7,c77ii77,i7 ( section #dja7;a77#i7 ( su* ,code are ea* am5d$ by /rik+ age #gb & ins]t+ age #ge4 7c7 ,con=m+ am5dm5ts ,! la/ s5t5ce ( section #djh7;b7 ( su* ,code is am5d$ by /rik+ age #gb & ins]t+ age #ge4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions requir$ to be made aft] ,decemb] #ca1 #bjbj1 ) respect to individuals :o atta9 age #gb aft] su* date4 #c4 ,exemption f requir$ m9imum di/ribution rules = individuals ) c]ta9 acc\nt balances 7a7 ,9 g5]al ,section #dja7;a77#i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,j7 ,exception f requir$ m9imum di/ributions dur+ life ( employee :]e assets d n exce$ #ajj1jjj 7i7 ,9 g5]al ,if1 z ( a measurem5t date1 ! aggregate value ( an employee's entire int]e/ "u all def9$ contribution plans does n exce$ #ajj1jjj1 !n1 dur+ any succe$+ cal5d> ye> beg9n+ be=e ! next measurem5t date1 ! requirem5ts ( subp>agraph 7,a7 %all n apply ) respect to su* employee4 7ii7 ,def9$ contribution plan ,= purposes ( ?is subp>agraph1 ! t]m def9$ contribution plan has ! same mean+ z :5 us$ 9 subp>agraph 7,h74 7iii7 ,limit on requir$ m9imum di/ribution ,! requir$ m9imum di/ribution det]m9$ "u subp>agraph 7,a7 = an employee "u all def9$ contribution plans %all n exce$ an am\nt equal to ! excess (-- 7,i7 ! aggregate value ( an employee's entire int]e/ "u su* plans on ! la/ day ( ! cal5d> ye> to :i* su* di/ribution relates1 ov] 7,,ii7 ! doll> am\nt 9 effect "u clause 7i7 = su* cal5d> ye>4 ,! ,secret>y 9 regulations or o!r guidance may provide h[ su* am\nt %all be di/ribut$ 9 ! case ( an individual ) m ?an "o def9$ contribution plan4 7iv7 ,measurem5t date ,= purposes ( ?is subp>agraph1 ! t]m measurem5t date means1 ) respect to any employee-- 7,i7 ! la/ day ( ! cal5d> ye> prec$+ ! cal5d> ye> 9 :i* ! employee atta9s age #ge1 & 7,,ii7 9 ! case ( any employee :o 7aft] a measurem5t date det]m9$ "u subclause 7,i7 ) respect to su* employee7 receives contributions1 rollov]s1 or transf]s ( am\nts t 7 n previ\sly tak5 into acc\nt 9 apply+ ?is subp>agraph1 ! la/ day ( ! cal5d> ye> 9 :i* su* contribution1 rollov]1 or transf] 0 s receiv$4 7v7 ,inflation adju/m5t ,9 ! case ( any cal5d> ye> beg9n+ aft] #bjbj1 ! #ajj1jjj am\nt 9 clause 7i7 %all be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! co/ ( liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjai = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,any increase det]m9$ "u ?is clause %all be r\nd$ to ! next l[e/ multiple ( #e1jjj4 7vi7 ,plan adm9i/rator reliance on employee c]tification ,a def9$ contribution plan describ$ 9 clause 7iii71 7iv71 7v71 or 7vi7 ( section #djb7;c77#h77;,b7 %all n be treat$ z fail+ to meet ! requirem5ts ( ?is p>agraph 9 ! case ( any failure to make a requir$ m9imum di/ribution = a cal5d> ye> if-- 7,i7 ! aggregate value ( an employee's entire int]e/ "u all def9$ contribution plans ( ! employ] on ! la/ day ( ! cal5d> ye> to :i* su* di/ribution relates does n exce$ ! doll> am\nt 9 effect = su* ye> "u clause 7i71 & 7,,ii7 ! employee c]tifies t ! aggregate value ( ! employee's entire int]e/ "u all def9$ contribution plans on ! mo/ rec5t measurem5t date ) respect to ! employee 7z det]m9$ by ! employee bas$ on guidance provid$ by ! ,secret>y7 did n exce$ ! doll> am\nt 9 effect = su* ye> "u clause 7i74 7vii7 ,aggregation rule ,all employ]s treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad %all be treat$ z a s+le employ] = purposes ( clause 7v74 4 7b7 ,plan adm9i/rator report+ ,section #fjdg ( su* ,code is am5d$ by r$esignat+ subsection 7h7 z subsection 7i7 & by ins]t+ aft] subsection 7g7 ! foll[+ new subsection3 7h7 ,acc\nt balance = p>ticipants :o h atta9$ age #gd 7#a7 ,9 g5]al ,n lat] ?an ,janu>y #ca ( ea* ye>1 ! plan adm9i/rator 7z def9$ 9 section #dad7;g77 ( ea* def9$ contribution plan 7z def9$ 9 section #dja7;a77#i77;,j77 %all make a return to ! ,secret>y ) respect to ea* p>ticipant ( su* plan :o has atta9$ age #gd z ( ! end ( ! prec$+ cal5d> ye> :i* /ates-- 7,a7 ! "n & plan numb] ( ! plan1 7,b7 ! "n & address ( ! plan adm9i/rator1 7,c7 ! "n1 address1 & taxpay] id5tification numb] ( ! p>ticipant1 & 7,d7 ! acc\nt balance ( su* p>ticipant z ( ! end ( ! prec$+ cal5d> ye>4 7#b7 ,/atem5t furni%$ to p>ticipant ,e p]son requir$ to make a return "u p>agraph 7#a7 ) respect to a p>ticipant %all furni% a copy ( su* return to su* p>ticipant4 7#c7 ,application to individual retirem5t plans & annuities ,9 ! case ( an def9$ contribution plan describ$ 9 clause 7i7 or 7ii7 ( section #djb7;c77#h77;,b7-- 7,a7 any ref]5ce 9 ?is subsection to ! plan adm9i/rator %all be treat$ z a ref]5ce to ! tru/ee or issu]1 z ! case may be1 & 7,b7 any ref]5ce 9 ?is subsection to ! p>ticipant %all be treat$ z a ref]5ce to ! individual = :om su* acc\nt or annuity is ma9ta9$4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions requir$ to be made 9 cal5d> ye>s beg9n+ m ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act4