,,ii  #aafth ,,congress  #ast ,session  
,s4 #bbad  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjai ,ms4 ,collins 7for herself and    
,mr4 ,cardin7 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 provide a better defined   
recruitment and retention incentive     
program for volunteer emergency service 
workers4  #a4 ,short title  ,this ,act  
may be cited as the ,volunteer          
,emergency ,services ,recruitment and   
,retention ,act of #bjai4  #b4 ,elective
 treatment of length of service award   
plans as eligible deferred compensation 
plans  7a7 ,in general ,section #deg7;e7
 of the ,internal ,revenue ,code of     
#aihf is amended by adding at the end   
the following new paragraph3  7#ai7     
,additional special rules applicable to 
length of service award plans  7,a7 ,in 
general ,the term eligible deferred     
compensation plan includes1 at the      

election of its sponsor1 any length of  
service award plan described in         
paragraph 7#aa77;,a77ii7 which meets the
 requirements of paragraph 7#aa77;,b74  
,any such election1 once made1 shall be 
irrevocable4  7,b7 ,special rules ,in   
the case of a length of service award   
plan whose sponsor has elected to have  
such plan treated as an eligible        
deferred compensation plan--  7i7 ,in   
general ,such sponsor shall be treated  
as an eligible employer described in    
subsection 7e77#a77;,a71 and1 except as 
provided in clauses 7ii7 and 7iii71 such
 plan shall be administered in a manner 
consistent with the requirements of this
 section4  7ii7 ,maximum deferral amount
 ,subsection 7b77#b7 shall be applied by
 substituting the limitation on accruals
 in effect under paragraph 7#aa77;,b7   
for the lesser of-- and all that follows
 through compensation1 in subparagraph  
7,b7 thereof4  7iii7 ,distribution      
requirements ,subsection 7d77#a77;,a7   
shall be applied by deeming a severance 

from employment to have occurred for    
purposes of clause 7ii7 thereof on the  
payment date under the terms of the     
plan4  4  7b7 ,exemption from ,employee 
,retirement ,income ,security ,act of   
#aigd ,for purposes of the ,employee    
,retirement ,income ,security ,act of   
#aigd1 a length of service award plan   
described in section                    
#deg7;e77#aa77;,a77ii7 of the ,internal 
,revenue ,code of #aihf whose sponsor   
has elected under section #deg7;e77#ai7 
of such ,code to have such plan treated 
as an eligible deferred compensation    
plan shall not be treated as an employee
 pension benefit plan or a pension plan 
under section #c7b7 of such ,act 7#bi   
,u4,s4,c4 #ajjb7b774  7c7 ,effective    
date ,the amendment made by this section
 shall apply to taxable years beginning 
after ,december #ca1 #bjai4