,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #cba  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #d1 #bjai,ms4 
,coll9s 7= h]self & ,ms4 ,hassan7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to modify safe    
h>bor requirem5ts applicable to         
automatic contribution arrangem5ts1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,retirem5t ,security   
,act ( #bjai4  #b4 ,multiple employ]    
plans  7a7 ,qualification requirem5ts   
7#a7 ,9 g5]al ,section #dac ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by add+ 
at ! end ! foll[+ new subsection3  7e7  
,application ( qualification requirem5ts
 = c]ta9 multiple employ] plans ) pool$ 
plan provid]s  7#a7 ,9 g5]al ,except z  
provid$ 9 p>agraph 7#b71 if a def9$     
contribution plan to :i* subsection 7c7 
applies--  7,a7 is ma9ta9$ by employ]s  
:i* h a common int]e/ o!r ?an hav+      
adopt$ ! plan1 or  7,b7 9 ! case ( a    

plan n describ$ 9 subp>agraph 7,a71 has 
a pool$ plan provid]1  !n ! plan %all n 
be treat$ z fail+ to meet ! requirem5ts 
"u ?is title applicable to a plan       
describ$ 9 section #dja7;a7 or to a plan
 t consi/s ( individual retirem5t       
acc\nts describ$ 9 section #djh 7includ+
 by reason ( subsection 7c7 !re(71      
:i*ev] is applicable1 m]ely because "o  
or m employ]s ( employees cov]$ by !    
plan fail to take su* actions z are     
requir$ ( su* employ]s = ! plan to meet 
su* requirem5ts4  7#b7 ,limitations     
7,a7 ,9 g5]al ,p>agraph 7#a7 %all n     
apply to any plan unless ! t]ms ( ! plan
 provide t 9 ! case ( any employ] 9 !   
plan fail+ to take ! actions describ$ 9 
p>agraph 7#a7--  7i7 ! assets ( ! plan  
attributable to employees ( su* employ] 
7or b5efici>ies ( su* employees7 w be   
transf]r$ to a plan ma9ta9$ only by su* 
employ] 7or its successor71 to an       
eligible retirem5t plan z def9$ 9       
section #djb7;c77#h77;,b7 = ea*         
individual ^: acc\nt is transf]r$1 or to

 any o!r arrangem5t t ! ,secret>y       
det]m9es is appropriate1 unless !       
,secret>y det]m9es x is 9 ! be/ int]e/s 
( ! employees ( su* employ] 7& !        
b5efici>ies ( su* employees7 to reta9 ! 
assets 9 ! plan1 &  7ii7 su* employ] 7& 
n ! plan ) respect to :i* ! failure     
occurr$ or any o!r employ] 9 su* plan7  
%all1 except to ! ext5t provid$ by !    
,secret>y1 be liable = any liabilities )
 respect to su* plan attributable to    
employees ( su* employ] 7or b5efici>ies 
( su* employees74  7,b7 ,failures by    
pool$ plan provid]s ,if ! pool$ plan    
provid] ( a plan describ$ 9 p>agraph    
7#a77;,b7 does n p]=m sub/antially all (
 ! adm9i/rative duties :i* are requir$ (
 ! provid] "u p>agraph 7#c77;,a77i7 =   
any plan ye>1 ! ,secret>y may provide t 
! det]m9ation z to :e!r ! plan meets !  
requirem5ts "u ?is title applicable to a
 plan describ$ 9 section #dja7;a7 or to 
a plan t consi/s ( individual retirem5t 
acc\nts describ$ 9 section #djh 7includ+
 by reason ( subsection 7c7 !re(71      

:i*ev] is applicable1 %all be made 9 !  
same mann] z w\ld be made )\t reg>d to  
p>agraph 7#a74  7#c7 ,pool$ plan provid]
  7,a7 ,9 g5]al ,= purposes ( ?is       
subsection1 ! t]m pool$ plan provid]    
means1 ) respect to any plan1 a p]son   
:o-- 7i7 is designat$ by ! t]ms ( ! plan
 z a nam$ fiduci>y 7)9 ! mean+ ( section
 #djb7;a77#b7 ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd71 z !    
plan adm9i/rator1 & z ! p]son           
responsible to p]=m all adm9i/rative    
duties 7includ+ conduct+ prop] te/+ )   
respect to ! plan & ! employees ( ea*   
employ] 9 ! plan7 :i* are reasonably    
necess>y to ensure t--  7,i7 ! plan     
meets any requirem5t applicable "u !    
,employee ,retirem5t ,income ,security  
,act ( #aigd or ?is title to a plan     
describ$ 9 section #dja7;a7 or to a plan
 t consi/s ( individual retirem5t       
acc\nts describ$ 9 section #djh 7includ+
 by reason ( subsection 7c7 !re(71      
:i*ev] is applicable1 &  7,,ii7 ea*     
employ] 9 ! plan takes su* actions z !  

,secret>y or su* p]son det]m9es are     
necess>y = ! plan to meet ! requirem5ts 
describ$ 9 subclause 7,i71 includ+      
provid+ to su* p]son any disclosures or 
o!r in=mation :i* ! ,secret>y may       
require or :i* su* p]son o!rwise        
det]m9es are necess>y to adm9i/] ! plan 
or to all[ ! plan to meet su*           
requirem5ts1  7ii7 regi/]s z a pool$    
plan provid] ) ! ,secret>y1 & provides  
su* o!r in=mation to ! ,secret>y z !    
,secret>y may require1 be=e beg9n+      
op]ations z a pool$ plan provid]1  7iii7
 ackn[l$ges 9 writ+ t su* p]son is a    
nam$ fiduci>y 7)9 ! mean+ ( section     
#djb7;a77#b7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd71 & !    
plan adm9i/rator1 ) respect to ! plan1 &
  7iv7 is responsible = ensur+ t all    
p]sons :o h&le assets (1 or :o are      
fiduci>ies (1 ! plan are bond$ 9        
accordance ) section #dab ( ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd4  7,b7 ,audits1 exam9ations &     
inve/igations ,! ,secret>y may p]=m     

audits1 exam9ations1 & inve/igations (  
pool$ plan provid]s z may be necess>y to
 en=ce & c>ry out ! purposes ( ?is      
subsection4  7,c7 ,aggregation rules ,= 
purposes ( ?is p>agraph1 9 det]m9+ :e!r 
a p]son meets ! requirem5ts ( ?is       
p>agraph to be a pool$ plan provid] )   
respect to any plan1 all p]sons :o p]=m 
s]vices = ! plan & :o are treat$ z a    
s+le employ] "u subsection 7b71 7c71    
7m71 or 7o7 ( section #dad %all be      
treat$ z "o p]son4  7,d7 ,treatm5t (    
employ]s z plan sponsors ,except )      
respect to ! adm9i/rative duties ( !    
pool$ plan provid] describ$ 9           
subp>agraph 7,a77i71 ea* employ] 9 a    
plan :i* has a pool$ plan provid] %all  
be treat$ z ! plan sponsor ) respect to 
! portion ( ! plan attributable to      
employees ( su* employ] 7or b5efici>ies 
( su* employees74  7#d7 ,guidance ,!    
,secret>y %all issue su* guidance z !   
,secret>y det]m9es appropriate to c>ry  
out ?is subsection1 includ+ guidance--  
7,a7 to id5tify ! adm9i/rative duties & 

o!r actions requir$ to be p]=m$ by a    
pool$ plan provid] "u ?is subsection1   
7,b7 :i* describes ! proc$ures to be    
tak5 to t]m9ate a plan :i* fails to meet
 ! requirem5ts to be a plan describ$ 9  
p>agraph 7#a71 includ+ ! prop] treatm5t 
(1 & actions ne$$ to be tak5 by1 any    
employ] 9 ! plan & ! assets &           
liabilities ( ! plan attributable to    
employees ( su* employ] 7or b5efici>ies 
( su* employees71 &  7,c7 id5tify+      
appropriate cases to :i* ! rules (      
p>agraph 7#b77;,a7 w apply to employ]s 9
 ! plan fail+ to take ! actions describ$
 9 p>agraph 7#a74  ,! ,secret>y %all    
take into acc\nt "u subp>agraph 7,c7    
:e!r ! failure ( an employ] or pool$    
plan provid] to provide any disclosures 
or o!r in=mation1 or to take any o!r    
action1 necess>y to adm9i/] a plan or to
 all[ a plan to meet requirem5ts        
applicable to ! plan "u section #dja7;a7
 or #djh1 :i*ev] is applicable1 has     
cont9u$ ov] a p]iod ( "t t demon/rates a
 lack ( commitm5t to compliance4  7#e7  

,model plan ,! ,secret>y %all publi%    
model plan language :i* meets !         
requirem5ts ( ?is subsection & (        
p>agraphs 7#dc7 & 7#dd7 ( section #c ( !
 ,employee ,retirem5t ,income ,security 
,act ( #aigd & :i* may be adopt$ 9 ord] 
= a plan to be treat$ z a plan describ$ 
9 p>agraph 7#a77;,b74  4  7#b7 ,con=m+  
am5dm5t ,section #dac7;c77#b7 ( su*     
,code is am5d$ by /rik+ section #dja7;a7
 & ins]t+ sections #dja7;a7 & #djh7;c74 
7#c7 ,te*nical am5dm5t ,section #djh7;c7
 ( su* ,code is am5d$ by ins]t+ aft]    
p>agraph 7#b7 ! foll[+ new p>agraph3    
7#c7 ,!re is a sep>ate acc\nt+ = any    
int]e/ ( an employee or memb] 7or sp\se 
( an employee or memb]7 9 a ,ro? ,,ira4 
4  7b7 ,no common int]e/ requir$ = pool$
 employ] plans ,section #c7b7 ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7b77 is
 am5d$ by add+ at ! end ! foll[+3  7,c7 
,a pool$ employ] plan %all be treat$ z--
 7i7 a s+le employee p5sion b5efit plan 
or s+le p5sion plan2 &  7ii7 a plan to  

:i* section #baj7;a7 applies4  4  7c7   
,pool$ employ] plan & provid] def9$     
7#a7 ,9 g5]al ,section #c ( ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7 is am5d$ by 
add+ at ! end ! foll[+3  7#dc7 ,pool$   
employ] plan  7,a7 ,9 g5]al ,! t]m pool$
 employ] plan means a plan-- 7i7 :i* is 
an individual acc\nt plan e/abli%$ or   
ma9ta9$ = ! purpose ( provid+ b5efits to
 ! employees ( #b or m employ]s2  7ii7  
:i* is a plan describ$ 9 section        
#dja7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf :i* includes a tru/ exempt f tax  
"u section #eja7;a7 ( su* ,code or a    
plan t consi/s ( individual retirem5t   
acc\nts describ$ 9 section #djh ( su*   
,code 7includ+ by reason ( subsection   
7c7 !re(72 &  7iii7 ! t]ms ( :i* meet ! 
requirem5ts ( subp>agraph 7,b74  ,su*   
t]m %all n include a plan ma9ta9$ by    
employ]s :i* h a common int]e/ o!r ?an  
hav+ adopt$ ! plan4  7,b7 ,requirem5ts =
 plan t]ms ,! requirem5ts ( ?is         
subp>agraph are met ) respect to any    

plan if ! t]ms ( ! plan--  7i7 designate
 a pool$ plan provid] & provide t !     
pool$ plan provid] is a nam$ fiduci>y ( 
! plan2  7ii7 designate "o or m tru/ees 
meet+ ! requirem5ts ( section           
#djh7;a77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf 7o!r ?an an employ] 9 ! plan7 to
 be responsible = collect+ contributions
 to1 & hold+ ! assets (1 ! plan &       
require su* tru/ees to implem5t writt5  
contribution collection proc$ures t are 
reasonable1 dilig5t1 & sy/ematic2  7iii7
 provide t ea* employ] 9 ! plan reta9s  
fiduci>y responsibility =-- 7,i7 !      
selection & monitor+ 9 accordance )     
section #djd7;a7 ( ! p]son designat$ z !
 pool$ plan provid] & any o!r p]son :o1 
9 addition to ! pool$ plan provid]1 is  
designat$ z a nam$ fiduci>y ( ! plan2 & 
7,,ii7 to ! ext5t n o!rwise delegat$ to 
ano!r fiduci>y by ! pool$ plan provid] &
 subject to ! provisions ( section      
#djd7;c71 ! inve/m5t & managem5t ( !    
portion ( ! plan's assets attributable  
to ! employees ( ! employ] 7or          

b5efici>ies ( su* employees72  7iv7     
provide t employ]s 9 ! plan1 &          
p>ticipants & b5efici>ies1 are n subject
 to unreasonable re/rictions1 fees1 or  
p5alties ) reg>d to ceas+ p>ticipation1 
receipt ( di/ributions1 or o!rwise      
transf]r+ assets ( ! plan 9 accordance )
 section #bjh or p>agraph               
7#dd77;,c77i77,,ii72  7v7 require-- 7,i7
 ! pool$ plan provid] to provide to     
employ]s 9 ! plan any disclosures or o!r
 in=mation :i* ! ,secret>y may require1 
includ+ any disclosures or o!r in=mation
 to facilitate ! selection or any       
monitor+ ( ! pool$ plan provid] by      
employ]s 9 ! plan2 &  7,,ii7 ea* employ]
 9 ! plan to take su* actions z !       
,secret>y or ! pool$ plan provid]       
det]m9es are necess>y to adm9i/] ! plan 
or = ! plan to meet any requirem5t      
applicable "u ?is ,act or ! ,int]nal    
,rev5ue ,code ( #aihf to a plan describ$
 9 section #dja7;a7 ( su* ,code or to a 
plan t consi/s ( individual retirem5t   
acc\nts describ$ 9 section #djh ( su*   

,code 7includ+ by reason ( subsection   
7c7 !re(71 :i*ev] is applicable1 includ+
 provid+ any disclosures or o!r         
in=mation :i* ! ,secret>y may require or
 :i* ! pool$ plan provid] o!rwise       
det]m9es are necess>y to adm9i/] ! plan 
or to all[ ! plan to meet su*           
requirem5ts2 &  7vi7 provide t any      
disclosure or o!r in=mation requir$ to  
be provid$ "u clause 7v7 may be provid$ 
9 electronic =m & w be design$ to ensure
 only reasonable co/s are impos$ on     
pool$ plan provid]s & employ]s 9 ! plan4
  7,c7 ,exceptions ,! t]m pool$ employ] 
plan does n include-- 7i7 a multiemploy]
 plan2 or  7ii7 a plan e/abli%$ be=e !  
date ( ! enactm5t ( ! ,retirem5t        
,security ,act ( #bjai1 unless ! plan   
adm9i/rator elects t ! plan w be treat$ 
z a pool$ employ] plan & ! plan meets ! 
requirem5ts ( ?is title applicable to a 
pool$ employ] plan e/abli%$ on or aft]  
su* date4  7,d7 ,treatm5t ( employ]s z  
plan sponsors ,except ) respect to !    
adm9i/rative duties ( ! pool$ plan      

provid] describ$ 9 p>agraph             
7#dd77;,a77i71 ea* employ] 9 a pool$    
employ] plan %all be treat$ z ! plan    
sponsor ) respect to ! portion ( ! plan 
attributable to employees ( su* employ] 
7or b5efici>ies ( su* employees74  7#dd7
 ,pool$ plan provid]  7,a7 ,9 g5]al ,!  
t]m pool$ plan provid] means a p]son    
:o-- 7i7 is designat$ by ! t]ms ( a     
pool$ employ] plan z a nam$ fiduci>y1 z 
! plan adm9i/rator1 & z ! p]son         
responsible = ! p]=mance ( all          
adm9i/rative duties 7includ+ conduct+   
prop] te/+ ) respect to ! plan & !      
employees ( ea* employ] 9 ! plan7 :i*   
are reasonably necess>y to ensure t--   
7,i7 ! plan meets any requirem5t        
applicable "u ?is ,act or ! ,int]nal    
,rev5ue ,code ( #aihf to a plan describ$
 9 section #dja7;a7 ( su* ,code or to a 
plan t consi/s ( individual retirem5t   
acc\nts describ$ 9 section #djh ( su*   
,code 7includ+ by reason ( subsection   
7c7 !re(71 :i*ev] is applicable2 &      
7,,ii7 ea* employ] 9 ! plan takes su*   

actions z ! ,secret>y or pool$ plan     
provid] det]m9es are necess>y = ! plan  
to meet ! requirem5ts describ$ 9        
subclause 7,i71 includ+ provid+ !       
disclosures & in=mation describ$ 9      
p>agraph 7#dc77;,b77v77,,ii72  7ii7     
regi/]s z a pool$ plan provid] ) !      
,secret>y1 & provides to ! ,secret>y su*
 o!r in=mation z ! ,secret>y may        
require1 be=e beg9n+ op]ations z a pool$
 plan provid]2  7iii7 ackn[l$ges 9 writ+
 t su* p]son is a nam$ fiduci>y1 & !    
plan adm9i/rator1 ) respect to ! pool$  
employ] plan2 &  7iv7 is responsible =  
ensur+ t all p]sons :o h&le assets (1 or
 :o are fiduci>ies (1 ! pool$ employ]   
plan are bond$ 9 accordance ) section   
#dab4  7,b7 ,audits1 exam9ations &      
inve/igations ,! ,secret>y may p]=m     
audits1 exam9ations1 & inve/igations (  
pool$ plan provid]s z may be necess>y to
 en=ce & c>ry out ! purposes ( ?is      
p>agraph & p>agraph 7#dc74  7,c7        
,guidance ,! ,secret>y %all issue su*   
guidance z ! ,secret>y det]m9es         

appropriate to c>ry out ?is p>agraph &  
p>agraph 7#dc71 includ+ guidance--  7i7 
to id5tify ! adm9i/rative duties & o!r  
actions requir$ to be p]=m$ by a pool$  
plan provid] "u ei!r su* p>agraph2 &    
7ii7 :i* requires 9 appropriate cases t 
if an employ] 9 ! plan fails to take !  
actions requir$ "u subp>agraph          
7,a77i77,,ii7--  7,i7 ! assets ( ! plan 
attributable to employees ( su* employ] 
7or b5efici>ies ( su* employees7 are    
transf]r$ to a plan ma9ta9$ only by su* 
employ] 7or its successor71 to an       
eligible retirem5t plan z def9$ 9       
section #djb7;c77#h77;,b7 ( ! ,int]nal  
,rev5ue ,code ( #aihf = ea* individual  
^: acc\nt is transf]r$1 or to any o!r   
arrangem5t t ! ,secret>y det]m9es is    
appropriate 9 su* guidance2 &  7,,ii7   
su* employ] 7& n ! plan ) respect to :i*
 ! failure occurr$ or any o!r employ] 9 
su* plan7 %all1 except to ! ext5t       
provid$ 9 su* guidance1 be liable = any 
liabilities ) respect to su* plan       
attributable to employees ( su* employ] 

7or b5efici>ies ( su* employees74  ,!   
,secret>y %all take into acc\nt "u      
clause 7ii7 :e!r ! failure ( an employ] 
or pool$ plan provid] to provide any    
disclosures or o!r in=mation1 or to take
 any o!r action1 necess>y to adm9i/] a  
plan or to all[ a plan to meet          
requirem5ts describ$ 9 subp>agraph      
7,a77i77,,ii7 has cont9u$ ov] a p]iod ( 
"t t demon/rates a lack ( commitm5t to  
compliance4 ,! ,secret>y may waive !    
requirem5ts ( subclause 7ii77,i7 9      
appropriate circum/ances if ! ,secret>y 
det]m9es x is 9 ! be/ int]e/s ( !       
employees ( ! employ] ref]r$ to 9 su*   
clause 7& ! b5efici>ies ( su* employees7
 to reta9 ! assets 9 ! plan ) respect to
 :i* ! employ]'s failure occurr$4  7,d7 
,aggregation rules ,= purposes ( ?is    
p>agraph1 9 det]m9+ :e!r a p]son meets !
 requirem5ts ( ?is p>agraph to be a     
pool$ plan provid] ) respect to any     
plan1 all p]sons :o p]=m s]vices = !    
plan & :o are treat$ z a s+le employ] "u
 subsection 7b71 7c71 7m71 or 7o7 (     

section #dad ( ! ,int]nal ,rev5ue ,code 
( #aihf %all be treat$ z "o p]son4  4   
7#b7 ,bond+ requirem5ts = pool$ employ] 
plans ,! la/ s5t5ce ( section #dab7;a7 (
 ! ,employee ,retirem5t ,income         
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aaab7;a77 is am5d$ by ins]t+ or 9 !    
case ( a pool$ employ] plan 7z def9$ 9  
section #c7dc77 aft] section            
#djg7;d77#a774  7#c7 ,con=m+ & te*nical 
am5dm5ts ,section #c ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7 is am5d$--  
7,a7 9 p>agraph 7#af77;,b7--  7i7 by    
/rik+ or at ! end ( clause 7ii72 &  7ii7
 by /rik+ ! p]iod at ! end & ins]t+ 1 or
 7iv7 9 ! case ( a pool$ employ] plan1 !
 pool$ plan provid]42 &  7,b7 by /rik+ !
 second p>agraph 7#da74  7d7 ,effective 
date  7#a7 ,9 g5]al ,! am5dm5ts made by 
?is section %all apply to ye>s beg9n+   
aft] ,decemb] #ca1 #bjai4  7#b7 ,rule ( 
con/ruction ,no?+ 9 ! am5dm5ts made by  
subsection 7a7 %all be con/ru$ z limit+ 
! au?ority ( ! ,secret>y ( ! ,treasury  

or ! ,secret>y's delegate 7det]m9$ )\t  
reg>d to su* am5dm5t7 to provide = !    
prop] treatm5t ( a failure to meet any  
requirem5t applicable "u ! ,int]nal     
,rev5ue ,code ( #aihf ) respect to "o   
employ] 7& its employees7 9 a multiple  
employ] plan4  #c4 ,pool$ employ] &     
multiple employ] plan report+  7a7      
,additional in=mation ,section #ajc ( ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajbc7 is   
am5d$-- 7#a7 9 subsection 7a77#a77;,b71 
by /rik+ applicable subsections 7d71    
7e71 & 7f7 & ins]t+ applicable          
subsections 7d71 7e71 7f71 & 7g72 &     
7#b7 by am5d+ subsection 7g7 to read z  
foll[s3  7g7 ,additional in=mation )    
respect to pool$ employ] & multiple     
employ] plans ,an annual report "u ?is  
section = a plan ye> %all include--     
7#a7 ) respect to any plan to :i*       
section #baj7;a7 applies 7includ+ a     
pool$ employ] plan71 a li/ ( p>ticipat+ 
employ]s & a good fai? e/imate ( !      
p]c5tage ( total contributions made by  

su* p>ticipat+ employ]s dur+ ! plan ye>2
 &  7#b7 ) respect to a pool$ employ]   
plan1 ! id5tify+ in=mation = ! p]son    
designat$ "u ! t]ms ( ! plan z ! pool$  
plan provid]4  4  7b7 ,simplifi$ annual 
reports ,section #ajd7;a7 ( ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajbd7;a77 is am5d$
 by /rik+ p>agraph 7#b77;,a7 & ins]t+ ! 
foll[+3  7#b7 7,a7 ,) respect to annual 
reports requir$ to be fil$ ) ! ,secret>y
 "u ?is "p1 ! ,secret>y may by          
regulation prescribe simplifi$ annual   
reports = any p5sion plan t--  7i7 cov]s
 few] ?an #ajj p>ticipants2 or  7ii7 is 
a plan describ$ 9 section #baj7;a7 t    
cov]s few] ?an #a1jjj p>ticipants1 b    
only if no s+le p>ticipat+ employ] has  
#ajj or m p>ticipants cov]$ by ! plan4  
4  7c7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to annual     
reports = plan ye>s beg9n+ aft] ,decemb]
 #ca1 #bjai4  #d4 ,removal ( #aj p]c5t  
cap f automatic enrollm5t safe h>bor    
aft] #a/ plan ye>  7a7 ,9 g5]al ,clause 

7iii7 ( section #dja7k77#ac77;,c7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ 1 does n exce$ #aj p]c5t1 & is 
at lea/ & ins]t+ & is4  7b7 ,con=m+     
am5dm5ts  7#a7 ,subclause 7,i7 ( section
 #dja7k77#ac77;,c77iii7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
#c p]c5t & ins]t+ at lea/ #c p]c5t1 b n 
great] ?an #aj p]c5t14  7#b7 ,subclause 
7,,ii7 ( section #dja7k77#ac77;,c77iii7 
( su* ,code is am5d$ by /rik+ #d p]c5t &
 ins]t+ at lea/ #d p]c5t4  7#c7         
,subclause 7,,iii7 ( section            
#dja7k77#ac77;,c77iii7 ( su* ,code is   
am5d$ by /rik+ #e p]c5t & ins]t+ at lea/
 #e p]c5t4  7#d7 ,subclause 7,,iv7 (    
section #dja7k77#ac77;,c77iii7 ( su*    
,code is am5d$ by /rik+ #f p]c5t &      
ins]t+ at lea/ #f p]c5t4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to plan ye>s beg9n+ aft]     
,decemb] #ca1 #bjai4  #e4 ,rules relat+ 
to election ( safe h>bor #dja7k7 /atus  
7a7 ,limitation ( annual safe h>bor     
notice to mat*+ contribution plans  7#a7

 ,9 g5]al ,subp>agraph 7,a7 ( section   
#dja7k77#ab7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by /rik+ if su*        
arrangem5t & all t foll[s & ins]t+ 8if  
su* arrangem5t--  7i7 meets !           
contribution requirem5ts ( subp>agraph  
7,b7 & ! notice requirem5ts (           
subp>agraph 7,d71 or  7ii7 meets !      
contribution requirem5ts ( subp>agraph  
7,c74  4  7#b7 ,automatic contribution  
arrangem5ts ,subp>agraph 7,b7 ( section 
#dja7k77#ac7 ( su* ,code is am5d$ by    
/rik+ means & all t foll[s & ins]t+     
8means a ca% or def]r$ arrangem5t--  7i7
 :i* is describ$ 9 subp>agraph          
7,d77i77,i7 & meets ! applicable        
requirem5ts ( subp>agraphs 7,c7 ?r\gh   
7,e71 or  7ii7 :i* is describ$ 9        
subp>agraph 7,d77i77,,ii7 & meets !     
applicable requirem5ts ( subp>agraphs   
7,c7 & 7,d74  4  7b7 ,nonelective       
contributions ,section #dja7k77#ab7 ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by r$esignat+ subp>agraph 7,f7 z        
subp>agraph 7,g71 & by ins]t+ aft]      

subp>agraph 7,e7 ! foll[+ new           
subp>agraph3  7,f7 ,tim+ ( plan am5dm5t 
= employ] mak+ nonelective contributions
  7i7 ,9 g5]al ,except z provid$ 9      
clause 7ii71 a plan may be am5d$ aft] ! 
beg9n+ ( a plan ye> to provide t !      
requirem5ts ( subp>agraph 7,c7 %all     
apply to ! arrangem5t = ! plan ye>1 b   
only if ! am5dm5t is adopt$--  7,i7 at  
any "t be=e ! #cj? day be=e ! close ( ! 
plan ye>1 or  7,,ii7 at any "t be=e !   
la/ day "u p>agraph 7#h77;,a7 =         
di/ribut+ excess contributions = ! plan 
ye>4  7ii7 ,exception :]e plan provid$ =
 mat*+ contributions ,clause 7i7 %all n 
apply to any plan ye> if ! plan provid$ 
at any "t dur+ ! plan ye> t !           
requirem5ts ( subp>agraph 7,b7 or       
p>agraph 7#ac77;,d77i77,i7 appli$ to !  
plan ye>4  7iii7 #d-p]c5t contribution  
requirem5t ,clause 7i77,,ii7 %all n     
apply to an arrangem5t unless ! am\nt ( 
! contributions describ$ 9 subp>agraph  
7,c7 :i* ! employ] is requir$ to make "u
 ! arrangem5t = ! plan ye> ) respect to 

any employee is an am\nt equal to at    
lea/ #d p]c5t ( ! employee's            
comp5sation4  4  7c7 ,automatic         
contribution arrangem5ts ,section       
#dja7k77#ac7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+3  7,f7 ,tim+ ( plan am5dm5t =    
employ] mak+ nonelective contributions  
7i7 ,9 g5]al ,except z provid$ 9 clause 
7ii71 a plan may be am5d$ aft] ! beg9n+ 
( a plan ye> to provide t ! requirem5ts 
( subp>agraph 7,d77i77,,ii7 %all apply  
to ! arrangem5t = ! plan ye>1 b only if 
! am5dm5t is adopt$--  7,i7 at any "t   
be=e ! #cj? day be=e ! close ( ! plan   
ye>1 or  7,,ii7 at any "t be=e ! la/ day
 "u p>agraph 7#h77;,a7 = di/ribut+      
excess contributions = ! plan ye>4  7ii7
 ,exception :]e plan provid$ = mat*+    
contributions ,clause 7i7 %all n apply  
to any plan ye> if ! plan provid$ at any
 "t dur+ ! plan ye> t ! requirem5ts (   
subp>agraph 7,d77i77,i7 or p>agraph     
7#ab77;,b7 appli$ to ! plan ye>4  7iii7 
#d-p]c5t contribution requirem5t ,clause

 7i77,,ii7 %all n apply to an arrangem5t
 unless ! am\nt ( ! contributions       
describ$ 9 subp>agraph 7,d77i77,,ii7 :i*
 ! employ] is requir$ to make "u !      
arrangem5t = ! plan ye> ) respect to any
 employee is an am\nt equal to at lea/  
#d p]c5t ( ! employee's comp5sation4  4 
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to plan ye>s     
beg9n+ aft] ,decemb] #ca1 #bjai4  #f4   
,increase 9 cr$it limitation = small    
employ] p5sion plan />tup co/s  7a7 ,9  
g5]al ,p>agraph 7#a7 ( section #de;,e7b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ to read z foll[s3  7#a7 = ! fir/  
cr$it ye> & ea* ( ! #b taxable ye>s     
imm$iately foll[+ ! fir/ cr$it ye>1 !   
great] (--  7,a7 #ejj1 or  7,b7 ! less] 
(--  7i7 #bej = ea* employee ( !        
eligible employ] :o is n a highly       
comp5sat$ employee 7z def9$ 9 section   
#dad7q77 & :o is eligible to p>ticipate 
9 ! eligible employ] plan ma9ta9$ by !  
eligible employ]1 or  7ii7 #e1jjj1 &  4 
7b7 ,effective date ,! am5dm5t made by  

?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjai4  #g4   
,small employ] automatic enrollm5t cr$it
  7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv (   
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #de,t4  
,auto-enrollm5t option = retirem5t sav+s
 options provid$ by small employ]s  7a7 
,9 g5]al ,= purposes ( section #ch1 9 ! 
case ( an eligible employ]1 ! retirem5t 
auto-enrollm5t cr$it det]m9$ "u ?is     
section = any taxable ye> is an am\nt   
equal to--  7#a7 #ejj = any taxable ye> 
occurr+ dur+ ! cr$it p]iod1 &  7#b7 z]o 
= any o!r taxable ye>4  7b7 ,cr$it p]iod
 ,= purposes ( subsection 7a7-- 7#a7 ,9 
g5]al ,! cr$it p]iod ) respect to any   
eligible employ] is ! #c-taxable-ye>    
p]iod beg9n+ ) ! fir/ taxable ye> = :i* 
! employ] includes an eligible automatic
 contribution arrangem5t 7z def9$ 9     
section #dad7w77#c77 9 a qualifi$       
employ] plan 7z def9$ 9 section         
#digb7;d77 sponsor$ by ! employ]4  7#b7 

,ma9t5ance ( arrangem5t ,no taxable ye> 
) respect to an employ] %all be treat$ z
 occurr+ )9 ! cr$it p]iod unless !      
arrangem5t describ$ 9 p>agraph 7#a7 is  
includ$ 9 ! plan = su* ye>4  7c7        
,eligible employ] ,= purposes ( ?is     
section1 ! t]m eligible employ] has !   
mean+ giv5 su* t]m 9 section            
#djh7p77#b77;,c77i74  4  7b7 ,cr$it ,to 
be "p ( g5]al bus9ess cr$it ,subsection 
7b7 ( section #ch ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by /rik+ plus at 
! end ( p>agraph 7#ca71 by /rik+ ! p]iod
 at ! end ( p>agraph 7#cb7 & ins]t+ 1   
plus1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#cc7 9 ! case ( an eligible 
employ] 7z def9$ 9 section #de,s7c771 ! 
retirem5t auto-enrollm5t cr$it det]m9$  
"u section #de,t7a74  4  7c7 ,cl]ical   
am5dm5t ,! table ( sections = subp>t ,d 
( "p ,,iv ( sub*apt] ,a ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] ! item relat+ to section 
#de,s ! foll[+ new item3  ,sec4 #de,t4  
,auto-enrollm5t option = retirem5t sav+s

 options provid$ by small employ]s4  4  
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjai4  #h4   
,secure def]ral arrangem5ts  7a7 ,9     
g5]al ,subsection 7k7 ( section #dja ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by add+ at ! end ! foll[+ new p>agraph3
  7#ae7 ,alt]native me?od = secure      
def]ral arrangem5ts to meet             
nondiscrim9ation requirem5ts  7,a7 ,9   
g5]al ,a secure def]ral arrangem5t %all 
be treat$ z meet+ ! requirem5ts (       
p>agraph 7#c77;,a77ii74  7,b7 ,secure   
def]ral arrangem5t ,= purposes ( ?is    
p>agraph1 ! t]m secure def]ral          
arrangem5t means any ca% or def]r$      
arrangem5t :i* meets ! requirem5ts (    
subp>agraphs 7,c71 7,d71 & 7,e7 (       
p>agraph 7#ac71 except z modifi$ by ?is 
p>agraph4  7,c7 ,qualifi$ p]c5tage ,=   
purposes ( ?is p>agraph1 ) respect to   
any employee1 ! t]m qualifi$ p]c5tage   
means1 9 lieu ( ! mean+ giv5 su* t]m 9  
p>agraph 7#ac77;,c77iii71 any p]c5tage  

det]m9$ "u ! arrangem5t if su* p]c5tage 
is appli$ uni=mly & is--  7i7 at lea/ #f
 p]c5t1 b n great] ?an #aj p]c5t1 dur+ !
 p]iod end+ on ! la/ day ( ! fir/ plan  
ye> :i* beg9s aft] ! date on :i* ! fir/ 
elective contribution describ$ 9        
p>agraph 7#ac77;,c77i7 is made ) respect
 to su* employee1  7ii7 at lea/ #h p]c5t
 dur+ ! fir/ plan ye> foll[+ ! plan ye> 
describ$ 9 clause 7i71 &  7iii7 at lea/ 
#aj p]c5t dur+ any subsequ5t plan ye>4  
7,d7 ,mat*+ contributions  7i7 ,9 g5]al 
,= purposes ( ?is p>agraph1 an          
arrangem5t %all be treat$ z hav+ met !  
requirem5ts ( p>agraph 7#ac77;,d77i7 if 
& only if ! employ] makes mat*+         
contributions on behalf ( ea* employee  
:o is n a highly comp5sat$ employee 9 an
 am\nt equal to ! sum (--  7,i7 #ajj    
p]c5t ( ! elective contributions ( !    
employee to ! ext5t t su* contributions 
d n exce$ #b p]c5t ( comp5sation1       
7,,ii7 #ej p]c5t ( s mu* ( su*          
contributions z exce$ #b p]c5t b d n    
exce$ #f p]c5t ( comp5sation1 plus      

7,,iii7 #bj p]c5t ( s mu* ( su*         
contributions z exce$ #f p]c5t b d n    
exce$ #aj p]c5t ( comp5sation4  7ii7    
,application ( rules = mat*+            
contributions ,! rules ( clause 7ii7 (  
p>agraph 7#ab77;,b7 & clauses 7iii7 &   
7iv7 ( p>agraph 7#ac77;,d7 %all apply = 
purposes ( clause 7i7 b ! rule ( clause 
7iii7 ( p>agraph 7#ab77;,b7 %all n apply
 = su* purposes4 ,! rate ( mat*+        
contribution = ea* increm5tal def]ral   
mu/ be at lea/ z high z ! rate specifi$ 
9 clause 7i71 & may be high]1 s long z  
su* rate does n increase z an employee's
 rate ( elective contributions          
increases4  4  7b7 ,mat*+ contributions 
& employee contributions ,subsection 7m7
 ( section #dja ( ! ,int]nal ,rev5ue    
,code ( #aihf is am5d$ by r$esignat+    
p>agraph 7#ac7 z p>agraph 7#ad7 & by    
ins]t+ aft] p>agraph 7#ab7 ! foll[+ new 
p>agraph3  7#ac7 ,alt]native me?od =    
secure def]ral arrangem5ts ,a def9$     
contribution plan %all be treat$ z meet+
 ! requirem5ts ( p>agraph 7#b7 ) respect

 to mat*+ contributions & employee      
contributions if ! plan--  7,a7 is a    
secure def]ral arrangem5t 7z def9$ 9    
subsection 7k77#ae771  7,b7 meets !     
requirem5ts ( clauses 7ii7 & 7iii7 (    
p>agraph 7#aa77;,b71 &  7,c7 provides t 
mat*+ contributions on behalf ( any     
employee may n be made ) respect to an  
employee's contributions or elective    
def]rals 9 excess ( #aj p]c5t ( !       
employee's comp5sation4  4  7c7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to plan ye>s beg9n+  
aft] ,decemb] #ca1 #bjai4  #i4 ,cr$it = 
employ]s ) respect to modifi$ safe h>bor
 requirem5ts  7a7 ,9 g5]al ,subp>t ,d ( 
"p ,,iv ( sub*apt] ,a ( *apt] #a ( !    
,int]nal ,rev5ue ,code ( #aihf1 z am5d$ 
by section #g1 is fur!r am5d$ by add+ at
 ! end ! foll[+ new section3  #de,u4    
,cr$it = small employ]s ) respect to    
modifi$ safe h>bor requirem5ts =        
automatic contribution arrangem5ts  7a7 
,g5]al rule ,= purposes ( section #ch1 9
 ! case ( a small employ]1 ! safe h>bor 

adoption cr$it det]m9$ "u ?is section = 
any taxable ye> is ! am\nt equal to !   
total ( ! employ]'s mat*+ contributions 
"u section #dja7k77#ae77;,d7 dur+ !     
taxable ye> on behalf ( employees :o are
 n highly comp5sat$ employees1 subject  
to ! limitations ( subsection 7b74  7b7 
,limitations  7#a7 ,limitation ) respect
 to comp5sation ,! cr$it det]m9$ "u     
subsection 7a7 ) respect to             
contributions made on behalf ( an       
employee :o is n a highly comp5sat$     
employee %all n exce$ #b p]c5t ( !      
comp5sation ( su* employee = ! taxable  
ye>4  7#b7 ,limitation ) respect to ye>s
 ( p>ticipation ,cr$it %all be det]m9$  
"u subsection 7a7 ) respect to          
contributions made on behalf ( an       
employee :o is n a highly comp5sat$     
employee only dur+ ! fir/ #e ye>s su*   
employee p>ticipates 9 ! qualifi$       
automatic contribution arrangem5t4  7c7 
,def9itions  7#a7 ,9 g5]al ,any t]m us$ 
9 ?is section :i* is also us$ 9 section 
#dja7k77#ae7 %all h ! same mean+ z :5   

us$ 9 su* section4  7#b7 ,small employ] 
,! t]m small employ] means an eligible  
employ] 7z def9$ 9 section              
#djh7p77#b77;,c77i774  7d7 ,d5ial (     
d\ble b5efit ,no d$uction %all be       
all[able "u ?is title = any contribution
 ) respect to :i* a cr$it is all[$ "u   
?is section4  4  7b7 ,cr$it ,to be "p ( 
g5]al bus9ess cr$it ,subsection 7b7 (   
section #ch ( ! ,int]nal ,rev5ue ,code (
 #aihf1 z am5d$ by section #g1 is fur!r 
am5d$--  7#a7 by /rik+ plus at ! end (  
p>agraph 7#cb72  7#b7 by /rik+ ! p]iod  
at ! end ( p>agraph 7#cc7 & ins]t+ 1    
plus2 &  7#c7 by add+ at ! end ! foll[+ 
new p>agraph3  7#cd7 ! safe h>bor       
adoption cr$it det]m9$ "u section #de,u4
  4  7c7 ,cl]ical am5dm5t ,! table (    
sections = subp>t ,d ( "p ,,iv (        
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf1 z am5d$ by       
section #g1 is fur!r am5d$ by add+ aft] 
! item relat+ to section #de,t ! foll[+ 
new item3  ,sec4 #de,u4 ,cr$it = small  
employ]s ) respect to modifi$ safe h>bor

 requirem5ts = automatic contribution   
arrangem5ts4  4  7d7 ,effective date ,! 
am5dm5ts made by ?is section %all apply 
to taxable ye>s t include any portion ( 
a plan ye> beg9n+ aft] ,decemb] #ca1    
#bjai4  #aj4 ,modification ( regulations
 ,! ,secret>y ( ! ,treasury %all        
promulgate regulations or o!r guidance  
t-- 7#a7 simplify & cl>ify ! rules      
reg>d+ ! tim+ ( p>ticipant notices      
requir$ "u section #dja7k77#ac77;,e7 ( !
 ,int]nal ,rev5ue ,code ( #aihf1 )      
specific application to--  7,a7 plans t 
all[ employees to be eligible =         
p>ticipation imm$iately ^u beg9n+       
employm5t2 &  7,b7 employ]s ) multiple  
payroll & adm9i/rative sy/ems2 &  7#b7  
simplify & cl>ify ! automatic escalation
 rules "u sections                      
#dja7k77#ac77;,c77iii7 &                
#dja7k77#ae77;,c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf 9 ! context ( employ]s )  
multiple payroll & adm9i/rative sy/ems4 
,su* regulations or guidance %all       
address ! p>ticul> case ( employees )9 !

 same plan :o are subject to diff]5t    
notice tim+ & diff]5t p]c5tage          
requirem5ts1 & provide assi/ance = plan 
sponsors 9 manag+ su* cases4