,,ii #aaf? ,,congress #b;d ,session ,s4 #dbig ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bc1 #bjbj,mr4 ,cruz 7= himself1 ,mr4 ,tillis1 ,mr4 ,p]due1 & ,mrs4 ,loeffl]7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to all[ p>ticipants 9 c]ta9 retirem5t plans to delay _! #bjbj contributions to su* plans to #bjba or #bjbb1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,address+ ,miss$-sav+s ,opportunities = ,retirem5t due to an ,epidemic ,act or ! ,,amore ,act4 #b4 ,all[ance ( delay 9 mak+ #bjbj retirem5t contributions 7a7 ,9 g5]al ,an eligible p>ticipant 9 "o or m applicable retirem5t plans may make additional contributions to su* plans = any taxable ye> beg9n+ 9 #bjba or #bjbb 9 an aggregate am\nt n exce$+ ! p>ticipant's unus$ #bjbj contribution am\nt4 7b7 ,treatm5t ( contributions & plans ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 ,treatm5t ( contributions ,9 ! case ( any additional contribution to :i* subsection 7a7 applies-- 7,a7 su* contribution %all n1 ) respect to su* taxable ye>-- 7i7 be subject to any o!rwise applicable limitation conta9$ 9 sections #dja7;a77#cj71 #djb7;h71 #djh1 & #dae7;c71 or 7ii7 be tak5 into acc\nt 9 apply+ su* limitations to o!r contributions or b5efits "u su* plan or any o!r su* plan1 & 7,b7 except z provid$ 9 p>agraph 7#b77;,b71 su* plan %all n be treat$ z fail+ to meet ! requirem5ts ( section #dja7;a77#d71 #dja7k77#c71 #dja7k77#aa71 #djc7;b77#ab71 #djh7k71 #daj7;b71 or #daf by reason ( ! mak+ 7or ! "r to make7 su* contribution4 7#b7 ,treatm5t ( applicable plans 7,a7 ,9 g5]al ,an applicable employ] plan %all n be treat$ z fail+ to meet any requirem5t ( su* ,code1 or fail+ to be op]at$ 9 accordance ) ! t]ms ( ! plan1 solely because ! plan-- 7i7 p]mits an eligible p>ticipant to make additional contributions describ$ 9 subsection 7a7 = any plan ye>1 or 7ii7 does n make any mat*+ contribution 7z def9$ 9 section #dja7m77#d7 ( su* ,code7 ) respect to additional contributions describ$ 9 subsection 7a7 = any plan ye>4 7,b7 ,nondiscrim9ation requirem5t ,! rules ( section #dad7v77#d7 ( su* ,code %all apply = purposes ( ?is section4 7c7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,applicable retirem5t plan ,! t]m applicable retirem5t plan means any plan-- 7,a7 :i* is-- 7i7 a plan1 arrangem5t1 or contract to :i* an elective def]ral 7z def9$ 9 section #dja7;g77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 may be made1 or 7ii7 an individual retirem5t plan 7z def9$ 9 section #ggja7;a77#cg7 ( su* ,code71 & 7,b7 :i* all[s additional contributions "u ?is section to be made to su* plan4 7#b7 ,eligible p>ticipant ,! t]m eligible p>ticipant means1 ) respect to any taxable ye> beg9n+ 9 #bjba or #bjbb1 a p>ticipant 9 a plan-- 7,a7 :o has an unus$ #bjbj contribution am\nt1 & 7,b7 ) respect to :om no o!r elective def]rals 7or 9 ! case ( an individual retirem5t plan1 no o!r contributions7 may1 )\t reg>d to ?is section1 be made to ! plan = su* taxable ye> by reason ( any applicable limitation describ$ 9 subsection 7b77#a77;,a77i7 or any comp>able limitation or re/riction conta9$ 9 ! t]ms ( ! plan4 ,9 det]m9+ :e!r a p>ticipant is an eligible p>ticipant1 ! adm9i/rator ( an applicable retirem5t plan may rely on a p>ticipant's c]tification t ! p>ticipant satisfies ! requirem5ts ( ?is p>agraph4 7#c7 ,unus$ #bjbj contribution am\nt 7,a7 ,9 g5]al ,! t]m unus$ #bjbj contribution am\nt means1 ) respect to any applicable p>ticipant1 ! excess 7if any7 = ! p>ticipant's la/ taxable ye> beg9n+ 9 #bjbj (-- 7i7 9 ! case (-- 7,i7 ! applicable retirem5t plans describ$ 9 p>agraph 7#a77;,a77i7 ( su* p>ticipant1 ! applicable limitations describ$ 9 subsection 7b77#a77;,a77i7 on aggregate contributions to su* plans = su* taxable ye>1 & 7,,ii7 ! individual retirem5t plans ( su* p>ticipant1 ! applicable limitations describ$ 9 subsection 7b77#a77;,a77i7 on aggregate contributions to su* plans = su* taxable ye>1 ov] 7ii7 ! aggregate contributions to su* applicable retirem5t plans or individual retirem5t plans1 :i*ev] is applicable1 = su* taxable ye> 7o!r ?an rollov] contributions n tak5 into acc\nt 9 apply+ su* limitations "u su* ,code74 7,b7 ,r$uctions = previ\sly us$ am\nts ,! unus$ #bjbj contribution am\nt = any taxable ye> beg9n+ 9 #bjba or #bjbb %all be r$uc$ by ! portion ( su* am\nt tak5 into acc\nt "u ?is section = all prec$+ taxable ye>s4 7,c7 ,secret>ial assi/ance ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all include1 ) returns ( ,f$]al individual income tax 7or accompany+ =ms or in/ructions7 = taxable ye>s beg9n+ 9 #bjbj & #bjba1 =ms or o!r mat]ials :i* w assi/ p>ticipants 9 simply comput+ _! unus$ #bjbj contribution am\nt = ea* taxable ye> beg9n+ 9 #bjba or #bjbb4 7d7 ,effective dates 7#a7 ,9 g5]al ,?is section %all apply = ye>s beg9n+ aft] ,decemb] #ca1 #bjbj4 7#b7 ,provisions relat+ to plan or contract am5dm5ts 7,a7 ,9 g5]al ,if ?is p>agraph applies to any plan or contract am5dm5t-- 7i7 su* plan or contract %all n fail to be treat$ z be+ op]at$ 9 accordance ) ! t]ms ( ! plan dur+ ! p]iod describ$ 9 subp>agraph 7,b77ii7 solely because ! plan op]ates 9 accordance ) ?is section1 & 7ii7 except z provid$ by ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate71 su* plan or contract %all n fail to meet ! requirem5ts ( section #daa7;d77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf & section #bjd7;g7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd by reason ( su* am5dm5t4 7,b7 ,am5dm5ts to :i* p>agraph applies 7i7 ,9 g5]al ,?is p>agraph %all apply to any am5dm5t to any plan or annuity contract :i*-- 7,i7 is made pursuant to ! provisions ( ?is section1 & 7,,ii7 is made on or be=e ! la/ day ( ! fir/ plan ye> beg9n+ on or aft] ,janu>y #a1 #bjbb4 ,9 ! case ( a gov]nm5tal plan1 subclause 7,,ii7 %all be appli$ by sub/itut+ #bjbd = #bjbb4 7ii7 ,conditions ,?is p>agraph %all n apply to any am5dm5t unless dur+ ! p]iod beg9n+ on ! effective date ( ! am5dm5t & end+ on ,decemb] #ca1 #bjbb1 ! plan or contract is op]at$ z if su* plan or contract am5dm5t 7 9 effect4