,,ii #aaf? ,,congress #a/ ,session ,s4 #dfi ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #ac1 #bjai ,ms4 ,cortez ,ma/o 7= h]self1 ,mrs4 ,murray1 ,mr4 ,wyd51 ,ms4 ,klobu*>1 ,mrs4 ,fe9/e91 ,ms4 ,smi?1 ,mr4 ,br[n1 ,mr4 ,casey1 ,mr4 ,van ,holl51 ,mr4 ,m55dez1 ,ms4 ,duckwor?1 ,mr4 ,blum5?al1 ,mr4 ,ka9e1 & ,ms4 ,ros57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to all[ p5alty-free di/ributions f retirem5t acc\nts 9 ! case ( c]ta9 ,f$]al contractors impact$ by ,f$]al ,gov]nm5t %utd[ns4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,em]g5cy ,relief = ,f$]al ,contractors ,act ( #bjai4 #b4 ,tax-favor$ )drawals f retirem5t plans 7a7 ,9 g5]al ,section #gb7t7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all n apply to any ,f$]al gov]nm5t %utd[n di/ribution4 7b7 ,aggregate doll> limitation 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! aggregate am\nt ( di/ributions receiv$ by an individual :i* may be treat$ z ,f$]al gov]nm5t %utd[n di/ributions = any taxable ye> %all n exce$ #cj1jjj4 7#b7 ,treatm5t ( plan di/ributions ,if a di/ribution to an individual w\ld 7)\t reg>d to p>agraph 7#a77 be a ,f$]al gov]nm5t %utd[n di/ribution1 a plan %all n be treat$ z violat+ any provision ( law m]ely because ! plan treats su* di/ribution z a ,f$]al gov]nm5t %utd[n di/ribution1 unless ! aggregate am\nt ( su* di/ributions f all plans ma9ta9$ by ! employ] 7& any memb] ( any controll$ gr\p :i* includes ! employ]7 to su* individual = any taxable ye> exce$s #cj1jjj4 7#c7 ,controll$ gr\p ,= purposes ( p>agraph 7#b71 ! t]m controll$ gr\p means any gr\p treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf4 7c7 ,am\nt di/ribut$ may be repaid 7#a7 ,9 g5]al ,any individual :o receives a ,f$]al gov]nm5t %utd[n di/ribution may1 at any "t dur+ ! #c-ye> p]iod beg9n+ on ! day aft] ! date on :i* su* di/ribution 0 receiv$1 make #a or m contributions 9 an aggregate am\nt n to exce$ ! am\nt ( su* di/ribution to an eligible retirem5t plan ( :i* su* individual is a b5efici>y & to :i* a rollov] contribution ( su* di/ribution c\ld be made "u section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 #djh7;d77#c71 or #deg7;e77#af7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#b7 ,treatm5t ( repaym5ts ( di/ributions f eligible retirem5t plans o!r ?an ,i,r,as ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 if a contribution is made pursuant to p>agraph 7#a7 ) respect to a ,f$]al gov]nm5t %utd[n di/ribution f an eligible retirem5t plan o!r ?an an individual retirem5t plan1 !n ! taxpay] %all1 to ! ext5t ( ! am\nt ( ! contribution1 be treat$ z hav+ receiv$ ! ,f$]al gov]nm5t %utd[n di/ribution 9 an eligible rollov] di/ribution 7z def9$ 9 section #djb7;c77#d7 ( su* ,code7 & z hav+ transf]r$ ! am\nt to ! eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7#c7 ,treatm5t ( repaym5ts ( di/ributions f ,i,r,as ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 if a contribution is made pursuant to p>agraph 7#a7 ) respect to a ,f$]al gov]nm5t %utd[n di/ribution f an individual retirem5t plan 7z def9$ by section #ggja7;a77#cg7 ( su* ,code71 !n1 to ! ext5t ( ! am\nt ( ! contribution1 ! ,f$]al gov]nm5t %utd[n di/ribution %all be treat$ z a di/ribution describ$ 9 section #djh7;d77#c7 ( su* ,code & z hav+ be5 transf]r$ to ! eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7d7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,f$]al gov]nm5t %utd[n di/ribution ,! t]m ,f$]al gov]nm5t %utd[n di/ribution means any di/ribution :i* is-- 7,a7 receiv$ by an applicable individual f an eligible retirem5t plan2 & 7,b7 made dur+ a ,f$]al appropriations lapse ) respect to su* individual4 7#b7 ,applicable individual ,! t]m applicable individual means any individual-- 7,a7 :o is a ,f$]al contractor or an employee ( a ,f$]al contractor & is plac$ on unpaid leave or work+ )\t pay due to a ,f$]al appropriations lapse1 7,b7 :o is an employee ( a ,/ate or o!r ,f$]al grantee ^: comp5sation is advanc$ or reimburs$ 9 :ole or 9 "p by ! ,f$]al ,gov]nm5t1 & is furl\gh$1 work+ )\t pay1 or work+ ) a decrease 9 pay due to a ,f$]al appropriations lapse1 or 7,c7 :o is an employee ( ! ,di/rict ( ,columbia ,c\rts1 ! ,public ,def5d] ,s]vice = ! ,di/rict ( ,columbia1 or ! ,di/rict ( ,columbia gov]nm5t & is furl\gh$ or work+ )\t pay due to a ,f$]al appropriations lapse4 7#c7 ,f$]al appropriations lapse 7,a7 ,9 g5]al ,! t]m ,f$]al appropriations lapse means any cont9u\s p]iod ( at lea/ #b weeks dur+ :i* !re is a lapse 9 ,f$]al appropriations 7includ+ a p>tial lapse74 7,b7 ,p]iod ( lapse ,a p]iod ( lapse 9 ,f$]al appropriations %all n be a ,f$]al appropriations lapse ) respect to an individual = long] ?an ! p]iod dur+ :i* ! individual is furl\gh$1 on unpaid leave1 or p]=m+ "w )\t pay due to su* lapse4 7#d7 ,eligible retirem5t plan ,! t]m eligible retirem5t plan has ! mean+ giv5 su* t]m by section #djb7;c77#h77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7e7 ,income inclusion spread ov] #c-,ye> p]iod 7#a7 ,9 g5]al ,unless ! taxpay] elects n to h ?is p>agraph apply = any taxable ye>1 any am\nt requir$ to be includ$ 9 gross income = su* taxable ye> ) respect to any ,f$]al gov]nm5t %utd[n di/ribution %all be s includ$ ratably ov] ! #c-taxable-ye> p]iod beg9n+ ) su* taxable ye>4 7#b7 ,special rule ,= purposes ( p>agraph 7#a71 rules simil> to ! rules ( subp>agraph 7,e7 ( section #djh;,a7d77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all apply4 7f7 ,special rules 7#a7 ,exemption ( di/ributions f tru/ee to tru/ee transf] & )hold+ rules ,= purposes ( sections #dja7;a77#ca71 #djb7;f71 & #cdje ( ! ,int]nal ,rev5ue ,code ( #aihf1 a ,f$]al gov]nm5t %utd[n di/ribution %all n be treat$ z an eligible rollov] di/ribution4 7#b7 ,f$]al gov]nm5t %utd[n di/ributions treat$ z meet+ plan di/ribution requirem5ts ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 a ,f$]al gov]nm5t %utd[n di/ribution %all be treat$ z meet+ ! requirem5ts ( sections #dja7k77#b77;,b77i71 #djc7;b77#g77;,a77ii71 #djc7;b77#aa71 & #deg7;d77#a77;,a7 ( su* ,code4