,,ib ,union ,cal5d> ,no4 #dga #aag? ,,congress #b;d ,session ,h4 ,r4 #gcaj ,report ,no4 #aag-eeg1 ,"p ,i ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #ca1 #bjbb,mrs4 ,mc,bath 7= h]self1 ,mr4 ,scott ( ,virg9ia1 ,mrs4 ,watson ,coleman1 ,mr4 ,c\rtney1 ,ms4 ,und]wood1 & ,ms4 ,mann+7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ,labor1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,novemb] #ad1 #bjbb,report$ f ! ,committee on ,education & ,labor ) an amendment,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,referral to ! ,committee on ,ways & ,means1 ext5d$ grace p]iod end+ n lat] ?an ,janu>y #b1 #bjbc;,= text ( introduc$ bill1 see copy ( bill z introduc$ on ,m>* #ca1 #bjbb ,novemb] #ad1 #bjbb,ref]ral to ! ,committee on ,ways & ,means ext5d$ = a p]iod end+ n lat] ?an ,janu>y #b1 #bjbc ,decemb] #bj1 #bjbb;,additional sponsors3 ,mr4 ,lev9 ( ,mi*igan1 ,ms4 ,leg] ,f]n&ez1 ,mr4 ,sablan1 ,mr4 ,mfume1 ,ms4 ,bonamici1 ,mr4 ,mrvan1 ,mr4 ,takano1 ,mr4 ,espaillat1 ,mr4 ,de,saulnier1 ,ms4 ,/ev5s1 & ,mr4 ,pocan ,decemb] #bj1 #bjbb;,committee on ,ways & ,means dis*>g$2 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be printed,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,m>* #ca1 #bjbb ,a ,,bill ,to protect ,am]ica's retirem5t security1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,am]ica's ,retirem5t ,security ,act ( #bjbb4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,def9$ contribution plan fee disclosure improvem5ts4,sec4 #c4 ,p]sonal f9ance education portal4,sec4 #d4 ,increas+ sp\sal protection "u def9$ contribution plans4,sec4 #e4 ,automatic re5rollm5t4,sec4 #f4 ,employee ,own]%ip & ,p>ticipation ,initiative4,sec4 #g4 ,refund to ,ra9y ,day ,sav+s ,program4 #b4 ,def9$ contribution plan fee disclosure improvem5ts ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all review section #beej4djd;a-#e ( title #bi1 ,code ( ,f$]al ,regulations1 & explore h[ ! cont5t & design ( ! cov]$ disclosures may be improv$ to enhance p>ticipants' und]/&+ ( fees & exp5ses z well z ! cumulative effect ( fees & exp5ses on retirem5t sav+s ov] "t4 ,z "p ( su* review1 ! ,secret>y %all conduct outrea* to /akehold]s1 includ+ ^? repres5t+ plan sponsors & retirem5t plan p>ticipants4 #c4 ,p]sonal f9ance education portal 7a7 ,9 g5]al ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue1 %all create a p]sonal f9ance education portal on a c5traliz$ & publicly available website ( ! ,dep>tm5t ( ,education p]ta9+ to ,f$]al f9ancial aid = volunt>y use by recipi5ts ( aid aw>d$ "u title ,,iv ( ! ,high] ,education ,act ( #aife4 7b7 ,cont5t ( p]sonal f9ance education portal ,! p]sonal f9ance education portal creat$ "u subsection 7a7 %all include in=mation on p]sonal f9ance concepts1 includ+ ! foll[+3 7#a7 ,core p]sonal f9ance concepts1 su* z e>n+1 sav+1 inve/+1 sp5d+1 & borr[+1 includ+-- 7,a7 ! concept ( comp\nd gr[? z x applies to sav+s & retirem5t sav+s1 ) in=mation ab\t ! diff]5t types ( retirem5t sav+s acc\nts2 & 7,b7 budget+ & cr$it usage4 7#b7 ,manag+ /ud5t loan repaym5t1 includ+-- 7,a7 ! int]action betwe5 sav+s & retirem5t decisions & ,f$]al /ud5t loan repaym5t plans2 7,b7 ,f$]al /ud5t loan dis*>ge or =giv5ess options2 7,c7 ! types ( volunt>y b5efits employ]s may use to help work]s :ile !y are pay+ d[n /ud5t loan debt2 7,d7 tax cr$its or d$uctions t are relevant to /ud5t loan borr[]s 9 repaym5t2 & 7,e7 any o!r ,f$]al policies t significantly impact /ud5t loan borr[]s 9 repaym5t1 z det]m9$ by ! ,secret>y4 7#c7 ,any o!r p]sonal f9ance concepts det]m9$ relevant by ! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue4 7c7 ,provision ( cont5t ,! p]sonal f9ance cont5t includ$ "u subsection 7b7 may be provid$ 9 an int]active =mat ?r\gh text or video4 7d7 ,analytics ,! ,secret>y ( ,education1 9 consultation ) ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,secret>y ( ! ,treasury z *air ( ! ,f9ancial ,lit]acy & ,education ,commission1 & ! ,commission] ( ,int]nal ,rev5ue1 %all review n less ?an once e ?ree ye>s ! utilization ( ! portal1 make recomm5dations to improve ! portal1 & make su* f9d+s & recomm5dations publicly available4 7e7 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ su* sums z may be necess>y to c>ry out ?is section4 #d4 ,increas+ sp\sal protection "u def9$ contribution plans 7a7 ,am5dm5ts to ,employee ,retirem5t ,income ,security ,act ( #aigd 7#a7 ,9 g5]al ,"p #b ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajea et seq47 is am5d$ by ins]t+ aft] section #bje ! foll[+ new section3 #bje;,a4 ,additional sp\sal cons5t requirem5ts 7a7 ,9 g5]al ,ea* individual acc\nt plan to :i* section #bje does n apply 7b to :i* ?is title o!rwise applies7 %all provide t1 except z provid$ 9 subsections 7c7 & 7d71 no di/ribution may be made "u ! plan unless ! sp\sal cons5t requirem5ts ( subsection 7e7 are met4 7b7 ,coord9ation ) section #bje ,no?+ 9 ?is section %all be con/ru$ to exempt an individual acc\nt plan f ! requirem5ts ( p>agraph 7#a77;,b71 7#a77;,c71 or 7#b7 ( section #bje7;b7 ) respect to any p>ticipant4 7c7 ,exceptions = c]ta9 di/ributions ,subsection 7a7 %all n apply to-- 7#a7 any di/ribution t is-- 7,a7 a m9imum requir$ di/ribution describ$ 9 section #digd7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 or 7,b7 p]mitt$ "u section #bjc7;e77#a7 to be made )\t ! cons5t ( ! p>ticipant2 7#b7 any di/ribution 9 ! =m ( a qualifi$ jo9t & survivor annuity 7z def9$ 9 section #bje7;d77#a771 a qualifi$ optional survivor annuity 7z def9$ 9 section #bje7;d77#b771 a qualifi$ pr]etirem5t survivor annuity 7z def9$ 9 section #bje7;e771 or a s]ies ( sub/antially equal p]iodic paym5ts 7n less frequ5tly ?an annually7 made = ! jo9t lives 7or life expectancies7 ( ! p>ticipant & ! p>ticipant's sp\se2 or 7#c7 9 ! case ( a p>ticipant :o does n elect a =m ( b5efit describ$ 9 p>agraph 7#b7 "u ! plan or :o is p>ticipat+ 9 a plan t does n provide su* a =m ( b5efit1 any di/ribution ( ! p>ticipant's entire non=feitable accru$ b5efit if #ej p]c5t ( su* accru$ b5efit is transf]r$ to an individual retirem5t plan 7z def9$ 9 section #ggja7;a77#cg7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 ( ! sp\se ( ! p>ticipant4 ,a transf] describ$ 9 p>agraph 7#c7 to an individual retirem5t plan %all be treat$ 9 ! same mann] z a transf] "u section #djh7;d77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7d7 ,exceptions = c]ta9 rollov] contributions 7#a7 ,9 g5]al ,subsection 7a7 %all n apply to any di/ribution t is an eligible rollov] di/ribution 7z def9$ 9 section #djb7;f77#b77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 made 9 ! =m ( a direct tru/ee-to-tru/ee transf] )9 ! mean+ ( section #dja7;a77#ca7 ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7,a7 to a plan to :i* ?is section or section #bje applies2 or 7,b7 to an individual retirem5t plan 7z def9$ 9 section #ggja7;a77#cg7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 if-- 7i7 ! sole b5efici>y ( su* plan is ! sp\se ( ! p>ticipant1 or ! sp\sal cons5t requirem5ts ( subsection 7e7 are met ) respect to any designation ( #a or m o!r b5efici>ies2 & 7ii7 "u ! t]ms ( ! individual retirem5t plan1 ! b5efici>y ( su* plan 7:e!r ! sp\se or o!r b5efici>y designat$ "u subp>agraph 7,a77 may n be *ang$ unless-- 7,i7 ! sp\sal cons5t requirem5ts ( subsection 7e7 are met ) respect to any su* *ange2 or 7,,ii7 ! sp\sal cons5t "u clause 7i7 to ! designation ( a b5efici>y o!r ?an ! sp\se expressly p]mits su* designation to be *ang$ )\t ! fur!r cons5t ( ! sp\se4 7#b7 ,regulatory au?ority ,! ,secret>y ( ! ,treasury & ! ,secret>y ( ,labor may jo9tly issue regulations to implem5t subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#a74 7e7 ,sp\sal cons5t requirem5ts 7#a7 ,9 g5]al ,= purposes ( ?is section1 except z provid$ 9 p>agraph 7#b71 ! sp\sal cons5t requirem5ts ( ?is subsection are met ) respect to any di/ribution or any designation or *ange ( b5efici>y if-- 7,a7 ! plan provides to ea* p>ticipant1 )9 a reasonable p]iod ( "t be=e su* di/ribution or designation or *ange ( b5efici>y is made & consi/5t ) su* regulations z ! ,secret>y ( ! ,treasury may prescribe1 a writt5 explanation ( ! rights ( ! p>ticipant & ! p>ticipant's sp\se "u ?is section2 7,b7 ! sp\se ( ! p>ticipant cons5ts 9 writ+ to ! di/ribution or designation or *ange ( b5efici>y2 7,c7 9 ! case ( a di/ribution1 ! writt5 cons5t "u subp>agraph 7,b7 is made dur+ ! cons5t p]iod2 & 7,d7 ! writt5 cons5t "u subp>agraph 7,b7-- 7i7 ackn[l$ges ! effect ( su* di/ribution or designation or *ange ( b5efici>y2 & 7ii7 is witness$ by a plan repres5tative or a not>y public4 7#b7 ,exceptions ,! requirem5ts ( p>agraph 7#a7 7o!r ?an subp>agraph 7,a7 !re(7 %all n apply ) respect to any di/ribution or designation or *ange ( b5efici>y if a p>ticipant e/abli%es to ! satisfaction ( ! adm9i/rator t-- 7,a7 !re is no sp\se2 7,b7 ! p>ticipant & ! p>ticipant's sp\se h n be5 m>ri$ = at lea/ #a ye> z ( ! date ( ! di/ribution or designation or *ange ( b5efici>y2 or 7,c7 su* cons5t _c be obta9$ because-- 7i7 ! sp\se _c be locat$ aft] tak+ docum5t$ se>* ef=ts 9 accordance ) guidance f ! ,secret>y ( ,labor2 7ii7 due to exceptional circum/ances1 requir+ ! p>ticipant to seek ! sp\se's cons5t w\ld be inappropriate2 or 7iii7 ( su* o!r circum/ances z ! ,secret>y ( ! ,treasury1 9 consultation ) ! ,secret>y ( ,labor1 may by regulations prescribe4 ,! ,secret>y ( ,labor may issue regulations to implem5t ?is p>agraph4 7#c7 ,cons5t limit$ to sp\se & ev5t ,any writt5 cons5t by a sp\se "u p>agraph 7#a71 or ! e/abli%m5t by a p>ticipant t an exception "u p>agraph 7#b7 applies ) respect to a sp\se1 %all be effective only ) respect to t sp\se & to ! di/ribution or designation or *ange ( b5efici>y to :i* x relates4 7#d7 ,cons5t p]iod ,= purposes ( ?is subsection1 ! t]m cons5t p]iod means1 ) respect to any di/ribution-- 7,a7 ! #ij-;day p]iod imm$iately prec$+ ! date ( su* di/ribution2 or 7,b7 su* o!r p]iod z ! ,secret>y ( ! ,treasury may provide4 7f7 ,dis*>ge ( plan f liability ,rules simil> to ! rules ( section #bje7;c77#f7 %all apply = purposes ( ?is section4 4 7#b7 ,cl]ical am5dm5t ,! table ( sections ( "p #b ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$ by ins]t+ aft] ! item relat+ to section #bje ! foll[+ new item3 ,sec4 #bje;,a4 ,additional sp\sal cons5t requirem5ts4 4 7#c7 ,p>allel am5dm5t to section #bje ,section #bje7;c77#b77;,b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajee7;c77#b77;,b77 is am5d$ by ins]t+ 1 because due to exceptional circum/ances1 requir+ ! p>ticipant to seek ! sp\se's cons5t w\ld be inappropriate aft] locat$4 7b7 ,con=m+ am5dm5t to ,int]nal ,rev5ue ,code ( #aihf ,section #dja7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] p>agraph 7#ag7 ! foll[+ new p>agraph3 7#ah7 ,additional sp\sal cons5t requirem5ts 7,a7 ,9 g5]al ,to ! ext5t p>agraph 7#aa7 does n apply to a def9$ contribution plan to :i* title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd applies1 except z provid$ 9 subp>agraphs 7,c7 & 7,d71 a tru/ =m+ "p ( su* plan %all n con/itute a qualifi$ tru/ "u ?is section unless no di/ribution may be made "u ! plan unless ! sp\sal cons5t requirem5ts ( subp>agraph 7,e7 are met4 7,b7 ,coord9ation ) p>agraph 7#aa7 ,no?+ 9 ?is p>agraph %all be con/ru$ to exempt a def9$ contribution plan f ! requirem5ts ( subp>agraph 7,b77ii71 7,b77iii71 or 7,c7 ( p>agraph 7#aa7 ) respect to any p>ticipant4 7,c7 ,exceptions = c]ta9 di/ributions ,subp>agraph 7,a7 %all n apply to-- 7i7 any di/ribution t is-- 7,i7 a m9imum requir$ di/ribution describ$ 9 section #digd7;b71 or 7,,ii7 p]mitt$ "u section #daa7;a77#aa7 to be made )\t ! cons5t ( ! p>ticipant1 7ii7 any di/ribution 9 ! =m ( a qualifi$ jo9t & survivor annuity 7z def9$ 9 section #dag7;b771 a qualifi$ optional survivor annuity 7z def9$ 9 section #dag7;g771 a qualifi$ pr]etirem5t survivor annuity 7z def9$ 9 section #dag7;c771 or a s]ies ( sub/antially equal p]iodic paym5ts 7n less frequ5tly ?an annually7 made = ! jo9t lives 7or life expectancies7 ( ! p>ticipant & ! p>ticipant's sp\se1 or 7iii7 9 ! case ( a p>ticipant :o does n elect a =m ( b5efit describ$ 9 clause 7ii7 "u ! plan or :o is p>ticipat+ 9 a plan t does n provide su* a =m ( b5efit1 any di/ribution ( ! p>ticipant's entire non=feitable accru$ b5efit if #ej p]c5t ( su* accru$ b5efit is directly transf]r$ to an individual retirem5t plan ( ! sp\se ( ! p>ticipant4 ,a transf] describ$ 9 clause 7iii7 to an individual retirem5t plan %all be treat$ 9 ! same mann] z a transf] "u section #djh7;d77#f7 & %all be deem$ n to violate p>agraph 7#b7 or 7#ac74 7,d7 ,exceptions = c]ta9 rollov] contributions 7i7 ,9 g5]al ,subp>agraph 7,a7 %all n apply to any di/ribution1 involv+ a p>ticipant :o has a sp\se1 t is an eligible rollov] di/ribution 7z def9$ 9 section #djb7;f77#b77;,a77 made 9 ! =m ( a direct tru/ee-to-tru/ee transf] )9 ! mean+ ( p>agraph 7#ca7-- 7,i7 to a plan to :i* ?is p>agraph or p>agraph 7#aa7 applies2 or 7,,ii7 to an individual retirem5t plan if-- 7aa7 ! sole b5efici>y ( su* plan is ! sp\se ( ! p>ticipant1 or ! sp\sal cons5t requirem5ts ( subp>agraph 7,e7 are met ) respect to any designation ( #a or m o!r b5efici>ies2 & 7bb7 "u ! t]ms ( ! individual retirem5t plan1 ! b5efici>y ( su* plan 7:e!r ! sp\se or o!r b5efici>y designat$ "u clause 7i77 may n be *ang$ unless-- 7,,aa7 ! sp\sal cons5t requirem5ts ( subp>agraph 7,e7 are met ) respect to any su* *ange1 or 7,,bb7 ! sp\sal cons5t "u subclause 7,i7 to ! designation ( a b5efici>y o!r ?an ! sp\se expressly p]mits su* designation to be *ang$ )\t ! fur!r cons5t ( ! sp\se4 7ii7 ,regulatory au?ority ,! ,secret>y ( ! ,treasury1 9 consultation ) ! ,secret>y ( ,labor1 may issue regulations to implem5t subp>agraphs subclauses 7,i7 & 7,,ii7 or clause 7i74 7,e7 ,sp\sal cons5t requirem5ts 7i7 ,9 g5]al ,= purposes ( ?is p>agraph1 except z provid$ 9 clause 7ii71 ! sp\sal cons5t requirem5ts ( ?is subp>agraph are met ) respect to any di/ribution or any designation or *ange ( b5efici>y if-- 7,i7 ! plan provides to ea* p>ticipant1 )9 a reasonable p]iod ( "t be=e su* di/ribution or designation or *ange ( b5efici>y is made & consi/5t ) su* regulations z ! ,secret>y may prescribe1 a writt5 explanation ( ! rights ( ! p>ticipant & ! p>ticipant's sp\se "u ?is p>agraph1 7,,ii7 ! sp\se ( ! p>ticipant cons5ts 9 writ+ to ! di/ribution or designation or *ange ( b5efici>y1 7,,iii7 9 ! case ( a di/ribution1 ! writt5 cons5t "u subclause 7,,ii7 is made dur+ ! cons5t p]iod1 & 7,,iv7 ! writt5 cons5t "u subclause 7ii7-- 7aa7 ackn[l$ges ! effect ( su* di/ribution or designation or *ange ( b5efici>y1 & 7bb7 is witness$ by a plan repres5tative or a not>y public4 7ii7 ,exceptions "u section #dag7;a77#b77;b7 to apply ,! requirem5ts ( clause 7i7 7o!r ?an subclause 7,i7 !re(7 %all n apply ) respect to any di/ribution or designation or *ange ( b5efici>y if a p>ticipant e/abli%es to ! satisfaction ( ! adm9i/rator t-- 7,i7 !re is no sp\se1 7,,ii7 ! p>ticipant & ! p>ticipant's sp\se h n be5 m>ri$ = at lea/ #a ye> z ( ! date ( ! di/ribution or designation or *ange ( b5efici>y1 or 7,,iii7 su* cons5t _c be obta9$ because-- 7aa7 ! sp\se _c be locat$ aft] tak+ docum5t$ se>* ef=ts 9 accordance ) guidance f ! ,secret>y ( ,labor2 7bb7 due to exceptional circum/ances1 requir+ ! p>ticipant to seek ! sp\se's cons5t w\ld be inappropriate2 or 7cc7 ( su* o!r circum/ances z ! ,secret>y1 9 consultation ) ! ,secret>y ( ,labor1 may by regulations prescribe4 ,! ,secret>y1 9 consultation ) ! ,secret>y ( ,labor1 may issue regulations to implem5t ?is clause4 7iii7 ,cons5t limit$ to sp\se & ev5t ,any writt5 cons5t by a sp\se "u clause 7i71 or ! e/abli%m5t by a p>ticipant t an exception "u clause 7ii7 applies ) respect to a sp\se1 %all be effective only ) respect to t sp\se & to ! di/ribution or designation or *ange ( b5efici>y to :i* x relates4 7iv7 ,cons5t p]iod ,= purposes ( ?is subp>agraph1 ! t]m cons5t p]iod means1 ) respect to any di/ribution-- 7,i7 ! #ij-;day p]iod imm$iately prec$+ ! date ( su* di/ribution1 or 7,,ii7 su* o!r p]iod z ! ,secret>y may provide4 4 #e4 ,automatic re5rollm5t 7a7 ,eligible automatic contribution arrangem5ts 7#a7 ,am5dm5t to ! ,employee ,retirem5t ,income ,security ,act ( #aigd ,section #ead7;e77#b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aadd7;e77#b77 is am5d$-- 7,a7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,c7 z clauses 7i7 ?r\gh 7iii71 respectively1 & mov+ ! m>g9s ( su* clauses #b ems to ! "r1 7,b7 by /rik+ 7#b7 ,= purposes ( & ins]t+ 7#b77;,a7 ,= purposes (1 & 7,c7 by add+ at ! end ! foll[+3 7,b7 ,9 ! case ( an automatic contribution arrangem5t tak+ effect aft] ,decemb] #ca1 #bjbd1 ! requirem5ts ( subp>agraph 7,a77ii7 %all be treat$ z met only if1 "u ! arrangem5t1 at lea/ e #c ye>s ea* employee-- 7i7 :o is eligible to p>ticipate 9 ! arrangem5t1 & 7ii7 :o1 at ! "t ( ! det]m9ation1 has 9 effect an affirmative election pursuant to subp>agraph 7,a77ii7 n to h contributions describ$ 9 su* subp>agraph made1 is treat$ z hav+ made ! election at ! uni=m p]c5tage ( comp5sation describ$ 9 subp>agraph 7,a77ii7 unless ! employee makes a new election "u su* subp>agraph4 ,su* det]m9ation may be made at "o "t = all employees describ$ 9 ! prec$+ s5t5ce = a plan ye>1 reg>dless ( individual employee dates ( enrollm5t4 4 7#b7 ,am5dm5t to ! ,int]nal ,rev5ue ,code ( #aihf ,section #dad7w77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,c7 z clauses 7i7 ?r\gh 7iii71 respectively1 & mov+ ! m>g9s ( su* clauses #b ems to ! "r2 7,b7 by /rik+ ,= purposes ( & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,= purposes ( 7,c7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 ,p]iodic automatic def]ral requir$ ,9 ! case ( an eligible automatic contribution arrangem5t tak+ effect aft] ,decemb] #ca1 #bjbd1 ! requirem5ts ( ?is subsection %all be treat$ z met only if1 "u ! arrangem5t1 at lea/ e #c plan ye>s ea* employee-- 7i7 :o is eligible to p>ticipate 9 ! arrangem5t1 & 7ii7 :o1 at ! "t ( ! det]m9ation1 has 9 effect an affirmative election "u subp>agraph 7,a77ii7 n to h su* contributions describ$ 9 su* subp>agraph made1 is treat$ z hav+ made ! election at ! uni=m p]c5tage level describ$ 9 subp>agraph 7,a77ii7 unless ! employee makes a new election "u su* subp>agraph4 ,su* det]m9ation may be made at "o "t = all employees describ$ 9 ! prec$+ s5t5ce = a plan ye>1 reg>dless ( individual employee dates ( enrollm5t4 7b7 ,qualifi$ automatic contribution arrangem5ts 7#a7 ,9 g5]al ,section #dja7k77#ac77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new clause3 7v7 ,p]iodic automatic def]ral requir$ = po/-#bjbd arrangem5ts ,9 ! case ( a qualifi$ automatic contribution arrangem5t :i* takes effect aft] ,decemb] #ca1 #bjbd1 ! requirem5ts ( ?is subp>agraph %all be treat$ z met only if1 "u ! arrangem5t1 at lea/ e #c plan ye>s ea* employee-- 7,i7 :o is eligible to p>ticipate 9 ! arrangem5t1 & 7,,ii7 :o1 at ! "t ( ! det]m9ation1 has 9 effect an affirmative election pursuant to clause 7ii7 n to h contributions describ$ 9 clause 7i7 made1 is treat$ z hav+ made ! election describ$ 9 clause 7i7 unless ! employee makes a new affirmative election "u clause 7ii74 ,su* det]m9ation may be made at "o "t = all employees describ$ 9 ! prec$+ s5t5ce = a plan ye>1 reg>dless ( individual employee dates ( enrollm5t4 7#b7 ,con=m+ am5dm5ts ,clause 7iv7 ( section #dja7k77#ac77;,c7 ( su* ,code is am5d$-- 7,a7 9 ! head+1 by ins]t+ = pre-#bjbe arrangem5ts aft] requir$2 & 7,b7 by /rik+ ,clause 7i7 & ins]t+ ,9 ! case ( a qualifi$ automatic contribution arrangem5t 9 effect be=e ,janu>y #a1 #bjbe1 clause 7i74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to arrangem5ts tak+ effect aft] ,decemb] #ca1 #bjbd4 #f4 ,employee ,own]%ip & ,p>ticipation ,initiative 7a7 ,def9itions ,9 ?is section3 7#a7 ,exi/+ program ,! t]m exi/+ program means a program1 design$ to promote employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+1 t exi/s on ! date on :i* ! ,secret>y is c>ry+ out a responsibility au?oriz$ "u ?is section4 7#b7 ,initiative ,! t]m ,initiative means ! ,employee ,own]%ip & ,p>ticipation ,initiative e/abli%$ "u subsection 7b74 7#c7 ,new program ,! t]m new program means a program1 design$ to promote employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+1 t does n exi/ on ! date on :i* ! ,secret>y is c>ry+ out a responsibility au?oriz$ "u ?is section4 7#d7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,labor4 7#e7 ,/ate ,! t]m ,/ate has ! mean+ giv5 ! t]m "u section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb74 7b7 ,employee own]%ip & p>ticipation initiative 7#a7 ,e/abli%m5t ,! ,secret>y ( ,labor %all e/abli% )9 ! ,dep>tm5t ( ,labor an ,employee ,own]%ip & ,p>ticipation ,initiative to promote employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+4 7#b7 ,functions ,9 c>ry+ out ! ,initiative1 ! ,secret>y %all-- 7,a7 support )9 ! ,/ates exi/+ programs design$ to promote employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+2 & 7,b7 facilitate )9 ! ,/ates ! =mation ( new programs design$ to promote employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+4 7#c7 ,duties ,to c>ry out ! functions enum]at$ 9 p>agraph 7#b71 ! ,secret>y %all-- 7,a7 support new programs & exi/+ programs by-- 7i7 mak+ ,f$]al grants au?oriz$ "u subsection 7d72 & 7ii7 act+ z a cle>+h\se on te*niques employ$ by new programs & exi/+ programs )9 ! ,/ates1 & dissem9at+ in=mation relat+ to ^? te*niques to ! programs2 & 7,b7 facilitate ! =mation ( new programs1 9 ways t include hold+ or fund+ an annual conf]5ce ( repres5tatives f ,/ates ) exi/+ programs1 repres5tatives f ,/ates develop+ new programs1 & repres5tatives f ,/ates )\t exi/+ programs4 7c7 ,programs reg>d+ employee own]%ip & p>ticipation 7#a7 ,e/abli%m5t ( program ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program to enc\rage new programs & exi/+ programs )9 ! ,/ates to fo/] employee own]%ip & employee p>ticipation 9 bus9ess decisionmak+ ?r\gh\t ! ,unit$ ,/ates4 7#b7 ,purpose ( program ,! purpose ( ! program e/abli%$ "u p>agraph 7#a7 is to enc\rage new & exi/+ programs )9 ! ,/ates t focus on-- 7,a7 provid+ education & outrea* to in=m employees & employ]s ab\t ! possibilities & b5efits ( employee own]%ip1 bus9ess own]%ip succession plann+1 & employee p>ticipation 9 bus9ess decisionmak+1 includ+ provid+ in=mation ab\t f9ancial education1 employee teams1 op5-book managem5t1 & o!r tools t enable employees to %>e ideas & in=mation ab\t h[ _! bus9esses c succe$2 7,b7 provid+ te*nical assi/ance to assi/ employee ef=ts to become bus9ess own]s1 to enable employ]s & employees to explore & assess ! feasibility ( transf]r+ full or p>tial own]%ip to employees1 & to enc\rage employees & employ]s to />t new employee-own$ bus9esses2 & 7,c7 tra9+ employees & employ]s ) respect to me?ods ( employee p>ticipation 9 op5-book managem5t1 "w teams1 committees1 & o!r approa*es = seek+ great] employee input4 7#c7 ,program details ,! ,secret>y may include1 9 ! program e/abli%$ "u p>agraph 7#a71 provisions t-- 7,a7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,a7-- 7i7 t>get key gr\ps1 su* z retir+ bus9ess own]s1 s5ior manag]s1 unions1 trade associations1 community organizations1 & economic developm5t organizations2 7ii7 enc\rage coop]ation 9 ! organization ( work%ops & conf]5ces2 & 7iii7 prep>e & di/ribute mat]ials conc]n+ employee own]%ip & p>ticipation1 & bus9ess own]%ip succession plann+2 7,b7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,b7-- 7i7 provide prelim9>y te*nical assi/ance to employee gr\ps1 manag]s1 & retir+ own]s explor+ ! possibility ( employee own]%ip2 7ii7 provide = ! p]=mance ( prelim9>y feasibility assessm5ts2 7iii7 assi/ 9 ! fund+ ( objective ?ird-p>ty feasibility /udies & prelim9>y bus9ess valuations1 & 9 select+ & monitor+ pr(essionals qualifi$ to conduct su* /udies2 & 7iv7 provide a data bank to help employees f9d legal1 f9ancial1 & te*nical advice 9 connection ) bus9ess own]%ip2 7,c7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,c7-- 7i7 provide = c\rses on employee p>ticipation2 & 7ii7 provide = ! developm5t & fo/]+ ( networks ( employee-own$ companies to spread ! use ( successful p>ticipation te*niques2 & 7,d7 9 ! case ( tra9+ describ$ 9 p>agraph 7#b77;,d7-- 7i7 provide = visits to exi/+ programs by /aff f new programs receiv+ fund+ "u ?is section2 & 7ii7 provide mat]ials to be us$ = su* tra9+4 7#d7 ,guidance ,! ,secret>y %all issue =mal guidance1 = recipi5ts ( grants aw>d$ "u subsection 7d7 & "o-/op p>tn]s 7z def9$ 9 section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb77 affiliat$ ) ! work=ce developm5t sy/ems 7z s def9$7 ( ! ,/ates1 propos+ t programs & o!r activities fund$ "u ?is section be-- 7,a7 proactive 9 enc\rag+ actions & activities t promote employee own]%ip (1 & p>ticipation 91 bus9esses2 & 7,b7 compreh5sive 9 emphasiz+ bo? employee own]%ip (1 & p>ticipation 91 bus9esses s z to increase productivity & broad5 capital own]%ip4 7d7 ,grants 7#a7 ,9 g5]al ,9 c>ry+ out ! program e/abli%$ "u subsection 7c71 ! ,secret>y may make grants to ,/ates 7except z provid$ 9 p>agraph 7#e77 = use 9 connection ) new programs & exi/+ programs )9 a ,/ate =-- 7,a7 education & outrea* z provid$ 9 subsection 7c77#b77;,a72 7,b7 te*nical assi/ance z provid$ 9 subsection 7c77#b77;,b72 7,c7 tra9+ activities = employees & employ]s z provid$ 9 subsection 7c77#b77;,c72 7,d7 activities facilitat+ coop]ation among employee-own$ firms2 & 7,e7 tra9+ z provid$ 9 subsection 7c77#b77;,d7 = new programs provid$ by p>ticipants 9 exi/+ programs d$icat$ to ! objectives ( ?is section1 except t1 = ea* fiscal ye>1 ! am\nt ( ! grants made = su* tra9+ %all n exce$ #aj p]c5t ( ! total am\nt ( ! grants made "u ?is section4 7#b7 ,am\nts & conditions ,! ,secret>y %all det]m9e ! am\nt & any conditions = a grant made "u ?is subsection4 ,! am\nt ( ! grant %all be subject to p>agraph 7#f71 & %all reflect ! capacity ( ! applicant = ! grant4 7#c7 ,applications ,ea* entity desir+ a grant "u ?is subsection %all submit an application to ! ,secret>y at su* "t1 9 su* mann]1 & accompani$ by su* in=mation z ! ,secret>y may reasonably require4 7#d7 ,/ate applications ,ea* ,/ate may sponsor & submit an application "u p>agraph 7#c7 on behalf ( any local entity consi/+ ( a unit ( ,/ate or local gov]nm5t1 ,/ate-support$ in/itution ( high] education1 or nonpr(it organization1 meet+ ! requirem5ts ( ?is section4 7#e7 ,applications by entities 7,a7 ,entity applications ,if a ,/ate fails to support or e/abli% a program pursuant to ?is section dur+ any fiscal ye>1 ! ,secret>y %all1 9 ! subsequ5t fiscal ye>s1 all[ local entities describ$ 9 p>agraph 7#d7 f t ,/ate to make applications = grants "u p>agraph 7#c7 on _! own initiative4 7,b7 ,application scre5+ ,9 any case 9 :i* a local entity makes an application = a grant pursuant to subp>agraph 7,a71 ! relevant ,/ate may take no actions to scre5 su* application4 7#f7 ,limitations ,a recipi5t ( a grant made "u ?is subsection %all n receive1 dur+ a fiscal ye>1 9 ! aggregate1 m ?an ! foll[+ am\nts3 7,a7 ,= fiscal ye> #bjbc1 #cjj1jjj4 7,b7 ,= fiscal ye> #bjbd1 #ccj1jjj4 7,c7 ,= fiscal ye> #bjbe1 #cfc1jjj4 7,d7 ,= fiscal ye> #bjbf1 #cii1cjj4 7,e7 ,= fiscal ye> #bjbg1 #dci1bjj4 7#g7 ,annual report ,= ea* ye>1 ea* recipi5t ( a grant "u ?is subsection %all submit to ! ,secret>y a report describ+ h[ grant funds allocat$ pursuant to ?is subsection 7 exp5d$ dur+ ! #ab-mon? p]iod prec$+ ! date ( ! submission ( ! report4 7e7 ,evaluations ,! ,secret>y is au?oriz$ to res]ve n m ?an #aj p]c5t ( ! funds appropriat$ = a fiscal ye> to c>ry out ?is section = ! purposes ( conduct+ evaluations ( ! grant programs id5tifi$ 9 subsection 7d7 & to provide relat$ te*nical assi/ance4 7f7 ,report+ ,n lat] ?an #cf mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all prep>e & submit to ,congress a report-- 7#a7 on progress relat$ to employee own]%ip & p>ticipation 9 bus9esses 9 ! ,unit$ ,/ates2 & 7#b7 conta9+ an analysis ( critical co/s & b5efits ( activities c>ri$ out "u ?is section4 7g7 ,au?orizations ( appropriations 7#a7 ,9 g5]al ,!re are au?oriz$ to be appropriat$ = ! purpose ( mak+ grants pursuant to subsection 7d7 ! foll[+3 7,a7 ,= fiscal ye> #bjbc1 #d1jjj1jjj4 7,b7 ,= fiscal ye> #bjbd1 #g1jjj1jjj4 7,c7 ,= fiscal ye> #bjbe1 #aj1jjj1jjj4 7,d7 ,= fiscal ye> #bjbf1 #ac1jjj1jjj4 7,e7 ,= fiscal ye> #bjbg1 #af1jjj1jjj4 7#b7 ,adm9i/rative exp5ses ,!re are au?oriz$ to be appropriat$ = ! purpose ( fund+ ! adm9i/rative exp5ses relat$ to ! ,initiative1 = ea* ( fiscal ye>s #bjbb ?r\gh #bjbf1 an am\nt n 9 excess ( ! less] (-- 7,a7 #cej1jjj2 or 7,b7 #e4j p]c5t ( ! maximum am\nt available "u p>agraph 7#a7 = t fiscal ye>4 #g4 ,refund to ,ra9y ,day ,sav+s ,program 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,n lat] ?an ,decemb] #ca1 #bjbd1 ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate 7ref]r$ to 9 ?is subsection z ! ,secret>y7 %all e/abli% & implem5t a program 7ref]r$ to 9 ?is subsection z ! ,refund to ,ra9y ,day ,sav+s ,program7 to all[ p>ticipat+ taxpay]s1 pursuant to ! requirem5ts e/abli%$ "u ?is section1 to def] paym5t on #bj p]c5t ( ! am\nt :i* w\ld o!rwise be refund$ to su* taxpay] z an ov]paym5t 7z describ$ 9 section #fdja ( ! ,int]nal ,rev5ue ,code ( #aihf74 7#b7 ,p]iod ( def]ral ,except z provid$ "u p>agraph 7#c77;,e71 a p>ticipat+ taxpay] may elect to def] paym5t ( ! am\nt describ$ 9 p>agraph 7#a7 & h su* am\nt deposit$ 9 ! ,ra9y ,day ,fund 7z describ$ 9 p>agraph 7#c774 7#c7 ,ra9y day fund 7,a7 ,9 g5]al ,! ,secret>y %all e/abli% 9 ! ,treasury a fund1 9 su* mann] z ! ,secret>y det]m9es to be appropriate1 to be kn[n z ! ,ra9y ,day ,fund1 consi/+ ( any am\nts describ$ 9 p>agraph 7#a7 on :i* paym5t has be5 def]r$ by p>ticipat+ taxpay]s4 7,b7 ,inve/m5t ,any am\nts deposit$ 9 ! ,ra9y ,day ,fund %all be inve/$ by ! ,secret>y1 9 ,unit$ ,/ates ,treasury securities issu$ "u *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 t are suitable = ! ne$s ( ! ,ra9y ,day ,fund4 7,c7 ,disbursem5ts f fund 7i7 ,9 g5]al ,on ! date t is #ahj days aft] ! date ( deposit 9 ! ,ra9y ,day ,fund ( an am\nt def]r$ by su* taxpay] "u p>agraph 7#a71 ! am\nts 9 ! ,ra9y ,day ,fund %all be made available to ! ,secret>y to di/ribute to su* taxpay] 9 an am\nt equal to su* am\nt plus any int]e/ accru$ on su* am\nt 7z det]m9$ "u subp>agraph 7,d774 7ii7 ,di/ribut$ to taxpay]s ,! am\nts describ$ 9 clause 7i7 %all be di/ribut$ to ! acc\nt id5tifi$ by ! p>ticipat+ taxpay] "u p>agraph 7#d77;,b74 7,d7 ,int]e/ accru$ ,! am\nt ( int]e/ accru$ on ! am\nt def]r$ by a p>ticipat+ taxpay] "u subsection 7a7 %all be det]m9$ by ! ,secret>y bas$ ^u ! return on ! inve/m5t ( su* am\nts "u subp>agraph 7,b74 7,e7 ,e>ly )drawal 7i7 ,9 g5]al ,z soon z possible aft] receipt by ! ,secret>y ( ! individual income tax return ( ! p>ticipat+ taxpay] & ,octob] #ae ( ! applicable ye>1 su* taxpay] may elect to t]m9ate ! def]ral ( ! am\nt describ$ "u p>agraph 7#a7 & receive a di/ribution f ! ,ra9y ,day ,fund equal to su* am\nt & any int]e/ :i* has accru$ on su* am\nt up to t date4 7ii7 ,complete )drawal ,a p>ticipat+ taxpay] mak+ an election "u clause 7i7 mu/ t]m9ate def]ral ( ! full am\nt describ$ "u p>agraph 7#a71 & su* am\nt %all be di/ribut$ to ! bank acc\nt id5tifi$ by ! p>ticipat+ taxpay] "u p>agraph 7#d77;,b74 7#d7 ,p>ticipat+ taxpay] ,= purposes ( ?is section1 ! t]m p>ticipat+ taxpay] means a taxpay] :o-- 7,a7 prior to ! due date = fil+ ! return ( tax = su* taxable ye>1 elects to p>ticipate 9 ! ,refund to ,ra9y ,day ,sav+s ,program1 9 accordance ) regulations to be issu$ by ! ,secret>y2 & 7,b7 provides ! ,secret>y ) an acc\nt & r\t+ numb] or any o!r f9ancial in=mation deem$ necess>y by ! ,secret>y = purposes ( subp>agraphs 7,c77ii7 & 7,e77ii7 ( p>agraph 7#c74 7#e7 ,=ms ,! ,secret>y %all ensure t ! election to def] paym5t ( ! am\nt describ$ 9 p>agraph 7#a7 may be claim$ on appropriate tax =ms4 7#f7 ,implem5tation 7,a7 ,educational mat]ials & outrea* ,! ,secret>y %all-- 7i7 design educational mat]ials = taxpay]s reg>d+ f9ancial sav+s & ! ,refund to ,ra9y ,day ,sav+s ,program1 7ii7 publicly dissem9ate & di/ribute su* mat]ials dur+ ! fir/ cal5d> qu>t] ( ea* cal5d> ye> & foll[+ disbursem5t ( am\nts describ$ 9 p>agraph 7#c77;,c71 & 7iii7 engage 9 outrea* reg>d+ ! ,refund to ,ra9y ,day ,sav+s ,program to ! ,volunte] ,income ,tax ,assi/ance program & paid tax prep>]s4 7,b7 ,in=mation = p>ticipat+ taxpay]s ,! ,secret>y %all ensure t a p>ticipat+ taxpay] is able to electronically v]ify ! /atus ( ! am\nt def]r$ by su* taxpay] "u p>agraph 7#a71 includ+ any int]e/ accru$ on su* am\nt & ! /atus ( any di/ribution4 7,c7 ,f$]ally fund$ b5efits ,any am\nts describ$ 9 p>agraph 7#a7 t are di/ribut$ to a p>ticipat+ taxpay]1 includ+ any int]e/ accru$ on su* am\nt1 %all be treat$ 9 ! same mann] z any refund made to su* taxpay] "u section #cb ( ! ,int]nal ,rev5ue ,code ( #aihf = purposes ( det]m9+ ! eligibility ( su* taxpay] = b5efits or assi/ance1 or ! am\nt or ext5t ( b5efits or assi/ance1 "u any ,f$]al program or "u any ,/ate or local program f9anc$ 9 :ole or 9 "p ) ,f$]al funds4 7b7 ,assets = indep5d5ce innovation demon/ration projects 7#a7 ,reau?orization ,! ,assets = ,indep5d5ce ,act 7#db ,u4,s4,c4 #fjd note7 is am5d$-- 7,a7 9 section #daf1 by ins]t+ 1 &1 subject to section #dag1 #be1jjj1jjj = ea* ( fiscal ye>s #bjbd1 #bjbe1 #bjbf1 #bjbg1 & #bjbh1 to rema9 available until exp5d$at ! end be=e ! p]iod2 & 7,b7 by add+ at ! end ! foll[+ new section3 #dag4 ,res]vation ( funds 7a7 ,9 g5]al ,subject to subsections 7b7 & 7c71 f ! funds appropriat$ = ea* ( fiscal ye>s #bjbd1 #bjbe1 #bjbf1 #bjbg1 & #bjbh "u section #daf1 ! ,secret>y %all res]ve-- 7#a7 #c1jjj1jjj = g5]al rese>* & evaluation2 & 7#b7 any am\nts rema9+ aft] application ( p>agraph 7#a7 to fund ,assets = ,indep5d5ce innovation projects "u section #dah4 7b7 ,pilot program fund+ ,f ! am\nts res]v$ "u subsection 7a7 = ea* ( fiscal ye>s #bjbd1 #bjbe1 & #bjbf1 ! ,secret>y %all make available = op]at+ ! pilot program e/abli%$ "u section #g7;c7 ( ! ,protect+ ,am]ica's ,retirem5t ,security ,act ( #bjbb-- 7#a7 #ej p]c5t ( ! am\nt res]v$ = ! relevant fiscal ye> "u p>agraph 7#a7 ( subsection 7a7 7aft] any adju/m5t "u subsection 7c772 & 7#b7 #be p]c5t ( ! am\nt res]v$ = ! relevant fiscal ye> "u p>agraph 7#b7 ( subsection 7a7 7aft] any adju/m5t "u subsection 7c774 7c7 ,proportional adju/m5t ,9 any ( fiscal ye>s #bjbd1 #bjbe1 #bjbf1 #bjbg1 & #bjbh1 if ! am\nt appropriat$ = su* fiscal ye> is great] or less ?an ! am\nt au?oriz$ = su* fiscal ye> "u section #daf1 ! am\nts res]v$ "u subsection 7a7 %all be increas$ or decreas$ = su* fiscal ye> s t ea* su* am\nt be>s ! same proportion to ! am\nt appropriat$ z ea* ( ! am\nts res]v$ "u su* subsection be>s to ! am\nt au?oriz$4 4 7#b7 ,e/abli%m5t ( innovation program ,! ,assets = ,indep5d5ce ,act 7#db ,u4,s4,c4 #fjd note71 z am5d$ by p>agraph 7#a71 is fur!r am5d$ by add+ at ! end ! foll[+ new section3 #dah4 ,assets = ,indep5d5ce innovation projects 7a7 ,9 g5]al ,! ,secret>y is au?oriz$ to make grants to qualifi$ entities to conduct ,assets = ,indep5d5ce innovation projects "u ?is section4 7b7 ,def9itions ,= purposes ( ?is section3 7#a7 ,assets = ,indep5d5ce innovation project ,! t]m ,assets = ,indep5d5ce innovation project means a demon/ration project c>ri$ out by a qualifi$ entity "u ?is section4 7#b7 ,innovation developm5t acc\nt ,! t]m innovation developm5t acc\nt means an acc\nt t is e/abli%$ 9 a f$]ally insur$ f9ancial in/itution or a ,/ate insur$ f9ancial in/itution & meets su* o!r requirem5ts z are e/abli%$ by ! ,secret>y4 7c7 ,application 7#a7 ,crit]ia & pref]5ces 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 9 consid]+ an application to conduct an ,assets = ,indep5d5ce innovation project1 ! ,secret>y %all apply subsections 7c7 & 7d7 ( section #dje to ! application 9 ! same mann] t su* subsections apply to an application to conduct a demon/ration project "u section #dje4 7,b7 ,modification ,= purposes ( ?is p>agraph1 p>agraph 7#a7 ( section #dje7;c7 %all be appli$ )\t reg>d to ! phrase ?r\gh activities requir+ "o or m qualifi$ exp5ses4 7#b7 ,approval ( ,assets = ,indep5d5ce innovation projects ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y %all1 on a competitive basis1 approve su* applications to conduct ,assets = ,indep5d5ce innovation projects z ! ,secret>y consid]s to be appropriate1 tak+ into acc\nt ! consid]ations requir$ by p>agraph 7#a74 ,! ,secret>y %all ensure1 to ! maximum ext5t practicable1 t ! applications t are approv$ involve a range ( communities 7spread out bo? geographically & 9 rural & urban areas7 & div]se populations4 7d7 ,project duration & grant am\nt 7#a7 ,duration ,! ,secret>y %all aw>d grants "u ?is section = a p]iod n to exce$ #e project ye>s4 7#b7 ,grant am\nt ,= ea* project ye> ( an ,assets = ,indep5d5ce innovation project approv$ "u ?is section1 ! ,secret>y may make a grant to ! qualifi$ entity au?oriz$ to conduct ! project4 ,9 mak+ su* a grant1 ! ,secret>y %all make ! grant on ! fir/ day ( ! project ye> 9 an am\nt n to exce$ ! less] (-- 7,a7 ! aggregate am\nt ( funds committ$ z mat*+ contributions f non-,f$]al public or private sector s\rces2 or 7,b7 #a1jjj1jjj4 7e7 ,eligibility & selection ( individuals to p>ticipate 9 an ,assets = ,indep5d5ce innovation project 7#a7 ,eligibility crit]ia ,subject to ! approval ( ! ,secret>y1 ea* qualifi$ entity conduct+ an ,assets = ,indep5d5ce innovation project %all e/abli% eligibility requirem5ts = p>ticipants 9 ! project4 ,su* requirem5ts %all-- 7,a7 be m expansive ?an ! requirem5ts e/abli%$ "u section #djh2 & 7,b7 ensure t eligibility is limit$ to l[-income individuals4 7#b7 ,selection ( individuals to p>ticipate ,ea* qualifi$ entity conduct+ an ,assets = ,indep5d5ce innovation project %all select1 f among ! individuals t meet ! eligibility requirem5ts e/abli%$ by ! entity "u p>agraph 7#a71 ! individuals-- 7,a7 t ! qualifi$ entity det]m9es to be mo/ appropriate to p>ticipate2 & 7,b7 to :om ! qualifi$ entity w make disbursem5ts or deposits 9 accordance ) subsection 7f74 7f7 ,disbursem5ts by qualifi$ entities 7#a7 ,9 g5]al ,ea* qualifi$ entity conduct+ an ,assets = ,indep5d5ce innovation project %all1 9 a mann] consi/5t ) ! program requirem5ts e/abli%$ by su* entity1 disburse to a ?ird-p>ty or deposit into ! innovation developm5t acc\nt ( ea* individual p>ticipat+ 9 ! project f ! funds describ$ 9 subsection 7d77#b71 a mat*+ contribution ( n less ?an #j4ej & n m ?an #h = e #a deposit$ 9 ! acc\nt by a project p>ticipant1 except t ! rate ( mat*+ %all be equal = all individuals p>ticipat+ 9 ! project conduct$ by su* qualifi$ entity4 7#b7 ,limitation on disbursem5ts = an individual ,n m ?an #e1jjj f a grant made "u subsection 7d77#a7 %all be provid$ to any "o individual ov] ! c\rse ( ! ,assets = ,indep5d5ce innovation project4 7#c7 ,limitation on disbursem5ts = a h\sehold ,n m ?an #aj1jjj f a grant made "u subsection 7d77#a7 %all be provid$ to any "o h\sehold ov] ! c\rse ( ! ,assets = ,indep5d5ce innovation project4 7#d7 ,adju/m5t = inflation 7,a7 ,9 g5]al ,= ea* cal5d> ye> aft] #bjbc1 ! doll> am\nts 9 p>agraphs 7#b7 & 7#c7 %all be increas$ by an am\nt equal to ! product (-- 7i7 su* doll> am\nt1 & 7ii7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf = ! cal5d> ye>1 det]m9$ by sub/itut+ #bjbb = #bjaf 9 subp>agraph 7,a77ii7 !re(4 7,b7 ,r\nd+ ,if any increase det]m9$ "u subp>agraph 7,a7 is n a multiple ( #ej1 su* increase %all be r\nd$ up to ! next l[e/ multiple ( #ej4 4 7#c7 ,con=m+ am5dm5ts ,! ,assets = ,indep5d5ce ,act 7#db ,u4,s4,c4 #fjd note71 z am5d$ by p>agraphs 7#a7 & 7#b71 is fur!r am5d$-- 7,a7 9 section #djd7b71 by ins]t+ or section #dah be=e ! p]iod2 7,b7 9 section #djf-- 7i7 9 subsection 7a71 by /rik+ to conduct a demon/ration project "u ?is title & ins]t+ "u section #dje2 & 7ii7 9 subsection 7b71 by /rik+ conduct$ "u ?is title & ins]t+ approv$ "u section #dje2 7,c7 9 section #djg-- 7i7 9 subsection 7c7-- 7,i7 9 p>agraph 7#a7-- 7aa7 9 subp>agraph 7,a71 by ins]t+ or1 9 ! case ( a p>ticipant 9 a project conduct$ "u section #dah1 o!r p]mitt$ exp5ses aft] qualifi$ exp5ses2 & 7bb7 9 subp>agraph 7,b71 by ins]t+ or subsection 7f7 ( section #dah aft] section #daj2 & 7,,ii7 9 p>agraph 7#c71 by ins]t+ or section #dah7;d77#a7;aft] section #djf7;b72 & 7ii7 9 subsection 7d77#b77;,a71 by ins]t+ or section #dah7;d77#a7 aft] section #djf7;b72 7,d7 9 section #djh1 by /rik+ conduct$ "u ?is title ea* place x appe>s & ins]t+ approv$ "u section #dje2 7,e7 9 section #dji1 by /rik+ conduct$ "u ?is title & ins]t+ approv$ "u section #dje2 7,f7 9 section #daj1 by /rik+ "u ?is title & ins]t+ conduct+ a demon/ration project approv$ "u section #dje2 7,g7 9 section #dac7;a71 by ins]t+ or section #dah7;c7 aft] "u section #dje2 & 7,h7 9 section #dae1 by ins]t+ or innovation developm5t acc\nt aft] individual developm5t acc\nt4 7c7 ,mat*$ refund to ra9y day sav+s pilot program 7#a7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act & us+ ! funds made available pursuant to section #dag7;b7 ( ! ,assets = ,indep5d5ce ,act1 ! ,secret>y ( ,heal? & ,human ,s]vices1 act+ ?r\gh ! ,director ( ,community ,s]vices 79 ?is section ref]r$ to z ! ,secret>y71 %all e/abli% "u ?is subsection a mat*$ sav+s acc\nt pilot program to enc\rage sav+ by eligible individuals4 ,"u ! pilot program1 a qualifi$ entity may apply to ! ,secret>y = a grant to conduct a pilot project describ$ 9 p>agraph 7#b7 79 ?is section ref]r$ to z a pilot project74 ,! pilot program %all op]ate = a p]iod ( #c ye>s4 7#b7 ,pilot project describ$ 7,a7 ,9 g5]al ,a pilot project is a project 9 :i* a qualifi$ entity e/abli%es a mat*$ sav+s program t meets ! requirem5ts ( subp>agraph 7,b7 = eligible individuals :o are select$ by ! entity to p>ticipate 9 ! program4 7,b7 ,requirem5ts 7i7 ,deposits into direct deposit acc\nts 7,i7 ,9 g5]al ,a mat*$ sav+s program e/abli%$ z "p ( a pilot project %all mat* am\nts sav$ by ea* eligible individual p>ticipat+ 9 ! pilot project-- 7aa7 ) ! am\nt mat*$ to be equal to or less ?an ! am\nt ( any paym5t def]r$ by su* individual "u ! ,refund to ,ra9y ,day ,sav+s ,program e/abli%$ 9 subsection 7a77#a72 & 7bb7 ) ! rate ( mat*+ to be equal = all eligible individuals p>ticipat+ 9 ! program4 7,,ii7 ,tim+ ,any am\nt describ$ 9 subclause 7,i7 %all n be di/ribut$ to an eligible individual until ! am\nts describ$ 9 subp>agraphs 7,c77ii7 or 7,e77ii7 ( subsection 7a77#a7 h be5 di/ribut$ to ! bank acc\nt id5tifi$ by su* individual4 7ii7 ,evaluation ( program by indep5d5t rese>* organization 7,i7 ,9 g5]al ,f am\nts made available "u section #dag7;b77#b7 ( ! ,assets = ,indep5d5ce ,act1 z add$ by subsection 7b77#a77;,b71 ! ,secret>y %all ent] into a contract ) an indep5d5t rese>* organization = purposes ( evaluat+ pilot projects conduct$ "u ?is section4 7,,ii7 ,coord9ation ,ea* qualifi$ entity t e/abli%es a mat*$ sav+s program z "p ( a pilot project %all collaborate ) ! indep5d5t rese>* organization describ$ 9 subclause 7,i7 to evaluate ! outcomes & impact ( ! project4 7,,iii7 ,impact ,! evaluation describ$ 9 subclause 7,i7 %all include an exam9ation ( ! demographic *>act]i/ics ( ! individuals p>ticipat+ 9 ! pilot project1 su* z g5d]1 race1 age1 geographic location1 & family makeup1 & h[ ! impacts ( ! project v>y among diff]5t demographic gr\ps & ! effects ( ! pilot program on retirem5t sav+s = eligible individuals4 7,,iv7 ,program features ,! program features to be evaluat$ ?r\gh ! pilot projects conduct$ "u ?is section may include-- 7aa7 diff]5t levels ( mat*+ contributions by qualifi$ entities2 7bb7 lock-out p]iods dur+ :i* an eligible individual may n make )drawals f _! acc\nt2 & 7cc7 educational mat]ials int5d$ to promote sav+s4 7,v7 ,safegu>d+ privacy ,any contract ent]$ into "u ?is clause %all require ! select$ indep5d5t rese>* organization to take all necess>y & prop] precautions to protect eligible individuals' privacy & p]sonally id5tifiable in=mation :5 conduct+ ! evaluation4 7,c7 ,duration ,a pilot project %all be = a duration ( n m ?an #c ye>s4 7,d7 ,f$]ally fund$ b5efits ,any am\nts describ$ 9 subp>agraph 7,b77i7 :i* are di/ribut$ to an eligible individual %all be treat$ 9 ! same mann] z any refund made to su* taxpay] "u section #cb ( ! ,int]nal ,rev5ue ,code ( #aihf = purposes ( det]m9+ ! eligibility ( su* taxpay] = b5efits or assi/ance1 or ! am\nt or ext5t ( b5efits or assi/ance1 "u any ,f$]al program or "u any ,/ate or local program f9anc$ 9 :ole or 9 "p ) ,f$]al funds4 7#c7 ,/rategic communications plan ,! ,secret>y %all devise a /rategic communications plan to ensure a successful pilot program4 7#d7 ,annual report to congress ,! ,secret>y %all submit an annual report to ,congress on ! progress & outcomes ( ! pilot program e/abli%$ "u ?is section4 7#e7 ,def9itions ,9 ?is subsection3 7,a7 ,eligible individual ,! t]m eligible individual means an individual :o-- 7i7 has def]r$ paym5t ( ! am\nt describ$ 9 subsection 7a77#a7 "u ! ,refund to ,ra9y ,day ,sav+s ,program e/abli%$ 9 su* subsection1 & 7ii7 meets ! eligibility requirem5ts "u section #djh ( ! ,assets = ,indep5d5ce ,act1 except t subsection 7a77#b7 ( su* section %all n apply4 7,b7 ,qualifi$ entity 7i7 ,9 g5]al ,! t]m qualifi$ entity means-- 7,i7 "o or m n-=-pr(it organizations describ$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f taxation "u section #eja7;a7 ( su* ,code2 7,,ii7 a ,/ate or local gov]nm5t ag5cy1 or a tribal gov]nm5t1 submitt+ an application to conduct a pilot project jo9tly ) an organization describ$ 9 subclause 7,i72 7,,iii7 a site t (f]s free tax help to individuals :o qualify ?r\gh ! ,int]nal ,rev5ue ,s]vice's ,volunt>y ,income ,tax ,assi/ance or ,tax ,c\nsel+ = ! ,eld]ly programs2 or 7,,iv7 an entity t-- 7aa7 is-- 7,,aa7 a cr$it union designat$ z a l[-income cr$it union by ! ,national ,cr$it ,union ,adm9i/ration2 or 7,,bb7 an organization designat$ z a community developm5t f9ancial in/itution by ! ,secret>y ( ! ,treasury 7or ! ,community ,developm5t ,f9ancial ,in/itutions ,fund72 & 7bb7 c demon/rate a collaborative relation%ip ) a local community-bas$ organization ^: activities are design$ to address pov]ty 9 ! community & ! ne$s ( community memb]s = economic indep5d5ce & /ability4 7,v7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ z prev5t+ an organization describ$ 9 clause 7i77,i7 f collaborat+ ) a f9ancial in/itution or =-pr(it community developm5t corporation to c>ry out ! purposes ( ?is section4 ,decemb] #bj1 #bjbb;,committee on ,ways & ,means dis*>g$2 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be pr9t$