,i #aag? ,,congress #b;d ,session ,h4 ,r4 #ibeb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #bh1 #bjbb,mr4 ,s*neid] 7= himself & ,mr4 ,e/es7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide inc5tives = ! use ( automatic portability arrangem5ts "u def9$ contribution plans1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,advanc+ ,auto-,portability ,act ( #bjbb4 #b4 ,f9d+s ,congress f9ds z foll[s3 7#a7 ,up to #aje1jjj1jjj1jjj ( retirem5t sav+s leaves ! def9$ contribution p5sion plan sy/em annually because employees ca% out _! sav+s aft] a job *ange4 7#b7 ,f$]al law %\ld enc\rage ! private sector to r$uce su* ca%-outs by develop+ automat$ solutions to improve def9$ contribution plan portability4 #c4 ,prohibit$ transaction exemption 7a7 ,9 g5]al ,section #dige7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ or at ! end ( p>agraph 7#bb77;,i71 7#b7 by /rik+ ! p]iod at ! end ( p>agraph 7#bc7 & ins]t+ 1 or1 & 7#c7 by add+ at ! end ! foll[+ new p>agraph3 7#bd7 any transaction describ$ 9 subp>agraph 7,d7 or 7,e7 ( subsection 7c77#a7 :i* consi/s ( ! receipt ( fees by an automatic portability provid] 9 connection ) su* provid]'s ex]cise ( discretion ) respect to an automatic portability transaction4 4 7b7 ,def9itions ,section #dige7;f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#ab7 ,rules relat+ to automatic portability transactions 7,a7 ,9 g5]al ,= purposes ( subsection 7d77#bd7-- 7i7 ,automatic portability transaction ,an automatic portability transaction is a transf] ( assets made-- 7,i7 f an individual retirem5t plan :i* is e/abli%$ on behalf ( an individual & to :i* am\nts 7 transf]r$ "u section #dja7;a77#ca77;,b77i71 7,,ii7 to an employ]-sponsor$ retirem5t plan describ$ 9 clause 7iii71 7iv71 7v71 or 7vi7 ( section #djb7;c77#h77;,b7 7o!r ?an a def9$ b5efit plan7 9 :i* su* individual is an active p>ticipant1 & 7,,iii7 aft] su* individual has be5 giv5 advance notice ( ! transf] & has n affirmatively opt$ out ( su* transf]4 7ii7 ,automatic portability provid] ,an automatic portability provid] is a p]son t executes transf]s describ$ 9 clause 7i74 7,b7 ,conditions = automatic portability transactions ,subsection 7d77#bd7 %all n apply to an automatic portability transaction unless ! foll[+ requirem5ts are satisfi$3 7i7 ,ackn[l$gm5t ( fiduci>y /atus ,an automatic portability provid] %all ackn[l$ge 9 writ+1 at su* "t & =mat z specifi$ by ! ,secret>y1 t ! provid] is a fiduci>y ) respect to ! individual on ^: behalf ! individual retirem5t plan describ$ 9 subp>agraph 7,a77i77,i7 is e/abli%$4 7ii7 ,fees ,! fees & comp5sation receiv$ by ! automatic portability provid] 9 connection ) ! automatic portability transaction %all n exce$ reasonable comp5sation & mu/ be approv$ 9 writ+ by ! plan fiduci>y = ! plan describ$ 9 subp>agraph 7,a77i77,,ii74 7iii7 ,data usage ,! automatic portability provid] %all n m>ket or sell data relat+ to ! individual retirem5t plan describ$ 9 subp>agraph 7,a77i77,i74 7iv7 ,op5 p>ticipation ,! automatic portability provid] %all (f] automatic portability transactions on ! same t]ms to any plan describ$ 9 subp>agraph 7,a77i77,,ii7 reg>dless ( :e!r ! provid] provides o!r s]vices = su* plan4 7v7 ,pre-transaction notice ,at lea/ #cj days 9 advance ( an automatic portability transaction1 ! automatic portability provid] %all provide notice to ! individual on ^: behalf ! individual retirem5t plan describ$ 9 subp>agraph 7,a77i77,i7 is e/abli%$ :i* includes-- 7,i7 a description ( ! automatic portability transaction & ! fees :i* w be *>g$ 9 connection ) ! transaction1 7,,ii7 a description ( ! individual's "r to affirmatively elect n to p>ticipate 9 ! transaction1 ! proc$ures = su* an election1 & a telephone numb] at :i* ! individual c contact ! automatic portability provid]1 & 7,,iii7 su* o!r disclosures z ! ,secret>y may require by regulation4 7vi7 ,po/-transaction notice ,n lat] ?an #c bus9ess days aft] an automatic portability transaction1 ! automatic portability provid] %all provide notice to ! individual on ^: behalf ! individual retirem5t plan describ$ 9 subp>agraph 7,a77i77,i7 is e/abli%$ (-- 7,i7 ! actions tak5 by ! automatic portability provid] ) respect to ! individual's acc\nt1 7,,ii7 all relevant in=mation reg>d+ ! location & am\nt ( any transf]r$ assets1 7,,iii7 a /atem5t ( fees *>g$ aga9/ ! acc\nt by ! automatic portability provid] or its affiliates 9 connection ) ! transf]1 7,,iv7 a telephone numb] at :i* ! individual c contact ! automatic portability provid]1 & 7,v7 su* o!r disclosures z ! ,secret>y may require by regulation4 7vii7 ,notice requirem5ts ,! notices requir$ "u clauses 7v7 & 7vi7 %all be writt5 9 a mann] calculat$ to be und]/ood by ! av]age int5d$ recipi5t & %all n include mat]ially mislead+ /atem5ts4 7viii7 ,timel9ess ( execution ,aft] liquidat+ ! assets ( an individual retirem5t plan describ$ 9 subp>agraph 7,a77i77,i7 to ca%1 an automatic portability provid] %all transf] ! acc\nt balance ( su* plan z soon z practicable to ! plan describ$ 9 subp>agraph 7,a77i77,,ii74 7ix7 ,record ret5tion & audits 7,i7 ,9 g5]al ,an automatic portability provid] %all1 = #f ye>s1 ma9ta9 ! records suffici5t to demon/rate ! t]ms ( ?is subp>agraph h be5 met4 7,,ii7 ,audits ,an automatic portability provid] %all conduct an annual audit ( automatic portability transactions occurr+ dur+ ! cal5d> ye> to demon/rate compliance ) ?is subp>agraph1 & %all submit su* audit annually to ! ,secret>y1 9 su* =m & mann] z specifi$ by ! ,secret>y4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to transactions occurr+ aft] ,decemb] #ca1 #bjbc4 #d4 ,employ] automatic portability arrangem5t tax 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,u4 ,employ] automatic portability arrangem5t cr$it 7a7 ,9 g5]al ,= purposes ( section #ch1 9 ! case ( an eligible employ]1 ! automatic portability arrangem5t cr$it det]m9$ "u ?is section = ! adoption ye> is an am\nt equal to #ejj4 7b7 ,eligible employ] ,= purposes ( ?is section1 ! t]m eligible employ] has ! mean+ giv5 ! t]m by section #djh7p77#b77;,c77i7 7)\t reg>d to subclause 7,,ii7 !re(74 7c7 ,adoption ye> ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m adoption ye> means ! taxable ye> dur+ :i* ! eligible employ] adopts an automatic portability arrangem5t z "p ( an eligible plan ma9ta9$ by ! employ]4 7#b7 ,automatic portability arrangem5t 7,a7 ,9 g5]al ,! t]m automatic portability arrangem5t means an arrangem5t provid+ = automatic portability transactions4 7,b7 ,automatic portability transaction ,! t]m automatic portability transaction means a transaction 9 :i* am\nts di/ribut$ pursuant to section #dja7;a77#ca77;,b77i7 f a plan to an individual retirem5t plan e/abli%$ on behalf ( an individual are subsequ5tly transf]r$ to an eligible plan 9 :i* su* individual is an active p>ticipant1 aft] su* individual has be5 giv5 advance notice ( ! transf] & has n affirmatively opt$ out ( su* transf]4 7#c7 ,eligible plan ,! t]m eligible plan means a qualifi$ employ] plan z def9$ 9 section #digb7;d77#a71 o!r ?an a def9$ b5efit plan4 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#cb71 by /rik+ ! p]iod at ! end ( p>agraph 7#cc7 & ins]t+ 1 plus1 & by add+ at ! end ! foll[+ new p>agraph3 7#cd7 9 ! case ( an eligible employ] 7z def9$ 9 section #de,u7b771 ! automatic portability arrangem5t cr$it det]m9$ "u section #de,u7a74 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 add+ at ! end ! foll[+ new item3 ,sec4 #de,u4 ,employ] automatic portability arrangem5t cr$it4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4