,,ii  #aag? ,,congress  #a/ ,session    
,s4 #agjc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ai1 #bjba,mr4    
,grassley 7= himself1 ,ms4 ,hassan1 &   
,mr4 ,lank=d7 introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 increase retirem5t sav+s1 to improve   
retirem5t plan adm9i/ration1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,improv+ ,access to        
,retirem5t ,sav+s ,act4  #b4 ,multiple  
employ] #djc7;b7 plans  7a7 ,9 g5]al    
,section #djc7;b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#ae7 ,multiple 
employ] plans  7,a7 ,9 g5]al ,except 9 !
 case ( a *ur* plan1 ?is subsection %all
 n be treat$ z fail+ to apply to an     
annuity contract solely by reason ( su* 
contract be+ pur*as$ "u a plan ma9ta9$  
by m ?an #a employ]4  7,b7 ,treatm5t (  
employ]s fail+ to meet requirem5ts (    
plan  7i7 ,9 g5]al ,9 ! case ( a plan   

ma9ta9$ by m ?an #a employ]1 ?is        
subsection %all n be treat$ z fail+ to  
apply to an annuity contract held "u su*
 plan m]ely because ( #a or m employ]s  
fail+ to meet ! requirem5ts ( ?is       
subsection1 if su* plan satisfies rules 
simil> to ! rules ( section #dac7;e77#b7
 ) respect to any su* employ] failure4  
7ii7 ,additional requirem5ts 9 case (   
non-gov]nm5tal plans ,a plan %all n be  
treat$ z meet+ ! requirem5ts ( ?is      
subsection unless ! plan meets !        
requirem5ts ( subp>agraph 7,a7 or 7,b7 (
 section #dac7;e77#a71 except 9 ! case (
 a multiple employ] plan ma9ta9$ solely 
by a ,/ate1 a political subdivision ( a 
,/ate1 or an ag5cy or in/rum5tality     
!re(4  4  7b7 ,annual regi/ration =     
#djc7;b7 multiple employ] plan ,section 
#fjeg ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$ by r$esignat+ subsection 7g7 z
 subsection 7h7 & by ins]t+ aft]        
subsection 7f7 ! foll[+ new subsection3 
7g7 #djc7;b7 multiple employ] plans     
treat$ z #a plan ,9 ! case ( annuity    

contracts to :i* ?is section applies &  
to :i* section #djc7;b7 applies by      
reason ( ! plan "u :i* su* contracts are
 pur*as$ meet+ ! requirem5ts ( p>agraph 
7#ae7 !re(1 su* plan %all be treat$ z a 
s+le plan = purposes ( ?is section4  4  
7c7 ,annual in=mation returns = #djc7;b7
 multiple employ] plan ,section #fjeh ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by r$esignat+ subsection 7f7 z    
subsection 7g7 & by ins]t+ aft]         
subsection 7e7 ! foll[+ new subsection3 
7f7 #djc7;b7 multiple employ] plans     
treat$ z #a plan ,9 ! case ( annuity    
contracts to :i* ?is section applies &  
to :i* section #djc7;b7 applies by      
reason ( ! plan "u :i* su* contracts are
 pur*as$ meet+ ! requirem5ts ( p>agraph 
7#ae7 !re(1 su* plan %all be treat$ z a 
s+le plan = purposes ( ?is section4  4  
7d7 ,am5dm5ts to ,employee ,retirem5t   
,income ,security ,act ( #aigd  7#a7    
,treat$ z pool$ employ] plan  7,a7 ,9   
g5]al ,section #c7dc77;,a7 ( ! ,employee
 ,retirem5t ,income ,security ,act (    

#aigd 7#bi ,u4,s4,c4 #ajjb7dc77;,a77 is 
am5d$-- 7i7 9 clause 7ii71 by /rik+     
section #eja7;a7 ( su* ,code or & ins]t+
 #eja7;a7 ( su* ,code1 a plan t consi/s 
( contracts describ$ 9 section #djc7;b7 
( su* ,code1 or2 &  7ii7 9 ! flu% text  
at ! end1 by /rik+ ! plan4 & ins]t+ !   
plan1 b su* t]m %all include any program
 7o!r ?an a gov]nm5tal plan7 ma9ta9$ = !
 b5efit ( ! employees ( m ?an #a employ]
 t consi/s ( contracts describ$ 9       
section #djc7;b7 ( su* ,code & t meets !
 requirem5ts ( subp>agraph 7,a7 or 7,b7 
( section #dac7;e77#a7 ( su* ,code44    
7,b7 ,con=m+ am5dm5ts ,p>agraphs        
7#dc77;,b77v77,,ii7 & 7#dd77;,a77i77,i7 
( section #c ( su* ,act 7#bi ,u4,s4,c4  
#ajjb7 are ea* am5d$ by /rik+ section   
#dja7;a7 ( su* ,code or & ins]t+        
#dja7;a7 ( su* ,code1 a plan t consi/s (
 contracts describ$ 9 section #djc7;b7 (
 su* ,code1 or4  7#b7 ,fiduci>ies       
,section #c7dc77;,b77ii7 ( su* ,act 7#bi
 ,u4,s4,c4 #ajjb7dc77;,b77ii77 is       
am5d$-- 7,a7 by /rik+ tru/ees meet+ !   

requirem5ts ( section #djh7;a77#b7 ( !  
,int]nal ,rev5ue ,code ( #aihf & ins]t+ 
tru/ees 7or o!r fiduci>ies 9 ! case ( a 
plan t consi/s ( contracts describ$ 9   
section #djc7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf7 meet+ ! requirem5ts (    
section #djh7;a77#b7 ( su* ,code2 &     
7,b7 by /rik+ hold+ & ins]t+ hold+ 7or  
caus+ to be held "u ! t]ms ( a plan     
consi/+ ( su* contracts74  7e7          
,regulations  7#a7 ,plan t]m9ation ,!   
,secret>y ( ! ,treasury 7or !           
,secret>y's designee7 %all prescribe su*
 regulations z may be necess>y to cl>ify
 ! treatm5t ( a plan t]m9ation by an    
employ] 9 ! case ( plans to :i* section 
#djc7;b77#ae7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf applies4  7#b7 ,educational    
outrea* to employ]s exempt f tax ,!     
,secret>y ( ! ,treasury 7or !           
,secret>y's designee71 9 consultation ) 
! ,secret>y ( ,labor1 %all provide      
education & outrea* to increase aw>5ess 
among employ]s :i* are exempt f tax "u  
section #eja7;a7 ( su* ,code t-- 7,a7   

multiple employ] plans are subject to ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd1 &  7,b7 ea* employ] is a  
plan sponsor ) respect to its employees 
p>ticipat+ 9 ! multiple employ] plan &1 
z su*1 has c]ta9 fiduci>y duties )      
respect to ! plan & to its employees4   
7f7 ,modification ( model plan language 
7#a7 ,plan notifications ,! ,secret>y ( 
! ,treasury 7or ! ,secret>y's designee7 
%all modify ! model plan language       
publi%$ "u section #dac7;e77#e7 ( !     
,int]nal ,rev5ue ,code ( #aihf to       
include language :i* notifies p>ticipat+
 employ]s :i* are exempt f tax "u       
section #eja7;a7 ( su* ,code t ! plan is
 subject to ! ,employee ,retirem5t      
,income ,security ,act ( #aigd & t su*  
employ] is a plan sponsor ) respect to  
its employees p>ticipat+ 9 ! multiple   
employ] plan &1 z su*1 has c]ta9        
fiduci>y duties ) respect to ! plan & to
 its employees4  7#b7 ,model plans =    
multiple employ] #djc7;b7 non-gov]nm5tal
 plans ,= plans to :i* section          

#djc7;b77#ae77;,a7 ( ! ,int]nal ,rev5ue 
,code ( #aihf applies 7o!r ?an a plan   
ma9ta9$ = its employees by a ,/ate1 a   
political subdivision ( a ,/ate1 or an  
ag5cy or in/rum5tality !re(7 ! ,secret>y
 %all publi% model plan language simil> 
to model plan language publi%$ "u       
section #dac7;e77#e7 ( su* ,code4  7g7  
,no inf]5ce ) respect to *ur* plans     
,reg>d+ any application ( section       
#djc7;b7 ( ! ,int]nal ,rev5ue ,code (   
#aihf to an annuity contract pur*as$ "u 
a *ur* plan 7z def9$ 9 section #dad7;e7 
( su* ,code7 ma9ta9$ by m ?an #a        
employ]1 or to any application ( rules  
simil> to section #dac7;e7 ( su* ,code  
to su* a plan1 no inf]5ce %all be drawn 
solely because section                  
#djc7;b77#ae77;,a7 ( su* ,code 7z add$  
by ?is ,act7 does n apply to su* plans4 
7h7 ,effective date  7#a7 ,9 g5]al ,!   
am5dm5ts made by ?is section %all apply 
to plan ye>s beg9n+ aft] ,decemb] #ca1  
#bjbb4  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 ! case ( a plan to :i*     
section #djc7;b77#ae7 applies4  #c4     
,safe h>bor = corrections ( employee    
elective def]ral failures  7a7 ,9 g5]al 
,section #dad ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7aa7 ,correct+  
automatic contribution errors  7#a7 ,9  
g5]al ,any plan or arrangem5t %all n    
fail to be treat$ z a plan describ$ 9   
section #dja7;a71 #djc7;b71 #djh1 or    
#deg7;b71 z applicable1 solely by reason
 ( a correct$ error4  7#b7 ,correct$    
error ,= purposes ( ?is subsection1 !   
t]m correct$ error means a reasonable   
adm9i/rative error 9 implem5t+ an       
automatic enrollm5t or automatic        
escalation feature 9 accordance ) ! t]ms

 ( an eligible automatic contribution   
arrangem5t 7z def9$ "u subsection       
7w77#c771 provid$ t su* implem5tation   
error-- 7,a7 is correct$ by ! date :i*  
is #i mon?s aft] ! end ( ! plan ye> dur+
 :i* ! failure occurr$1  7,b7 is        
correct$ 9 a mann] :i* is favorable to !
 p>ticipant1 &  7,c7 is ( a type :i* is 
s correct$ = all simil>ly situat$       
p>ticipants 9 a nondiscrim9atory mann]4 
,su* correction may occur be=e or aft] !
 p>ticipant has t]m9at$ employm5t & may 
occur )\t reg>d to :e!r ! error is      
id5tifi$ by ! ,secret>y4  7#c7          
,regulations & guidance = favorable     
correction me?ods ,! ,secret>y %all1 by 
regulations or o!r guidance ( g5]al     
applicability1 specify ! correction     
me?ods :i* are 9 a mann] favorable to ! 
p>ticipant = purposes ( p>agraph        
7#b77;,b74  4  7b7 ,effective date ,!   
am5dm5t made by ?is section %all apply  
to ! correction ( any error ) respect to
 :i* ! date describ$ 9 section          
#dad7;aa77#b77;,a7 ( ! ,int]nal ,rev5ue 

,code ( #aihf 7z add$ by ?is section7 is
 aft] ! date ( enactm5t ( ?is ,act4  #d4
 ,application ( cr$it = small employ]   
p5sion plan />tup co/s to employ]s :i*  
jo9 an exi/+ plan  7a7 ,9 g5]al ,section
 #de;,e7d77#c77;,a7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by /rik+        
effective & ins]t+ effective ) respect  
to ! eligible employ]4  7b7 ,effective  
date ,! am5dm5t made by ?is section %all
 apply to eligible employ] plans :i*    
become effective ) respect to ! eligible
 employ] aft] ! date ( ! enactm5t ( ?is 
,act4  #e4 ,am5dm5ts to increase b5efit 
accruals "u plan = previ\s plan ye>     
all[$ until employ] tax return due date 
7a7 ,9 g5]al ,section #dja7;b7 ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#c7 ,retroactive plan am5dm5ts t       
increase b5efit accruals ,if-- 7,a7 an  
employ] am5ds a /ock bonus1 p5sion1     
pr(it-%>+1 or annuity plan to increase  
b5efits accru$ "u ! plan effective = !  
prec$+ plan ye> 7o!r ?an increas+ !     

am\nt ( mat*+ contributions 7z def9$ 9  
subsection 7m77#d77;,a7771  7,b7 su*    
am5dm5t w\ld n o!rwise cause ! plan to  
fail to meet any ( ! requirem5ts ( ?is  
sub*apt]1 &  7,c7 su* am5dm5t is adopt$ 
be=e ! "t prescrib$ by law = fil+ !     
return ( ! employ] = a taxable ye>      
7includ+ ext5sions !re(7 dur+ :i* su*   
am5dm5t is effective1  ! employ] may    
elect to treat su* am5dm5t z hav+ be5   
adopt$ z ( ! la/ day ( ! plan ye> 9 :i* 
! am5dm5t is effective4  4  7b7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to plan ye>s beg9n+  
aft] ,decemb] #ca1 #bjbb4