,,ii #aag? ,,congress #a/ ,session ,s4 #bdeb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bb1 #bjba,mr4 ,wyd5 7= himself1 ,mr4 ,b5net1 ,mr4 ,casey1 ,mr4 ,durb91 ,ms4 ,klobu*>1 ,mr4 ,m55dez1 & ,mrs4 ,murray7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide mat*+ paym5ts = retirem5t sav+s contributions by c]ta9 individuals1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,enc\rag+ ,am]icans to ,save ,act4 #b4 ,sav]'s mat*+ cr$it = elective def]ral & ,,ira contributions by c]ta9 individuals 7a7 ,9 g5]al ,sub*apt] ,b ( *apt] #fe ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #fdcc4 ,sav]'s mat*+ cr$it = elective def]ral & ,,ira contributions by c]ta9 individuals 7a7 ,9 g5]al 7#a7 ,all[ance ( cr$it ,any eligible individual :o makes qualifi$ retirem5t sav+s contributions = ! taxable ye> %all be all[$ a cr$it = su* taxable ye> 9 an am\nt equal to ! applicable p]c5tage ( s mu* ( ! qualifi$ retirem5t sav+s contributions made by su* eligible individual = ! taxable ye> z does n exce$ #b1jjj4 7#b7 ,paym5t ( cr$it ,! cr$it "u ?is section %all be paid by ! ,secret>y z a contribution 7z soon z practicable aft] ! eligible individual has fil$ a tax return = ! taxable ye>7 to ! applicable retirem5t sav+s vehicle ( an eligible individual4 7b7 ,applicable p]c5tage ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! applicable p]c5tage is #ej p]c5t4 7#b7 ,phase\t ,! p]c5tage "u p>agraph 7#a7 %all be r$uc$ 7b n bel[ z]o7 by ! numb] ( p]c5tage po9ts :i* be>s ! same ratio to #ej p]c5tage po9ts z-- 7,a7 ! excess (-- 7i7 ! taxpay]'s modifi$ adju/$ gross income = su* taxable ye>1 ov] 7ii7 ! applicable doll> am\nt1 be>s to 7,b7 ! phase\t range4 ,if any r$uction det]m9$ "u ?is p>agraph is n a :ole p]c5tage po9t1 su* r$uction %all be r\nd$ to ! next l[e/ :ole p]c5tage po9t4 7#c7 ,applicable doll> am\nt2 phase\t range 7,a7 ,jo9t returns ,except z provid$ 9 subp>agraph 7,b7-- 7i7 ! applicable doll> am\nt is #fe1jjj1 & 7ii7 ! phase\t range is #bj1jjj4 7,b7 ,o!r returns ,9 ! case (-- 7i7 a head ( a h\sehold 7z def9$ 9 section #b7;b771 ! applicable doll> am\nt & ! phase\t range %all be #c_/d ( ! am\nts applicable "u subp>agraph 7,a7 7z adju/$ "u subsection 7g771 & 7ii7 any taxpay] :o is n fil+ a jo9t return & :o is n a head ( a h\sehold 7z s def9$71 ! applicable doll> am\nt & ! phase\t range %all be ( ! am\nts applicable "u subp>agraph 7,a7 7z s adju/$74 7#d7 ,exception2 m9imum cr$it ,9 ! case ( an eligible individual ) respect to :om 7)\t reg>d to ?is p>agraph7 ! cr$it det]m9$ "u subsection 7a77#a7 is great] ?an z]o b less ?an #ajj1 ! cr$it all[$ "u ?is section %all be #ajj4 7c7 ,eligible individual ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! t]m eligible individual means any individual if su* individual has atta9$ ! age ( #ah z ( ! close ( ! taxable ye>4 7#b7 ,dep5d5ts n eligible ,! t]m eligible individual %all n include any individual ) respect to :om a d$uction "u section #aea is all[$ to ano!r taxpay] = a taxable ye> beg9n+ 9 ! cal5d> ye> 9 :i* su* individual's taxable ye> beg9s4 7d7 ,qualifi$ retirem5t sav+s contributions ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ retirem5t sav+s contributions means1 ) respect to any taxable ye>1 ! sum (-- 7,a7 ! am\nt ( ! qualifi$ retirem5t contributions 7z def9$ 9 section #bai7;e77 made by ! eligible individual1 7,b7 ! am\nt (-- 7i7 any elective def]rals 7z def9$ 9 section #djb7;g77#c77 ( su* individual1 & 7ii7 any elective def]ral ( comp5sation by su* individual "u an eligible def]r$ comp5sation plan 7z def9$ 9 section #deg7;b77 ( an eligible employ] describ$ 9 section #deg7;e77#a77;,a71 7,c7 ! am\nt ( volunt>y employee contributions by su* individual to any qualifi$ retirem5t plan 7z def9$ 9 section #digd7;c771 & 7,d7 ! am\nt ( contributions by su* individual to a qualifi$ ,,able program 7z def9$ 9 section #ebi;,a7b77 = ! b5efit ( ! individual4 ,su* t]m %all n include any am\nt attributable to a paym5t "u subsection 7a74 7#b7 ,r$uction = c]ta9 di/ributions 7,a7 ,9 g5]al ,! qualifi$ retirem5t sav+s contributions det]m9$ "u p>agraph 7#a7 = a taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! aggregate di/ributions receiv$ by ! individual dur+ ! te/+ p]iod f any entity ( a type to :i* contributions "u p>agraph 7#a7 may be made4 7,b7 ,te/+ p]iod ,= purposes ( subp>agraph 7,a71 ! te/+ p]iod1 ) respect to a taxable ye>1 is ! p]iod :i* includes-- 7i7 su* taxable ye>1 7ii7 ! #b prec$+ taxable ye>s1 & 7iii7 ! p]iod beg9n+ on ! day aft] ! la/ day ( su* taxable ye> & end+ ) ! due date 7includ+ ext5sions7 = fil+ ! return ( tax = su* taxable ye>4 7,c7 ,except$ di/ributions ,!re %all n be tak5 into acc\nt "u subp>agraph 7,a7-- 7i7 any di/ribution ref]r$ to 9 section #gb7p71 #dja7k77#h71 #dja7m77#f71 #djb7;g77#b71 #djd7k71 or #djh7;d77#d71 7ii7 any di/ribution to :i* section #djh7;d77#c7 or #djh;,a7d77#c7 applies1 7iii7 any di/ribution to :i* ! rules describ$ 9 ! second s5t5ce ( section #ebi;,a7b77#b7 apply1 & 7iv7 any portion ( a di/ribution if su* portion is transf]r$ or paid 9 a rollov] contribution 7z def9$ 9 section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 #djh;,a7e71 or #deg7;e77#af77 to an acc\nt or plan to :i* qualifi$ retirem5t sav+s contributions c be made4 7,d7 ,treatm5t ( di/ributions receiv$ by sp\se ( individual ,= purposes ( det]m9+ di/ributions receiv$ by an individual "u subp>agraph 7,a7 = any taxable ye>1 any di/ribution receiv$ by ! sp\se ( su* individual %all be treat$ z receiv$ by su* individual if su* individual & sp\se file a jo9t return = su* taxable ye> & = ! taxable ye> dur+ :i* ! sp\se receives ! di/ribution4 7e7 ,applicable retirem5t sav+s vehicle 7#a7 ,9 g5]al ,! t]m applicable retirem5t sav+s vehicle means-- 7,a7 an acc\nt or plan elect$ by ! eligible individual "u p>agraph 7#b71 7,b7 9 ! case ( qualifi$ retirem5t sav+s contributions describ$ 9 subsection 7d77#a77;,d71 ! qualifi$ ,,able program 7z def9$ 9 section #ebi;,a7b77 to :i* su* contributions 7 made1 or 7,c7 if no su* election is made or ! ,secret>y is n able to make a contribution into su* acc\nt or plan1 an acc\nt e/abli%$ = ! b5efit ( ! eligible individual "u ! ,r-,bond ,program4 ,= purposes ( subp>agraph 7,c71 if no acc\nt has previ\sly be5 e/abli%$ = ! b5efit ( ! individual "u ! ,r-,bond ,program1 ! ,secret>y %all e/abli% su* an acc\nt = su* individual = purposes ( receiv+ contributions "u ?is section4 7#b7 ,o!r retirem5t vehicles ,an eligible individual may elect1 9 su* =m & mann] z ! ,secret>y may provide1 to h ! am\nt ( ! cr$it det]m9$ "u subsection 7a7 contribut$ to an acc\nt or plan :i*-- 7,a7 is a ,ro? ,,ira or a designat$ ,ro? acc\nt 7)9 ! mean+ ( section #djb;,a7 ( an applicable retirem5t plan 7z def9$ 9 section #djb;,a7e77#a771 7,b7 is = ! b5efit ( ! eligible individual1 & 7,c7 accepts contributions made "u ?is section4 ,9 ! case ( a plan ( :i* a qualifi$ tru/ "u section #dja7;a7 is a "p1 an annuity contract describ$ 9 section #djc7;b71 or a plan describ$ 9 section #deg7;b7 :i* is e/abli%$ & ma9ta9$ by an employ] describ$ 9 section #deg7;e77#a77;,a71 ! plan %all h discretion :e!r to accept contributions made "u ?is section1 b if ! plan accepts any su* contributions x %all accept !m on a uni=m basis4 7f7 ,o!r def9itions & special rules 7#a7 ,modifi$ adju/$ gross income ,= purposes ( ?is section1 ! t]m modifi$ adju/$ gross income means adju/$ gross income-- 7,a7 det]m9$ )\t reg>d to sections #iaa1 #ica1 & #icc1 & 7,b7 det]m9$ )\t reg>d to any exclusion or d$uction all[$ = any qualifi$ retirem5t sav+s contribution made dur+ ! taxable ye>4 7#b7 ,treatm5t ( contributions ,9 ! case ( any contribution "u subsection 7a77#b7-- 7,a7 except z o!rwise provid$ 9 ?is section or by ! ,secret>y "u regulations1 su* contribution %all be treat$ z-- 7i7 an elective def]ral made by ! individual :i* is a designat$ ,ro? contribution1 if contribut$ to an applicable retirem5t plan1 or 7ii7 a ,ro? ,,ira contribution made by su* individual1 if contribut$ to a ,ro? ,,ira1 7,b7 su* contribution %all n be treat$ z income to ! taxpay]1 & 7,c7 su* contribution %all n be tak5 into acc\nt ) respect to any applicable limitation "u sections #djb7;g77#a71 #djc7;b71 #djh7;a77#a71 #djh7;b77#b77;,b71 #djh;,a7c77#b71 #dad7v77#b71 #dae7;c71 or #deg7;b77#b71 & %all be disreg>d$ = purposes ( sections #dja7;a77#d71 #dja7k77#c71 #dja7k77#aa77;,b77i77,,iii71 #daj7;b71 & #daf4 7#c7 ,treatm5t ( qualifi$ plans1 etc ,a plan or arrangem5t to :i* a contribution is made "u ?is section %all n be treat$ z violat+ any requirem5t "u section #dja1 #djc1 #djh1 or #deg solely by reason ( accept+ su* contribution4 7#d7 ,errone\s cr$its ,if any contribution is errone\sly paid "u subsection 7a77#b71 ! am\nt ( su* errone\s paym5t %all be treat$ z an und]paym5t ( tax4 7g7 ,inflation adju/m5ts 7#a7 ,9 g5]al ,9 ! case ( any taxable ye> beg9n+ 9 a cal5d> ye> aft] #bjbc1 ea* ( ! doll> am\nts 9 subsections 7a77#a7 & 7b77#c77;,a77i7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ cal5d> ye> #bjbb = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7#b7 ,r\nd+ ,any increase det]m9$ "u p>agraph 7#a7 %all be r\nd$ to ! ne>e/ multiple (-- 7,a7 #ajj 9 ! case ( an adju/m5t ( ! am\nt 9 subsection 7a77#a71 & 7,b7 #a1jjj 9 ! case ( an adju/m5t ( ! am\nt 9 subsection 7b77#c77;,a77i74 4 7b7 ,paym5t au?ority ,section #acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ or #fdca & ins]t+ #fdca1 or #fdcc4 7c7 ,defici5cies ,section #fbaa7;b77#d7 is am5d$ by /rik+ & #fdca & ins]t+ #fdca1 & #fdcc4 7d7 ,report+ ,! ,secret>y ( ,labor1 ! ,secret>y ( ! ,treasury1 & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation %all-- 7#a7 am5d ,=m #eejj to require sep>ate report+ ( ! aggregate am\nt ( contributions receiv$ by ! plan dur+ ! ye> "u section #fdcc7;a77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by ?is section71 & 7#b7 am5d ,=m #edih to require simil> report+ ) respect to individual retirem5t plans 7z def9$ 9 section #ggja7;a77#cg7 ( su* ,code74 7e7 ,con=m+ am5dm5ts 7#a7 ,section #be;,b ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subsections 7a7 ?r\gh 7f7 & ins]t+ ! foll[+3 ,= paym5t ( cr$it relat$ to qualifi$ retirem5t sav+s contributions1 see section #fdcc4 4 7#b7 ,! table ( sections = sub*apt] ,b ( *apt] #fe ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #fdcc4 ,sav]'s mat*+ cr$it = elective def]ral & ,,ira contributions by c]ta9 individuals4 4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 7g7 ,coronavirus recov]y bonus cr$it 7#a7 ,9 g5]al ,9 ! case ( taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbb1 & be=e ,janu>y #a1 #bjbh1 ! am\nt ( ! cr$it det]m9$ "u section #fdcc ( ! ,int]nal ,rev5ue ,code ( #aihf1 z add$ by ?is section1 %all be increas$ by an am\nt equal to #ej p]c5t ( s mu* ( ! qualifi$ retirem5t sav+s contributions made by an eligible individual = ! taxable ye> z does n exce$-- 7,a7 #aj1jjj1 r$uc$ by 7,b7 ! aggregate am\nt ( qualifi$ retirem5t sav+s contributions made by ! eligible individual 9 all prec$+ taxable ye>s :i* beg9 aft] ,decemb] #ca1 #bjbb4 7#b7 ,phase\t ,! #aj1jjj am\nt "u p>agraph 7#a77;,a7 %all be r$uc$ 7b n bel[ z]o7 by a p]c5tage :i* be>s ! same ratio to #ej p]c5t z-- 7,a7 ! excess (-- 7i7 ! taxpay]'s modifi$ adju/$ gross income = ! taxable ye>1 ov] 7ii7 ! applicable doll> am\nt1 be>s to 7,b7 ! phase\t range4 ,if any r$uction det]m9$ "u ?is p>agraph is n a :ole p]c5tage po9t1 su* r$uction %all be r\nd$ to ! next l[e/ :ole p]c5tage po9t4 7#c7 ,def9itions ,= purposes ( ?is subsection1 ! t]ms qualifi$ retirem5t sav+s contributions1 eligible individual1 applicable doll> am\nt1 & phase\t range h ! mean+s giv5 su* t]ms by subsections 7d71 7c71 & 7b71 respectively1 ( section #fdcc ( su* ,code1 z s add$4 #c4 ,e/abli%m5t ( ,r-,bond ,program 7a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all1 n lat] ?an ,janu>y #ca1 #bjbc1 e/abli% a p]man5t program1 to be kn[n z ! ,r-,bond ,program1 :i* meets ! requirem5ts ( ?is section to e/abli% & ma9ta9 individual retirem5t plans on behalf ( individuals4 7b7 ,program specifications 7#a7 ,9 g5]al 7,a7 ,i,r,as ,! ,r-,bond ,program e/abli%$ "u ?is section %all-- 7i7 p]mit ! e/abli%m5t ( individual retirem5t plans on behalf ( an individual1 :e!r a traditional ,,ira or a ,ro? ,,ira or bo?1 z appropriate2 7ii7 require ! assets ( ea* individual retirem5t plan e/abli%$ "u ! program to be held by ! designat$ ,,ira tru/ee2 7iii7 p]mit contributions to be made p]iodically to su* individual retirem5t plans1 includ+ contributions paid "u section #fdcc7;a77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 contributions made by direct deposit or o!r electronic means1 includ+ taxpay]-direct$ direct deposit ( ,f$]al income tax refunds by ! ,dep>tm5t ( ! ,treasury1 & by me?ods t provide access = ! unbank$2 7iv7 p]mit di/ributions & rollov]s f su* individual retirem5t plans ^u reque/ ( ! acc\nt own]2 7v7 include proc$ures to consolidate multiple acc\nts e/abli%$ = ! same individual 9 ord] t ea* individual1 to ! ext5t practicable1 has only "o ,ro? ,,ira & only "o traditional ,,ira "u ! program2 & 7vi7 ensure t su* individual retirem5t plans are inve/$ solely 9 retirem5t sav+s bonds issu$ by ! ,dep>tm5t ( ! ,treasury = ! purpose ( ! ,r-,bond ,program4 7,b7 ,regulations1 etc ,! ,secret>y ( ! ,treasury %all h au?ority to promulgate su* regulations1 rules1 & o!r guidance z are necess>y to implem5t ! ,r-,bond ,program1 & are consi/5t ) ?is section1 z well z coord9ation rules p]mitt+ individual retirem5t plans to be e/abli%$ "u ! ,r-,bond ,program by taxpay] election on ! return ( tax1 & 9 connection ) & 9 support ( programs e/abli%$ "u ,/ate & local laws t enroll resid5ts 9 individual retirem5t plans4 7#b7 ,no fees ,no fees %all be assess$ on p>ticipants 9 ! ,r-,bond ,program4 7#c7 ,limitations 7,a7 ,contribution m9imum ,! ,secret>y ( ! ,treasury may e/abli% m9imum am\nts = initial & additional contributions to an individual retirem5t plan "u ! ,r-,bond ,program1 n to exce$ #e4 7,b7 ,limitation ( rollov] contributions & transf]s ,no rollov] contribution or transf] %all be accept$ to an individual retirem5t plan "u ! ,r-,bond ,program except to ! ext5t necess>y to consolidate acc\nts z provid$ 9 p>agraph 7#a77v74 7#d7 ,designat$ ,,ira tru/ee ,= purposes ( ?is section1 ! designat$ ,,ira tru/ee is ! ,dep>tm5t ( ! ,treasury or su* o!r p]son z ! ,secret>y ( ! ,treasury may designate to act z tru/ee ( ! individual retirem5t plans e/abli%$ "u ! ,r-,bond ,program4 7#e7 ,disclosures ,! designat$ ,,ira tru/ee %all provide 9 writ+1 9 pap] =m mail$ to ! la/ kn[n address ( ! individual unless ! individual affirmatively elects to receive electronic /atem5ts-- 7,a7 annual acc\nt balance /atem5ts to individuals on behalf ( :om individual retirem5t plans are e/abli%$ "u ! ,r-,bond ,program1 :i* %all include-- 7i7 an explanation t-- 7,i7 program acc\nt balances are solely inve/$ 9 retirem5t sav+s bonds issu$ by ! ,dep>tm5t ( ! ,treasury = ! purpose ( ! ,r-,bond ,program2 7,,ii7 div]sifi$ inve/m5t opportunities :i* are n gu>ante$ by ! ,f$]al gov]nm5t are available = individual retirem5t plans e/abli%$ by o!r provid]s2 7,,iii7 no fees are *>g$ "u ! ,r-,bond ,program2 & 7,,iv7 ! individual has ! "r to roll ov] or transf] an acc\nt balance )\t p5alty2 7ii7 an illu/ration ( ! pot5tial impacts t high] yields may h on long-t]m accumulation2 & 7iii7 in=mation on ! types ( fees t o!r provid]s may *>ge = ! e/abli%m5t ( individual retirem5t plans1 & ! impact ( fees on long-t]m accumulation2 & 7,b7 if ! acc\nt balance ( ! individual retirem5t plan exce$s #ae1jjj & ! individual has n previ\sly s affirm$1 a reque/ t ! individual affirm 7includ+ in/ructions = mak+ su* affirmation7 to ! designat$ ,,ira tru/ee t ! individual does n want to roll ov] su* acc\nt balance to ano!r plan 7accord+ to ! rules relat+ to rollov]s & transf]s ( individual retirem5t plans "u ! ,int]nal ,rev5ue ,code ( #aihf74 7c7 ,retirem5t sav+s bonds ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m retirem5t sav+s bond means an int]e/-be>+ electronic ,unit$ ,/ates sav+s bond issu$ to ! designat$ ,,ira tru/ee :i* is available only to p>ticipants 9 ! ,r-,bond ,program4 7#b7 ,int]e/ rate ,bonds issu$ "u ! ,r-,bond ,program %all e>n int]e/ at a rate equal to ! great] ( 7det]m9$ on ! issue date ( ! bond7-- 7,a7 ! rate e>n$ by ! ,gov]nm5t ,securities ,inve/m5t ,fund e/abli%$ "u section #hdch7;b77#a7 ( title #e1 ,unit$ ,/ates ,code1 or 7,b7 ! rate e>n$ by a ,s]ies ,i ,unit$ ,/ates sav+s bond4 7#c7 ,reissue 9 case ( *ange 9 tru/ee ,if a successor designat$ ,,ira tru/ee is designat$ "u subsection 7b77#d71 ! retirem5t sav+s bonds issu$ to ! pr$ecessor designat$ ,,ira tru/ee %all be reissu$ to su* successor4 7d7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,individual retirem5t plan ,! t]m individual retirem5t plan has ! mean+ giv5 su* t]m by section #ggja7;a77#cg7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#b7 ,traditional ,,ira ,! t]m traditional ,,ira means an individual retirem5t plan :i* is n a ,ro? ,,ira4 7#c7 ,ro? ,,ira ,! t]m ,ro? ,,ira has ! mean+ giv5 su* t]m by section #djh;,a7b7 ( su* ,code4 7#d7 ,secret>y ,any ref]5ce to ! ,secret>y ( ! ,treasury includes a ref]5ce to su* ,secret>y's delegate4 #d4 ,promotion & guidance 7a7 ,promotion ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all educate taxpay]s on ! b5efits provid$ "u section #fdcc ( ! ,int]nal ,rev5ue ,code ( #aihf & ! ,r-,bond ,program e/abli%$ "u section #c ( ?is ,act4 7b7 ,notice ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act-- 7#a7 ,plan adm9i/rators ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 & ! ,secret>y ( ,labor1 z appropriate1 %all issue guidance to plan adm9i/rators reg>d+ in=mation on ! b5efits provid$ "u section #fdcc ( ! ,int]nal ,rev5ue ,code ( #aihf & ! ,r-,bond ,program e/abli%$ "u section #c ( ?is ,act = p>ticipants & b5efici>ies :i* is to be requir$ to be includ$ 9 plan disclosures includ+ summ>y plan descriptions1 op5 enrollm5t mat]ials1 & annual notices o!rwise provid$ by plans4 ,su* guidance-- 7,a7 %all include model notice language 9 bo? ,engli% & ,spani% t is deem$ to satisfy ! notice requirem5t ( ! prec$+ s5t5ce1 & 7,b7 9 ! case ( annual enrollm5t mat]ials = a plan1 %all specify t su* notice may be giv5 at ! same "t z any elective def]ral or mat*+ contribution safe h>bor notice w\ld be requir$ to be giv5 7ev5 if ! plan does n incorporate su* a safe h>bor7 & may be incorporat$ into su* safe h>bor notice4 7#b7 ,tru/ees & issu]s ( ,i,r,as ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 & ! ,secret>y ( ,labor1 z appropriate1 %all issue guidance to tru/ees & issu]s ( individual retirem5t plans reg>d+ in=mation on ! b5efits provid$ "u section #fdcc ( ! ,int]nal ,rev5ue ,code ( #aihf & ! ,r-,bond ,program e/abli%$ "u section #c ( ?is ,act = pot5tially eligible individuals :i* is to be requir$ to be includ$ 9 individual retirem5t plan disclosures4 7#c7 ,paym5t ( cr$its ,n lat] ?an #c ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all promulgate guidance sett+ =? proc$ures t p]mit ! direct paym5t ( cr$its "u section #fdcc to an employ]-sponsor$ plan 9 :i* ! taxpay] is a p>ticipant & t elects to receive su* cr$its1 includ+ rules reg>d+ notice to taxpay]s & a plan ( a paym5t ( su* cr$it & notice f a plan to a taxpay] & ! ,secret>y confirm+ receipt ( a paym5t4 #e4 ,deadl9e to fund ,,ira ) tax refund 7a7 ,9 g5]al ,p>agraph 7#c7 ( section #bai7;f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ is made n lat] ?an & ins]t+ 8is made-- 7i7 n lat] ?an 1 7#b7 by /rik+ ! p]iod at ! end & ins]t+ 1 or1 & 7#c7 by add+ at ! end ! foll[+ new clause3 7ii7 by direct deposit by ! ,secret>y pursuant to an election on ! return = su* taxable ye> to contribute all or a portion ( any am\nt ow$ to ! taxpay] to an individual retirem5t plan ( ! taxpay]1 b only if ! return is fil$ n lat] ?an ! date describ$ 9 clause 7i74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjba4