,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dcaj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #be1 #bjbb,mr4    
,book] 7= himself & ,mr4 ,"y7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,f9ance  ,a ,,bill  
,to all[ employ]s to (f] p5sion-l9k$    
em]g5cy sav+s acc\nts = f9ancial        
em]g5cies1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,em]g5cy
 ,sav+s ,act ( #bjbb4  #b4 ,em]g5cy     
sav+s acc\nts l9k$ to def9$ contribution
 plans  7a7 ,employee p5sion b5efit     
plans ,section #c ( ! ,employee         
,retirem5t ,income ,security ,act 7#bi  
,u4,s4,c4 #ajjb7 is am5d$-- 7#a7 9      
p>agraph 7#b77;,a71 by ins]t+ aft] !    
fir/ s5t5ce ! foll[+3 ,a p5sion plan may
 include a p5sion-l9k$ em]g5cy sav+s    
acc\nt42 &  7#b7 by add+ at ! end !     
foll[+3  7#de7 ,p5sion-l9k$ em]g5cy     
sav+s acc\nt ,! t]m p5sion-l9k$ em]g5cy 
sav+s acc\nt means an acc\nt e/abli%$ or
 ma9ta9$ by a sponsor ( a def9$         
contribution plan = purposes ( (f]+ or  

provid+ a p>ticipant ( su* plan !       
opportunity to ma9ta9 a %ort-t]m sav+s  
acc\nt t-- 7,a7 is (f]$ z "p ( su* def9$
 contribution plan2  7,b7 accepts only--
 7i7 p>ticipant contributions :i* are   
treat$ 9 ! same mann] z ,ro?            
contributions = purposes ( inclusion 9  
gross income2 &  7ii7 employ]           
contributions :i* are includible 9 gross
 income ( ! p>ticipant = purposes ( !   
,int]nal ,rev5ue ,code ( #aihf2 &  7,c7 
meets ! requirem5ts ( "p #h ( subtitle  
,b4  4  7b7 ,p5sion-,l9k$ em]g5cy sav+s 
acc\nts  7#a7 ,9 g5]al ,subtitle ,b (   
title ,i ( ! ,employee ,retirem5t       
,income ,security ,act 7#bi ,u4,s4,c4   
#ajba et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #h ,p5sion-l9k$ em]g5cy     
sav+s acc\nts  #hja4 ,p5sion-l9k$       
em]g5cy sav+s acc\nts  7a7 ,9 g5]al ,a  
plan sponsor ( a def9$ contribution plan
 may make available to p>ticipants ( su*
 p5sion plan a p5sion-l9k$ em]g5cy sav+s
 acc\nt4 ,a plan sponsor t (f]s         
p>ticipants a p5sion-l9k$ em]g5cy sav+s 

acc\nt may d$uct am\nts f ea* p>ticipat+
 employee's comp5sation 9 accordance )  
subsection 7c7 & deposit su* am\nts1 &  
any employ] contributions "u su*        
subsection1 to an acc\nt t meets !      
requirem5ts ( subsection 7b74  7b7      
,acc\nt requirem5ts  7#a7 ,9 g5]al ,a   
p5sion-l9k$ em]g5cy sav+s acc\nt (f]$ 9 
accordance ) subsection 7a7 %all-- 7,a7 
n h a m9imum acc\nt balance requirem5t2 
7,b7 all[ = )drawal by ! p>ticipant ( ! 
acc\nt balance1 9 :ole or 9 "p at !     
discretion ( ! p>ticipant1 at lea/ once 
p] cal5d> mon? & = di/ribution ( su*    
)drawal to ! p>ticipant z soon z        
practicable b1 o!r ?an 9 exceptional    
circum/ances1 n lat] ?an #a week f !    
date on :i* ! p>ticipant elects to make 
su* )drawal2  7,c7 be held z ca%1 9 an  
int]e/-be>+ deposit acc\nt1 or 9 an     
inve/m5t or insurance product design$ to
 pres]ve pr9cipal & provide a reasonable
 rate ( return1 :e!r or n su* return is 
gu>ante$1 consi/5t ) liquidity2 &  7,d7 
n be subject to-- 7i7 any unreasonable  

fees1 re/rictions1 exp5ses1 or *>ges 9  
connection ) su* p5sion-l9k$ em]g5cy    
sav+s acc\nt2 &  7ii7 any fees 9        
connection ) ! )drawal ( funds f su*    
p5sion-l9k$ em]g5cy sav+s acc\nt o!r ?an
 reasonable reimbursem5t fees impos$ =  
pap] mail+s & ! h&l+ ( pap] *ecks relat$
 to su* p5sion-l9k$ em]g5cy sav+s       
acc\nt4  7#b7 ,e/abli%m5t & t]m9ation ( 
acc\nt  7,a7 ,e/abli%m5t ( acc\nt ,!    
e/abli%m5t ( a p5sion-l9k$ em]g5cy sav+s
 acc\nt %all be includ$ 9 ! def9$       
contribution plan docum5t ( ! associat$ 
def9$ contribution plan4  7,b7          
,t]m9ation ( acc\nt ,a plan sponsor may 
t]m9ate ! p5sion-l9k$ em]g5cy sav+s     
acc\nt feature ( an associat$ def9$     
contribution plan at any "t4 ,su*       
t]m9ation %all be treat$ z if a         
t]m9ation ( employm5t _h occurr$ 9      
accordance ) subsection 7d71 except !   
reasonable "t describ$ 9 su* subsection 
%all be z soon z practicable n lat] ?an 
#fj days aft] ! date ( su* t]m9ation ( !
 p5sion-l9k$ em]g5cy sav+s acc\nt       

feature ( su* associat$ def9$           
contribution plan4  7c7 ,acc\nt         
contributions  7#a7 ,employ]            
contributions  7,a7 ,9 g5]al ,subject to
 ! maximum acc\nt balance "u p>agraph   
7#c71 a plan sponsor may1 )\t reg>d to  
any election o!rwise by a p>ticipant1   
deposit to ! p5sion-l9k$ em]g5cy sav+s  
acc\nt ( ! p>ticipant an am\nt 9        
addition to ! am\nt contribut$ by !     
p>ticipant "u p>agraph 7#b74  7,b7      
,employ] contributions ,employ]         
contributions %all be includ$ 9 ! gross 
income ( a p>ticipant = purposes ( !    
,int]nal ,rev5ue ,code ( #aihf4  7#b7   
,p>ticipant contributions  7,a7 ,9 g5]al
 ,subject to ! maximum acc\nt balance "u
 p>agraph 7#c7-- 7i7 a plan sponsor may 
automatically enroll a p>ticipant 9 !   
p5sion-l9k$ em]g5cy sav+s acc\nt at a   
p>ticipant contribution rate select$ by 
! plan sponsor1 :i*1 unless ! p>ticipant
 affirmatively elects a diff]5t p]c5tage
 ( ! comp5sation ( ! p>ticipant to be   
contribut$ to ! p5sion-l9k$ em]g5cy     

sav+s acc\nt1 may n exce$ #c p]c5t ( !  
comp5sation ( ! p>ticipant2 or  7ii7 a  
p>ticipant may enroll 9 ! p5sion-l9k$   
em]g5cy sav+s acc\nt at a p>ticipant    
contribution rate select$ by !          
p>ticipant4  7,b7 ,control ( transf] ,a 
p>ticipant1 at any "t 7subject to su*   
reasonable advance notice z is requir$  
by ! plan adm9i/rator71 may-- 7i7 adju/ 
! p>ticipant contribution rate "u       
subp>agraph 7,a7 to ! p5sion-l9k$       
em]g5cy sav+s acc\nt ( ! p>ticipant2 or 
7ii7 opt out ( or pause = a specifi$    
p]iod ( "t su* contributions4  7,c7     
,adju/m5t ( p>ticipant contribution rate
 by plan sponsor ,a plan sponsor may    
adju/ ! p>ticipant contribution rate    
select$ by su* plan sponsor describ$ 9  
subp>agraph 7,a77i7 n m ?an once        
annually4  7#c7 ,acc\nt limits  7,a7 ,9 
g5]al ,subject to subp>agraph 7,b71 no  
contributions "u p>agraphs 7#a7 & 7#b7  
%all be accept$ to ! ext5t su*          
contributions w\ld cause ! balance ( !  
p5sion-l9k$ em]g5cy sav+s acc\nt to     

exce$ ! less] (-- 7i7 #b1ejj2 or  7ii7  
an am\nt det]m9$ by ! plan sponsor ( !  
p5sion-l9k$ em]g5cy sav+s acc\nt4  ,9 ! 
case ( contributions made 9 taxable ye>s
 beg9n+ aft] ,decemb] #a1 #bjbc1 !      
,secret>y %all adju/ ! am\nt "u clause  
7i7 at ! same "t & 9 ! same mann] z !   
adju/m5t made by ! ,secret>y ( !        
,treasury "u section #dae7;d7 ( !       
,int]nal ,rev5ue ,code ( #aihf1 except t
 ! base p]iod %all be ! cal5d> qu>t]    
beg9n+ ,july #a1 #bjbb4 ,any increase "u
 ! prec$+ s5t5ce :i* is n a multiple (  
#ajj %all be r\nd$ to ! next l[e/       
multiple ( #ajj4  7,b7 ,excess          
contributions direct$ to plan ,to !     
ext5t any elect$ contributions "u       
p>agraphs 7#a7 & 7#b7 to ! p5sion-l9k$  
em]g5cy sav+s acc\nt ( a p>ticipant = a 
taxable ye> w\ld cause ! balance ( !    
p5sion-l9k$ em]g5cy sav+s acc\nt to     
exce$ ! maximum acc\nt balance describ$ 
9 subp>agraph 7,a7-- 7i7 ! p>ticipant   
may be treat$ z hav+ elect$ to increase 
! p>ticipant's contributions to !       

associat$ def9$ contribution plan by an 
am\nt n m ?an ! rate at :i*             
contributions 7 be+ made to !           
p5sion-l9k$ em]g5cy sav+s acc\nt2 &     
7ii7 any su* contributions %all be      
treat$ z elective def]rals 7z su* t]m is
 def9$ 9 section #djb7;g77#c7 ( !       
,int]nal ,rev5ue ,code ( #aihf7 "u su*  
plan & %all be contribut$ to ! plan on  
behalf ( ! p>ticipant in/ead ( to !     
p5sion-l9k$ em]g5cy sav+s acc\nt4  7#d7 
,disclosure by plan sponsor ( transf]   
7,a7 ,9 g5]al ,n less ?an #ae days prior
 to ! date on :i* ! fir/ transf] "u ?is 
subsection occurs1 ! p]c5tage (         
comp5sation & am\nt ( ! p>ticipant's    
comp5sation transf]r$ "u p>agraph 7#a7  
is adju/$1 or ! plan sponsor adju/s !   
p]c5tage ( comp5sation ( ! automatic    
p>ticipant contribution "u p>agraph     
7#b77;,a77i71 ! plan sponsor %all       
provide to ! p>ticipant notice (-- 7i7 !
 purpose ( ! acc\nt be+ = %ort-t]m1     
em]g5cy sav+s2  7ii7 ! am\nt ( ! int5d$ 
contribution or ! *ange 9 ! p]c5tage ( !

 comp5sation ( ! p>ticipant ( su*       
contribution2  7iii7 9 accordance )     
p>agraph 7#b77;,b71 ! in/ructions on h[ 
to-- 7,i7 adju/ ! p>ticipant            
contribution rate "u p>agraph 7#b77;,a7 
to ! p5sion-l9k$ em]g5cy sav+s acc\nt ( 
! p>ticipant2 or  7,,ii7 opt out ( or   
pause = a specifi$ p]iod ( "t su*       
contributions2  7iv7 h[ su*             
contributions w be inve/$2  7v7 ! limits
 on1 & tax treatm5t (1 su*              
contributions2  7vi7 any fees1 exp5ses1 
or *>ges associat$ ) su* p5sion-l9k$    
em]g5cy sav+s acc\nt2 &  7vii7 proc$ures
 = p>ticipant )drawals f su* p5sion-l9k$
 em]g5cy sav+s acc\nt1 includ+ any      
limits on frequ5cy4  7,b7 ,consolidat$  
notices ,! requir$ notices "u           
subp>agraph 7,a7 may be includ$ ) any   
o!r notice "u ?is ,act1 includ+ "u      
section #djd7;c77#e77;,b7 or            
#ead7;e77#c71 or "u section             
#dja7k77#ac77;,e7 or #dad7w77#d7 ( !    
,int]nal ,rev5ue ,code ( #aihf1 if su*  
o!r notice is provid$ to ! p>ticipant n 

less ?an #ae days prior to ! date       
describ$ 9 su* subp>agraph & n m ?an #fj
 days prior to ! date on :i* ! fir/     
transf] "u ?is subsection occurs4  7#e7 
,employ] mat*+ contributions to a def9$ 
contribution plan = employee            
contributions to a p5sion-l9k$ em]g5cy  
sav+s acc\nt  7,a7 ,9 g5]al ,if an      
employ] makes any mat*+ contributions to
 a def9$ contribution plan ( :i* a      
p5sion-l9k$ em]g5cy sav+s acc\nt is "p--
 7i7 any contribution "u p>agraph 7#b7  
to a p5sion-l9k$ em]g5cy sav+s acc\nt ( 
! p>ticipant %all be treat$ z an        
elective def]ral = purposes ( mat*+     
contributions by su* employ] to su*     
def9$ contribution plan2 &  7ii7 su*    
employ] %all make mat*+ contributions on
 behalf ( su* p>ticipant to ! associat$ 
def9$ contribution plan on acc\nt ( su* 
contributions "u p>agraph 7#b7 at ! same
 rate z any o!r mat*+ contribution on   
acc\nt ( an elective def]ral by su*     
p>ticipant4  ,to ! ext5t any su* mat*+  
contribution exce$s ! maximum acc\nt    

balance "u p>agraph 7#c77;,a71 su*      
contributions %all be contribut$ to !   
plan z provid$ 9 p>agraph 7#c77;,b74    
7,b7 ,def9itions ,= purposes (          
subp>agraph 7,a71 ! t]ms mat*+          
contribution & elective def]ral %all h !
 mean+s giv5 su* t]ms 9 section         
#dja7m77#d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf4  7d7 ,acc\nt balance aft]       
t]m9ation ( employm5t ,^u t]m9ation (   
employm5t ( ! p>ticipant1 ! p5sion-l9k$ 
em]g5cy sav+s acc\nt ( su* p>ticipant   
%all-- 7#a7 all[1 z relevant1 = transf] 
by ! p>ticipant ( ! acc\nt balance ( su*
 acc\nt1 9 :ole or 9 "p1 into !         
designat$ ,ro? acc\nt 7)9 ! mean+ (     
section #djb;,a ( ! ,int]nal ,rev5ue    
,code ( #aihf7 ( ! p>ticipant "u !      
associat$ def9$ contribution plan2 &    
7#b7 = any am\nts 9 su* acc\nt n        
transf]r$ "u p>agraph 7#a71 make su*    
am\nts available )9 a reasonable "t n   
lat] ?an ! e>li] ( ! date on :i* !      
employ] contribut+ to ! plan makes !    
f9al comp5sation paym5t relat$ to su*   

employm5t or #fj days aft] ! date ( su* 
t]m9ation-- 7,a7 to ! p>ticipant or !   
b5efici>y2 or  7,b7 z a direct rollov]  
to a ,ro? ,,ira 7z def9$ 9 section      
#djh;,a7b7 ( ! ,int]nal ,rev5ue ,code ( 
#aihf7 ( su* p>ticipant4  7e7           
,coord9ation ) plan h>d%ip rules ,"u !  
t]ms ( ! plan ( :i* a p5sion-l9k$       
em]g5cy sav+s acc\nt is a "p1 a         
p>ticipant %all be requir$ to )draw all 
am\nts 9 a p5sion-l9k$ em]g5cy sav+s    
acc\nt ( ! p>ticipant be=e receiv+ any  
plan di/ribution :i* is bas$ on f9ancial
 h>d%ip or any loan f ! plan4  #hjb4    
,annual notice = p5sion-l9k$ em]g5cy    
sav+s acc\nt  7a7 ,9 g5]al ,at lea/     
annually1 ! plan sponsor ( a p5sion-l9k$
 em]g5cy sav+s acc\nt %all provide to ! 
p5sion-l9k$ em]g5cy sav+s acc\nt        
p>ticipant a notice conta9+ su*         
in=mation z ! ,secret>y may require1    
includ+ a description (-- 7#a7 ! purpose
 & tax treatm5t ( ! p5sion-l9k$ em]g5cy 
sav+s acc\nt & contributions2  7#b7     
proc$ures = opt+ out ( ! p5sion-l9k$    

em]g5cy sav+s acc\nt1 *ang+ p>ticipant  
contribution rates = su* acc\nt1 & mak+ 
)drawals f su* acc\nt1 & limits on      
contributions & )drawals2  7#c7         
designat$ inve/m5t options = am\nts     
contribut$ to ! p5sion-l9k$ em]g5cy     
sav+s acc\nt2  7#d7 ! options "u section
 #hja7;d7 = ! acc\nt balance ( !        
p5sion-l9k$ em]g5cy sav+s acc\nt aft]   
t]m9ation ( ! employm5t ( ! p>ticipant2 
7#e7 any fees1 exp5ses1 or *>ges        
associat$ ) su* p5sion-l9k$ em]g5cy     
sav+s acc\nt2 &  7#f7 ! am\nt t a       
p>ticipant has contribut$ to !          
p5sion-l9k$ em]g5cy sav+s acc\nt & !    
am\nt ! plan sponsor has contribut$ to  
su* p5sion-l9k$ em]g5cy sav+s acc\nt = !
 plan ye>1 & ! acc\nt balance4  7b7     
,consolidat$ notices ,! requir$ notice  
"u subp>agraph 7,a7 may be includ$ ) any
 o!r notice "u ?is ,act if su* o!r      
notice is provid$ to ! p>ticipant at    
lea/ annually4  #hjc4 ,preemption (     
,/ate anti-g>ni%m5t laws ,not)/&+ any   
o!r provision ( law1 ?is "p %all sup]s$e

 any law ( a ,/ate :i* w\ld directly or 
indirectly prohibit or re/rict ! use (  
an automatic contribution arrangem5t1 9 
accordance ) section #hja7;c77#b71 = a  
p5sion-l9k$ em]g5cy sav+s acc\nt4 ,!    
,secret>y may promulgate regulations to 
e/abli% m9imum /&>ds t su* an arrangem5t
 w\ld be requir$ to satisfy 9 ord] = ?is
 subsection to apply ) respect to su* an
 acc\nt4  #hjd4 ,report+ & disclosure   
requirem5ts ,! ,secret>y %all prescribe 
su* regulations z may be necess>y to    
address report+ & disclosure requirem5ts
 = p5sion-l9k$ em]g5cy sav+s acc\nts 9  
ord] to prev5t unnecess>y report+ &     
disclosure = su* acc\nts "u ?is ,act1   
includ+ = purposes ( any report+ or     
disclosure relat$ to p5sion plans       
requir$ by ?is title or title ,,iv or "u
 ! ,int]nal ,rev5ue ,code ( #aihf4      
#hje4 ,report to ,congress on maximum   
acc\nt balance limits ,! ,secret>y (    
,labor & ! ,secret>y ( ! ,treasury      
%all-- 7#a7 conduct a /udy on ! use (   
em]g5cy sav+s f a p5sion-l9k$ em]g5cy   

sav+s acc\nt reg>d+-- 7,a7 :e!r !       
maximum acc\nt balance "u section       
#hja7;c77#c7 is suffici5t2  7,b7 :e!r ! 
limitation on contributions "u sections 
#hja7;c77#b77;,a77i7 are appropriate2 & 
7,c7 ! p>ticipation rate ( su* acc\nts  
by plan sponsors & p>ticipants & !      
result+ impact on p>ticipant retirem5t  
sav+s1 includ+ ! impact on retirem5t    
sav+s leakage & ! effect ( su* acc\nts  
on retirem5t plan p>ticipation by l[- & 
mod]ate-income h\seholds2 &  7#b7 n lat]
 ?an #g ye>s aft] ! date ( enactm5t ( ! 
,em]g5cy ,sav+s ,act ( #bjbb1 submit to 
,congress a report on ! f9d+s ( ! /udy  
"u p>agraph 7#a74  4  7#b7 ,cl]ical     
am5dm5t ,! table ( cont5ts 9 section #a 
( ! ,employee ,retirem5t ,income        
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajja note7 is am5d$ by ins]t+ aft] !   
item relat+ to section #gcd ! foll[+ new
 items3  ,"p #h4 ,p5sion-,l9k$ em]g5cy  
sav+s acc\nts#hja4 ,p5sion-l9k$ em]g5cy 
sav+s acc\nts4#hjb4 ,annual notice =    
p5sion-l9k$ em]g5cy sav+s acc\nt4#hjc4  

,preemption ( ,/ate anti-g>ni%m5t       
laws4#hjd4 ,report+ & disclosure        
requirem5ts4#hje4 ,report to ,congress  
on maximum acc\nt balance limits4  4    
7c7 ,report+ = a p5sion-,l9k$ em]g5cy   
sav+s acc\nt  7#a7 ,alt]native me?ods ( 
compliance ,section #aaj7;a7 ( !        
,employee ,retirem5t ,income ,security  
,act 7#bi ,u4,s4,c4 #ajcj7;a77 is am5d$ 
by ins]t+ 7includ+ p5sion-l9k$ em]g5cy  
sav+s acc\nts (f]$ 9 conjunction ) a    
p5sion plan7 aft] class ( p5sion plans4 
7#b7 ,m9imiz$ report+ burd5 =           
p5sion-l9k$ em]g5cy sav+s acc\nts       
,section #aja ( su* ,act 7#bi ,u4,s4,c4 
#ajba7 is am5d$-- 7,a7 by r$esignat+    
subsection 7n7 z subsection 7o72 &  7,b7
 by ins]t+ aft] subsection 7m7 ! foll[+3
  7n7 ,p5sion-,l9k$ em]g5cy sav+s       
acc\nts  7#a7 ,9 g5]al ,! requirem5ts ( 
subsection 7a7 %all n apply to a        
p5sion-l9k$ em]g5cy sav+s acc\nt made   
available "u section #hja4  7#b7        
,simplifi$ report+ ,no?+ 9 ?is          
subsection %all preclude ! ,secret>y f  

provid+1 by regulations or o!rwise1     
simplifi$ report+ proc$ures or          
requirem5ts = su* a p5sion-l9k$ em]g5cy 
sav+s acc\nt4  4  7d7 ,fiduci>y duty    
,section #djd7;c7 ( ! ,employee         
,retirem5t ,income ,security ,act 7#bi  
,u4,s4,c4 #aajd7;c77 is am5d$ by add+ at
 ! end ! foll[+3  7#f7 ,default inve/m5t
 arrangem5ts = a p5sion-l9k$ em]g5cy    
sav+s acc\nt ,= purposes ( p>agraph     
7#a71 a p>ticipant 9 a p5sion-l9k$      
em]g5cy sav+s acc\nt %all be treat$ z   
ex]cis+ control ov] ! assets 9 ! acc\nt 
) respect to ! am\nt ( contributions &  
e>n+s :i* are inve/$ 9 accordance )     
section #hja7;b77#a77;,c74  4  7e7 ,tax 
treatm5t ( p5sion-,l9k$ em]g5cy sav+s   
acc\nts  7#a7 ,9 g5]al ,subp>t ,a ( "p  
,i ( sub*apt] ,d ( *apt] #a ( ! ,int]nal
 ,rev5ue ,code ( #aihf is am5d$ by      
ins]t+ aft] section #dji;,a ! foll[+ new
 section3  #dji;,b4 ,p5sion-l9k$ em]g5cy
 sav+s acc\nts  7a7 ,9 g5]al ,any       
p5sion-l9k$ em]g5cy sav+s acc\nt        
e/abli%$ pursuant to section #hja ( !   

,employee ,retirem5t ,income ,security  
,act ( #aigd %all be treat$ = purposes (
 ?is title z provid$ 9 ?is section4  7b7
 ,treatm5t z aft]-,tax contributions    
,any contribution to a p5sion-l9k$      
em]g5cy sav+s acc\nt %all be-- 7#a7 an  
employee contribution1 or  7#b7 if made 
by an employ]1 %all be includible 9     
gross income ( ! employee4  7c7 ,plan   
qualifications ,any plan ( :i* a        
p5sion-l9k$ em]g5cy sav+s acc\nt is a "p
 %all n be treat$ z fail+ to meet any   
requirem5t ( ?is *apt] solely by reason 
( includ+ su* acc\nt1 or solely by      
reason ( all[+ di/ributions f su* acc\nt
 9 a mann] consi/5t ) section           
#hja7;b77#a77;,b7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd4  7d7 ,coord9ation ) plan  7#a7 ,9
 g5]al ,no di/ribution ( am\nts f a     
p5sion-l9k$ em]g5cy sav+s acc\nt %all be
 contribut$ or roll$ ov] to any eligible
 retirem5t plan 7z def9$ 9 section      
#djb7;c77#h77;,b77 except z provid$ 9   
p>agraph 7#b74  7#b7 ,rollov] on        

t]m9ation ( employm5t ,^u t]m9ation (   
employm5t ( ! p>ticipant ) ! employ]    
sponsor+ ! plan ( :i* a p5sion-l9k$     
em]g5cy sav+s acc\nt is "p1 ! acc\nt    
balance ( su* acc\nt may be contribut$  
to-- 7,a7 a designat$ ,ro? acc\nt 7)9 ! 
mean+ ( section #djb;,a7 ( ! p>ticipant1
 or  7,b7 a ,ro? ,,ira ( ! p>ticipant1  
9 accordance ) section #hja7;d7 ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd4 ,su* contribution %all be 
treat$ 9 ! same mann] z a rollov]       
contribution to :i* section             
#djb;,a7c77#d7 applies or z a qualifi$  
rollov] contribution )9 ! mean+ (       
section #djh;,a7e71 :i*ev] is           
applicable1 except t subp>agraph 7,f7 ( 
section #djh;,a7d77#c7 %all n apply to  
su* contribution 7includ+ by reason (   
section #djb;,a7c77#d77;,d774  7e7      
,coord9ation ) nondiscrim9ation         
requirem5ts & contribution limitations  
,= purposes ( p>agraphs 7#d7 & 7#cj7 (  
section #dja7;a71 p>agraphs 7#c71 7#ab71
 & 7#ac7 ( section #dja7k71 section     

#dja7m71 section #djc7;b77#a77;,e71 &   
section #dae1 contributions to a        
p5sion-l9k$ em]g5cy sav+s acc\nt-- 7#a7 
%all be treat$ z elective def]rals1 &   
7#b7 %all be aggregat$ ) contributions  
to ! plan ( :i* su* acc\nt is a "p4  7f7
 ,h>d%ip rules ,a plan ( :i* a          
p5sion-l9k$ em]g5cy sav+s acc\nt is a "p
 %all n be treat$ z fail+ to meet any   
requirem5t ( ?is *apt] solely because "u
 ! t]ms ( ! plan a p>ticipant is requir$
 to )draw all am\nts 9 a p5sion-l9k$    
em]g5cy sav+s acc\nt ( ! p>ticipant be=e
 receiv+ any di/ribution :i* is bas$ on 
f9ancial h>d%ip or any loan f ! plan4   
7g7 ,exemption f additional tax on e>ly 
di/ributions ,a p5sion-l9k$ em]g5cy     
sav+s acc\nt %all n be treat$ z a       
qualifi$ retirem5t plan = purposes (    
section #gb7t74  7h7 ,treatm5t ( e>n+s  
,any e>n+s on contributions to a        
p5sion-l9k$ em]g5cy sav+s acc\nt %all n 
be includ$ 9 gross income1 &            
di/ributions f su* acc\nt %all n be     
subject to )hold+4  4  7#b7 ,basis      

recov]y ,section #gb7;d7 ( su* ,code is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#c7 ,treatm5t (             
contributions to a p5sion-l9k$ em]g5cy  
sav+s acc\nt ,= purposes ( ?is section1 
contributions to a p5sion-l9k$ em]g5cy  
sav+s acc\nt to :i* section #dji;,b     
applies 7& any income allocable !reto7  
may be treat$ z a sep>ate contract4  4  
7#c7 ,cl]ical am5dm5t ,! table (        
sections = subp>t ,a ( "p ,i ( sub*apt] 
,d ( *apt] #a ( su* ,code is am5d$ by   
ins]t+ aft] ! item relat+ to section    
#dji;,a ! foll[+ new item3  ,sec4       
#dji;,b4 ,p5sion-l9k$ em]g5cy sav+s     
acc\nts4  4  7f7 ,jo9t regulatory       
au?ority ,! ,secret>y ( ,labor & !      
,secret>y ( ! ,treasury 7or a delegate (
 ei!r su* ,secret>y7 %all h au?ority to 
issue jo9t regulations or o!r guidance1 
or to coord9ate 9 develop+ regulations  
or o!r guidance1 to c>ry out ! purposes 
( ?is ,act1 includ+ adju/m5t ( ! maximum
 b5efit "u section #hja7;c77#c7 ( !     
,employee ,retirem5t ,income ,security  

,act1 z add$ by ?is ,act1 to acc\nt =   
inflation1 z well z expansion (         
corrections programs1 if necess>y4