,i #aai? ,,congress #a/ ,session ,h4 ,r4 #ahe ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #c1 #bjbe ,mr4 ,mc,govern introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committees on ,agriculture1 ,arm$ ,s]vices1 ,vet]ans' ,affairs1 ,ov]sight & ,gov]nm5t ,re=m1 ,intellig5ce 7,p]man5t ,select71 ,=eign ,affairs1 ,education & ,work=ce1 ,small ,bus9ess1 ! ,judici>y1 ,natural ,res\rces1 ,h\se ,adm9i/ration1 ,en]gy & ,comm]ce1 ,homel& ,security1 ,sci5ce1 ,space1 & ,te*nology1 ,appropriations1 ,rules1 ,e?ics1 ,transportation & ,infra/ructure1 ! ,budget1 & ,f9ancial ,s]vices1 = 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$ ,a ,,bill ,to advance responsible policies4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,responsible ,legislat+ ,act4 ,i #aja4 ,live/ock m&atory report+ ext5sion 7a7 ,9 g5]al ,section #bfj ( ! ,agricultural ,m>ket+ ,act ( #aidf 7#g ,u4,s4,c4 #afcf;i7 is am5d$ by /rik+ #bjbd & ins]t+ #bjbe4 7b7 ,con=m+ am5dm5t ,section #idb ( ! ,live/ock ,m&atory ,report+ ,act ( #aiii 7#g ,u4,s4,c4 #afce note2 ,public ,law #ajf-gh7 is am5d$ by /rik+ #bjbd & ins]t+ #bjbe4 ,,ii #bja4 ,education = sep>at+ memb]s ( ! arm$ =ces reg>d+ regi/]$ appr5tice%ips ,section #aadd7;b77#a7 ( title #aj1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 7includ+ appr5tice%ip programs regi/]$ "u ! ,act ( ,augu/ #af1 #aicg 7#ej ,/at4 #ffd2 commonly ref]r$ to z ! ,national ,appr5tice%ip ,act7 & approv$ "u *apt]s #cj ?r\gh #cf ( title #ch7 aft] employm5t opportunities4 #bjb4 ,websites reg>d+ appr5tice%ip programs 7a7 ,website "u ! jurisdiction ( secret>y ( labor ,! ,assi/ant ,secret>y ( ,labor = ,vet]ans' ,employm5t & ,tra9+1 9 coord9ation ) ! ,secret>y ( ,vet]ans ,affairs1 %all e/abli% a us]-fri5dly website 7or update an exi/+ website7 t is available to ! public on :i* vet]ans c f9d in=mation ab\t appr5tice%ip programs regi/]$ "u ! ,act ( ,augu/ #af1 #aicg 7#ej ,/at4 #ffd2 commonly ref]r$ to z ! ,national ,appr5tice%ip ,act7 & approv$ "u *apt]s #cj ?r\gh #cf ( title #ch1 ,unit$ ,/ates ,code4 ,su* in=mation %all be se>*able & sortable by occupation & location1 & include1 ) reg>d to ea* su* program1 ! foll[+3 7#a7 ,a description1 includ+ any co/ to a vet]an4 7#b7 ,contact in=mation4 7#c7 ,:e!r ! program has be5 endors$ by a vet]ans s]vice organization or nonpr(it organization t cat]s to vet]ans4 7#d7 ,:e!r ! program pref]s to hire vet]ans4 7#e7 ,ea* c]tification or degree an individual e>ns by complet+ ! program4 7b7 ,coord9ation ) o!r website ,! ,assi/ant ,secret>y %all update all in=mation reg>d+ programs = vet]ans li/$ on appr5tice%ip4gov 7or any successor website7 to include ! in=mation specifi$ "u subsection 7a74 ,,iii #cja4 ,s5se ( congress ,x is ! s5se ( ,congress t-- 7#a7 x is 9 ! be/ national & homel& security int]e/s ( ! ,unit$ ,/ates = ,f$]al ag5cies to reta9 ! specializ$ k & exp]i5ce ( individuals :o suff] an injury or illness :ile s]v+ 9 a cov]$ position 7z def9$ "u ! am5dm5ts made by ?is ,act72 & 7#b7 ,f$]al ag5cies %\ld ensure1 to ! greate/ ext5t possible1 t an individual :o c no long] c>ry out ! duties ( a cov]$ position1 & is reappo9t$ to a position 9 ! civil s]vice t is n a cov]$ position1 is reappo9t$ )9 ! same ,f$]al ag5cy1 9 ! same geographic location1 & at a level ( pay comm5surate to ! position :i* ! individual held imm$iately prior to su* injury or illness4 #cjb4 ,retirem5t = c]ta9 employees 7a7 ,,csrs ,section #hccf7;c7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#c7 7,a7 ,9 ?is p>agraph-- 7i7 ! t]m affect$ individual means an individual cov]$ "u ?is sub*apt] :o-- 7,i7 is p]=m+ s]vice 9 a cov]$ position2 7,,ii7 :ile on duty1 becomes ill or is injur$ z a direct result ( ! p]=mance ( su* duties be=e ! date on :i* ! individual becomes entitl$ to an annuity "u p>agraph 7#a7 ( ?is subsection or subsection 7e71 7m71 or 7n71 z applicable2 7,,iii7 because ( ! illness or injury describ$ 9 subclause 7,,ii71 is p]man5tly unable to r5d] useful & effici5t s]vice 9 ! employee's cov]$ position1 z det]m9$ by ! ag5cy 9 :i* ! individual 0 s]v+ :5 su* individual incurr$ ! illness or injury2 & 7,,iv7 is appo9t$ to a position 9 ! civil s]vice t-- 7aa7 is n a cov]$ position2 & 7bb7 is )9 an ag5cy t regul>ly appo9ts individuals to sup]visory or adm9i/rative positions relat$ to ! activities ( ! =m] cov]$ position ( ! individual2 7ii7 ! t]m cov]$ position means a position z a law en=cem5t (fic]1 cu/oms & bord] protection (fic]1 firefight]1 air traffic controll]1 nucle> mat]ials c\ri]1 memb] ( ! ,capitol ,police1 or memb] ( ! ,supreme ,c\rt ,police4 7,b7 ,unless an affect$ individual files an election describ$ 9 subp>agraph 7,e71 cr$itable s]vice by ! affect$ individual 9 a position describ$ 9 subp>agraph 7,a77i77,,iv7 %all be treat$ z cr$itable s]vice 9 a cov]$ position = purposes ( ?is *apt] & det]m9+ ! am\nt to be d$uct$ & )held f ! pay ( ! affect$ individual "u section #hccd4 7,c7 ,subp>agraph 7,b7 %all only apply if ! affect$ employee transitions to a position describ$ 9 subp>agraph 7,a77i77,,iv7 )\t a break 9 s]vice exce$+ #c days4 7,d7 ,! s]vice ( an affect$ individual %all no long] be eligible = treatm5t "u subp>agraph 7,b7 if su* s]vice occurs aft] ! individual-- 7i7 is transf]r$ to a sup]visory or adm9i/rative position relat$ to ! activities ( ! =m] cov]$ position ( ! individual2 or 7ii7 meets ! age & s]vice requirem5ts t w\ld subject ! individual to m&atory sep>ation "u section #hcce if su* individual _h rema9$ 9 ! =m] cov]$ position4 7,e7 ,9 accordance ) proc$ures e/abli%$ by ! ,director ( ! ,(fice ( ,p]sonnel ,managem5t1 an affect$ individual may file an election to h any cr$itable s]vice p]=m$ by ! affect$ individual treat$ 9 accordance ) ?is *apt] )\t reg>d to subp>agraph 7,b74 7,f7 ,no?+ 9 ?is p>agraph %all be con/ru$ to apply to su* affect$ individual any o!r pay-relat$ laws or regulations applicable to a cov]$ position4 4 7b7 ,,f]s 7#a7 ,9 g5]al ,section #hdab7;d7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively2 7,b7 by ins]t+ 7#a7 be=e ,an employee2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 7,a7 ,9 ?is p>agraph-- 7i7 ! t]m affect$ individual means an individual cov]$ "u ?is *apt] :o-- 7,i7 is p]=m+ s]vice 9 a cov]$ position2 7,,ii7 :ile on duty1 becomes ill or is injur$ z a direct result ( ! p]=mance ( su* duties be=e ! date on :i* ! individual becomes entitl$ to an annuity "u p>agraph 7#a7 ( ?is subsection or subsection 7e71 z applicable2 7,,iii7 because ( ! illness or injury describ$ 9 subclause 7,,ii71 is p]man5tly unable to r5d] useful & effici5t s]vice 9 ! employee's cov]$ position1 z det]m9$ by ! ag5cy 9 :i* ! individual 0 s]v+ :5 su* individual incurr$ ! illness or injury2 & 7,,iv7 is appo9t$ to a position 9 ! civil s]vice t-- 7aa7 is n a cov]$ position2 & 7bb7 is )9 an ag5cy t regul>ly appo9ts individuals to sup]visory or adm9i/rative positions relat$ to ! activities ( ! =m] cov]$ position ( ! individual2 7ii7 ! t]m cov]$ position means a position z a law en=cem5t (fic]1 cu/oms & bord] protection (fic]1 firefight]1 air traffic controll]1 nucle> mat]ials c\ri]1 memb] ( ! ,capitol ,police1 or memb] ( ! ,supreme ,c\rt ,police4 7,b7 ,unless an affect$ individual files an election describ$ 9 subp>agraph 7,e71 cr$itable s]vice by ! affect$ individual 9 a position describ$ 9 subp>agraph 7,a77i77,,iv7 %all be treat$ z cr$itable s]vice 9 a cov]$ position = purposes ( ?is *apt] & det]m9+ ! am\nt to be d$uct$ & )held f ! pay ( ! affect$ individual "u section #hdbb4 7,c7 ,subp>agraph 7,b7 %all only apply if ! affect$ employee transitions to a position describ$ 9 subp>agraph 7,a77i77,,iv7 )\t a break 9 s]vice exce$+ #c days4 7,d7 ,! s]vice ( an affect$ individual %all no long] be eligible = treatm5t "u subp>agraph 7,b7 if su* s]vice occurs aft] ! individual-- 7i7 is transf]r$ to a sup]visory or adm9i/rative position relat$ to ! activities ( ! =m] cov]$ position ( ! individual2 or 7ii7 meets ! age & s]vice requirem5ts t w\ld subject ! individual to m&atory sep>ation "u section #hdbe if su* individual _h rema9$ 9 ! =m] cov]$ position4 7,e7 ,9 accordance ) proc$ures e/abli%$ by ! ,director ( ! ,(fice ( ,p]sonnel ,managem5t1 an affect$ individual may file an election to h any cr$itable s]vice p]=m$ by ! affect$ individual treat$ 9 accordance ) ?is *apt] )\t reg>d to subp>agraph 7,b74 7,f7 ,no?+ 9 ?is p>agraph %all be con/ru$ to apply to su* affect$ individual any o!r pay-relat$ laws or regulations applicable to a cov]$ position4 4 7#b7 ,te*nical & con=m+ am5dm5ts 7,a7 ,*apt] #hd ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7i7 9 section #hdad7;b77#c71 by ins]t+ 7#a7 aft] subsection 7d72 7ii7 9 section #hdae-- 7,i7 9 subsection 7e71 9 ! matt] prec$+ p>agraph 7#a71 by ins]t+ 7#a7 aft] subsection 7d72 & 7,,ii7 9 subsection 7h77#b77;,a71 by /rik+ 7d77#b7 & ins]t+ 7d77#a77;,b72 7iii7 9 section #hdba7;a77#a71 by ins]t+ 7#a7 aft] 7d72 7iv7 9 section #hdba;a7b77#d77;,b77ii71 by ins]t+ 7#a7 aft] section #hdab7;d72 7v7 9 section #hdbe1 by ins]t+ 7#a7 aft] section #hdab7;d7 ea* place x appe>s2 & 7vi7 9 section #hdfb7;c77#c77;,b77ii71 by ins]t+ 7#a7 aft] subsection 7d74 7,b7 ,title ,,viii ( ! ,=eign ,s]vice ,act ( #aihj 7#bb ,u4,s4,c4 #djda et seq47 is am5d$-- 7i7 9 section #hje7;d77#e7 7#bb ,u4,s4,c4 #djde7;d77#e771 by ins]t+ 7#a7 aft] or #hdab7;d72 & 7ii7 9 section #hab7;a77#b77;,b7 7#bb ,u4,s4,c4 #djeb7;a77#b77;,b771 by ins]t+ 7#a7 aft] or #hdab7;d74 7c7 ,,cia employees ,section #cjb ( ! ,c5tral ,intellig5ce ,ag5cy ,retirem5t ,act 7#ej ,u4,s4,c4 #baeb7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,employees disabl$ on duty 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m affect$ employee means an employee ( ! ,ag5cy cov]$ "u sub*apt] ,,ii ( *apt] #hd ( title #e1 ,unit$ ,/ates ,code1 :o-- 7i7 is p]=m+ s]vice 9 a position designat$ "u subsection 7a72 7ii7 :ile on duty 9 ! position designat$ "u subsection 7a71 becomes ill or is injur$ z a direct result ( ! p]=mance ( su* duties be=e ! date on :i* ! employee becomes entitl$ to an annuity "u section #bcc ( ?is ,act or section #hdab7;d77#a7 ( title #e1 ,unit$ ,/ates ,code2 7iii7 because ( ! illness or injury describ$ 9 clause 7ii71 is p]man5tly unable to r5d] useful & effici5t s]vice 9 ! employee's cov]$ position1 z det]m9$ by ! ,director2 & 7iv7 is appo9t$ to a position 9 ! civil s]vice t is n a cov]$ position b is )9 ! ,ag5cy2 & 7,b7 ! t]m cov]$ position means a position z-- 7i7 a law en=cem5t (fic] describ$ 9 section #hcca7bj7 or #hdja7ag7 ( title #e1 ,unit$ ,/ates ,code2 7ii7 a cu/oms & bord] protection (fic] describ$ 9 section #hcca7ca7 or #hdja7cf7 ( title #e1 ,unit$ ,/ates ,code2 7iii7 a firefight] describ$ 9 section #hcca7ba7 or #hdja7ad7 ( title #e1 ,unit$ ,/ates ,code2 7iv7 an air traffic controll] describ$ 9 section #hcca7cj7 or #hdja7ce7 ( title #e1 ,unit$ ,/ates ,code2 7v7 a nucle> mat]ials c\ri] describ$ 9 section #hcca7bg7 or #hdja7cc7 ( title #e1 ,unit$ ,/ates ,code2 7vi7 a memb] ( ! ,unit$ ,/ates ,capitol ,police2 7vii7 a memb] ( ! ,supreme ,c\rt ,police2 7viii7 an affect$ employee2 or 7ix7 a special ag5t describ$ 9 section #hjd7ae7 ( ! ,=eign ,s]vice ,act ( #aihj 7#bb ,u4,s4,c4 #djdd7ae774 7#b7 ,treatm5t ( s]vice aft] disability ,unless an affect$ employee files an election describ$ 9 p>agraph 7#c71 cr$itable s]vice by ! affect$ employee 9 a position describ$ 9 p>agraph 7#a77;,a77iv7 %all be treat$ z cr$itable s]vice 9 a cov]$ position = purposes ( ?is ,act & *apt] #hd ( title #e1 ,unit$ ,/ates ,code1 includ+ eligibility = an annuity "u section #bcc ( ?is ,act or #hdab7;d77#a7 ( title #e1 ,unit$ ,/ates ,code1 & det]m9+ ! am\nt to be d$uct$ & )held f ! pay ( ! affect$ employee "u section #hdbb ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,break 9 s]vice ,p>agraph 7#b7 %all only apply if ! affect$ employee transitions to a position describ$ 9 p>agraph 7#a77;,a77iv7 )\t a break 9 s]vice exce$+ #c days4 7#d7 ,limitation on treatm5t ( s]vice ,! s]vice ( an affect$ employee %all no long] be eligible = treatm5t "u p>agraph 7#b7 if su* s]vice occurs aft] ! employee is transf]r$ to a sup]visory or adm9i/rative position relat$ to ! activities ( ! =m] cov]$ position ( ! employee4 7#e7 ,opt out ,an affect$ employee may file an election to h any cr$itable s]vice p]=m$ by ! affect$ employee treat$ 9 accordance ) *apt] #hd ( title #e1 ,unit$ ,/ates ,code1 )\t reg>d to p>agraph 7#b74 4 7d7 ,=eign s]vice retirem5t & disability sy/em ,section #hjf7;a77#f7 ( ! ,=eign ,s]vice ,act ( #aihj 7#bb ,u4,s4,c4 #djdf7;a77#f77 is am5d$ by add+ at ! end ! foll[+3 7,d7 7i7 ,9 ?is subp>agraph-- 7,i7 ! t]m affect$ special ag5t means an individual cov]$ "u ?is sub*apt] :o-- 7aa7 is p]=m+ s]vice z a special ag5t2 7bb7 :ile on duty z a special ag5t1 becomes ill or is injur$ z a direct result ( ! p]=mance ( su* duties be=e ! date on :i* ! individual becomes entitl$ to an annuity "u section #haa2 7cc7 because ( ! illness or injury describ$ 9 item 7bb71 is p]man5tly unable to r5d] useful & effici5t s]vice 9 ! employee's cov]$ position1 z det]m9$ by ! ,secret>y2 & 7dd7 is appo9t$ to a position 9 ! ,=eign ,s]vice t is n a cov]$ position2 & 7,,ii7 ! t]m cov]$ position means a position z-- 7aa7 a law en=cem5t (fic] describ$ 9 section #hcca7bj7 or #hdja7ag7 ( title #e1 ,unit$ ,/ates ,code2 7bb7 a cu/oms & bord] protection (fic] describ$ 9 section #hcca7ca7 or #hdja7cf7 ( title #e1 ,unit$ ,/ates ,code2 7cc7 a firefight] describ$ 9 section #hcca7ba7 or #hdja7ad7 ( title #e1 ,unit$ ,/ates ,code2 7dd7 an air traffic controll] describ$ 9 section #hcca7cj7 or #hdja7ce7 ( title #e1 ,unit$ ,/ates ,code2 7ee7 a nucle> mat]ials c\ri] describ$ 9 section #hcca7bg7 or #hdja7cc7 ( title #e1 ,unit$ ,/ates ,code2 7ff7 a memb] ( ! ,unit$ ,/ates ,capitol ,police2 7gg7 a memb] ( ! ,supreme ,c\rt ,police2 7hh7 an employee ( ! ,ag5cy designat$ "u section #cjb7;a7 ( ! ,c5tral ,intellig5ce ,ag5cy ,retirem5t ,act 7#ej ,u4,s4,c4 #baeb7;a772 or 7ii7 a special ag5t4 7ii7 ,unless an affect$ special ag5t files an election describ$ 9 clause 7iv71 cr$itable s]vice by ! affect$ special ag5t 9 a position describ$ 9 clause 7i77,i77dd7 %all be treat$ z cr$itable s]vice z a special ag5t = purposes ( ?is sub*apt]1 includ+ det]m9+ ! am\nt to be d$uct$ & )held f ! pay ( ! individual "u section #hje4 7iii7 ,clause 7ii7 %all only apply if ! special ag5t transitions to a position describ$ 9 clause 7i77,i77dd7 )\t a break 9 s]vice exce$+ #c days4 7iv7 ,! s]vice ( an affect$ employee %all no long] be eligible = treatm5t "u clause 7ii7 if su* s]vice occurs aft] ! employee is transf]r$ to a sup]visory or adm9i/rative position relat$ to ! activities ( ! =m] cov]$ position ( ! employee4 7v7 ,9 accordance ) proc$ures e/abli%$ by ! ,secret>y1 an affect$ special ag5t may file an election to h any cr$itable s]vice p]=m$ by ! affect$ special ag5t treat$ 9 accordance ) ?is sub*apt]1 )\t reg>d to clause 7ii74 4 7e7 ,implem5tation 7#a7 ,(fice ( p]sonnel managem5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,director ( ! ,(fice ( ,p]sonnel ,managem5t %all promulgate regulations to c>ry out ! am5dm5ts made by subsections 7a7 & 7b74 7#b7 ,,cia employees ,! ,director ( ! ,c5tral ,intellig5ce ,ag5cy %all promulgate regulations to c>ry out ! am5dm5t made by subsection 7c74 7#c7 ,=eign s]vice retirem5t & disability sy/em ,! ,secret>y ( ,/ate %all promulgate regulations to c>ry out ! am5dm5t made by subsection 7d74 7#d7 ,ag5cy c]tification ,! regulations promulgat$ to c>ry out ! am5dm5ts made by ?is ,act %all include a requirem5t t ! head ( ! ag5cy at :i* an affect$ employee or special ag5t 7z ! case may be7 incurr$ ! applicable illness or injury c]tifies t su* illness or injury-- 7,a7 0 incurr$ 9 ! c\rse ( ! employee's or special ag5t's duties2 & 7,b7 p]man5tly precludes ! employee or special ag5t f r5d]+ useful & effici5t s]vice 9 ! cov]$ position b w\ld n preclude ! employee or special ag5t f cont9u+ to s]ve 9 ! ,f$]al s]vice4 7#e7 ,ag5cy reappo9tm5t ,! regulations promulgat$ to c>ry out ! am5dm5ts made by ?is ,act %all ensure t1 to ! greate/ ext5t possible1 ! head ( ea* ag5cy appo9ts affect$ employees or special ag5ts to sup]visory or adm9i/rative positions relat$ to ! activities ( ! =m] cov]$ position ( ! employee or special ag5t4 7#f7 ,treatm5t ( s]vice ,! regulations promulgat$ to c>ry out ! am5dm5ts made by ?is ,act %all ensure t ! cr$itable s]vice ( an affect$ employee or special ag5t 7z ! case may be7 t is n 9 a cov]$ position pursuant to an election made "u su* am5dm5ts %all be treat$ z ! same type ( s]vice z ! cov]$ position 9 :i* ! employee or ag5t suff]$ ! qualify+ illness or injury4 7f7 ,effective date2 applicability ,! am5dm5ts made by ?is ,act-- 7#a7 %all take effect on ! date ( enactm5t ( ?is ,act2 & 7#b7 %all apply to an individual :o suff]s an illness or injury describ$ 9 section #hccf7;c77#c77;,a77i77,,ii7 or section #hdab7;d77#b77;,a77i77,,ii7 ( title #e1 ,unit$ ,/ates ,code1 z am5d$ by ?is section1 section #cjb7;d77#a77;,a77ii7 ( ! ,c5tral ,intellig5ce ,ag5cy ,retirem5t ,act1 z am5d$ by ?is section1 or section #hjf7;a77#f77;,d77i77,i77bb7 ( ! ,=eign ,s]vice ,act ( #aihj1 z am5d$ by ?is section1 on or aft] ! date t is #b ye>s aft] ! date ( enactm5t ( ?is ,act4 ,,iv #dja4 ,exp&+ automatic enrollm5t 9 retirem5t plans 7a7 ,9 g5]al ,subp>t ,b ( "p ,i ( sub*apt] ,d ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #dad ! foll[+ new section3 #dad;,a4 ,requirem5ts relat$ to automatic enrollm5t 7a7 ,9 g5]al ,except z o!rwise provid$ 9 ?is section-- 7#a7 an arrangem5t %all n be treat$ z a qualifi$ ca% or def]r$ arrangem5t describ$ 9 section #dja7k7 unless su* arrangem5t meets ! automatic enrollm5t requirem5ts ( subsection 7b71 & 7#b7 an annuity contract o!rwise describ$ 9 section #djc7;b77#a7 :i* is pur*as$ "u a sal>y r$uction agreem5t %all n be treat$ z describ$ 9 su* section unless su* agreem5t meets ! automatic enrollm5t requirem5ts ( subsection 7b74 7b7 ,automatic enrollm5t requirem5ts 7#a7 ,9 g5]al ,an arrangem5t or agreem5t meets ! requirem5ts ( ?is subsection if su* arrangem5t or agreem5t is an eligible automatic contribution arrangem5t 7z def9$ 9 section #dad7w77#c77 :i* meets ! requirem5ts ( p>agraphs 7#b7 ?r\gh 7#d74 7#b7 ,all[ance ( p]missible )drawals ,an eligible automatic contribution arrangem5t meets ! requirem5ts ( ?is p>agraph if su* arrangem5t all[s employees to make p]missible )drawals 7z def9$ 9 section #dad7w77#b774 7#c7 ,m9imum contribution p]c5tage 7,a7 ,9 g5]al ,an eligible automatic contribution arrangem5t meets ! requirem5ts ( ?is p>agraph if-- 7i7 ! uni=m p]c5tage ( comp5sation contribut$ by ! p>ticipant "u su* arrangem5t dur+ ! fir/ ye> ( p>ticipation is n less ?an #c p]c5t & n m ?an #aj p]c5t 7unless ! p>ticipant specifically elects n to h su* contributions made or to h su* contributions made at a diff]5t p]c5tage71 & 7ii7 effective = ! fir/ day ( ea* plan ye> />t+ aft] ea* complet$ ye> ( p>ticipation "u su* arrangem5t su* uni=m p]c5tage is increas$ by #a p]c5tage po9t 7to at lea/ #aj p]c5t1 b n m ?an #ae p]c5t7 unless ! p>ticipant specifically elects n to h su* contributions made or to h su* contributions made at a diff]5t p]c5tage4 7,b7 ,initial r$uc$ ceil+ = c]ta9 plans ,9 ! case ( any eligible automatic contribution arrangem5t 7o!r ?an an arrangem5t t meets ! requirem5ts ( p>agraph 7#ab7 or 7#ac7 ( section #dja7k771 = plan ye>s end+ be=e ,janu>y #a1 #bjbg1 subp>agraph 7,a77ii7 %all be appli$ by sub/itut+ #aj p]c5t = #ae p]c5t4 7#d7 ,inve/m5t requirem5ts ,an eligible automatic contribution arrangem5t meets ! requirem5ts ( ?is p>agraph if am\nts contribut$ pursuant to su* arrangem5t1 & = :i* no inve/m5t is elect$ by ! p>ticipant1 are inve/$ 9 accordance ) ! requirem5ts ( section #beej4djd;c-#e ( title #bi1 ,code ( ,f$]al ,regulations 7or any successor regulations74 7c7 ,exceptions ,= purposes ( ?is section-- 7#a7 ,simple plans ,subsection 7a7 %all n apply to any simple plan 7)9 ! mean+ ( section #dja7k77#aa774 7#b7 ,exception = plans or arrangem5ts e/abli%$ be=e enactm5t ( section 7,a7 ,9 g5]al ,subsection 7a7 %all n apply to-- 7i7 any qualifi$ ca% or def]r$ arrangem5t e/abli%$ be=e ! date ( ! enactm5t ( ?is section1 or 7ii7 any annuity contract pur*as$ "u a plan e/abli%$ be=e ! date ( ! enactm5t ( ?is section4 7,b7 ,po/-enactm5t adoption ( multiple employ] plan ,subp>agraph 7,a7 %all n apply 9 ! case ( an employ] adopt+ aft] su* date ( enactm5t a plan ma9ta9$ by m ?an "o employ]1 & subsection 7a7 %all apply ) respect to su* employ] z if su* plan 7 a s+le plan4 7#c7 ,exception = gov]nm5tal & *ur* plans ,subsection 7a7 %all n apply to any gov]nm5tal plan 7)9 ! mean+ ( section #dad7;d77 or any *ur* plan 7)9 ! mean+ ( section #dad7;e774 7#d7 ,exception = new & small bus9esses 7,a7 ,new bus9ess ,subsection 7a7 %all n apply to any qualifi$ ca% or def]r$ arrangem5t1 or any annuity contract pur*as$ "u a plan1 :ile ! employ] ma9ta9+ su* plan 7& any pr$ecessor employ]7 has be5 9 exi/5ce = less ?an #c ye>s4 7,b7 ,small bus9esses ,subsection 7a7 %all n apply to any qualifi$ ca% or def]r$ arrangem5t1 or any annuity contract pur*as$ "u a plan1 e>li] ?an ! date t is #a ye> aft] ! close ( ! fir/ taxable ye> ) respect to :i* ! employ] ma9ta9+ ! plan normally employ$ m ?an #aj employees4 7,c7 ,treatm5t ( multiple employ] plans ,9 ! case ( a plan ma9ta9$ by m ?an #a employ]1 subp>agraphs 7,a7 & 7,b7 %all be appli$ sep>ately ) respect to ea* su* employ]1 & all su* employ]s to :i* subsection 7a7 applies 7aft] ! application ( ?is p>agraph7 %all be treat$ z ma9ta9+ a sep>ate plan = purposes ( ?is section4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,b ( "p ,i ( sub*apt] ,d ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #dad ! foll[+ new item3 ,sec4 #dad;,a4 ,requirem5ts relat$ to automatic enrollm5t4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4 #djb4 ,modification ( cr$it = small employ] p5sion plan />tup co/s 7a7 ,increase 9 cr$it p]c5tage = small] employ]s ,section #de;,e7e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,increas$ cr$it = c]ta9 small employ]s ,9 ! case ( an employ] :i* w\ld be an eligible employ] "u subsection 7c7 if section #djh7p77#b77;,c77i7 0 appli$ by sub/itut+ #ej employees = #ajj employees1 subsection 7a7 %all be appli$ by sub/itut+ #ajj p]c5t = #ej p]c5t4 4 7b7 ,additional cr$it = employ] contributions by c]ta9 small employ]s ,section #de;,e ( su* ,code1 z am5d$ by subsection 7a71 is am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,additional cr$it = employ] contributions by c]ta9 eligible employ]s 7#a7 ,9 g5]al ,9 ! case ( an eligible employ]1 ! cr$it all[$ = ! taxable ye> "u subsection 7a7 7det]m9$ )\t reg>d to ?is subsection7 %all be increas$ by an am\nt equal to ! applicable p]c5tage ( employ] contributions 7o!r ?an any elective def]rals 7z def9$ 9 section #djb7;g77#c77 by ! employ] to an eligible employ] plan 7o!r ?an a def9$ b5efit plan 7z def9$ 9 section #dad7;j7774 7#b7 ,limitations 7,a7 ,doll> limitation ,! am\nt det]m9$ "u p>agraph 7#a7 7be=e ! application ( subp>agraph 7,b77 ) respect to any employee ( ! employ] %all n exce$ #a1jjj4 7,b7 ,cr$it phase-9 ,9 ! case ( any eligible employ] :i* _h = ! prec$+ taxable ye> m ?an #ej employees1 ! am\nt det]m9$ "u p>agraph 7#a7 7)\t reg>d to ?is subp>agraph7 %all be r$uc$ by an am\nt equal to ! product (-- 7i7 ! am\nt o!rwise s det]m9$ "u p>agraph 7#a71 multipli$ by 7ii7 a p]c5tage equal to #b p]c5tage po9ts = ea* employee ( ! employ] = ! prec$+ taxable ye> 9 excess ( #ej employees4 7#c7 ,applicable p]c5tage ,= purposes ( ?is section1 ! applicable p]c5tage = ! taxable ye> dur+ :i* ! eligible employ] plan is e/abli%$ ) respect to ! eligible employ] %all be #ajj p]c5t1 & = taxable ye>s !reaft] %all be det]m9$ "u ! foll[+ table3 ,9 ! case ( ! foll[+ taxable ye> beg9n+ aft] ! taxable ye> dur+ :i* plan is e/abli%$ ) respect to ! eligible employ]3 ,! applicable p]c5tage %all be3 #a/#ajj #bnd#ge #crd#ej #d?#be ,any taxable ye> !reaft]#j 7#d7 ,det]m9ation ( eligible employ]2 numb] ( employees ,= purposes ( ?is subsection1 :e!r an employ] is an eligible employ] & ! numb] ( employees ( an employ] %all be det]m9$ "u ! rules ( subsection 7c71 except t p>agraph 7#b7 !re( %all only apply to ! taxable ye> dur+ :i* ! eligible employ] plan to :i* ?is section applies is e/abli%$ ) respect to ! eligible employ]4 4 7c7 ,disall[ance ( d$uction ,section #de;,e7e77#b7 ( su* ,code is am5d$ to read z foll[s3 7#b7 ,disall[ance ( d$uction ,no d$uction %all be all[$-- 7,a7 = t portion ( ! qualifi$ />tup co/s paid or incurr$ = ! taxable ye> :i* is equal to s mu* ( ! portion ( ! cr$it det]m9$ "u subsection 7a7 z is prop]ly allocable to su* co/s1 & 7,b7 = t portion ( ! employ] contributions by ! employ] = ! taxable ye> :i* is equal to s mu* ( ! cr$it increase det]m9$ "u subsection 7f7 z is prop]ly allocable to su* contributions4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #djc4 ,promotion ( sav]'s cr$it 7a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all take su* /eps z ! ,secret>y det]m9es are necess>y & appropriate to increase public aw>5ess ( ! cr$it provid$ "u section #be;,b ( ! ,int]nal ,rev5ue ,code ( #aihf4 7b7 ,report to congress 7#a7 ,9 g5]al ,n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all provide a report to ,congress to summ>ize ! anticipat$ promotion ef=ts ( ! ,treasury "u subsection 7a74 7#b7 ,cont5ts ,su* report %all include-- 7,a7 a description ( plans =-- 7i7 ! developm5t & di/ribution ( digital & pr9t mat]ials1 includ+ ! di/ribution ( su* mat]ials to ,/ates = p>ticipants 9 ,/ate facilitat$ retirem5t sav+s programs2 & 7ii7 ! translation ( su* mat]ials into ! #aj mo/ commonly spok5 languages 9 ! ,unit$ ,/ates aft] ,engli% 7z det]m9$ by ref]5ce to ! mo/ rec5t ,am]ican ,community ,survey ( ! ,bureau ( ! ,c5sus72 & 7,b7 su* o!r in=mation z ! ,secret>y det]m9es is necess>y #djd4 ,enhancem5t ( sav]'s cr$it 7a7 #ej p]c5t cr$it rate ,section #be;,b7a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! applicable p]c5tage & ins]t+ #ej p]c5t4 7b7 ,adju/$ gross income phase\ts ,section #be;,b7b7 ( su* ,code is am5d$ to read z foll[s3 7b7 ,limitation ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! am\nt ( cr$it all[able "u subsection 7a7 7det]m9$ )\t reg>d to ?is subsection7 %all be r$uc$ 7b n bel[ z]o7 by an am\nt :i* be>s ! same ratio to ! cr$it o!rwise s all[able z-- 7,a7 ! excess 7if any7 (-- 7i7 adju/$ gross income ( ! taxpay]1 ov] 7ii7 ! ?re%old am\nt1 be>s to 7,b7 ! phase\t am\nt4 7#b7 ,?re%old am\nt ,! t]m ?re%old am\nt means-- 7,a7 9 ! case ( a jo9t return or a surviv+ sp\se 7z def9$ 9 section #b7;a771 #dh1jjj1 7,b7 9 ! case ( a head ( h\sehold1 #ge p]c5t ( ! am\nt 9 effect = ! taxable ye> "u subp>agraph 7,a71 & 7,c7 9 ! case ( any o!r individual1 #ej p]c5t ( ! am\nt 9 effect = ! taxable ye> "u subp>agraph 7,a74 7#c7 ,phase\t am\nt ,! t]m phase\t am\nt means-- 7,a7 9 ! case ( a jo9t return or a surviv+ sp\se 7z def9$ 9 #b7;a771 #ce1jjj1 7,b7 9 ! case ( a head ( h\sehold 7z def9$ 9 section #b7;b771 #ge p]c5t ( ! am\nt 9 effect = ! taxable ye> "u subp>agraph 7,a71 & 7,c7 9 ! case ( any o!r individual1 #ej p]c5t ( ! am\nt 9 effect = ! taxable ye> "u subp>agraph 7,a74 7#d7 ,inflation adju/m5t 7,a7 ,9 g5]al ,9 ! case ( any taxable ye> beg9n+ 9 a cal5d> ye> aft] #bjbh1 ! #dh1jjj doll> am\nt 9 p>agraph 7#b7 & ! #ce1jjj 9 p>agraph 7#c7 %all ea* be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! 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> #bjbd = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7,b7 ,r\nd+ ,any increase det]m9$ "u subp>agraph 7,a7 t is n a multiple ( #ejj %all be r\nd$ to ! ne>e/ multiple ( #ejj4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbh4 #dje4 ,enhancem5t ( #djc7;b7 plans 7a7 ,9 g5]al ,section #djc7;b77#g77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ if ! am\nts are to be inve/$ 9 regulat$ inve/m5t company /ock to be held 9 t cu/odial acc\nt & ins]t+ if ! am\nts are to be held 9 t cu/odial acc\nt & inve/$ 9 regulat$ inve/m5t company /ock or a gr\p tru/ int5d$ to satisfy ! requirem5ts ( ,int]nal ,rev5ue ,s]vice ,rev5ue ,rul+ #ha-ajj 7or any successor guidance74 7b7 ,con=m+ am5dm5t ,! head+ ( p>agraph 7#g7 ( section #djc7;b7 ( su* ,code is am5d$ by /rik+ = regulat$ inve/m5t company /ock4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to am\nts inve/$ aft] ,decemb] #ca1 #bjbd4 #djf4 ,increase 9 age = requir$ beg9n+ date = m&atory di/ributions 7a7 ,9 g5]al ,section #dja7;a77#i77;,c77i77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ age #gb & ins]t+ ! applicable age4 7b7 ,sp\se b5efici>ies2 special rule = own]s ,subp>agraphs 7,b77iv77,i7 & 7,c77ii77,i7 ( section #dja7;a77#i7 ( su* ,code are ea* am5d$ by /rik+ age #gb & ins]t+ ! applicable age4 7c7 ,applicable age ,section #dja7;a77#i77;,c7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new clause3 7v7 ,applicable age 7,i7 ,9 ! case ( an individual :o atta9s age #gb aft] ,decemb] #ca1 #bjbd1 & age #gc be=e ,janu>y #a1 #bjcb1 ! applicable age is #gc4 7,,ii7 ,9 ! case ( an individual :o atta9s age #gc aft] ,decemb] #ca1 #bjca1 & age #gd be=e ,janu>y #a1 #bjce1 ! applicable age is #gd4 7,,iii7 ,9 ! case ( an individual :o atta9s age #gd aft] ,decemb] #ca1 #bjcd1 ! applicable age is #ge4 4 7d7 ,con=m+ am5dm5ts ,! la/ s5t5ce ( section #djh7;b7 ( su* ,code is am5d$ by /rik+ age #gb & ins]t+ ! applicable age 7det]m9$ "u section #dja7;a77#i77;,c77v7 = ! cal5d> ye> 9 :i* su* taxable ye> beg9s74 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions requir$ to be made aft] ,decemb] #ca1 #bjbd1 ) respect to individuals :o atta9 age #gb aft] su* date4 #djg4 ,index+ ira cat*-up limit 7a7 ,9 g5]al ,subp>agraph 7,c7 ( section #bai7;b77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new clause3 7iii7 ,index+ ( cat*-up limitation ,9 ! case ( any taxable ye> beg9n+ 9 a cal5d> ye> aft] #bjbe1 ! #a1jjj am\nt "u subp>agraph 7,b77ii7 %all be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! 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> #bjbd = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 ,if any am\nt aft] adju/m5t "u ! prec$+ s5t5ce is n a multiple ( #ajj1 su* am\nt %all be r\nd$ to ! next l[] multiple ( #ajj4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4 #djh4 ,high] cat*-up limit to apply at age #fb1 #fc1 & #fd 7a7 ,9 g5]al 7#a7 ,plans o!r ?an simple plans ,section #dad7v77#b77;,b77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ ! foll[+ be=e ! p]iod3 7#aj1jjj1 9 ! case ( an eligible p>ticipant :o w\ld atta9 age #fb1 b n age #fe1 be=e ! close ( ! taxable ye>74 7#b7 ,simple plans ,section #dad7v77#b77;,b77ii7 ( su* ,code is am5d$ by ins]t+ ! foll[+ be=e ! p]iod3 7#e1jjj1 9 ! case ( an eligible p>ticipant :o w\ld atta9 age #fb1 b n age #fe1 be=e ! close ( ! taxable ye>74 7b7 ,co/-(-,liv+ adju/m5ts ,subp>agraph 7,c7 ( section #dad7v77#b7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( a ye> beg9n+ aft] ,decemb] #ca1 #bjbc1 ! ,secret>y %all adju/ annually ! #aj1jjj am\nt 9 subp>agraph 7,b77i7 & ! #e1jjj am\nt 9 subp>agraph 7,b77ii7 = increases 9 ! co/-(-liv+ at ! same "t & 9 ! same mann] z adju/m5ts "u ! prec$+ s5t5ce2 except t ! base p]iod tak5 into acc\nt %all be ! cal5d> qu>t] beg9n+ ,july #a1 #bjbb44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4 #dji4 ,pool$ employ] plans modification 7a7 ,9 g5]al ,section #c7dc77;,b77ii7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7dc77;,b77ii77 is am5d$ to read z foll[s3 7ii7 designate a nam$ fiduci>y 7o!r ?an an employ] 9 ! plan7 to be responsible = collect+ contributions to ! plan & require su* fiduci>y to implem5t writt5 contribution collection proc$ures t are reasonable1 dilig5t1 & sy/ematic2 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #daj4 ,multiple employ] #djc7;b7 plans 7a7 ,9 g5]al ,section #djc7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ 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 ( "o or m employ]s fail+ to meet ! requirem5ts ( ?is subsection 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 subp>agraph unless ! plan satisfies rules simil> to ! rules ( subp>agraph 7,a7 or 7,b7 ( section #dac7;e77#a71 except 9 ! case ( a multiple employ] plan ma9ta9$ solely by any ( ! foll[+3 ,a ,/ate1 a political subdivision ( a ,/ate1 or an ag5cy or in/rum5tality ( any "o or m ( ! =ego+4 4 7b7 ,annual regi/ration = #djc7;b7 multiple employ] plan ,section #fjeg ( su* ,code 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 "o 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 ( su* ,code 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 "o 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 ,9 g5]al ,section #c7dc77;,a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$-- 7,a7 9 clause 7ii71 by /rik+ section #eja7;a7 ( su* ,code or & ins]t+ section #eja7;a7 ( su* ,code1 a plan t consi/s ( contracts describ$ 9 section #djc7;b7 ( su* ,code1 or2 & 7,b7 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 ,sections #c7dc77;,b77v77,,ii7 & #c7dd77;,a77i77,i7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd are ea* am5d$ by /rik+ section #dja7;a7 ( su* ,code or & ins]t+ section #dja7;a7 ( su* ,code1 a plan t consi/s ( contracts describ$ 9 section #djc7;b7 ( su* ,code1 or4 7e7 ,regulations relat+ to employ] failure ,to meet multiple employ] plan requirem5ts ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all prescribe su* regulations z may be necess>y to cl>ify1 9 ! case ( plans to :i* section #djc7;b77#ae7 ( ! ,int]nal ,rev5ue ,code ( #aihf applies1 ! treatm5t ( an employ] dep>t+ su* plan 9 connection ) su* employ]'s failure to meet multiple employ] plan requirem5ts4 7f7 ,modification ( model plan language1 etc 7#a7 ,plan notifications ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all modify ! model plan language publi%$ "u section #dac7;e77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf to include language t notifies p>ticipat+ employ]s describ$ 9 section #eja7;c77#c71 & :i* are exempt f tax "u section #eja7;a71 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 ( any "o or m ( ! =ego+71 ! ,secret>y ( ! ,treasury %all publi% model plan language simil> to model plan language publi%$ "u section #dac7;e77#e7 ( su* ,code4 7#c7 ,educational outrea* to employ]s exempt f tax ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all provide education & outrea* to increase aw>5ess to employ]s describ$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 & :i* are exempt f tax "u section #eja7;a7 ( su* ,code1 t multiple employ] plans are 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 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 made f section #djc7;b77#ae77;,a7 ( su* ,code 7z add$ by ?is ,act7 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 #bjbd4 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 ( ! ,int]nal ,rev5ue ,code ( #aihf applies4 #daa4 ,treatm5t ( /ud5t loan paym5ts z elective def]rals = purposes ( mat*+ contributions 7a7 ,9 g5]al ,section #dja7m77#d77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7i71 by /rik+ ! p]iod at ! end ( clause 7ii7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7iii7 subject to ! requirem5ts ( p>agraph 7#ac71 any employ] contribution made to a def9$ contribution plan on behalf ( an employee on acc\nt ( a qualifi$ /ud5t loan paym5t4 7b7 ,qualifi$ /ud5t loan paym5t ,section #dja7m77#d7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,d7 ,qualifi$ /ud5t loan paym5t ,! t]m qualifi$ /ud5t loan paym5t means a paym5t made by an employee 9 repaym5t ( a qualifi$ education loan 7z def9$ section #bba7;d77#a77 incurr$ by ! employee to pay qualifi$ high] education exp5ses1 b only-- 7i7 to ! ext5t su* paym5ts 9 ! aggregate = ! ye> d n exce$ an am\nt equal to-- 7,i7 ! limitation applicable "u section #djb7;g7 = ! ye> 7or1 if less]1 ! employee's comp5sation 7z def9$ 9 section #dae7;c77#c77 = ! ye>71 r$uc$ by 7,,ii7 ! elective def]rals made by ! employee = su* ye>1 & 7ii7 if ! employee c]tifies to ! employ] mak+ ! mat*+ contribution "u ?is p>agraph t su* paym5t has be5 made on su* loan4 ,= purposes ( ?is subp>agraph1 ! t]m qualifi$ high] education exp5ses means ! co/ ( att5dance 7z def9$ 9 section #dgb ( ! ,high] ,education ,act ( #aife1 z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,taxpay] ,relief ,act ( #aiig7 at an eligible educational in/itution 7z def9$ 9 section #bba7;d77#b774 4 7c7 ,mat*+ contributions = qualifi$ /ud5t loan paym5ts ,section #dja7m7 ( su* ,code is am5d$ by r$esignat+ p>agraph 7#ac7 z p>agraph 7#ad71 & by ins]t+ aft] p>agraph 7#ab7 ! foll[+ new p>agraph3 7#ac7 ,mat*+ contributions = qualifi$ /ud5t loan paym5ts 7,a7 ,9 g5]al ,= purposes ( p>agraph 7#d77;,a77iii71 an employ] contribution made to a def9$ contribution plan on acc\nt ( a qualifi$ /ud5t loan paym5t %all be treat$ z a mat*+ contribution = purposes ( ?is title if-- 7i7 ! plan provides mat*+ contributions on acc\nt ( elective def]rals at ! same rate z contributions on acc\nt ( qualifi$ /ud5t loan paym5ts1 7ii7 ! plan provides mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts only on behalf ( employees o!rwise eligible to receive mat*+ contributions on acc\nt ( elective def]rals1 7iii7 "u ! plan1 all employees eligible to receive mat*+ contributions on acc\nt ( elective def]rals are eligible to receive mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts1 & 7iv7 ! plan provides t mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts ve/ 9 ! same mann] z mat*+ contributions on acc\nt ( elective def]rals4 7,b7 ,treatm5t = purposes ( nondiscrim9ation rules1 etc 7i7 ,nondiscrim9ation rules ,= purposes ( subp>agraph 7,a77iii71 subsection 7a77#d71 & section #daj7;b71 mat*+ contributions describ$ 9 p>agraph 7#d77;,a77iii7 %all n fail to be treat$ z available to an employee solely because su* employee does n h debt incurr$ "u a qualifi$ education loan 7z def9$ 9 section #bba7;d77#a774 7ii7 ,/ud5t loan paym5ts n treat$ z plan contribution ,except z provid$ 9 clause 7iii71 a qualifi$ /ud5t loan paym5t %all n be treat$ z a contribution to a plan "u ?is title4 7iii7 ,mat*+ contribution rules ,solely = purposes ( meet+ ! requirem5ts ( p>agraph 7#aa77;,b7 or 7#ab7 ( ?is subsection1 or p>agraph 7#aa77;,b77i77,,ii71 7#ab77;,b71 or 7#ac77;,d7 ( subsection 7k71 a plan may treat a qualifi$ /ud5t loan paym5t z an elective def]ral or an elective contribution1 :i*ev] is applicable4 7iv7 ,actual def]ral p]c5tage te/+ ,9 det]m9+ :e!r a plan meets ! requirem5ts ( subsection 7k77#c77;,a77ii7 = a plan ye>1 ! plan may apply ! requirem5ts ( su* subsection sep>ately ) respect to all employees :o receive mat*+ contributions describ$ 9 p>agraph 7#d77;,a77iii7 = ! plan ye>4 7,c7 ,employ] may rely on employee c]tification ,! employ] may rely on an employee c]tification ( paym5t "u p>agraph 7#d77;,d77ii74 4 7d7 ,simple retirem5t acc\nts ,section #djh7p77#b7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,mat*+ contributions = qualifi$ /ud5t loan paym5ts 7i7 ,9 g5]al ,subject to ! rules ( clause 7iii71 an arrangem5t %all n fail to be treat$ z meet+ ! requirem5ts ( subp>agraph 7,a77iii7 solely because "u ! arrangem5t1 solely = purposes ( su* subp>agraph1 qualifi$ /ud5t loan paym5ts are treat$ z am\nts elect$ by ! employee "u subp>agraph 7,a77i77,i7 to ! ext5t su* paym5ts d n exce$-- 7,i7 ! applicable doll> am\nt "u subp>agraph 7,e7 7aft] application ( section #dad7v77 = ! ye> 7or1 if less]1 ! employee's comp5sation 7z def9$ 9 section #dae7;c77#c77 = ! ye>71 r$uc$ by 7,,ii7 any o!r am\nts elect$ by ! employee "u subp>agraph 7,a77i77,i7 = ! ye>4 7ii7 ,qualifi$ /ud5t loan paym5t ,= purposes ( ?is subp>agraph-- 7,i7 ,9 g5]al ,! t]m qualifi$ /ud5t loan paym5t means a paym5t made by an employee 9 repaym5t ( a qualifi$ education loan 7z def9$ 9 section #bba7;d77#a77 incurr$ by ! employee to pay qualifi$ high] education exp5ses1 b only if ! employee c]tifies to ! employ] mak+ ! mat*+ contribution t su* paym5t has be5 made on su* a loan4 7,,ii7 ,qualifi$ high] education exp5ses ,! t]m qualifi$ high] education exp5ses has ! same mean+ z :5 us$ 9 section #dja7m77#d77;,d74 7iii7 ,applicable rules ,clause 7i7 %all apply to an arrangem5t only if1 "u ! arrangem5t-- 7,i7 mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts are provid$ only on behalf ( employees o!rwise eligible to elect contributions "u subp>agraph 7,a77i77,i71 & 7,,ii7 all employees o!rwise eligible to p>ticipate 9 ! arrangem5t are eligible to receive mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts4 4 7e7 #djc7;b7 plans ,section #djc7;b77#ab77;,a7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,! fact t ! employ] (f]s mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts z describ$ 9 section #dja7m77#ac7 %all n be tak5 into acc\nt 9 det]m9+ :e!r ! arrangem5t satisfies ! requirem5ts ( clause 7ii7 7& any regulation !reund]744 7f7 #deg7;b7 plans ,section #deg7;b7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,a plan :i* is e/abli%$ & ma9ta9$ by an employ] :i* is describ$ 9 subsection 7e77#a77;,a7 %all n be treat$ z fail+ to meet ! requirem5ts ( ?is subsection solely because ! plan1 or ano!r plan ma9ta9$ by ! employ] :i* meets ! requirem5ts ( section #dja7;a7 or #djc7;b71 provides = mat*+ contributions on acc\nt ( qualifi$ /ud5t loan paym5ts z describ$ 9 section #dja7m77#ac744 7g7 ,regulatory au?ority ,! ,secret>y %all prescribe regulations = purposes ( implem5t+ ! am5dm5ts made by ?is section1 includ+ regulations-- 7#a7 p]mitt+ a plan to make mat*+ contributions = qualifi$ /ud5t loan paym5ts1 z def9$ 9 sections #dja7m77#d77;,d7 & #djh7p77#b77;,f7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z add$ by ?is section1 at a diff]5t frequ5cy ?an mat*+ contributions are o!rwise made "u ! plan1 provid$ t ! frequ5cy is n less ?an annually2 7#b7 p]mitt+ employ]s to e/abli% reasonable proc$ures to claim mat*+ contributions = su* qualifi$ /ud5t loan paym5ts "u ! plan1 includ+ an annual deadl9e 7n e>li] ?an #c mon?s aft] ! close ( ea* plan ye>7 by :i* a claim mu/ be made2 & 7#c7 promulgat+ model am5dm5ts :i* plans may adopt to implem5t mat*+ contributions on su* qualifi$ /ud5t loan paym5ts = purposes ( sections #dja7m71 #djh7p71 #djc7;b71 & #deg7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7h7 ,effective date ,! am5dm5ts made by ?is section %all apply to contributions made = plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #dab4 ,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 take effect z if includ$ 9 ! enactm5t ( section #ajd ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai4 #dac4 ,milit>y sp\se retirem5t plan eligibility cr$it = small employ]s 7a7 ,9 g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #de,u4 ,milit>y sp\se retirem5t plan eligibility cr$it = small employ]s 7a7 ,9 g5]al ,= purposes ( section #ch1 9 ! case ( any eligible small employ]1 ! milit>y sp\se retirem5t plan eligibility cr$it det]m9$ "u ?is section = any taxable ye> is an am\nt equal to ! sum (-- 7#a7 #bej ) respect to ea* milit>y sp\se :o is an employee ( su* employ] & :o is eligible to p>ticipate 9 an eligible def9$ contribution plan ( su* employ] at any "t dur+ su* taxable ye>1 plus 7#b7 s mu* ( ! contributions made by su* employ] to all su* plans ) respect to su* employee dur+ su* taxable ye> z d n exce$ #bej4 7b7 ,limitation ,an individual %all only be tak5 into acc\nt z a milit>y sp\se "u subsection 7a7 = ! taxable ye> :i* includes ! date on :i* su* individual began p>ticipat+ 9 ! eligible def9$ contribution plan ( ! employ] & ! #b succe$+ taxable ye>s4 7c7 ,eligible small employ] ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m eligible small employ] means an eligible employ] 7z def9$ 9 section #djh7p77#b77;,c77i77,i774 7#b7 ,application ( #b-ye> grace p]iod ,a rule simil> to ! rule ( section #djh7p77#b77;,c77i77,,ii7 %all apply = purposes ( ?is section4 7d7 ,milit>y sp\se ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m milit>y sp\se means1 ) respect to any employ]1 any individual :o is m>ri$ 7)9 ! mean+ ( section #ggjc z ( ! fir/ date t ! employee is employ$ by ! employ]7 to an individual :o is a memb] ( ! uni=m$ s]vices 7z def9$ section #aja7;a77#e7 ( title #aj1 ,unit$ ,/ates ,code74 ,= purposes ( ?is section1 an employ] may rely on an employee's c]tification t su* employee's sp\se is a memb] ( ! uni=m$ s]vices if su* c]tification provides ! "n1 rank1 & s]vice bran* ( su* sp\se4 7#b7 ,exclusion ( highly comp5sat$ employees ,) respect to any employ]1 ! t]m milit>y sp\se %all n include any individual if su* individual is a highly comp5sat$ employee ( su* employ] 7)9 ! mean+ ( section #dad7q774 7e7 ,eligible def9$ contribution plan ,= purposes ( ?is section1 ! t]m eligible def9$ contribution plan means1 ) respect to any eligible small employ]1 any def9$ contribution plan 7z def9$ 9 section #dad7;i77 ( su* employ] if1 "u ! t]ms ( su* plan-- 7#a7 milit>y sp\ses employ$ by su* employ] are eligible to p>ticipate 9 su* plan n lat] ?an ! date :i* is #b mon?s aft] ! date on :i* su* individual beg9s employm5t ) su* employ]1 & 7#b7 milit>y sp\ses :o are eligible to p>ticipate 9 su* plan-- 7,a7 are imm$iately eligible to receive an am\nt ( employ] contributions "u su* plan :i* is n less ! am\nt ( su* contributions t a simil>ly situat$ p>ticipant :o is n a milit>y sp\se w\ld be eligible to receive "u su* plan aft] #b ye>s ( s]vice1 & 7,b7 imm$iately h a non=feitable "r to ! employee's accru$ b5efit d]iv$ f employ] contributions "u su* plan4 7f7 ,aggregation rule ,all p]sons treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad %all be treat$ z "o employ] = purposes ( ?is section4 4 7b7 ,cr$it all[$ z "p ( g5]al bus9ess cr$it ,section #ch7;b7 ( su* ,code is am5d$ 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 small employ] 7z def9$ 9 section #de,u7c771 ! milit>y sp\se retirem5t plan eligibility cr$it det]m9$ "u section #de,u7a74 4 7c7 ,specifi$ cr$it = purposes ( c]tifi$ pr(essional employ] organizations ,section #ceaa7;d77#b7 ( su* ,code is am5d$ by r$esignat+ subp>agraphs 7,f71 7,g71 & 7,h7 z subp>agraphs 7,g71 7,h71 & 7,i71 respectively1 & by ins]t+ aft] subp>agraph 7,e7 ! foll[+ new subp>agraph3 7,f7 section #de,u 7milit>y sp\se retirem5t plan eligibility cr$it71 4 7d7 ,cl]ical am5dm5t ,! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #de,u4 ,milit>y sp\se retirem5t plan eligibility cr$it = small employ]s4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #dad4 ,small imm$iate f9ancial inc5tives = contribut+ to a plan 7a7 ,9 g5]al ,subp>agraph 7,a7 ( section #dja7k77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 7o!r ?an a de m9imis f9ancial inc5tive7 aft] any o!r b5efit4 7b7 ,section #djc7;b7 plans ,subp>agraph 7,a7 ( section #djc7;b77#ab7 ( su* ,code1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+3 ,a plan %all n fail to satisfy clause 7ii7 solely by reason ( (f]+ a de m9imis f9ancial inc5tive to employees to elect to h ! employ] make contributions pursuant to a sal>y r$uction agreem5t44 7c7 ,exemption f prohibit$ transaction rules ,subsection 7d7 ( section #dige ( su* ,code is am5d$ by /rik+ or at ! end ( p>agraph 7#bb71 by /rik+ ! p]iod at ! end ( p>agraph 7#bc7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new p>agraph3 7#bd7 ! provision ( a de m9imis f9ancial inc5tive describ$ 9 section #dja7k77#d77;,a74 4 7d7 ,am5dm5t ( employee retirem5t income security act ( #aigd ,subsection 7b7 ( section #djh ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajh7;b77 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#ba7 ,! provision ( a de m9imis f9ancial inc5tive describ$ 9 section #dja7k77#d77;,a7 or section #djc7;b77#ab77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to plan ye>s beg9n+ aft] ! date ( enactm5t ( ?is ,act4 #dae4 ,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 sections #dja7;a71 #djc7;b71 #djh1 or #deg7;b71 z applicable1 solely by reason ( a correct$ error4 7#b7 ,correct$ error def9$ ,= 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 t is #i mon?s aft] ! end ( ! plan ye> dur+ :i* ! error occurr$1 7,b7 is correct$ 9 a mann] t 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 t 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 ) respect to any errors ) respect to :i* ! date ref]r$ to 9 section #dad7;aa7 7z add$ by ?is section7 is aft] ! date ( enactm5t ( ?is ,act4 #daf4 ,improv+ cov]age = "p-"t work]s 7a7 ,9 g5]al ,section #bjb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajeb7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7c7 ,special rule = c]ta9 "p-,"t employees 7#a7 ,9 g5]al ,a p5sion plan t includes ei!r a qualifi$ ca% or def]r$ arrangem5t 7z def9$ 9 section #dja7k7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 or a sal>y r$uction agreem5t 7z describ$ 9 section #djc7;b7 ( su* ,code7 %all n require1 z a condition ( p>ticipation 9 ! arrangem5t or agreem5t1 t an employee complete a p]iod ( s]vice ) ! employ] 7or employ]s7 ma9ta9+ ! plan ext5d+ beyond ! close ( ! e>li] (-- 7,a7 ! p]iod p]mitt$ "u subsection 7a77#a7 7det]m9$ )\t reg>d to subp>agraph 7,b77i7 !re(72 or 7,b7 ! fir/ #bd-mon? p]iod-- 7i7 consi/+ ( #b consecutive #ab-mon? p]iods dur+ ea* ( :i* ! employee has at lea/ #ejj h\rs ( s]vice2 & 7ii7 by ! close ( :i* ! employee has atta9$ ! age ( #ba4 7#b7 ,exception ,p>agraph 7#a77;,b7 %all n apply to any employee describ$ 9 section #daj7;b77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#c7 ,coord9ation ) o!r rules 7,a7 ,9 g5]al ,9 ! case ( employees :o are eligible to p>ticipate 9 ! arrangem5t or agreem5t solely by reason ( p>agraph 7#a77;,b73 7i7 ,exclusions ,an employ] may elect to exclude su* employees f ! application ( subsections 7a77#d71 7k77#c71 7k77#ab71 7k77#ac71 & 7m77#b7 ( section #dja ( ! ,int]nal ,rev5ue ,code ( #aihf & section #daj7;b7 ( su* ,code4 7ii7 ,nondiscrim9ation rules ,not)/&+ p>agraph 7#a71 section #dja7k77#ae77;,b77i77,i7 ( su* ,code %all apply4 7iii7 ,"t ( p>ticipation ,! rules ( subsection 7a77#d7 %all apply to su* employees4 7,b7 ,top-heavy rules ,an employ] may elect to exclude all employees :o are eligible to p>ticipate 9 a plan ma9ta9$ by ! employ] solely by reason ( p>agraph 7#a77;,b7 f ! application ( ! ve/+ & b5efit requirem5ts "u subsections 7b7 & 7c7 ( section #daf ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#d7 #ab-mon? p]iod ,= purposes ( ?is subsection1 #ab-mon? p]iods %all be det]m9$ 9 ! same mann] z "u ! la/ s5t5ce ( subsection 7a77#c77;,a71 except t #ab-mon? p]iods beg9n+ be=e ,janu>y #a1 #bjbc1 %all n be tak5 into acc\nt4 7b7 ,ve/+ ,section #bjc7;b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajec7;a77 is am5d$ by r$esignat+ p>agraph 7#d7 z p>agraph 7#e7 & by ins]t+ aft] p>agraph 7#c7 ! foll[+ new p>agraph3 7#d7 ,"p-"t employees ,= purposes ( det]m9+ :e!r an employee :o is eligible to p>ticipate 9 a qualifi$ ca% or def]r$ arrangem5t or a sal>y r$uction agreem5t "u a plan solely by reason ( section #bjb7;c77#a77;,b7 has a non=feitable "r to employ] contributions-- 7,a7 except z provid$ 9 subp>agraph 7,b71 ea* #ab-mon? p]iod = :i* ! employee has at lea/ #ejj h\rs ( s]vice %all be treat$ z a ye> ( s]vice2 & 7,b7 p>agraph 7#c7 %all be appli$ by sub/itut+ at lea/ #ejj h\rs ( s]vice = m ?an #ejj h\rs ( s]vice 9 subp>agraph 7,a7 !re(4 ,= purposes ( ?is p>agraph1 #ab-mon? p]iods %all be det]m9$ 9 ! same mann] z "u ! la/ s5t5ce ( section #bjb7;a77#c77;,a71 except t #ab-mon? p]iods beg9n+ be=e ,janu>y #a1 #bjbc1 %all n be tak5 into acc\nt4 4 7c7 ,r$uction 9 p]iod s]vice requirem5t = qualifi$ ca% & def]r$ arrangem5ts ,section #dja7k77#b77;,d77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #c & ins]t+ #b4 7d7 ,pre-#bjba s]vice ,section #aab7;b7 ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai 7#bf ,u4,s4,c4 #dja note7 is am5d$ by /rik+ section #dja7k77#b77;,d77ii7 & ins]t+ p>agraphs 7#b77;,d77ii7 & 7#ae77;,b77iii7 ( section #dja7k74 7e7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 7#b7 ,subsection 7d7 ,! am5dm5t made by subsection 7d7 %all take effect z if includ$ 9 ! enactm5t ( section #aab ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai4 #dag4 ,def]ral ( tax = c]ta9 sales ( employ] /ock to employee /ock own]%ip plan sponsor$ by s corporation 7a7 ,9 g5]al ,section #ajdb7;c77#a77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ dome/ic ,c corporation & ins]t+ dome/ic corporation4 7b7 #aj p]c5t limitation on application ( ga9 on sale ( s corporation /ock ,section #ajdb ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,application ( section to sale ( /ock 9 s corporation ,9 ! case ( ! sale ( qualifi$ securities ( an ,s corporation1 ! election "u subsection 7a7 may be made ) respect to n m ?an #aj p]c5t ( ! am\nt realiz$ on su* sale = purposes ( det]m9+ ! am\nt ( ga9 n recogniz$ & ! ext5t to :i* 7if at all7 ! am\nt realiz$ on su* sale exce$s ! co/ ( qualifi$ replacem5t prop]ty4 ,! portion ( adju/$ basis t is prop]ly allocable to ! portion ( ! am\nt realiz$ ) respect to :i* ! election is made "u ?is subsection %all be tak5 into acc\nt = purposes ( ! prec$+ s5t5ce4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to sales aft] ,decemb] #ca1 #bjbi4 #dah4 ,c]ta9 securities treat$ z publicly trad$ 9 case ( employee /ock own]%ip plans 7a7 ,9 g5]al ,section #dja7;a77#ce7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,i7 ,esop rules relat+ to publicly trad$ securities ,9 ! case ( an applicable def9$ contribution plan :i* is an employee /ock own]%ip plan1 an employ] security %all be treat$ z describ$ 9 subp>agraph 7,g77v7 if-- 7i7 ! security is ! subject ( pric$ quotations by at lea/ #d deal]s1 publi%$ & made cont9u\sly available on an int]deal] quotation sy/em 7z su* t]m is us$ 9 section #ac ( ! ,securities ,ex*ange ,act ( #aicd7 :i* has made ! reque/ describ$ 9 section #f7;j7 ( su* ,act to be treat$ z an alt]native trad+ sy/em1 7ii7 ! security is n a p5ny /ock 7z def9$ by section #c7;a77#ea7 ( su* ,act71 7iii7 ! security is issu$ by a corporation :i* is n a %ell company 7z su* t]m is us$ 9 section #d7;d77#f7 ( ! ,securities ,act ( #aicc71 a blank *eck company 7z def9$ 9 section #g7;b77#c7 ( su* ,act71 or subject to bankruptcy proce$+s1 7iv7 ! security has a public float 7z su* t]m is us$ 9 section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations7 :i* has a fair m>ket value ( at lea/ #a1jjj1jjj & con/itutes at lea/ #aj p]c5t ( ! total %>es issu$ & out/&+4 7v7 9 ! case ( a security issu$ by a dome/ic corporation1 ! issu] publi%es1 n less frequ5tly ?an annually1 f9ancial /atem5ts audit$ by an indep5d5t auditor regi/]$ ) ! ,public ,company ,acc\nt+ ,ov]sight ,bo>d e/abli%$ "u ! ,s>banes-,oxley ,act ( #bjjb1 & 7vi7 9 ! case ( a security issu$ by a =eign corporation1 ! security is repres5t$ by a deposit>y %>e 7z def9$ "u section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations71 or is issu$ by a =eign corporation incorporat$ 9 ,canada & readily tradeable on an e/abli%$ securities m>ket 9 ,canada1 & ! issu]-- 7,i7 is subject to1 & 9 compliance )1 ! report+ requirem5ts ( section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm or #gho7d771 7,,ii7 is subject to1 & 9 compliance )1 ! report+ requirem5ts ( section #bcj4beg ( title #ag1 ,code ( ,f$]al ,regulations1 or 7,,iii7 is exempt f su* requirem5ts "u section #bdj4ab;g#c-b7;b7 ( title #ag1 ,code ( ,f$]al ,regulations4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbi4 #dai4 ,remove requir$ m9imum di/ribution b>ri]s = life annuities 7a7 ,9 g5]al ,section #dja7;a77#i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,j7 ,c]ta9 increases 9 paym5ts "u a comm]cial annuity ,no?+ 9 ?is section %all prohibit a comm]cial annuity 7)9 ! mean+ ( section #cdje7;e77#f77 t is issu$ 9 connection ) any eligible retirem5t plan 7)9 ! mean+ ( section #djb7;c77#h77;,b71 o!r ?an a def9$ b5efit plan7 f provid+ "o or m ( ! foll[+ types ( paym5ts on or aft] ! annuity />t+ date3 7i7 annuity paym5ts t increase by a con/ant p]c5tage1 appli$ n less frequ5tly ?an annually1 at a rate t is less ?an #e p]c5t p] ye>1 7ii7 a lump sum paym5t t-- 7,i7 results 9 a %ort5+ ( ! paym5t p]iod ) respect to an annuity or a full or p>tial commutation ( ! future annuity paym5ts1 provid$ t su* lump sum is det]m9$ us+ reasonable actu>ial me?ods & assumptions1 z det]m9$ 9 good fai? by ! issu] ( ! contract1 or 7,,ii7 accel]ates ! receipt ( annuity paym5ts t are s*$ul$ to be receiv$ )9 ! ensu+ #ab mon?s1 reg>dless ( :e!r su* accel]ation %ort5s ! paym5t p]iod ) respect to ! annuity1 r$uces ! doll> am\nt ( b5efits to be paid "u ! contract1 or results 9 a susp5sion ( annuity paym5ts dur+ ! p]iod be+ accel]at$1 7iii7 an am\nt :i* is 9 ! nature ( a divid5d or simil> di/ribution1 provid$ t ! issu] ( ! contract det]m9es su* am\nt bas$ on a reasonable comp>ison ( ! actu>ial factors assum$ :5 calculat+ ! initial annuity paym5ts & ! issu]'s exp]i5ce ) respect to ^? factors1 or 7iv7 a f9al paym5t ^u dea? t does n exce$ ! excess ( ! total am\nt ( ! consid]ation paid = ! annuity paym5ts1 less ! aggregate am\nt ( prior di/ributions or paym5ts f or "u ! contract4 4 7b7 ,effective date ,?is section %all apply to cal5d> ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #dbj4 ,qualify+ longevity annuity contracts 7a7 ,9 g5]al ,n lat] ?an ! date :i* is #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate 7h]eaft] 9 ?is section ref]r$ to z ! ,secret>y7 %all am5d ! regulation issu$ by ! ,dep>tm5t ( ! ,treasury relat+ to ,longevity ,annuity ,contracts 7#gi ,f$4 ,reg4 #cgfcc 7,july #b1 #bjad771 z foll[s3 7#a7 ,repeal #be-p]c5t premium limit ,! ,secret>y %all am5d ,q,a-#ag7;b77#c7 ( ,treasury ,regulation section #a4dja7;a77#i7-f & ,q,a-#ab7;b77#c7 ( ,treasury ,regulation section #a4djh-h to elim9ate ! requirem5t t premiums = qualify+ longevity annuity contracts be limit$ to a p]c5tage ( an individual's acc\nt balance1 & to make su* correspond+ *anges to ! regulations & relat$ =ms z are necess>y to reflect ! elim9ation ( ?is requirem5t4 7#b7 ,facilitate jo9t & survivor b5efits ,! ,secret>y %all am5d ,q,a-#ag7;c7 ( ,treasury ,regulation section #a4dja7;a77#i7-f1 & make su* correspond+ *anges to ! regulations & relat$ =ms z are necess>y1 to provide t1 9 ! case ( a qualify+ longevity annuity contract :i* 0 pur*as$ ) jo9t & survivor annuity b5efits = ! individual & ! individual's sp\se :i* 7 p]missible "u ! regulations at ! "t ! contract 0 orig9ally pur*as$1 a divorce occurr+ aft] ! orig9al pur*ase & be=e ! annuity paym5ts comm5ce "u ! contract w n affect ! p]missibility ( ! jo9t & survivor annuity b5efits or o!r b5efits "u ! contract1 or require any adju/m5t to ! am\nt or duration ( b5efits payable "u ! contract1 provid$ t any qualifi$ dome/ic relations ord] 7)9 ! mean+ ( section #dad7p7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 or1 9 ! case ( an arrangem5t n subject to section #dad7p7 ( su* ,code or section #bjf7;d7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajef7;d771 any divorce or sep>ation in/rum5t 7z def9$ 9 subsection 7b77-- 7,a7 provides t ! =m] sp\se is entitl$ to ! survivor b5efits "u ! contract2 7,b7 does n modify ! treatm5t ( ! =m] sp\se z ! b5efici>y "u ! contract :o is entitl$ to ! survivor b5efits2 or 7,c7 does n modify ! treatm5t ( ! =m] sp\se z ! measur+ life = ! survivor b5efits "u ! contract4 7#c7 ,p]mit %ort free look p]iod ,! ,secret>y %all am5d ,q,a-#ag7;a77#d7 ( ,treasury ,regulation section #a4dja7;a77#i7-f to ensure t su* ,q,a does n preclude a contract f includ+ a provision "u :i* an employee may resc9d ! pur*ase ( ! contract )9 a p]iod n exce$+ #ij days f ! date ( pur*ase4 7b7 ,divorce or sep>ation in/rum5t ,= purposes ( subsection 7a77#b71 ! t]m divorce or sep>ation in/rum5t means-- 7#a7 a decree ( divorce or sep>ate ma9t5ance or a writt5 in/rum5t incid5t to su* a decree1 7#b7 a writt5 sep>ation agreem5t1 or 7#c7 a decree 7n describ$ 9 p>agraph 7#a77 requir+ a sp\se to make paym5ts = ! support or ma9t5ance ( ! o!r sp\se4 7c7 ,effective dates1 en=cem5t1 & int]pretations 7#a7 ,effective dates 7,a7 ,p>agraph 7#a7 ( subsection 7a7 %all be effective ) respect to contracts pur*as$ or receiv$ 9 an ex*ange on or aft] ! date ( ! enactm5t ( ?is ,act4 7,b7 ,p>agraphs 7#b7 & 7#c7 ( subsection 7a7 %all be effective ) respect to contracts pur*as$ or receiv$ 9 an ex*ange on or aft] ,july #b1 #bjaf4 7#b7 ,en=cem5t & int]pretations ,prior to ! date on :i* ! ,secret>y issues f9al regulations pursuant to subsection 7a7-- 7,a7 ! ,secret>y 7or delegate7 %all adm9i/] & en=ce ! law 9 accordance ) subsection 7a7 & ! effective dates 9 p>agraph 7#a7 ( ?is subsection2 & 7,b7 taxpay]s may rely ^u _! reasonable good fai? int]pretations ( subsection 7a74 7d7 ,regulatory successor provision ,any ref]5ce to a regulation "u ?is section %all be treat$ z includ+ a ref]5ce to any successor regulation !reto4 #dba4 ,insurance-d$icat$ ex*ange-trad$ funds 7a7 ,9 g5]al ,n lat] ?an ! date :i* is #g ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all am5d ! regulation issu$ by ! ,dep>tm5t ( ! ,treasury relat+ to ,income ,tax2 ,div]sification ,requirem5ts = ,v>iable ,annuity1 ,end[m5t1 & ,life ,insurance ,contracts1 #ed ,f$4 ,reg4 #hgbh 7,m>* #b1 #aihi71 & make any necess>y correspond+ am5dm5ts to o!r regulations1 9 ord] to facilitate ! use ( ex*ange-trad$ funds z inve/m5t options "u v>iable contracts )9 ! mean+ ( section #hag7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 9 accordance ) subsections 7b7 & 7c7 ( ?is section4 7b7 ,designate c]ta9 au?oriz$ p>ticipants & m>ket mak]s z eligible inve/ors ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all am5d ,treasury ,regulation section #a4hag-e7;f77#c7 to provide t satisfaction ( ! requirem5ts 9 ,treasury ,regulation section #a4hag-e7;f77#b77;i7 ) respect to an ex*ange-trad$ fund %all n be prev5t$ by reason ( b5eficial int]e/s 9 su* a fund be+ held by #a or m au?oriz$ p>ticipants or m>ket mak]s4 7c7 ,def9e relevant t]ms ,9 am5d+ ,treasury ,regulation section #a4hag-e7;f77#c7 9 accordance ) subsections 7b7 ( ?is section1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all provide def9itions consi/5t ) ! foll[+3 7#a7 ,ex*ange-trad$ fund ,! t]m ex*ange-trad$ fund means a regulat$ inve/m5t company1 p>tn]%ip1 or tru/-- 7,a7 t is regi/]$ ) ! ,securities & ,ex*ange ,commission z an op5-end inve/m5t company or a unit inve/m5t tru/2 7,b7 ! %>es ( :i* c be pur*as$ or r$eem$ directly f ! fund only by an au?oriz$ p>ticipant2 & 7,c7 ! %>es ( :i* are trad$ ?r\gh\t ! day on a national /ock ex*ange at m>ket prices t may or may n be ! same z ! net asset value ( ! %>es4 7#b7 ,au?oriz$ p>ticipant ,! t]m au?oriz$ p>ticipant means a f9ancial in/itution t is a memb] or p>ticipant ( a cle>+ ag5cy regi/]$ "u section #ag;,a7b7 ( ! ,securities ,ex*ange ,act ( #aicd t ent]s into a contractual relation%ip ) an ex*ange-trad$ fund pursuant to :i* ! f9ancial in/itution is p]mitt$ to pur*ase & r$eem %>es directly f ! fund & to sell su* %>es to ?ird p>ties1 b only if ! contractual arrangem5t or applicable law precludes ! f9ancial in/itution f-- 7,a7 pur*as+ ! %>es = its own inve/m5t purposes r ?an = ! exclusive purpose ( creat+ & r$eem+ su* %>es on behalf ( ?ird p>ties2 & 7,b7 sell+ ! %>es to ?ird p>ties :o are n m>ket mak]s or o!rwise describ$ 9 p>agraphs 7#b7 & 7#c7 ( ,treasury ,regulation section #a4hag-e7;f74 7#c7 ,m>ket mak] ,! t]m m>ket mak] means a f9ancial in/itution t is a regi/]$ brok] or deal] "u section #ae7;b7 ( ! ,securities ,ex*ange ,act ( #aicd t ma9ta9s liquidity = an ex*ange-trad$ fund on a national /ock ex*ange by be+ always ready to buy & sell %>es ( su* fund on ! m>ket1 b only if ! f9ancial in/itution is contractually or legally preclud$ f sell+ or buy+ su* %>es to or f p]sons :o are n au?oriz$ p>ticipants or o!rwise describ$ 9 p>agraphs 7#b7 & 7#c7 ( ,treasury ,regulations section #a4hag-e7;f74 7d7 ,effective date ,subsections 7b7 & 7c7 %all apply to segregat$ asset acc\nt inve/m5ts made on or aft] ! date t is #g ye>s aft] ! date ( ! enactm5t ( ?is ,act4 #dbb4 ,recov]y ( retirem5t plan ov]paym5ts 7a7 ,ov]paym5ts "u ,,erisa ,section #bjf ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajef7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,special rules applicable to b5efit ov]paym5ts 7#a7 ,g5]al rule ,9 ! case ( an inadv]t5t b5efit ov]paym5t by any p5sion plan1 ! responsible plan fiduci>y %all n be consid]$ to h fail$ to comply ) ! requirem5ts ( ?is title m]ely because su* fiduci>y det]m9es1 9 ! ex]cise ( its fiduci>y discretion1 n to seek recov]y ( all or "p ( su* ov]paym5t f-- 7,a7 any p>ticipant or b5efici>y1 7,b7 any plan sponsor (1 or contribut+ employ] to-- 7i7 an individual acc\nt plan1 provid$ t ! am\nt ne$$ to prev5t or re/ore any imp]missible =feiture f any p>ticipant's or b5efici>y's acc\nt aris+ 9 connection ) ! ov]paym5t is1 sep>ately f & indep5d5tly ( ! ov]paym5t1 allocat$ to su* acc\nt pursuant to ! non=feitability requirem5ts ( section #bjc 7= example1 out ( ! plan's =feiture acc\nt1 additional employ] contributions1 or recov]ies f ^? responsible = ! ov]paym5t71 or 7ii7 a def9$ b5efit p5sion plan subject to ! fund+ rules 9 "p #c ( ?is subtitle ,b1 unless ! responsible plan fiduci>y det]m9es1 9 ! ex]cise ( its fiduci>y discretion1 t failure to recov] all or "p ( ! ov]paym5t fa/] ?an requir$ "u su* fund+ rules w\ld mat]ially affect ! plan's ability to pay b5efits due to o!r p>ticipants & b5efici>ies1 or 7,c7 any fiduci>y ( ! plan1 o!r ?an a fiduci>y 7includ+ a plan sponsor or contribut+ employ] act+ 9 a fiduci>y capacity7 ^: brea* ( its fiduci>y duties result$ 9 su* ov]paym5t1 provid$ t if ! plan has e/abli%$ prud5t proc$ures to prev5t & m9imize ov]paym5t ( b5efits & ! relevant plan fiduci>ies h foll[$ su* proc$ures1 an inadv]t5t b5efit ov]paym5t w n give rise to a brea* ( fiduci>y duty4 7#b7 ,r$uction 9 future b5efit paym5ts & recov]y f responsible p>ty ,p>agraph 7#a7 %all n fail to apply ) respect to any inadv]t5t b5efit ov]paym5t m]ely because1 aft] discov]+ su* ov]paym5t1 ! responsible plan fiduci>y-- 7,a7 r$uces future b5efit paym5ts to ! correct am\nt provid$ = "u ! t]ms ( ! plan1 or 7,b7 seeks recov]y f ! p]son or p]sons responsible = ! ov]paym5t4 7#c7 ,employ] fund+ obligations ,no?+ 9 ?is subsection %all relieve an employ] ( any obligation impos$ on x to make contributions to a plan to meet ! m9imum fund+ /&>ds "u "p #c ( ?is subtitle ,b or to prev5t or re/ore an imp]missible =feiture 9 accordance ) section #bjc4 7#d7 ,rec\pm5t f p>ticipants & b5efici>ies ,if ! responsible plan fiduci>y1 9 ! ex]cise ( its fiduci>y discretion1 decides to seek rec\pm5t f a p>ticipant or b5efici>y ( all or "p ( an inadv]t5t b5efit ov]paym5t made by ! plan to su* p>ticipant or b5efici>y1 x may d s1 subject to ! foll[+ conditions3 7,a7 ,no int]e/ or o!r additional am\nts 7su* z collection co/s or fees7 are s\ght on ov]paid am\nts = any p]iod4 7,b7 ,if ! plan seeks to rec\p pa/ ov]paym5ts ( a non-decreas+ p]iodic b5efit by r$uc+ future b5efit paym5ts-- 7i7 ! r$uction ceases aft] ! plan has recov]$ ! full doll> am\nt ( ! ov]paym5t1 7ii7 ! am\nt rec\p$ ea* cal5d> ye> does n exce$ #aj p]c5t ( ! full doll> am\nt ( ! ov]paym5t1 & 7iii7 future b5efit paym5ts are n r$uc$ to bel[ #ij p]c5t ( ! p]iodic am\nt o!rwise payable "u ! t]ms ( ! plan4 ,alt]natively1 if ! plan seeks to rec\p pa/ ov]paym5ts ( a non-decreas+ p]iodic b5efit ?r\gh "o or m in/allm5t paym5ts1 ! sum ( su* in/allm5t paym5ts 9 any cal5d> ye> does n exce$ ! sum ( ! r$uctions t w\ld be p]mitt$ 9 su* ye> "u ! prec$+ s5t5ce4 7,c7 ,if ! plan seeks to rec\p pa/ ov]paym5ts ( a b5efit o!r ?an a non-decreas+ p]iodic b5efit1 ! plan satisfies requirem5ts develop$ by ! ,secret>y = purposes ( ?is subp>agraph4 7,d7 ,ef=ts to rec\p ov]paym5ts are-- 7i7 n accompani$ by ?reats ( litigation1 unless ! responsible plan fiduci>y reasonably believes x c\ld prevail 9 a civil action br\ght 9 ,f$]al or ,/ate c\rt to rec\p ! ov]paym5ts1 & 7ii7 n made ?r\gh a collection ag5cy or simil> ?ird p>ty1 unless ! p>ticipant or b5efici>y ignores or rejects ef=ts to rec\p ! ov]paym5t foll[+ ei!r a f9al judgm5t 9 ,f$]al or ,/ate c\rt or a settlem5t betwe5 ! p>ticipant or b5efici>y & ! plan1 9 ei!r case au?oriz+ su* rec\pm5t4 7,e7 ,rec\pm5t ( pa/ ov]paym5ts to a p>ticipant is n s\ght f any b5efici>y ( ! p>ticipant1 includ+ a sp\se1 surviv+ sp\se1 =m] sp\se1 or o!r b5efici>y4 7,f7 ,rec\pm5t may n be s\ght if ! fir/ ov]paym5t occurr$ m ?an #c ye>s be=e ! p>ticipant or b5efici>y is fir/ notifi$ 9 writ+ ( ! error4 7,g7 ,a p>ticipant or b5efici>y f :om rec\pm5t is s\ght is entitl$ to conte/ all or "p ( ! rec\pm5t pursuant to ! plan's claims proc$ures4 7,h7 ,9 det]m9+ ! am\nt ( rec\pm5t to seek1 ! responsible plan fiduci>y may take into acc\nt ! h>d%ip t rec\pm5t likely w\ld impose on ! p>ticipant or b5efici>y4 7#e7 ,effect ( culpability ,subp>agraphs 7,a7 ?r\gh 7,f7 ( p>agraph 7#d7 %all n apply to protect a p>ticipant or b5efici>y :o is culpable4 ,= purposes ( ?is p>agraph1 a p>ticipant or b5efici>y is culpable if ! individual be>s responsibility = ! ov]paym5t 7su* z ?r\gh misrepres5tations or omissions t l$ to ! ov]paym5t71 or if ! individual knew1 or _h good reason to "k "u ! circum/ances1 t ! b5efit paym5t or paym5ts 7 mat]ially 9 excess ( ! correct am\nt4 ,not)/&+ ! prec$+ s5t5ce1 an individual is n culpable m]ely because ! individual believ$ ! b5efit paym5t or paym5ts 7 or might be 9 excess ( ! correct am\nt1 if ! individual rais$ t "q ) an au?oriz$ plan repres5tative & 0 told ! paym5t or paym5ts 7 n 9 excess ( ! correct am\nt4 ,) respect to a culpable p>ticipant or b5efici>y1 ef=ts to rec\p ov]paym5ts %all n be made ?r\gh ?reats ( litigation1 unless a lawy] = ! plan c\ld make ! repres5tations requir$ "u ,rule #aa ( ! ,f$]al ,rules ( ,civil ,proc$ure if ! litigation 7 br\ght 9 ,f$]al c\rt4 4 7b7 ,ov]paym5ts "u int]nal rev5ue code ( #aihf 7#a7 ,qualification requirem5ts ,section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ?is prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7bb7 ,special rules applicable to b5efit ov]paym5ts 7#a7 ,9 g5]al ,a plan %all n fail to be treat$ z describ$ 9 clause 7i71 7ii71 7iii71 or 7iv7 ( section #bai7;g77#e77;,a7 7& %all n fail to be treat$ z satisfy+ ! requirem5ts ( section #dja7;a7 or #djc7 m]ely because-- 7,a7 ! plan fails to obta9 paym5t f any p>ticipant1 b5efici>y1 employ]1 plan sponsor1 fiduci>y1 or o!r p>ty on acc\nt ( any inadv]t5t b5efit ov]paym5t made by ! plan1 or 7,b7 ! plan sponsor am5ds ! plan to increase pa/ or future b5efit paym5ts to affect$ p>ticipants & b5efici>ies 9 ord] to adju/ = prior inadv]t5t b5efit ov]paym5ts4 7#b7 ,r$uction 9 future b5efit paym5ts & recov]y f responsible p>ty ,p>agraph 7#a7 %all n fail to apply to a plan m]ely because1 aft] discov]+ a b5efit ov]paym5t1 su* plan-- 7,a7 r$uces future b5efit paym5ts to ! correct am\nt provid$ = "u ! t]ms ( ! plan1 or 7,b7 seeks recov]y f ! p]son or p]sons responsible = su* ov]paym5t4 7#c7 ,employ] fund+ obligations ,no?+ 9 ?is subsection %all relieve an employ] ( any obligation impos$ on x to make contributions to a plan to meet ! m9imum fund+ /&>ds "u sections #dab & #dcj or to prev5t or re/ore an imp]missible =feiture 9 accordance ) section #daa4 7#d7 ,obs]vance ( b5efit limitations ,not)/&+ p>agraph 7#a71 a plan to :i* p>agraph 7#a7 applies %all obs]ve any limitations impos$ on x by section #dja7;a77#ag7 or #dae4 ,! plan may en=ce su* limitations us+ any me?od approv$ by ! ,secret>y ( ! ,treasury = rec\p+ b5efits previ\sly paid or allocations previ\sly made 9 excess ( su* limitations4 7#e7 ,coord9ation ) o!r qualification requirem5ts ,! ,secret>y ( ! ,treasury may issue regulations or o!r guidance ( g5]al applicability specify+ h[ b5efit ov]paym5ts & _! rec\pm5t or non-rec\pm5t f a p>ticipant or b5efici>y %all be tak5 into acc\nt = purposes ( satisfy+ any requirem5t applicable to a plan to :i* p>agraph 7#a7 applies4 7#b7 ,rollov]s ,section #djb7;c7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#ab7 ,9 ! case ( an inadv]t5t b5efit ov]paym5t f a plan to :i* section #dad7;bb77#a7 applies t is transf]r$ to an eligible retirem5t plan by or on behalf ( a p>ticipant or b5efici>y-- 7,a7 ! portion ( su* ov]paym5t ) respect to :i* rec\pm5t is n s\ght on behalf ( ! plan %all be treat$ z hav+ be5 paid 9 an eligible rollov] di/ribution if ! paym5t w\ld h be5 an eligible rollov] di/ribution b = be+ an ov]paym5t1 & 7,b7 ! portion ( su* ov]paym5t ) respect to :i* rec\pm5t is s\ght on behalf ( ! plan %all be p]mitt$ to be return$ to su* plan & 9 su* case %all be treat$ z an eligible rollov] di/ribution transf]r$ to su* plan by ! p>ticipant or b5efici>y :o receiv$ su* ov]paym5t 7& ! plans mak+ & receiv+ su* transf] %all be treat$ z p]mitt+ su* transf]74 ,9 any case 9 :i* rec\pm5t is s\ght on behalf ( ! plan b is disput$ by ! p>ticipant or b5efici>y :o receiv$ su* ov]paym5t1 su* dispute %all be subject to ! claims proc$ures ( ! plan t made su* ov]paym5t1 su* plan %all notify ! plan receiv+ ! rollov] ( su* dispute1 & ! plan receiv+ ! rollov] %all reta9 su* ov]paym5t on behalf ( ! p>ticipant or b5efici>y 7& %all be entitl$ to treat su* ov]paym5t z plan assets7 p5d+ ! outcome ( su* proc$ures4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply z ( ! date ( ! enactm5t ( ?is ,act4 7d7 ,c]ta9 actions be=e date ( enactm5t ,plans1 fiduci>ies1 employ]s1 & plan sponsors are entitl$ to rely on-- 7#a7 a good fai? int]pretation ( !n exi/+ adm9i/rative guidance = inadv]t5t b5efit ov]paym5t rec\pm5ts & recov]ies t comm5c$ be=e ! date ( enactm5t ( ?is ,act1 & 7#b7 det]m9ations made be=e ! date ( enactm5t ( ?is ,act by ! responsible plan fiduci>y1 9 ! ex]cise ( its fiduci>y discretion1 n to seek rec\pm5t or recov]y ( all or "p ( an inadv]t5t b5efit ov]paym5t4 ,9 ! case ( a b5efit ov]paym5t t occurr$ prior to ! date ( enactm5t ( ?is ,act1 any in/allm5t paym5ts by ! p>ticipant or b5efici>y to ! plan or any r$uction 9 p]iodic b5efit paym5ts to ! p>ticipant or b5efici>y1 :i* 7 made 9 rec\pm5t ( su* ov]paym5t & :i* comm5c$ prior to su* date1 may cont9ue aft] su* date4 ,no?+ 9 ?is subsection %all relieve a fiduci>y f responsibility = an ov]paym5t t result$ f a brea* ( its fiduci>y duties4 #dbc4 ,r$uction 9 excise tax on c]ta9 accumulations 9 qualifi$ retirem5t plans 7a7 ,9 g5]al ,section #digd7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #ej p]c5t & ins]t+ #be p]c5t4 7b7 ,r$uction 9 excise tax on failures ,to take requir$ m9imum di/ributions ,section #digd ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,r$uction ( tax 9 c]ta9 cases 7#a7 ,r$uction ,9 ! case ( a taxpay] :o-- 7,a7 corrects1 dur+ ! correction w9d[1 a %ortfall ( di/ributions f an individual retirem5t plan :i* result$ 9 imposition ( a tax "u subsection 7a71 & 7,b7 submits a return1 dur+ ! correction w9d[1 reflect+ su* tax 7z modifi$ by ?is subsection71 ! fir/ s5t5ce ( subsection 7a7 %all be appli$ by sub/itut+ #aj p]c5t = #be p]c5t4 7#b7 ,correction w9d[ ,= purposes ( ?is subsection1 ! t]m correction w9d[ means ! p]iod ( "t beg9n+ on ! date on :i* ! tax "u subsection 7a7 is impos$ ) respect to a %ortfall ( di/ributions f an individual retirem5t plan1 & end+ on ! e>li] (-- 7,a7 ! date on :i* ! ,secret>y initiates an audit1 or o!rwise dem&s paym5t1 ) respect to ! %ortfall ( di/ributions1 or 7,b7 ! la/ day ( ! second taxable ye> t beg9s aft] ! end ( ! taxable ye> 9 :i* ! tax "u subsection 7a7 is impos$4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #dbd4 ,p]=mance b5*m>ks = asset allocation funds 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all provide t1 9 ! case ( a designat$ inve/m5t alt]native t conta9s a mix ( asset classes1 ! adm9i/rator ( a plan may1 b is n requir$ to1 use a b5*m>k t is a bl5d ( diff]5t broad-bas$ securities m>ket indices if-- 7#a7 ! bl5d is reasonably repres5tative ( ! asset class hold+s ( ! designat$ inve/m5t alt]native2 7#b7 = purposes ( det]m9+ ! bl5d's returns = #a-1 #e-1 & #aj-;cal5d>-ye> p]iods 7or = ! life ( ! alt]native1 if %ort]71 ! bl5d is modifi$ at lea/ once p] ye> to reflect *anges 9 ! asset class hold+s ( ! designat$ inve/m5t alt]native2 7#c7 ! bl5d is furni%$ to p>ticipants & b5efici>ies 9 a mann] t is reasonably design$ to be und]/&able2 & 7#d7 ea* securities m>ket index t is us$ = an associat$ asset class w\ld sep>ately satisfy ! requirem5ts ( su* regulation = su* asset class4 7b7 ,/udy ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all deliv] a report to ! ,committees on ,f9ance & ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate & ! ,committees on ,ways & ,means & ,education & ,labor ( ! ,h\se ( ,repres5tatives reg>d+ ! utilization1 effectiv5ess1 & p>ticipants' und]/&+ ( ! b5*m>k+ requirem5ts "u ?is section4 #dbe4 ,review & report to congress relat+ to report+ & disclosure requirem5ts 7a7 ,/udy ,z soon z practicable aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor1 ! ,secret>y ( ! ,treasury1 & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation %all review ! report+ & disclosure requirem5ts z applicable to ea* su* ag5cy head1 (-- 7#a7 ! ,employee ,retirem5t ,income ,security ,act ( #aigd applicable to p5sion plans 7z def9$ 9 section #c7b7 ( su* ,act 7#bi ,u4,s4,c4 #ajjb7b772 & 7#b7 ! ,int]nal ,rev5ue ,code ( #aihf applicable to qualifi$ retirem5t plans 7z def9$ 9 section #digd7;c7 ( su* ,code1 )\t reg>d to p>agraphs 7#d7 & 7#e7 ( su* section74 7b7 ,report 7#a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor1 ! ,secret>y ( ! ,treasury1 & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation1 jo9tly1 & aft] consultation ) a balanc$ gr\p ( p>ticipant & employ] repres5tatives1 %all ) respect to plans ref]5c$ 9 subsection 7a7 report on ! effectiv5ess ( ! applicable report+ & disclosure requirem5ts & make su* recomm5dations z may be appropriate to ! ,committee on ,education & ,labor & ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions & ! ,committee on ,f9ance ( ! ,s5ate to consolidate1 simplify1 /&>dize1 & improve su* requirem5ts s z to simplify report+ = su* plans & ensure t plans c furni% & p>ticipants & b5efici>ies timely receive & bett] und]/& ! in=mation !y ne$ to monitor _! plans1 plan = retirem5t1 & obta9 ! b5efits !y h e>n$4 7#b7 ,analysis ( effectiv5ess ,to assess ! effectiv5ess ( ! applicable report+ & disclosure requirem5ts1 ! report %all include an analysis1 bas$ on plan data1 ( h[ p>ticipants & b5efici>ies are provid+ pref]r$ contact in=mation1 ! me?ods by :i* plan sponsors & plans are furni%+ disclosures1 & ! rate at :i* p>ticipants & b5efici>ies 7gr\p$ by key demographics7 are receiv+1 access+1 und]/&+1 & reta9+ disclosures4 7#c7 ,collection ( in=mation ,! ag5cies %all conduct appropriate surveys & data collection to obta9 any ne$$ in=mation4 #dbf4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7a7 ,am5dm5t ( employee retirem5t income security act ( #aigd 7#a7 ,9 g5]al ,"p #a ( subtitle ,b ( sub*apt] ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$ by r$esignat+ section #aaa z section #aab & by ins]t+ aft] section #aaj ! foll[+ new section3 #aaa4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is title1 ) respect to any individual acc\nt plan1 no disclosure1 notice1 or o!r plan docum5t 7o!r ?an ! notices & docum5ts describ$ 9 p>agraphs 7#a7 & 7#b77 %all be requir$ to be furni%$ "u ?is title to any un5roll$ p>ticipant if ! un5roll$ p>ticipant receives-- 7#a7 an annual rem9d] notice ( su* p>ticipant's eligibility to p>ticipate 9 su* plan & any applicable election deadl9es "u ! plan2 & 7#b7 any docum5t reque/$ by su* p>ticipant t ! p>ticipant w\ld be entitl$ to receive not)/&+ ?is section4 7b7 ,un5roll$ p>ticipant ,= purposes ( ?is section1 ! t]m un5roll$ p>ticipant means an employee :o-- 7#a7 is eligible to p>ticipate 9 an individual acc\nt plan2 7#b7 has receiv$-- 7,a7 ! summ>y plan description pursuant to section #ajd7;b72 & 7,b7 any o!r notices relat$ to eligibility "u ! plan requir$ to be furni%$ "u ?is title1 or ! ,int]nal ,rev5ue ,code ( #aihf1 9 connection ) su* p>ticipant's initial eligibility to p>ticipate 9 su* plan2 7#c7 is n p>ticipat+ 9 su* plan2 7#d7 does n h an acc\nt balance 9 ! plan2 & 7#e7 satisfies su* o!r crit]ia z ! ,secret>y ( ,labor may det]m9e appropriate1 z prescrib$ 9 guidance issu$ 9 consultation ) ! ,secret>y ( ,treasury4 ,= purposes ( ?is section1 any eligibility to p>ticipate 9 ! plan foll[+ any p]iod = :i* su* employee 0 n eligible to p>ticipate %all be treat$ z initial eligibility4 7c7 ,annual rem9d] notice ,= purposes ( ?is section1 ! t]m annual rem9d] notice means a notice provid$ 9 accordance ) section #bebj4ajd;b-#a ( title #bi1 ,code ( ,f$]al ,regulations 7or any successor regulation71 :i*-- 7#a7 is furni%$ 9 connection ) ! annual op5 season election p]iod ) respect to ! plan or1 if !re is no su* p]iod1 is furni%$ )9 a reasonable p]iod prior to ! beg9n+ ( ea* plan ye>2 7#b7 notifies ! un5roll$ p>ticipant (-- 7,a7 ! un5roll$ p>ticipant's eligibility to p>ticipate 9 ! plan2 & 7,b7 ! key b5efits & rights "u ! plan1 ) a focus on employ] contributions & ve/+ provisions2 & 7#c7 provides su* in=mation 9 a prom95t mann] calculat$ to be und]/ood by ! av]age p>ticipant4 4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$ by /rik+ ! item relat+ to section #aaa & by ins]t+ aft] ! item relat+ to section #aaj ! foll[+ new items3 ,sec4 #aaa4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants4 ,sec4 #aab4 ,repeal & effective date4 4 7b7 ,am5dm5t ( int]nal rev5ue code ( #aihf ,section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7cc7 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is title1 ) respect to any def9$ contribution plan1 no disclosure1 notice1 or o!r plan docum5t 7o!r ?an ! notices & docum5ts describ$ 9 subp>agraphs 7,a7 & 7,b77 %all be requir$ to be furni%$ "u ?is title to any un5roll$ p>ticipant if ! un5roll$ p>ticipant receives-- 7,a7 an annual rem9d] notice ( su* p>ticipant's eligibility to p>ticipate 9 su* plan & any applicable election deadl9es "u ! plan1 & 7,b7 any docum5t reque/$ by su* p>ticipant t ! p>ticipant w\ld be entitl$ to receive not)/&+ ?is subsection4 7#b7 ,un5roll$ p>ticipant ,= purposes ( ?is subsection1 ! t]m un5roll$ p>ticipant means an employee :o-- 7,a7 is eligible to p>ticipate 9 a def9$ contribution plan1 7,b7 has receiv$-- 7i7 ! summ>y plan description pursuant to section #ajd7;b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 & 7ii7 any o!r notices relat$ to eligibility "u ! plan & requir$ to be furni%$ "u ?is title1 or ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 9 connection ) su* p>ticipant's initial eligibility to p>ticipate 9 su* plan1 7,c7 is n p>ticipat+ 9 su* plan1 7,d7 does n h an acc\nt balance 9 ! plan1 & 7,e7 satisfies su* o!r crit]ia z ! ,secret>y ( ! ,treasury may det]m9e appropriate1 z prescrib$ 9 guidance issu$ 9 consultation ) ! ,secret>y ( ,labor4 ,= purposes ( ?is subsection1 any eligibility to p>ticipate 9 ! plan foll[+ any p]iod = :i* su* employee 0 n eligible to p>ticipate %all be treat$ z initial eligibility4 7#c7 ,annual rem9d] notice ,= purposes ( ?is subsection1 ! t]m annual rem9d] notice means ! notice describ$ 9 section #aaa7;c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #dbg4 ,retirem5t sav+s lo/ & f\nd 7a7 ,9 g5]al 7#a7 ,e/abli%m5t ( retirem5t sav+s lo/ & f\nd ,"p #e ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acda et seq47 is am5d$ by add+ at ! end ! foll[+3 #ebc4 ,retirem5t sav+s lo/ & f\nd 7a7 ,e/abli%m5t 7#a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y ( ,labor1 9 consultation ) ! ,secret>y ( ! ,treasury1 %all e/abli% an onl9e se>*able database 7to be manag$ by ! ,dep>tm5t ( ,labor 9 accordance ) ?is section7 to be kn[n z ! ,retirem5t ,sav+s ,lo/ & ,f\nd4 ,! ,retirem5t ,sav+s ,lo/ & ,f\nd %all-- 7,a7 all[ an individual to se>* = in=mation t enables ! individual to locate ! adm9i/rator ( any plan describ$ 9 p>agraph 7#b7 ) respect to :i* ! individual is or 0 a p>ticipant or b5efici>y1 & provide contact in=mation = ! adm9i/rator ( any su* plan2 7,b7 all[ ! ,dep>tm5t ( ,labor to assi/ su* an individual 9 locat+ any su* plan ( ! individual2 & 7,c7 all[ ! ,dep>tm5t ( ,labor to make any necess>y *anges to contact in=mation on record = ! adm9i/rator bas$ on any *anges to ! plan due to m]g] or consolidation ( ! plan ) any o!r plan1 division ( ! plan into two or m plans1 bankruptcy1 t]m9ation1 *ange 9 "n ( ! plan1 *ange 9 "n or address ( ! adm9i/rator1 or o!r causes4 ,! ,retirem5t ,sav+s ,lo/ & ,f\nd e/abli%$ "u ?is p>agraph %all include in=mation report$ "u ?is section & o!r relevant in=mation obta9$ by ! ,dep>tm5t ( ,labor4 7#b7 ,plans describ$ ,a plan describ$ 9 ?is p>agraph is a plan to :i* ! ve/+ /&>ds ( section #bjc apply4 7b7 ,adm9i/ration ,! ,retirem5t ,sav+s ,lo/ & ,f\nd e/abli%$ "u subsection 7a7 %all provide individuals describ$ 9 subsection 7a77#a7 only ) ! ability to se>* = in=mation t enables ! individual to locate ! adm9i/rator & contact in=mation = ! adm9i/rator ( any plan ) respect to :i* ! individual is or 0 a p>ticipant or b5efici>y1 suffici5t to all[ ! individual to locate ! individual's plan 9 ord] to recov] any b5efit ow+ to ! individual "u ! plan4 7c7 ,safegu>d+ p>ticipant privacy & security ,9 e/abli%+ ! ,retirem5t ,sav+s ,lo/ & ,f\nd "u subsection 7a71 ! ,dep>tm5t ( ,labor %all take all necess>y & prop] precautions to ensure t individuals' plan in=mation ma9ta9$ by ! ,retirem5t ,sav+s ,lo/ & ,f\nd is protect$4 7d7 ,def9ition ( adm9i/rator ,= purposes ( ?is section1 ! t]m adm9i/rator has ! mean+ giv5 su* t]m 9 section #c7af77;,a74 7e7 ,in=mation collection f plans ,effective ) respect to plan ye>s beg9n+ aft] ! second ,decemb] #ca occurr+ aft] ! date ( ! enactm5t ( ?is subsection1 ! adm9i/rator ( a plan to :i* ! ve/+ /&>ds ( section #bjc apply %all submit to ! ,dep>tm5t ( ,labor1 at su* "t & 9 su* =m & mann] z is prescrib$ 9 regulations-- 7#a7 ! in=mation describ$ 9 p>agraphs 7#a7 ?r\gh 7#d7 ( section #fjeg7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7#b7 ! in=mation describ$ 9 subp>agraphs 7,a7 & 7,b7 ( section #fjeg7;a77#b7 ( su* ,code2 7#c7 ! "n & taxpay] id5tify+ numb] ( ea* p>ticipant or =m] p>ticipant 9 ! plan-- 7,a7 :o1 dur+ ! curr5t plan ye> or any previ\s plan ye>1 0 report$ "u section #fjeg7;a77#b77;,c7 ( su* ,code1 & ) respect to :om ! b5efits describ$ 9 clause 7ii7 !re( 7 fully paid dur+ ! plan ye>2 7,b7 ) respect to :om any am\nt 0 di/ribut$ "u section #dja7;a77#ca77;,b7 ( su* ,code dur+ ! plan ye>2 or 7,c7 ) respect to :om a def]r$ annuity contract 0 di/ribut$ dur+ ! plan ye>2 7#d7 9 ! case ( a p>ticipant or =m] p>ticipant to :om p>agraph 7#c7 applies-- 7,a7 9 ! case ( a p>ticipant describ$ 9 subp>agraph 7,b7 !re(1 ! "n & address ( ! designat$ tru/ee or issu] describ$ 9 section #dja7;a77#ca77;,b77i7 ( su* ,code & ! acc\nt numb] ( ! individual retirem5t plan to :i* ! am\nt 0 di/ribut$2 & 7,b7 9 ! case ( a p>ticipant describ$ 9 subp>agraph 7,c7 !re(1 ! "n & address ( ! issu] ( su* annuity contract & ! contract or c]tificate numb]2 & 7#e7 su* o!r in=mation z ! ,secret>y ( ,labor may require4 7f7 ,in=mation collection f f$]al ag5cies ,on reque/1 ! ,secret>y ( ,labor may access & receive su* in=mation collect$ by o!r ,f$]al ag5cies z may be necess>y & appropriate to p]=m "w relat$ to ! ,retirem5t ,sav+s ,lo/ & ,f\nd4 7g7 ,program integrity audit ,on an annual basis = ea* ( ! fir/ #e ye>s beg9n+ "o ye> aft] ! e/abli%m5t ( ! database 9 subsection 7a77#a7 & e #e ye>s !reaft]1 ! ,inspector ,g5]al ( ! ,dep>tm5t ( ,labor %all conduct an audit ( ! adm9i/ration ( ! ,retirem5t ,sav+s ,lo/ & ,f\nd4 4 7#c7 ,con=m+ am5dm5t ,! table ( cont5ts = ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja et seq47 is am5d$ by ins]t+ aft] ! item relat+ to section #ebb ! foll[+3 ,sec4 #ebc4,retirem5t ,sav+s ,lo/ & ,f\nd4 4 #dbh4 ,updat+ doll> limit = m&atory di/ributions 7a7 ,9 g5]al ,section #bjc7;e77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd & sections #dja7;a77#ca77;,b77ii7 & #daa7;a77#aa77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf are ea* am5d$ by /rik+ #e1jjj & ins]t+ #g1jjj4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions made aft] ,decemb] #ca1 #bjbd4 #dbi4 ,expansion ( employee plans compliance resolution sy/em 7a7 ,9 g5]al ,except z o!rwise provid$ 9 ! ,int]nal ,rev5ue ,code ( #aihf or regulations prescrib$ by ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate 7ref]r$ to 9 ?is section z ! ,secret>y71 any eligible inadv]t5t failure to comply ) ! rules applicable "u section #dja7;a71 #djc7;a71 #djc7;b71 #djh7p71 or #djh7k7 ( su* ,code may be self-correct$ "u ! ,employee ,plans ,compliance ,resolution ,sy/em 7z describ$ 9 ,rev5ue ,proc$ure #bjba-cj1 or any successor guidance1 & h]eaft] 9 ?is section ref]r$ to z ! ,,epcrs71 except to ! ext5t t su* failure 0 id5tifi$ by ! ,secret>y prior to any actions :i* demon/rate a commitm5t to implem5t a self-correction4 ,rev5ue ,proc$ure #bjba-cj is deem$ am5d$ z ( ! date ( ! enactm5t ( ?is ,act to provide t ! correction p]iod "u section #i4jb ( su* ,rev5ue ,proc$ure 7or any successor guidance7 = an eligible inadv]t5t failure1 except z o!rwise provid$ "u su* ,code or 9 regulations prescrib$ by ! ,secret>y1 is indef9ite & has no la/ day1 o!r ?an ) respect to failures id5tifi$ by ! ,secret>y prior to any self-correction z describ$ 9 ! prec$+ s5t5ce4 7b7 ,loan errors ,9 ! case ( an eligible inadv]t5t failure relat+ to a loan f a plan to a p>ticipant-- 7#a7 su* failure may be self-correct$ "u subsection 7a7 accord+ to ! rules ( section #f4jg ( ,rev5ue ,proc$ure #bjba-cj 7or any successor guidance71 includ+ ! provisions relat$ to :e!r a deem$ di/ribution mu/ be report$ on ,=m #ajii-,r2 & 7#b7 ! ,secret>y ( ,labor %all treat any su* failure :i* is s self-correct$ "u subsection 7a7 z meet+ ! requirem5ts ( ! ,volunt>y ,fiduci>y ,correction ,program ( ! ,dep>tm5t ( ,labor if1 ) respect to ! violation ( ! fiduci>y /&>ds ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 !re is a simil> loan error eligible = correction "u ,,epcrs & ! loan error is correct$ 9 su* mann]4 7c7 ,,epcrs = ,,iras ,! ,secret>y %all exp& ! ,,epcrs to all[ cu/odians ( individual retirem5t plans 7z def9$ 9 section #ggja7;a77#cg7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 to address eligible inadv]t5t failures ) respect to an individual retirem5t plan 7z s def9$71 includ+ 7b n limit$ to7-- 7#a7 waiv]s ( ! excise tax :i* w\ld o!rwise apply "u section #digd ( ! ,int]nal ,rev5ue ,code ( #aihf2 7#b7 "u ! self-correction compon5t ( ! ,,epcrs1 waiv]s ( ! #fj-;day deadl9e = a rollov] :]e ! deadl9e is miss$ = reasons beyond ! reasonable control ( ! acc\nt own]2 & 7#c7 rules p]mitt+ a nonsp\se b5efici>y to return di/ributions to an inh]it$ individual retirem5t plan describ$ 9 section #djh7;d77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf 9 a case :]e1 due to an inadv]t5t error by a s]vice provid]1 ! b5efici>y _h reason to believe t ! di/ribution c\ld be roll$ ov] )\t inclusion 9 income ( any "p ( ! di/ribut$ am\nt4 7d7 ,additional safe h>bors ,! ,secret>y %all exp& ! ,,epcrs to provide additional safe h>bor means ( correct+ eligible inadv]t5t failures describ$ 9 subsection 7a71 includ+ safe h>bor means ( calculat+ ! e>n+s :i* mu/ be re/or$ to a plan 9 cases :]e plan assets h be5 deplet$ by reason ( an eligible inadv]t5t failure4 7e7 ,eligible inadv]t5t failure ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! t]m eligible inadv]t5t failure means a failure t occurs despite ! exi/5ce ( practices & proc$ures :i*-- 7,a7 satisfy ! /&>ds set =? 9 section #d4jd ( ,rev5ue ,proc$ure #bjba-cj 7or any successor guidance72 or 7,b7 satisfy simil> /&>ds 9 ! case ( an individual retirem5t plan4 7#b7 ,exception ,! t]m eligible inadv]t5t failure %all n include any failure :i* is egregi\s1 relates to ! div]sion or misuse ( plan assets1 or is directly or indirectly relat$ to an abusive tax avoidance transaction4 7f7 ,application ( c]ta9 requirem5ts = correct+ errors ,?is section %all n apply to any failure unless ! correction ( su* failure "u ?is section is made 9 con=mity ) ! g5]al pr9ciples t apply to corrections ( su* failures "u ! ,int]nal ,rev5ue ,code ( #aihf1 includ+ regulations or o!r guidance issu$ !reund] & includ+ ^? pr9ciples & corrections set =? 9 ,rev5ue ,proc$ure #bjba-cj 7or any successor guidance74 #dcj4 ,elim9ate ! fir/ day ( ! mon? requirem5t = gov]nm5tal section #deg7;b7 plans 7a7 ,9 g5]al ,section #deg7;b77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#d7 :i* provides t comp5sation-- 7,a7 9 ! case ( an eligible employ] describ$ 9 subsection 7e77#a77;,a71 w be def]r$ only if an agreem5t provid+ = su* def]ral has be5 ent]$ into be=e ! comp5sation is curr5tly available to ! individual1 & 7,b7 9 any o!r case1 w be def]r$ = any cal5d> mon? only if an agreem5t provid+ = su* def]ral has be5 ent]$ into be=e ! beg9n+ ( su* mon?1 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #dca4 ,"o-"t election = qualifi$ *>itable di/ribution to split-int]e/ entity2 increase 9 qualifi$ *>itable di/ribution limitation 7a7 ,"o-,"t election = qualifi$ *>itable di/ribution to split-,int]e/ entity ,section #djh7;d77#h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,"o-"t election = qualifi$ *>itable di/ribution to split-int]e/ entity 7i7 ,9 g5]al ,a taxpay] may = a taxable ye> elect "u ?is subp>agraph to treat z meet+ ! requirem5t ( subp>agraph 7,b77i7 any di/ribution f an individual retirem5t acc\nt :i* is made directly by ! tru/ee to a split-int]e/ entity1 b only if-- 7,i7 an election is n 9 effect "u ?is subp>agraph = a prec$+ taxable ye>1 7,,ii7 ! aggregate am\nt ( di/ributions ( ! taxpay] ) respect to :i* an election "u ?is subp>agraph is made does n exce$ #ej1jjj1 & 7,,iii7 su* di/ribution meets ! requirem5ts ( clauses 7iii7 & 7iv74 7ii7 ,split-int]e/ entity ,= purposes ( ?is subp>agraph1 ! t]m split-int]e/ entity means-- 7,i7 a *>itable rema9d] annuity tru/ 7z def9$ 9 section #ffd7;d77#a771 b only if su* tru/ is fund$ exclusively by qualifi$ *>itable di/ributions1 7,,ii7 a *>itable rema9d] unitru/ 7z def9$ 9 section #ffd7;d77#b771 b only if su* unitru/ is fund$ exclusively by qualifi$ *>itable di/ributions1 or 7,,iii7 a *>itable gift annuity 7z def9$ 9 section #eja7m77#e771 b only if su* annuity is fund$ exclusively by qualifi$ *>itable di/ributions & comm5ces fix$ paym5ts ( #e p]c5t or great] n lat] ?an #a ye> f ! date ( fund+4 7iii7 ,contributions mu/ be o!rwise d$uctible ,a di/ribution meets ! requirem5t ( ?is clause only if-- 7,i7 9 ! case ( a di/ribution to a *>itable rema9d] annuity tru/ or a *>itable rema9d] unitru/1 a d$uction = ! entire value ( ! rema9d] int]e/ 9 ! di/ribution = ! b5efit ( a specifi$ *>itable organization w\ld be all[able "u section #agj 7det]m9$ )\t reg>d to subsection 7b7 !re( & ?is p>agraph71 & 7,,ii7 9 ! case ( a *>itable gift annuity1 a d$uction 9 an am\nt equal to ! am\nt ( ! di/ribution r$uc$ by ! value ( ! annuity describ$ 9 section #eja7m77#e77;,b7 w\ld be all[able "u section #agj 7det]m9$ )\t reg>d to subsection 7b7 !re( & ?is p>agraph74 7iv7 ,limitation on income int]e/s ,a di/ribution meets ! requirem5ts ( ?is clause only if-- 7,i7 no p]son holds an income int]e/ 9 ! split-int]e/ entity o!r ?an ! individual = ^: b5efit su* acc\nt is ma9ta9$1 ! sp\se ( su* individual1 or bo?1 & 7,,ii7 ! income int]e/ 9 ! split-int]e/ entity is nonassignable4 7v7 ,special rules 7,i7 ,*>itable rema9d] tru/s ,not)/&+ section #ffd7;b71 di/ributions made f a tru/ describ$ 9 subclause 7,i7 or 7,,ii7 ( clause 7ii7 %all be treat$ z ord9>y income 9 ! h&s ( ! b5efici>y to :om ! annuity describ$ 9 section #ffd7;d77#a77;,a7 or ! paym5t describ$ 9 section #ffd7;d77#b77;,a7 is paid4 7,,ii7 ,*>itable gift annuities ,qualifi$ *>itable di/ributions made to fund a *>itable gift annuity %all n be treat$ z an inve/m5t 9 ! contract = purposes ( section #gb7;c74 4 7b7 ,inflation adju/m5t ,section #djh7;d77#h7 ( su* ,code1 z am5d$ by subsection 7a71 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,g7 ,inflation adju/m5t 7i7 ,9 g5]al ,9 ! case ( any taxable ye> beg9n+ aft] #bjbb1 ea* ( ! doll> am\nts 9 subp>agraphs 7,a7 & 7,f7 %all be increas$ by an am\nt equal to-- 7,i7 su* doll> am\nt1 multipli$ by 7,,ii7 ! 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> #bjba = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7ii7 ,r\nd+ ,if any doll> am\nt increas$ "u clause 7i7 is n a multiple ( #a1jjj1 su* doll> am\nt %all be r\nd$ to ! ne>e/ multiple ( #a1jjj4 4 7c7 ,effective date ,! am5dm5t made by ?is section %all apply to di/ributions made 9 taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4 #dcb4 ,di/ributions to firefight]s 7a7 ,9 g5]al ,subp>agraph 7,a7 ( section #gb7t77#aj7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #dad7;d77 & ins]t+ #dad7;d77 or a di/ribution f a plan describ$ 9 clause 7iii71 7iv71 or 7vi7 ( section #djb7;c77#h77;,b7 to an employee :o provides firefight+ s]vices4 7b7 ,con=m+ am5dm5t ,! head+ ( p>agraph 7#aj7 ( section #gb7t7 ( su* ,code is am5d$ by /rik+ 9 gov]nm5tal plans & ins]t+ & private sector firefight]s4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions made aft] ,decemb] #ca1 #bjbd4 #dcc4 ,exclusion ( c]ta9 disability-relat$ fir/ respond] retirem5t paym5ts 7a7 ,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #aci;,b ! foll[+ new section3 #aci;,c4 ,c]ta9 disability-relat$ fir/ respond] retirem5t paym5ts 7a7 ,9 g5]al ,9 ! case ( an individual :o receives qualifi$ fir/ respond] retirem5t paym5ts = any taxable ye>1 gross income %all n include s mu* ( su* paym5ts z d n exce$ ! annualiz$ excludable disability am\nt ) respect to su* individual4 7b7 ,qualifi$ fir/ respond] retirem5t paym5ts ,= purposes ( ?is section1 ! t]m qualifi$ fir/ respond] retirem5t paym5ts means1 ) respect to any taxable ye>1 any p5sion or annuity :i* b = ?is section w\ld be includible 9 gross income = su* taxable ye> & :i* is receiv$-- 7#a7 f a plan describ$ 9 clause 7iii71 7iv71 7v71 or 7vi7 ( section #djb7;c77#h77;,b71 & 7#b7 9 connection ) su* individual's qualifi$ fir/ respond] s]vice4 7c7 ,annualiz$ excludable disability am\nt ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m annualiz$ excludable disability am\nt means1 ) respect to any individual1 ! s]vice-connect$ excludable disability am\nts :i* are prop]ly attributable to ! #ab-mon? p]iod imm$iately prec$+ ! date on :i* su* individual atta9s retirem5t age4 7#b7 ,s]vice-connect$ excludable disability am\nt ,! t]m s]vice-connect$ excludable disability am\nt means p]iodic paym5ts receiv$ by an individual :i*-- 7,a7 are n includible 9 su* individual's gross income "u section #ajd7;a77#a71 7,b7 are receiv$ 9 connection ) su* individual's qualifi$ fir/ respond] s]vice1 & 7,c7 t]m9ate :5 su* individual atta9s retirem5t age4 7#c7 ,special rule = p>tial-ye> paym5ts ,9 ! case ( an individual :o only receives s]vice-connect$ excludable disability am\nts prop]ly attributable to a portion ( ! #ab-mon? p]iod describ$ 9 p>agraph 7#a71 su* p>agraph %all be appli$ by multiply+ su* am\nts by ! ratio ( #cfe to ! numb] ( days 9 su* p]iod to :i* su* am\nts 7 prop]ly attributable4 7d7 ,qualifi$ fir/ respond] s]vice ,= purposes ( ?is section1 ! t]m qualifi$ fir/ respond] s]vice means s]vice z a law en=cem5t (fic]1 firefight]1 p>am$ic1 or em]g5cy m$ical te*nician4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = "p ,,iii ( sub*apt] ,b ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #aci;,b ! foll[+ new item3 ,sec4 #aci;,c4 ,c]ta9 disability-relat$ fir/ respond] retirem5t paym5ts4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to am\nts receiv$ ) respect to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbi4 #dcd4 ,individual retirem5t plan /atute ( limitations = excise tax on excess contributions & c]ta9 accumulations ,section #feja7l7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,individual retirem5t plans 7,a7 ,9 g5]al ,= purposes ( any tax impos$ by section #digc or #digd 9 connection ) an individual retirem5t plan1 ! return ref]r$ to 9 ?is section %all be ! income tax return fil$ by ! p]son on :om ! tax "u su* section is impos$ = ! ye> 9 :i* ! act 7or failure to act7 giv+ rise to ! liability = su* tax occurr$4 7,b7 ,rule 9 case ( individuals n requir$ to file return ,9 ! case ( a p]son :o is n requir$ to file an income tax return = su* ye>-- 7i7 ! return ref]r$ to 9 ?is section %all be ! income tax return t su* p]son w\ld h be5 requir$ to file b = ! fact t su* p]son 0 n requir$ to file su* return1 & 7ii7 ! #c-ye> p]iod ref]r$ to 9 subsection 7a7 ) respect to ! return %all be deem$ to beg9 on ! date by :i* ! return w\ld h be5 requir$ to be fil$ 7exclud+ any ext5sion !re(74 4 #dce4 ,requirem5t to provide pap] /atem5ts 9 c]ta9 cases 7a7 ,9 g5]al ,section #aje7;a77#b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajbe7;a77#b77 is am5d$-- 7#a7 9 subp>agraph 7,a77iv71 by ins]t+ subject to subp>agraph 7,e71 be=e may be deliv]$2 & 7#b7 by add+ at ! end ! foll[+3 7,e7 ,provision ( pap] /atem5ts ,) respect to at lea/ #a p5sion b5efit /atem5t furni%$ = a cal5d> ye> ) respect to an individual acc\nt plan "u p>agraph 7#a77;,a71 & ) respect to at lea/ #a p5sion b5efit /atem5t furni%$ e #c cal5d> ye>s ) respect to a def9$ b5efit plan "u p>agraph 7#a77;,b71 su* /atem5t %all be furni%$ on pap] 9 writt5 =m except-- 7i7 9 ! case ( a plan t furni%es su* /atem5t 9 accordance ) section #bebj4ajd;b-#a7;c7 ( title #bi1 ,code ( ,f$]al ,regulations2 or 7ii7 9 ! case ( a plan t p]mits a p>ticipant or b5efici>y to reque/ t ! /atem5ts ref]r$ to 9 ! matt] prec$+ clause 7i7 be furni%$ by electronic deliv]y1 if ! p>ticipant or b5efici>y reque/s t su* /atem5ts be deliv]$ electronically & ! /atem5ts are s deliv]$4 4 7b7 ,implem5tation 7#a7 ,9 g5]al ,! ,secret>y ( ,labor %all1 n lat] ?an ,decemb] #ca1 #bjbd1 update section #bebj4ajd;b-#a7;c7 ( title #bi1 ,code ( ,f$]al ,regulations1 to provide t a plan may furni% ! /atem5ts ref]r$ to 9 subp>agraph 7,e7 ( section #aje7;a77#b7 by electronic deliv]y only if1 9 addition to meet+ ! o!r requirem5ts "u ! regulations-- 7,a7 su* plan furni%es ea* p>ticipant or b5efici>y1 includ+ p>ticipants describ$ 9 subp>agraph 7,b71 a "o-"t initial notice on pap] 9 writt5 =m1 prior to ! electronic deliv]y ( any p5sion b5efit /atem5t1 ( _! "r to reque/ t all docum5ts requir$ to be disclos$ "u title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd be furni%$ on pap] 9 writt5 =m2 & 7,b7 su* plan furni%es ea* p>ticipant :o is sep>at$ f s]vice ) at lea/ #a p5sion b5efit /atem5t on pap] 9 writt5 =m = ea* cal5d> ye>1 unless1 on election ( ! p>ticipant1 ! p>ticipant receives su* /atem5ts electronically4 7#b7 ,o!r guidance ,9 implem5t+ ! am5dm5t made by subsection 7a7 ) respect to a plan t discloses requir$ docum5ts or /atem5ts electronically1 9 accordance ) applicable guidance gov]n+ electronic disclosure by ! ,dep>tm5t ( ,labor 7) ! exception ( section #bebj4ajd;b-#a7;c7 ( title #bi1 ,code ( ,f$]al ,regulations71 ! ,secret>y ( ,labor %all1 n lat] ?an ,decemb] #ca1 #bjbd1 update su* guidance to ! ext5t necess>y to ensure t-- 7,a7 a p>ticipant or b5efici>y "u su* a plan is p]mitt$ ! opportunity to reque/ t any disclosure requir$ to be deliv]$ on pap] "u applicable guidance by ! ,dep>tm5t ( ,labor %all be furni%$ by electronic deliv]y2 7,b7 ea* pap] /atem5t furni%$ "u su* a plan pursuant to ! am5dm5t %all include-- 7i7 an explanation ( h[ to reque/ t all su* /atem5ts1 & any o!r docum5t requir$ to be disclos$ "u title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 be furni%$ by electronic deliv]y2 & 7ii7 contact in=mation = ! plan sponsor1 includ+ a telephone numb]2 7,c7 ! plan may n *>ge any fee to a p>ticipant or b5efici>y = ! deliv]y ( any pap] /atem5ts2 7,d7 ea* pap] p5sion b5efit /atem5t %all id5tify ea* plan docum5t requir$ to be disclos$ & %all include in=mation ab\t h[ a p>ticipant or b5efici>y may access ea* su* docum5t2 7,e7 ea* docum5t requir$ to be disclos$ t is furni%$ by electronic deliv]y "u su* a plan %all include an explanation ( h[ to reque/ t all su* docum5ts be furni%$ on pap] 9 writt5 =m2 & 7,f7 a plan is p]mitt$ to furni% a duplicate electronic /atem5t 9 any case 9 :i* ! plan furni%es a pap] p5sion b5efit /atem5t4 7c7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply ) respect to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4 #dcf4 ,sep>ate application ( top heavy rules to def9$ contribution plans cov]+ excludible employees 7a7 ,9 g5]al ,section #daf7;c77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7,c7 ,sep>ate application to employees n meet+ age & s]vice requirem5ts ,if employees n meet+ ! age or s]vice requirem5ts ( section #daj7;a77#a7 7)\t reg>d to subp>agraph 7,b7 !re(7 are cov]$ "u a plan ( ! employ] :i* meets ! requirem5ts ( subp>agraphs 7,a7 & 7,b7 sep>ately ) respect to su* employees1 su* employees may be exclud$ f consid]ation 9 det]m9+ :e!r any plan ( ! employ] meets ! requirem5ts ( subp>agraphs 7,a7 & 7,b74 4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to plan ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #dcg4 ,repaym5t ( qualifi$ bir? or adoption di/ribution limit$ to #c ye>s 7a7 ,9 g5]al ,section #gb7t77#b77;,h77v77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ may make & ins]t+ may1 at any "t dur+ ! #c-ye> p]iod beg9n+ on ! day aft] ! date on :i* su* di/ribution 0 receiv$1 make4 7b7 ,effective date ,! am5dm5t made by ?is section %all take effect z if includ$ 9 ! enactm5t ( section #aac ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai4 #dch4 ,employ] may rely on employee c]tify+ t deem$ h>d%ip di/ribution conditions are met 7a7 ,ca% or def]r$ arrangem5ts ,section #dja7k77#ad7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,employee c]tification ,9 det]m9+ :e!r a di/ribution is ^u ! h>d%ip ( an employee1 ! adm9i/rator ( ! plan may rely on a c]tification by ! employee t ! di/ribution is on acc\nt ( a f9ancial ne$ ( a type t is deem$ 9 regulations prescrib$ by ! ,secret>y to be an imm$iate & heavy f9ancial ne$ & t su* di/ribution is n 9 excess ( ! am\nt requir$ to satisfy su* f9ancial ne$4 4 7b7 #djc7;b7 plans 7#a7 ,cu/odial acc\nts ,section #djc7;b77#g7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,d7 ,employee c]tification ,9 det]m9+ :e!r a di/ribution is ^u ! f9ancial h>d%ip ( an employee1 ! adm9i/rator ( ! plan may rely on a c]tification by ! employee t ! di/ribution is on acc\nt ( a f9ancial ne$ ( a type t is deem$ 9 regulations prescrib$ by ! ,secret>y to be an imm$iate & heavy f9ancial ne$ & t su* di/ribution is n 9 excess ( ! am\nt requir$ to satisfy su* f9ancial ne$4 4 7#b7 ,annuity contracts ,section #djc7;b77#aa7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,9 det]m9+ :e!r a di/ribution is ^u h>d%ip ( an employee1 ! adm9i/rator ( ! plan may rely on a c]tification by ! employee t ! di/ribution is on acc\nt ( a f9ancial ne$ ( a type t is deem$ 9 regulations prescrib$ by ! ,secret>y to be an imm$iate & heavy f9ancial ne$ & t su* di/ribution is n 9 excess ( ! am\nt requir$ to satisfy su* f9ancial ne$44 7c7 #deg7;b7 plan ,section #deg7;d7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,p>ticipant c]tification ,9 det]m9+ :e!r a di/ribution to a p>ticipant is made :5 ! p>ticipant is fac$ ) an un=eseeable em]g5cy1 ! adm9i/rator ( a plan ma9ta9$ by an eligible employ] describ$ 9 subsection 7e77#a77;,a7 may rely on a c]tification by ! p>ticipant t ! di/ribution is made :5 ! p>ticipant is fac$ ) un=eseeable em]g5cy ( a type t is describ$ 9 regulations prescrib$ by ! ,secret>y z an un=eseeable em]g5cy & t ! di/ribution is n 9 excess ( ! am\nt reasonably necess>y to satisfy ! em]g5cy ne$4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #dci4 ,p5alty-free )drawals f retirem5t plans = individuals 9 case ( dome/ic abuse 7a7 ,9 g5]al ,section #gb7t77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,i7 ,di/ributions f retirem5t plans 9 case ( dome/ic abuse 7i7 ,9 g5]al ,any eligible di/ribution to a dome/ic abuse victim4 7ii7 ,limitation ,! aggregate am\nt :i* may be treat$ z an eligible di/ribution to a dome/ic abuse victim by any individual %all n exce$ an am\nt equal to ! less] (-- 7,i7 #aj1jjj1 or 7,,ii7 #ej p]c5t ( ! pres5t value ( ! non=feitable accru$ b5efit ( ! employee "u ! plan4 7iii7 ,eligible di/ribution to a dome/ic abuse victim ,= purposes ( ?is subp>agraph-- 7,i7 ,9 g5]al ,a di/ribution %all be treat$ z an eligible di/ribution to a dome/ic abuse victim if su* di/ribution is f an applicable eligible retirem5t plan to an individual & made dur+ ! #a-ye> p]iod beg9n+ on any date on :i* ! individual is a victim ( dome/ic abuse by a sp\se or dome/ic p>tn]4 7,,ii7 ,dome/ic abuse ,! t]m dome/ic abuse means physical1 psy*ological1 sexual1 emotional1 or economic abuse1 includ+ ef=ts to control1 isolate1 humiliate1 or intimidate ! victim1 or to und]m9e ! victim's ability to reason indep5d5tly1 includ+ by means ( abuse ( ! victim's *ild or ano!r family memb] liv+ 9 ! h\sehold4 7iv7 ,treatm5t ( plan di/ributions 7,i7 ,9 g5]al ,if a di/ribution to an individual w\ld 7)\t reg>d to clause 7ii77 be an eligible di/ribution to a dome/ic abuse victim1 a plan %all n be treat$ z fail+ to meet any requirem5t ( ?is title m]ely because ! plan treats ! di/ribution z an eligible di/ribution to a dome/ic abuse victim1 unless ! aggregate am\nt ( su* di/ributions f all plans ma9ta9$ by ! employ] 7& any memb] ( any controll$ gr\p :i* includes ! employ]7 to su* individual exce$s ! limitation "u clause 7ii74 7,,ii7 ,controll$ gr\p ,= purposes ( subclause 7,i71 ! t]m controll$ gr\p means any gr\p treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad4 7v7 ,am\nt di/ribut$ may be repaid 7,i7 ,9 g5]al ,any individual :o receives a di/ribution describ$ 9 clause 7i7 may1 at any "t dur+ ! #c-ye> p]iod beg9n+ on ! day aft] ! date on :i* su* di/ribution 0 receiv$1 make "o or m contributions 9 an aggregate am\nt n to exce$ ! am\nt ( su* di/ribution to an applicable eligible retirem5t plan ( :i* su* individual is a b5efici>y & to :i* a rollov] contribution ( su* di/ribution c\ld be made "u section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 #djh7;d77#c71 or #deg7;e77#af71 z ! case may be4 7,,ii7 ,limitation on contributions to applicable eligible retirem5t plans o!r ?an iras ,! aggregate am\nt ( contributions made by an individual "u subclause 7,i7 to any applicable eligible retirem5t plan :i* is n an individual retirem5t plan %all n exce$ ! aggregate am\nt ( eligible di/ributions to a dome/ic abuse victim :i* are made f su* plan to su* individual4 ,subclause 7,i7 %all n apply to contributions to any applicable eligible retirem5t plan :i* is n an individual retirem5t plan unless ! individual is eligible to make contributions 7o!r ?an ^? describ$ 9 subclause 7,i77 to su* applicable eligible retirem5t plan4 7,,iii7 ,treatm5t ( repaym5ts ( di/ributions f applicable eligible retirem5t plans o!r ?an iras ,if a contribution is made "u subclause 7,i7 ) respect to an eligible di/ribution to a dome/ic abuse victim f an applicable eligible retirem5t plan o!r ?an an individual retirem5t plan1 !n ! taxpay] %all1 to ! ext5t ( ! am\nt ( ! contribution1 be treat$ z hav+ receiv$ su* di/ribution 9 an eligible rollov] di/ribution 7z def9$ 9 section #djb7;c77#d77 & z hav+ transf]r$ ! am\nt to ! applicable eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7,,iv7 ,treatm5t ( repaym5ts = di/ributions f iras ,if a contribution is made "u subclause 7,i7 ) respect to an eligible di/ribution to a dome/ic abuse victim f an individual retirem5t plan1 !n1 to ! ext5t ( ! am\nt ( ! contribution1 su* di/ribution %all be treat$ z a di/ribution describ$ 9 section #djh7;d77#c7 & z hav+ be5 transf]r$ to ! applicable eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7vi7 ,def9ition & special rules ,= purposes ( ?is subp>agraph3 7,i7 ,applicable eligible retirem5t plan ,! t]m applicable eligible retirem5t plan means an eligible retirem5t plan 7z def9$ 9 section #djb7;c77#h77;,b77 o!r ?an a def9$ b5efit plan4 7,,ii7 ,exemption ( di/ributions f tru/ee to tru/ee transf] & )hold+ rules ,= purposes ( sections #dja7;a77#ca71 #djb7;f71 & #cdje1 an eligible di/ribution to a dome/ic abuse victim %all n be treat$ z an eligible rollov] di/ribution4 7,,iii7 ,di/ributions treat$ z meet+ plan di/ribution requirem5ts2 self-c]tification ,any di/ribution :i* ! employee or p>ticipant c]tifies z be+ an eligible di/ribution to a dome/ic abuse victim %all be treat$ z meet+ ! requirem5ts ( sections #dja7k77#b77;,b77i71 #djc7;b77#g77;,a77i71 #djc7;b77#aa71 & #deg7;d77#a77;,a74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions made aft] ! date ( ! enactm5t ( ?is ,act4 #ddj4 ,re=m ( family attribution rules 7a7 ,controll$ gr\ps ,section #dad7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ ,= purposes ( & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,= purposes ( 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraphs3 7#b7 ,special rules = apply+ family attribution ,= purposes ( apply+ ! attribution rules "u section #aefc ) respect to p>agraph 7#a71 ! foll[+ rules apply3 7,a7 ,community prop]ty laws %all be disreg>d$ = purposes ( det]m9+ own]%ip4 7,b7 ,except z provid$ by ! ,secret>y1 /ock ( an individual n attribut$ "u section #aefc7;e77#e7 to su* individual's sp\se %all n be attribut$ to su* sp\se by reason ( section #aefc7;e77#f77;,a74 7,c7 ,except z provid$ by ! ,secret>y1 9 ! case ( /ock 9 diff]5t corporations t is attribut$ to a *ild "u section #aefc7;e77#f77;,a7 f ea* p>5t1 & is n attribut$ to su* p>5ts z sp\ses "u section #aefc7;e77#e71 su* attribution to ! *ild %all n by itself result 9 su* corporations be+ memb]s ( ! same controll$ gr\p4 7#c7 ,plan %all n fail to be treat$ z satisfy+ ?is section ,if ! application ( p>agraph 7#b7 causes two or m entities to be a controll$ gr\p1 or to no long] be 9 a controll$ gr\p1 su* *ange %all be treat$ z a transaction to :i* section #daj7;b77#f77;,c7 applies4 4 7b7 ,affiliat$ s]vice gr\ps ,section #dad7m77#f77;,b7 ( su* ,code is am5d$-- 7#a7 by /rik+ ,own]%ip4--,9 det]m9+ & ins]t+ ! foll[+3 ,own]%ip4-- 7i7 ,9 g5]al ,9 det]m9+ 2 & 7#b7 by add+ at ! end ! foll[+ new clauses3 7ii7 ,special rules = apply+ family attribution ,= purposes ( apply+ ! attribution rules "u section #cah ) respect to clause 7i71 ! foll[+ rules apply3 7,i7 ,community prop]ty laws %all be disreg>d$ = purposes ( det]m9+ own]%ip4 7,,ii7 ,except z provid$ by ! ,secret>y1 /ock ( an individual n attribut$ "u section #cah7;a77#a77;,a77i7 to su* individual's sp\se %all n be attribut$ by reason ( section #cah7;a77#a77;,a77ii7 to su* sp\se f a *ild :o has n atta9$ ! age ( #ba ye>s4 7,,iii7 ,except z provid$ by ! ,secret>y1 9 ! case ( /ock 9 diff]5t corporations t is attribut$ "u section #cah7;a77#a77;,a77ii7 to a *ild :o has n atta9$ ! age ( #ba ye>s f ea* p>5t1 & is n attribut$ to su* p>5ts z sp\ses "u section #cah7;a77#a77;,a77i71 su* attribution to ! *ild %all n by itself result 9 su* corporations be+ memb]s ( ! same affiliat$ s]vice gr\p4 7iii7 ,plan %all n fail to be treat$ z satisfy+ ?is section ,if ! application ( clause 7ii7 causes two or m entities to be an affiliat$ s]vice gr\p1 or to no long] be 9 an affiliat$ s]vice gr\p1 su* *ange %all be treat$ z a transaction to :i* section #daj7;b77#f77;,c7 applies4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ on or aft] ! date ( ! enactm5t ( ?is ,act4 #dda4 ,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 #bjbe4 #ddb4 ,retroactive fir/ ye> elective def]rals = sole proprietors 7a7 ,9 g5]al ,section #dja7;b77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( an individual :o owns ! entire int]e/ 9 an un9corporat$ trade or bus9ess1 & :o is ! only employee ( su* trade or bus9ess1 any elective def]rals 7z def9$ 9 section #djb7;g77#c77 "u a qualifi$ ca% or def]r$ arrangem5t to :i* ! prec$+ s5t5ce applies1 :i* are made by su* individual be=e ! "t = fil+ ! return ( su* individual = ! taxable ye> 7det]m9$ )\t reg>d to any ext5sions7 end+ aft] or ) ! end ( ! plan's fir/ plan ye>1 %all be treat$ z hav+ be5 made be=e ! end ( su* fir/ plan ye>44 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to plan ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #ddc4 ,limit+ cessation ( ira treatm5t to portion ( acc\nt involv$ 9 a prohibit$ transaction 7a7 ,9 g5]al ,section #djh7;e77#b77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ su* acc\nt ceases to be an individual retirem5t acc\nt & ins]t+ ! foll[+3 ! am\nt involv$ 7z def9$ 9 section #dige7;f77#d77 9 su* transaction %all be treat$ z di/ribut$ to ! individual4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #djh7;e77#b77;,b7 ( su* ,code is am5d$ to read z foll[s3 7,b7 ,acc\nt treat$ z di/ribut+ potion ( assets us$ 9 prohibit$ transaction ,9 any case 9 :i* a portion ( an individual retirem5t acc\nt is treat$ z di/ribut$ "u subp>agraph 7,a7 z ( ! fir/ day ( any taxable ye>1 p>agraph 7#a7 ( subsection 7d7 applies z if !re 7 a di/ribution on su* fir/ day 9 an am\nt equal to ! fair m>ket value ( su* portion1 det]m9$ z ( ! date on :i* ! transaction prohibit$ by section #dige occurs4 4 7,a7 by /rik+ all its assets4--,9 any case & all t foll[s ?r\gh by reason ( subp>agraph 7,a7 & ins]t+ ! foll[+3 portion ( assets us$ 9 prohibit$ transaction4--,9 any case 9 :i* a portion ( an individual retirem5t acc\nt is treat$ z di/ribut$ "u subp>agraph 7,a72 & 7,b7 by /rik+ all assets 9 ! acc\nt & ins]t+ su* portion4 7#b7 ,section #dige7;c77#c7 ( su* ,code is am5d$ by /rik+ ! acc\nt ceases & all t foll[s & ins]t+ ! foll[+3 ! portion ( ! acc\nt us$ 9 ! transaction is treat$ z di/ribut$ "u p>agraph 7#b77;,a7 or 7#d7 ( section #djh7;e744 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #ddd4 ,review ( p5sion risk transf] int]pretive bullet9 ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all-- 7#a7 review section #beji4ie-a ( title #bi1 ,code ( ,f$]al ,regulations 7relat+ to ! fiduci>y /&>ds "u ! ,employee ,retirem5t ,income ,security ,act ( #aigd :5 select+ an annuity provid] = a def9$ b5efit p5sion plan7 to det]m9e :e!r am5dm5ts to su* section are w>rant$2 & 7#b7 report to ,congress on ! f9d+s ( su* review1 includ+ an assessm5t ( any risk to p>ticipants4 #dde4 ,am5dm5ts relat+ to sett+ e community up = retirem5t enhancem5t act ( #bjai 7a7 ,te*nical am5dm5ts 7#a7 ,am5dm5ts relat+ to section #ajc 7,a7 ,section #dja7k77#ab77;,g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! requirem5ts "u subp>agraph 7,a77i7 & ins]t+ ! contribution requirem5ts "u subp>agraph 7,b7 or 7,c74 7,b7 ,section #dja7k77#ac77;,d77iv7 ( su* ,code is am5d$ by /rik+ & 7,f7 & ins]t+ & 7,g74 7,c7 ,section #dja7m77#ab7 ( su* ,code is am5d$ by /rik+ & at ! end ( subp>agraph 7,a71 by r$esignat+ subp>agraph 7,b7 z subp>agraph 7,c71 & by ins]t+ aft] subp>agraph 7,a7 7z s am5d$7 ! foll[+ new subp>agraph3 7,b7 meets ! notice requirem5ts ( subsection 7k77#ac77;,e71 & 4 7#b7 ,am5dm5t relat+ to section #aab ,section #dja7k77#ae77;,b77i77,,ii7 ( su* ,code is am5d$ by /rik+ subsection 7m77#b7 & ins]t+ p>agraphs 7#b71 7#aa71 & 7#ab7 ( subsection 7m74 7#c7 ,am5dm5t relat+ to section #aad ,section #dja7;a77#i77;,c77iii7 ( su* ,code is am5d$ by /rik+ employee to :om clause 7i77,,ii7 applies & ins]t+ employee 7o!r ?an an employee to :om clause 7i77,,ii7 does n apply by reason ( clause 7ii774 7#d7 ,am5dm5t relat+ to section #aaf ,section #digc7;b7 ( su* ,code is am5d$ by add+ at ! end ( ! flu% matt] ! foll[+3 ,su* t]m %all n include any designat$ nond$uctible contribution 7z def9$ 9 subp>agraph 7,c7 ( section #djh7o77#b77 :i* does n exce$ ! nond$uctible limit "u subp>agraph 7,b7 !re( by reason ( an election "u section #djh7o77#e744 7#e7 ,effective date ,! am5dm5ts made by ?is subsection %all take effect z if includ$ 9 ! section ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai to :i* ! am5dm5t relates4 7b7 ,cl]ical am5dm5ts 7#a7 ,section #djh7o77#e77;,a7 ( su* ,code is am5d$ by /rik+ subsection 7b7 & ins]t+ section #bai7;b74 7#b7 ,section #gb7t77#b77;,h77vi77,,iv7 ( su* ,code is am5d$ by /rik+ #djc7;b77#g77;,a77ii7 & ins]t+ #djc7;b77#g77;,a77i74 #ddf4 ,provisions relat+ to plan am5dm5ts 7a7 ,9 g5]al ,if ?is section applies to any retirem5t plan or contract am5dm5t-- 7#a7 su* retirem5t plan or contract %all be treat$ z be+ op]at$ 9 accordance ) ! t]ms ( ! plan dur+ ! p]iod describ$ 9 subsection 7b77#b77;,a72 & 7#b7 except z provid$ by ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate71 su* retirem5t plan %all n fail to meet ! requirem5ts ( section #daa7;d77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf & section #bjd7;g7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd by reason ( su* am5dm5t4 7b7 ,am5dm5ts to :i* section applies 7#a7 ,9 g5]al ,?is section %all apply to any am5dm5t to any retirem5t plan or annuity contract :i* is made-- 7,a7 pursuant to any am5dm5t made by ?is ,act or pursuant to any regulation issu$ by ! ,secret>y ( ! ,treasury or ! ,secret>y ( ,labor 7or a delegate ( ei!r su* ,secret>y7 "u ?is ,act2 & 7,b7 on or be=e ! la/ day ( ! fir/ plan ye> beg9n+ on or aft] ,janu>y #a1 #bjbf1 or su* lat] date z ! ,secret>y ( ! ,treasury may prescribe4 ,9 ! case ( a gov]nm5tal plan 7z def9$ 9 section #dad7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf71 or an applicable collectively b>ga9$ plan1 ?is p>agraph %all be appli$ by sub/itut+ #bjbh = #bjbf4 ,= purposes ( ! prec$+ s5t5ce1 ! t]m applicable collectively b>ga9$ plan means a plan ma9ta9$ pursuant to #a or m collective b>ga9+ agreem5ts betwe5 employee repres5tatives & #a or m employ]s ratifi$ be=e ! date ( enactm5t ( ?is ,act4 7#b7 ,conditions ,?is section %all n apply to any am5dm5t unless-- 7,a7 dur+ ! p]iod-- 7i7 beg9n+ on ! date ! legislative or regulatory am5dm5t describ$ 9 p>agraph 7#a77;,a7 takes effect 7or 9 ! case ( a plan or contract am5dm5t n requir$ by su* legislative or regulatory am5dm5t1 ! effective date specifi$ by ! plan72 & 7ii7 end+ on ! date describ$ 9 p>agraph 7#a77;,b7 7z modifi$ by ! second s5t5ce ( p>agraph 7#a77 7or1 if e>li]1 ! date ! plan or contract am5dm5t is adopt$71 ! plan or contract is op]at$ z if su* plan or contract am5dm5t 7 9 effect2 & 7,b7 su* plan or contract am5dm5t applies retroactively = su* p]iod4 7c7 ,coord9ation ) o!r provisions relat+ to plan am5dm5ts 7#a7 ,secure act ,section #fja7;b77#a7 ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai is am5d$-- 7,a7 by /rik+ ,janu>y #a1 #bjbb 9 subp>agraph 7,b7 & ins]t+ ,janu>y #a1 #bjbd1 & 7,b7 by /rik+ sub/itut+ #bjbd = #bjbb4 9 ! flu% matt] at ! end & ins]t+ sub/itut+ #bjbf = #bjbd44 7#b7 ,c>es act 7,a7 ,special rules = use ( retirem5t funds ,section #bbjb7;c77#b77;,a7 ( ! ,,c>es ,act is am5d$ by /rik+ ,janu>y #a1 #bjbb 9 clause 7ii7 & ins]t+ ,janu>y #a1 #bjbf4 7,b7 ,tempor>y waiv] ( requir$ m9imum di/ributions rules = c]ta9 retirem5t plans & acc\nts ,section #bbjc7;c77#b77;,b77i7 ( ! ,,c>es ,act is am5d$-- 7i7 by /rik+ ,janu>y #a1 #bjbb 9 subclause 7,,ii7 & ins]t+ ,janu>y #a1 #bjbf1 & 7ii7 by /rik+ sub/itut+ #bjbd = #bjbb4 9 ! flu% matt] at ! end & ins]t+ sub/itut+ #bjbh = #bjbd44 7,c7 ,taxpay] c]ta9ty & disa/] tax relief act ( #bjbj ,section #cjb7;d77#b77;,a7 ( ! ,taxpay] ,c]ta9ty & ,disa/] ,tax ,relief ,act ( #bjbj is am5d$ by /rik+ ,janu>y #a1 #bjbb 9 clause 7ii7 & ins]t+ ,janu>y #a1 #bjbf4 #ddg4 ,simple & sep ro? iras 7a7 ,9 g5]al ,section #djh;,a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subsection 7f74 7b7 ,rules relat+ to simplifi$ employee p5sions 7#a7 ,contributions ,section #djb7;h77#a7 ( su* ,code is am5d$ by /rik+ & at ! end ( subp>agraph 7,a71 by /rik+ ! p]iod at ! end ( subp>agraph 7,b7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new subp>agraph3 7,c7 9 ! case ( any contributions pursuant to a simplifi$ employ] p5sion :i* are made to an individual retirem5t plan designat$ z a ,ro? ,,ira1 su* contribution %all n be excludable f gross income4 4 7#b7 ,di/ributions ,section #djb7;h77#c7 ( su* ,code is am5d$ by ins]t+ 1 or section #djh;,a7d7 9 ! case ( an individual retirem5t plan designat$ z a ,ro? ,,ira be=e ! p]iod at ! end4 7#c7 ,election requir$ ,section #djh7k7 ( su* ,code is am5d$ by r$esignat+ p>agraphs 7#g71 7#h71 & 7#i7 z p>agraphs 7#h71 7#i71 & 7#aj71 respectively1 & by ins]t+ ! aft] p>agraph 7#f7 ! foll[+ new p>agraph3 7#g7 ,ro? contribution election ,an individual retirem5t plan :i* is designat$ z a ,ro? ,,ira %all n be treat$ z a simplifi$ employee p5sion "u ?is subsection unless ! employee elects = su* plan to be s treat$ 7at su* "t & 9 su* mann] z ! ,secret>y may provide74 4 7c7 ,rules relat+ to simple retirem5t acc\nts 7#a7 ,election requir$ ,section #djh7p7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#aa7 ,ro? contribution election ,an individual retirem5t plan :i* is designat$ z a ,ro? ,,ira %all n be treat$ z a simple retirem5t acc\nt "u ?is subsection unless ! employee elects = su* plan to be s treat$ 7at su* "t & 9 su* mann] z ! ,secret>y may provide74 4 7#b7 ,rollov]s ,section #djh;,a7e7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,simple retirem5t acc\nts ,9 ! case ( any paym5t or di/ribution out ( a simple retirem5t acc\nt 7z def9$ 9 section #djh7p77 ) respect to :i* an election has be5 made "u section #djh7p77#aa7 & to :i* #gb7t77#f7 applies1 ! t]m qualifi$ rollov] contribution %all n include any paym5t or di/ribution paid into an acc\nt o!r ?an ano!r simple retirem5t acc\nt 7z s def9$74 4 7d7 ,coord9ation ) ro? contribution limitation ,section #djh;,a7c7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#g7 ,coord9ation ) limitation = simple retirem5t plans & seps ,9 ! case ( an individual on ^: behalf contributions are made to a simple retirem5t acc\nt or a simplifi$ employee p5sion1 ! am\nt describ$ 9 p>agraph 7#b77;,a7 %all be increas$ by an am\nt equal to ! contributions made on ! individual's behalf to su* acc\nt or p5sion = ! taxable ye>1 b only to ! ext5t su* contributions-- 7,a7 9 ! case ( a simplifi$ retirem5t acc\nt-- 7i7 d n exce$ ! sum ( ! doll> am\nt 9 effect = ! taxable ye> "u section #djh7p77#b77;,a77ii7 & ! employ] contribution requir$ "u subp>agraph 7,a77iii7 or 7,b77i71 z ! case may be1 ( section #djh7p77#b71 & 7ii7 d n cause ! elective def]rals 7z def9$ 9 section #djb7;g77#c77 on behalf ( su* individual to exce$ ! limitation "u section #djb7;g77#a7 7tak+ into acc\nt any additional elective def]rals p]mitt$ "u section #dad7v771 or 7,b7 9 ! case ( a simplifi$ employee p5sion1 d n exce$ ! limitation 9 effect "u section #djh7;j74 4 7e7 ,con=m+ am5dm5t ,section #djh;,a7d77#b77;,b7 ( su* ,code is am5d$ by ins]t+ 1 or employ] 9 ! case ( a simple retirem5t acc\nt 7z def9$ 9 section #djh7p77 or simplifi$ employee p5sion 7z def9$ 9 section #djh7k771 aft] individual's sp\se4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #ddh4 ,h>d%ip )drawal rules = #djc7;b7 plans 7a7 ,9 g5]al ,section #djc7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#af7 ,special rules relat+ to h>d%ip )drawals ,= purposes ( p>agraphs 7#g7 & 7#aa7-- 7,a7 ,am\nts :i* may be )drawn ,! foll[+ am\nts may be di/ribut$ ^u h>d%ip ( ! employee3 7i7 ,contributions made pursuant to a sal>y r$uction agreem5t 7)9 ! mean+ ( section #caba7;a77#e77;,d774 7ii7 ,qualifi$ nonelective contributions 7z def9$ 9 section #dja7m77#d77;,c774 7iii7 ,qualifi$ mat*+ contributions describ$ 9 section #dja7k77#c77;,d77ii77,i74 7iv7 ,e>n+s on any contributions describ$ 9 clause 7i71 7ii71 or 7iii74 7,b7 ,no requirem5t to take available loan ,a di/ribution %all n be treat$ z fail+ to be made ^u ! h>d%ip ( an employee solely because ! employee does n take any available loan "u ! plan4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #djc7;b77#g77;,a77i77,v7 ( su* ,code is am5d$ by /rik+ 9 ! case ( contributions made pursuant to a sal>y r$uction agreem5t 7)9 ! mean+ ( section #caba7;a77#e77;,d77 & ins]t+ subject to ! provisions ( p>agraph 7#af74 7#b7 ,p>agraph 7#aa7 ( section #djc7;b7 ( su* ,code1 z am5d$ by ! prec$+ provisions ( ?is ,act1 is am5d$-- 7,a7 by /rik+ 9 9 subp>agraph 7,b7 & ins]t+ subject to ! provisions ( p>agraph 7#af71 91 & 7,b7 by /rik+ ! p5ultimate s5t5ce4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #ddi4 ,elective def]rals g5]ally limit$ to regul> contribution limit 7a7 ,applicable employ] plans ,section #dad7v77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 ,except 9 ! case ( an applicable employ] plan describ$ 9 p>agraph 7#f77;,a77iv71 ! prec$+ s5t5ce %all only apply if contributions are designat$ ,ro? contributions 7z def9$ 9 section #djb;,a7c77#a7744 7b7 ,con=m+ am5dm5ts 7#a7 ,section #djb7;g77#a7 ( su* ,code is am5d$ by /rik+ subp>agraph 7,c74 7#b7 ,section #deg7;e77#ah77;,a77ii7 ( su* ,code is am5d$ by ins]t+ ! less] ( any designat$ ,ro? contributions made by ! p>ticipant to ! plan or be=e ! applicable doll> am\nt4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 #dej4 ,optional treatm5t ( employ] mat*+ contributions z ro? contributions 7a7 ,9 g5]al ,section #djb;,a7a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ p>agraph 7#b7 z p>agraph 7#c71 by /rik+ & at ! end ( p>agraph 7#a71 & by ins]t+ aft] p>agraph 7#a7 ! foll[+ new p>agraph3 7#b7 any designat$ ,ro? contribution :i* is made by ! employ] to ! program on ! employee's behalf1 & on acc\nt ( ! employee's contribution1 elective def]ral1 or 7subject to ! requirem5ts ( section #dja7m77#ac77 qualifi$ /ud5t loan paym5t1 %all be treat$ z a mat*+ contribution = purposes ( ?is *apt]1 except t su* contribution %all n be excludable f gross income1 & 4 7b7 ,mat*+ includ$ 9 qualifi$ ro? contribution program ,section #djb;,a7b77#a7 ( su* ,code is am5d$-- 7#a7 by ins]t+ 1 or to h made on ! employee's behalf1 aft] elect to make1 & 7#b7 by ins]t+ 1 or ( mat*+ contributions :i* may o!rwise be made on ! employee's behalf1 aft] o!rwise eligible to make4 7c7 ,designat$ ro? mat*+ contributions ,section #djb;,a7c77#a7 ( su* ,code is am5d$ by ins]t+ or mat*+ contribution aft] elective def]ral4 7d7 ,mat*+ contribution def9$ ,section #djb;,a7e7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 7#c7 ,mat*+ contribution ,! t]m mat*+ contribution means-- 7,a7 any mat*+ contribution describ$ 9 section #dja7m77#d77;,a71 & 7,b7 any contribution to an eligible def]r$ comp5sation plan 7z def9$ 9 section #deg7;b77 by an eligible employ] describ$ 9 section #deg7;e77#a77;,a7 on behalf ( an employee & on acc\nt ( su* employee's elective def]ral "u su* plan4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to contributions made aft] ! date ( ! enactm5t ( ?is ,act4 ,v #eja4 ,boots to bus9ess program ,section #cb ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #feg;b7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,boots to bus9ess program 7#a7 ,cov]$ individual def9$ ,9 ?is subsection1 ! t]m cov]$ individual means-- 7,a7 a memb] ( ! ,arm$ ,=ces1 includ+ ! ,national ,gu>d or ,res]ves2 7,b7 an individual :o is p>ticipat+ 9 ! ,transition ,assi/ance ,program e/abli%$ "u section #aadd ( title #aj1 ,unit$ ,/ates ,code2 7,c7 an individual :o-- 7i7 s]v$ on active duty 9 any bran* ( ! ,arm$ ,=ces1 includ+ ! ,national ,gu>d or ,res]ves2 & 7ii7 0 dis*>g$ or releas$ f su* s]vice "u conditions o!r ?an di%onorable2 & 7,d7 a sp\se or dep5d5t ( an individual describ$ 9 subp>agraph 7,a71 7,b71 or 7,c74 7#b7 ,e/abli%m5t ,dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is subsection & end+ on ,septemb] #cj1 #bjbh1 ! ,adm9i/rator %all c>ry out a program to be kn[n z ! ,boots to ,bus9ess ,program to provide entrepr5eur%ip tra9+ to cov]$ individuals4 7#c7 ,goals ,! goals ( ! ,boots to ,bus9ess ,program are to-- 7,a7 provide assi/ance & 9-dep? tra9+ to cov]$ individuals int]e/$ 9 bus9ess own]%ip2 & 7,b7 provide cov]$ individuals ) ! tools1 skills1 & k necess>y to id5tify a bus9ess opportunity1 draft a bus9ess plan1 id5tify s\rces ( capital1 connect ) local res\rces = small bus9ess conc]ns1 & />t up a small bus9ess conc]n4 7#d7 ,program compon5ts 7,a7 ,9 g5]al ,! ,boots to ,bus9ess ,program may include-- 7i7 a pres5tation provid+ exposure to ! consid]ations involv$ 9 self-employm5t & own]%ip ( a small bus9ess conc]n2 7ii7 an onl9e1 self-/udy c\rse focus$ on ! basic skills ( entrepr5eur%ip1 ! language ( bus9ess1 & ! consid]ations involv$ 9 self-employm5t & own]%ip ( a small bus9ess conc]n2 7iii7 an 9-p]son classroom in/ruction compon5t provid+ an introduction to ! f\ndations ( self employm5t & own]%ip ( a small bus9ess conc]n2 & 7iv7 9-dep? tra9+ deliv]$ ?r\gh onl9e in/ruction1 includ+ an onl9e c\rse t leads to ! creation ( a bus9ess plan4 7,b7 ,collaboration ,! ,adm9i/rator may-- 7i7 collaborate ) public & private entities to develop c\rse curricula = ! ,boots to ,bus9ess ,program2 & 7ii7 modify program compon5ts 9 coord9ation ) entities p>ticipat+ 9 a ,w>riors 9 ,transition program1 z def9$ 9 section #gch7;e7 ( ! ,national ,def5se ,au?orization ,act = ,fiscal ,ye> #bjac 7#aj ,u4,s4,c4 #ajga note74 7,c7 ,use ( res\rce p>tn]s & di/rict (fices 7i7 ,9 g5]al ,! ,adm9i/rator %all-- 7,i7 ensure t ,vet]an ,bus9ess ,outrea* ,c5t]s regul>ly p>ticipate1 on a nationwide basis1 9 ! ,boots to ,bus9ess ,program2 & 7,,ii7 to ! maximum ext5t practicable1 use di/rict (fices ( ! ,adm9i/ration & a v>iety ( o!r res\rce p>tn]s & entities 9 adm9i/]+ ! ,boots to ,bus9ess ,program4 7ii7 ,grant au?ority ,9 c>ry+ out clause 7i71 ! ,adm9i/rator may make grants1 subject to ! availability ( appropriations 9 advance1 to ,vet]an ,bus9ess ,outrea* ,c5t]s1 o!r res\rce p>tn]s1 or o!r entities to c>ry out compon5ts ( ! ,boots to ,bus9ess ,program4 7,d7 ,availability to dep>tm5t ( def5se & ! dep>tm5t ( labor ,! ,adm9i/rator %all make available to ! ,secret>y ( ,def5se & ! ,secret>y ( ,labor in=mation reg>d+ ! ,boots to ,bus9ess ,program1 includ+ all c\rse mat]ials & outrea* mat]ials relat$ to ! ,boots to ,bus9ess ,program1 = inclusion on ! websites ( ! ,dep>tm5t ( ,def5se & ! ,dep>tm5t ( ,labor relat+ to ! ,transition ,assi/ance ,program1 9 ! ,transition ,assi/ance ,program manual1 & 9 o!r relevant mat]ials available = di/ribution f ! ,secret>y ( ,def5se & ! ,secret>y ( ,labor4 7,e7 ,availability to dep>tm5t ( vet]ans affairs ,9 consultation ) ! ,secret>y ( ,vet]ans ,affairs1 ! ,adm9i/rator %all make available = di/ribution & display on ! website ( ! ,dep>tm5t ( ,vet]ans ,affairs & at local facilities ( ! ,dep>tm5t ( ,vet]ans ,affairs outrea* mat]ials reg>d+ ! ,boots to ,bus9ess ,program1 :i* %all1 at a m9imum-- 7i7 describe ! ,boots to ,bus9ess ,program & ! s]vices provid$2 & 7ii7 include eligibility requirem5ts = p>ticipat+ 9 ! ,boots to ,bus9ess ,program4 7,f7 ,availability to o!r p>ticipat+ ag5cies ,! ,adm9i/rator %all ensure in=mation reg>d+ ! ,boots to ,bus9ess program1 includ+ all c\rse mat]ials & outrea* mat]ials relat$ to ! ,boots to ,bus9ess ,program1 is made available to o!r p>ticipat+ ag5cies 9 ! ,transition ,assi/ance ,program & ^u reque/ ( o!r ag5cies4 7#e7 ,competitive bidd+ proc$ures ,! ,adm9i/ration %all use relevant competitive bidd+ proc$ures ) respect to any contract or coop]ative agreem5t execut$ by ! ,adm9i/ration "u ! ,boots to ,bus9ess ,program4 7#f7 ,publication ( notice ( fund+ opportunity ,n lat] ?an #cj days be=e ! deadl9e = submitt+ applications = any fund+ opportunity "u ! ,boots to ,bus9ess ,program1 ! ,adm9i/ration %all publi% a notice ( ! fund+ opportunity4 7#g7 ,report ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is subsection1 & n less frequ5tly ?an annually !reaft]1 ! ,adm9i/rator %all submit to ! ,committee on ,small ,bus9ess & ,entrepr5eur%ip ( ! ,s5ate & ! ,committee on ,small ,bus9ess ( ! ,h\se ( ,repres5tatives a report on ! p]=mance & effectiv5ess ( ! ,boots to ,bus9ess ,program1 :i*-- 7,a7 may be includ$ z "p ( ano!r report submitt$ to su* committees by ! ,adm9i/rator relat$ to ! ,(fice ( ,vet]ans ,bus9ess ,developm5t2 & 7,b7 %all summ>ize available in=mation relat+ to-- 7i7 grants aw>d$ "u p>agraph 7#d77;,c72 7ii7 ! total co/ ( ! ,boots to ,bus9ess ,program2 7iii7 ! numb] ( program p>ticipants us+ ea* compon5t ( ! ,boots to ,bus9ess ,program2 7iv7 ! completion rates = ea* compon5t ( ! ,boots to ,bus9ess ,program2 7v7 to ! ext5t possible-- 7,i7 ! demographics ( program p>ticipants1 to include g5d]1 age1 race1 e?nicity1 & relation%ip to milit>y2 7,,ii7 ! numb] ( program p>ticipants t connect ) a di/rict (fice ( ! ,adm9i/ration1 a ,vet]an ,bus9ess ,outrea* ,c5t]1 or ano!r res\rce p>tn] ( ! ,adm9i/ration2 7,,iii7 ! numb] ( program p>ticipants t />t a small bus9ess conc]n2 7,,iv7 ! results ( ! ,boots to ,bus9ess & ,boots to ,bus9ess ,reboot c\rse quality surveys conduct$ by ! ,(fice ( ,vet]ans ,bus9ess ,developm5t be=e & aft] att5d+ ea* ( ^? c\rses1 includ+ a summ>y ( any comm5ts receiv$ f program p>ticipants2 7,v7 ! results ( ! ,boots to ,bus9ess ,program outcome surveys conduct$ by ! ,(fice ( ,vet]ans ,bus9ess ,developm5t1 includ+ a summ>y ( any comm5ts receiv$ f program p>ticipants2 & 7,,vi7 ! results ( o!r g]mane p>ticipant satisfaction surveys2 7,c7 an evaluation ( ! ov]all effectiv5ess ( ! ,boots to ,bus9ess ,program bas$ on ea* geographic region cov]$ by ! ,adm9i/ration dur+ ! mo/ rec5t fiscal ye>2 7,d7 an assessm5t ( additional p]=mance outcome measures = ! ,boots to ,bus9ess ,program1 z id5tifi$ by ! ,adm9i/rator2 7,e7 any recomm5dations ( ! ,adm9i/rator = improvem5t ( ! ,boots to ,bus9ess ,program1 :i* may include expansion ( ! types ( individuals :o are cov]$ individuals2 7,f7 an explanation ( h[ ! ,boots to ,bus9ess ,program has be5 integrat$ ) o!r transition programs & relat$ res\rces ( ! ,adm9i/ration & o!r ,f$]al ag5cies2 & 7,g7 any additional in=mation ! ,adm9i/rator det]m9es necess>y4 4 ,,vi #fja4 ,increas$ puni%m5t = human traffick+ 9 s*ool zones ,section #aeia ( title #ah1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ subsection 7e7 z subsection 7f72 & 7#b7 by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 7#a7 ,:oev] violates subsection 7a7 9 a s*ool zone1 or on1 or )9 #a1jjj feet (1 a premises on :i* a s*ool-sponsor$ activity is tak+ place1 or on1 or )9 #a1jjj feet ( a premises own$ by an in/itution ( high] education1 %all1 9 addition to ! puni%m5t o!rwise provid$ "u ?is section1 be imprison$ = n m ?an #e ye>s4 7#b7 ,9 ?is subsection3 7,a7 ,! t]m s*ool zone has ! mean+ giv5 su* t]m 9 section #iba4 7,b7 ,! t]m s*ool-sponsor$ activity means any activity t is produc$1 f9anc$1 arrang$1 sup]vis$1 or coord9at$ by a s*ool or a ,/ate educational ag5cy or local educational ag5cy or is "u ! jurisdiction ( a ,/ate educational ag5cy or local educational ag5cy4 7,c7 ,! t]ms ,/ate educational ag5cy & local educational ag5cy h ! mean+s giv5 ^? t]ms "u section #haja ( ! ,elem5t>y & ,second>y ,education ,act ( #aife4 7,d7 ,! t]m in/itution ( high] education has ! mean+ giv5 su* t]m 9 section #aja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja74 4 #fjb4 ,increas$ puni%m5t = co]cion & enticem5t 9 s*ool zones ,section #bdbb ( title #ah1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7b71 by /rik+ individual :o has n atta9$ ! age ( #ah ye>s & ins]t+ m9or2 & 7#b7 by add+ at ! end ! foll[+3 7c7 7#a7 ,:oev] violates subsection 7a7 or 7b7 kn[+1 or hav+ reasonable cause to believe1 t ! violation is committ$ aga9/ a m9or :o is enroll$ 9 s*ool & is1 at ! "t ( ! violation1 9 a s*ool zone or on1 or )9 #a1jjj feet (1 a premises on :i* a s*ool-sponsor$ activity is tak+ place1 or aga9/ a p]son :o is enroll$ 9 an in/itution ( high] education & is1 at ! "t ( ! violation on or )9 #a1jjj feet ( a premises own$ by ! in/itution ( high] education1 %all1 9 addition to ! puni%m5t o!rwise provid$ "u ?is section1 be imprison$ = n m ?an #e ye>s4 7#b7 ,p>agraph 7#a7 %all n apply 9 a case 9 :i* a m9or's pres5ce on1 or )9 #a1jjj feet (1 ! premises on :i* a s*ool-sponsor$ activity is tak+ place is n relat$ to su* s*ool-sponsor$ activity1 or ! p]son's pres5ce on or )9 #a1jjj feet ( ! premises own$ by ! in/itution ( high] education is n relat$ to _! enrollm5t at su* in/itution4 7d7 ,9 ?is section3 7#a7 ,! t]m m9or means an individual :o has n atta9$ #ah ye>s ( age4 7#b7 ,! t]m s*ool means a public1 p>o*ial1 or private s*ool t provides elem5t>y or second>y education4 7#c7 ,! t]m s*ool zone has ! mean+ giv5 su* t]m 9 section #iba4 7#d7 ,! t]m s*ool-sponsor$ activity means any activity t is produc$1 f9anc$1 arrang$1 sup]vis$1 or coord9at$ by a s*ool or a ,/ate educational ag5cy or local educational ag5cy or is "u ! jurisdiction ( a ,/ate educational ag5cy or local educational ag5cy4 7#e7 ,! t]ms ,/ate educational ag5cy & local educational ag5cy h ! mean+s giv5 ^? t]ms "u section #haja ( ! ,elem5t>y & ,second>y ,education ,act ( #aife4 7#f7 ,! t]m in/itution ( high] education has ! mean+ giv5 su* t]m 9 section #aja ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja74 4 ,,vii #gja4 ,e/abli%m5t ( commission 7a7 ,9 g5]al ,!re is e/abli%$ ! ,commission to ,/udy ! ,pot5tial ,creation ( a ,national ,museum ( ,asian ,pacific ,am]ican ,hi/ory & ,culture 7h]eaft] 9 ?is ,act ref]r$ to z ! ,commission74 7b7 ,memb]%ip ,! ,commission %all be compos$ ( #h memb]s1 ( :om-- 7#a7 #b memb]s %all be appo9t$ by ! majority lead] ( ! ,s5ate2 7#b7 #b memb]s %all be appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives2 7#c7 #b memb]s %all be appo9t$ by ! m9ority lead] ( ! ,s5ate2 & 7#d7 #b memb]s %all be appo9t$ by ! m9ority lead] ( ! ,h\se ( ,repres5tatives4 7c7 ,qualifications ,memb]s ( ! ,commission %all be appo9t$ to ! ,commission f among individuals1 or repres5tatives ( in/itutions or entities1 :o possess-- 7#a7 7,a7 a demon/rat$ commitm5t to ! rese>*1 /udy1 or promotion ( ,asian ,pacific ,am]ican hi/ory1 art1 political or economic /atus1 or culture2 & 7,b7 7i7 exp]tise 9 museum adm9i/ration2 7ii7 exp]tise 9 fundrais+ = nonpr(it or cultural in/itutions2 7iii7 exp]i5ce 9 ! /udy & tea*+ ( ,asian ,pacific ,am]ican hi/ory2 7iv7 exp]i5ce 9 /udy+ ! issue ( ! repres5tation ( ,asian ,pacific ,am]icans 9 art1 life1 hi/ory1 & culture at ! ,smi?sonian ,in/itution2 or 7v7 ext5sive exp]i5ce 9 public or elect$ s]vice2 7#b7 exp]i5ce 9 ! adm9i/ration (1 or ! plann+ =1 ! e/abli%m5t (1 museums2 or 7#c7 exp]i5ce 9 ! plann+1 design1 or con/ruction ( museum facilities4 7d7 ,deadl9e = initial appo9tm5t ,! initial memb]s ( ! ,commission %all be appo9t$ n lat] ?an ! date t is #ij days aft] ! date ( enactm5t ( ?is ,act4 7e7 ,vacancies ,a vacancy 9 ! ,commission-- 7#a7 %all n affect ! p[]s ( ! ,commission2 & 7#b7 %all be fill$ 9 ! same mann] z ! orig9al appo9tm5t 0 made4 7f7 ,*airp]son ,! ,commission %all1 by majority vote ( all ( ! memb]s1 select #a memb] ( ! ,commission to s]ve z ! ,*airp]son ( ! ,commission4 7g7 ,prohibition ,no employee ( ! ,f$]al ,gov]nm5t may s]ve z a memb] ( ! ,commission4 #gjb4 ,duties ( ! commission 7a7 ,reports 7#a7 ,plan ( action ,! ,commission %all submit to ! ,presid5t & ,congress a report conta9+ ! recomm5dations ( ! ,commission ) respect to a plan ( action reg>d+ ! feasibility ( e/abli%+ & ma9ta9+ a ,national ,museum ( ,asian ,pacific ,am]ican ,hi/ory & ,culture 9 ,wa%+ton1 ,,dc1 & its environs 7h]eaft] 9 ?is ,act ref]r$ to z ! ,museum74 7#b7 ,report on issues ,! ,commission %all submit to ! ,presid5t & ,congress a report t addresses ! foll[+ issues3 7,a7 ,! availability & co/ ( collections to be acquir$ & h\s$ 9 ! ,museum4 7,b7 ,! impact ( ! ,museum on exi/+ ,asian ,pacific ,am]ican hi/ory-relat$ museums4 7,c7 ,9 consultation ) ! ,smi?sonian ,in/itution1 develop crit]ia = evaluat+ possible locations = ! ,museum 9 ,wa%+ton1 ,,dc1 & its environs4 7,d7 ,! feasibility ( ! ,museum becom+ "p ( ! ,smi?sonian ,in/itution1 tak+ into acc\nt ! ,museum's pot5tial impact on ! ,smi?sonian's exi/+ facilities ma9t5ance backlog1 collections /orage ne$s1 & id5tifi$ con/ruction or r5ovation co/s = new or exi/+ museums4 7,e7 ,! gov]nance & organizational /ructure f :i* ! ,museum %\ld op]ate4 7,f7 ,be/ practices = engag+ ,asian ,pacific ,am]icans 9 ! developm5t & design ( ! ,museum4 7,g7 ,! co/ ( con/ruct+1 op]at+1 & ma9ta9+ ! ,museum4 7#c7 ,deadl9e ,! reports requir$ "u p>agraphs 7#a7 & 7#b7 %all be submitt$ n lat] ?an ! date t is #ah mon?s aft] ! date ( ! fir/ meet+ ( ! ,commission4 7b7 ,fundrais+ plan 7#a7 ,9 g5]al ,! ,commission %all develop a fundrais+ plan t w address ! ability to support ! e/abli%m5t1 op]ation1 & ma9t5ance ( ! ,museum ?r\gh contributions f ! public4 7#b7 ,consid]ations ,9 develop+ ! fundrais+ plan "u p>agraph 7#a71 ! ,commission %all consid] issues relat+ to fund+ ! op]ations & ma9t5ance ( ! ,museum 9 p]petuity )\t reliance on appropriations ( ,f$]al funds4 7#c7 ,indep5d5t review ,! ,commission %all obta9 an indep5d5t review ( ! viability ( ! plan develop$ "u p>agraph 7#a7 & su* review %all include an analysis z to :e!r ! plan is able to a*ieve ! level ( res\rces necess>y to fund ! con/ruction ( ! ,museum & ! op]ations & ma9t5ance ( ! ,museum 9 p]petuity )\t reliance on appropriations ( ,f$]al funds4 7#d7 ,submission ,! ,commission %all submit ! plan develop$ "u p>agraph 7#a7 & ! review conduct$ "u p>agraph 7#c7 to ! ,committees on ,h\se ,adm9i/ration1 ,natural ,res\rces1 & ,appropriations ( ! ,h\se ( ,repres5tatives & ! ,committees on ,rules & ,adm9i/ration1 ,en]gy & ,natural ,res\rces1 & ,appropriations ( ! ,s5ate4 7c7 ,legislation ,to c>ry out plan ( action ,bas$ on ! recomm5dations conta9$ 9 ! report submitt$ "u p>agraphs 7#a7 & 7#b7 ( subsection 7a71 ! ,commission %all submit = consid]ation to ! ,committees on ,h\se ,adm9i/ration1 ,natural ,res\rces1 & ,appropriations ( ! ,h\se ( ,repres5tatives & ! ,committees on ,rules & ,adm9i/ration1 ,en]gy & ,natural ,res\rces1 & ,appropriations ( ! ,s5ate recomm5dations = a legislative plan ( action on ! feasibility ( e/abli%+ & con/ruct+ ! ,museum4 7d7 ,national conf]5ce ,n lat] ?an #ah mon?s aft] ! date on :i* ! initial memb]s ( ! ,commission are appo9t$ "u section #b1 ! ,commission may1 9 c>ry+ out ! duties ( ! ,commission "u ?is section1 conv5e a national conf]5ce relat+ to ! ,museum1 to be compris$ ( individuals committ$ to ! advancem5t ( ! life1 art1 hi/ory1 & culture ( ,asian ,pacific ,am]icans4 #gjc4 ,adm9i/rative provisions 7a7 ,comp5sation 7#a7 ,9 g5]al ,a memb] ( ! ,commission-- 7,a7 %all n be consid]$ to be a ,f$]al employee = any purpose by reason ( s]vice on ! ,commission2 & 7,b7 %all s]ve )\t pay4 7#b7 ,travel exp5ses ,a memb] ( ! ,commission %all be all[$ a p] diem all[ance = travel exp5ses1 at rates consi/5t ) ^? au?oriz$ "u sub*apt] ,i ( *apt] #eg ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,gifts1 beque/s1 & devises ,! ,commission may solicit1 accept1 use1 & dispose ( gifts1 beque/s1 or devises ( money1 s]vices1 or real or p]sonal prop]ty = ! purpose ( aid+ or facilitat+ ! "w ( ! ,commission4 7#d7 ,f$]al advisory committee act ,! ,commission %all n be subject to ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app474 7b7 ,t]m9ation ,! ,commission %all t]m9ate on ! date t is #cj days aft] ! date on :i* ! f9al v]sions ( ! reports requir$ "u section #c are submitt$4 7c7 ,fund+ 7#a7 ,9 g5]al ,! ,commission %all be solely responsible = acceptance ( contributions =1 & paym5t ( ! exp5ses (1 ! ,commission4 7#b7 ,prohibition ,no ,f$]al funds may be obligat$ to c>ry out ?is ,act4 7d7 ,director & /aff ( commission 7#a7 ,director & /aff 7,a7 ,9 g5]al ,! ,commission may employ & comp5sate an executive director & any o!r additional p]sonnel t are necess>y to enable ! ,commission to p]=m ! duties ( ! ,commission4 7,b7 ,rates ( pay ,rates ( pay = p]sons employ$ "u subp>agraph 7,a7 %all be consi/5t ) ! rates ( pay all[$ = employees ( a tempor>y organization "u section #cafa ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,n f$]al employm5t ,any individual employ$ "u ?is section %all n be consid]$ a ,f$]al employee = ! purpose ( any law gov]n+ ,f$]al employm5t4 7#c7 ,te*nical assi/ance 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 on reque/ ( ! ,commission1 ! head ( a ,f$]al ag5cy may provide te*nical assi/ance to ! ,commission4 7,b7 ,prohibition ,no ,f$]al employees may be detail$ to ! ,commission4 ,,viii #hja4 ,selectusa def9$ ,9 ?is ,act1 ! t]m ,select,u,s,a means ! ,select,u,s,a program ( ! ,dep>tm5t ( ,comm]ce e/abli%$ by ,executive ,ord] ,no4 #acegg 7#gf ,f$4 ,reg4 #cegae74 #hjb4 ,f9d+s ,congress makes ! foll[+ f9d+s3 7#a7 ,semiconductors und]p9 ! ,unit$ ,/ates & global economies1 includ+ manufactur+ sectors4 ,semiconductors are also ess5tial to ! national security ( ! ,unit$ ,/ates4 7#b7 ,a %ortage ( semiconductors1 br\ght ab\t by ! ,,covid-#ai p&emic & o!r complex factors impact+ ! ov]all supply *a91 has ?reat5$ ! economic recov]y ( ! ,unit$ ,/ates & indu/ries t employ millions ( ,unit$ ,/ates citiz5s4 7#c7 ,address+ curr5t *all5ges & build+ resili5ce aga9/ future risks requires ensur+ a secure & /able supply *a9 = semiconductors t w support ! economic & national security ne$s ( ! ,unit$ ,/ates & its allies4 7#d7 ,! supply *a9 = semiconductors is complex & global4 ,:ile ! ,unit$ ,/ates plays a lead+ role 9 c]ta9 segm5ts ( ! semiconductor indu/ry1 secur+ ! supply *a9 requires on%or+1 re%or+1 or div]sify+ vuln]able segm5ts1 su* z =-- 7,a7 fabrication2 7,b7 advanc$ packag+2 & 7,c7 mat]ials & equipm5t us$ to manufacture semiconductor products4 7#e7 ,! ,f$]al ,gov]nm5t c lev]age =eign direct inve/m5t & private doll>s to gr[ ! dome/ic manufactur+ & production capacity ( ! ,unit$ ,/ates = vuln]able segm5ts ( ! semiconductor supply *a94 7#f7 ,! ,select,u,s,a program ( ! ,dep>tm5t ( ,comm]ce1 9 coord9ation ) o!r ,f$]al ag5cies & ,/ate-level economic developm5t organizations1 is position$ to boo/ =eign direct inve/m5t 9 dome/ic manufactur+ & to help secure ! semiconductor supply *a9 ( ! ,unit$ ,/ates4 #hjc4 ,coord9ation ) /ate-level economic developm5t organizations ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,executive ,director ( ,select,u,s,a %all solicit comm5ts f ,/ate-level economic developm5t organizations-- 7#a7 to review-- 7,a7 :at ef=ts ! ,f$]al ,gov]nm5t c take to support increas$ =eign direct inve/m5t 9 any segm5t ( semiconductor-relat$ production2 7,b7 :at b>ri]s to su* inve/m5t may exi/ & h[ to amplify ,/ate ef=ts to attract su* inve/m5t2 7,c7 public opportunities ^? organizations h id5tifi$ to attract =eign direct inve/m5t to help increase inve/m5t describ$ 9 subp>agraph 7,a72 7,d7 res\rce gaps or o!r *all5ges t prev5t ^? organizations f increas+ su* inve/m5t2 & 7#b7 to develop recomm5dations =-- 7,a7 h[ ,select,u,s,a c increase su* inve/m5t indep5d5tly or ?r\gh p>tn]%ip ) ^? organizations2 & 7,b7 work+ ) c\ntries t are allies or p>tn]s ( ! ,unit$ ,/ates to ensure t =eign adv]s>ies 7z def9$ 9 section #h7;c77#b7 ( ! ,secure & ,tru/$ ,communications ,networks ,act ( #bjai 7#dg ,u4,s4,c4 #afjg7;c77#b777 d n b5efit f ,unit$ ,/ates ef=ts to increase su* inve/m5t4 #hjd4 ,report on increas+ =eign direct inve/m5t 9 semiconductor-relat$ manufactur+ & production ,n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,executive ,director ( ,select,u,s,a1 9 coord9ation ) ! ,f$]al ,int]ag5cy ,inve/m5t ,work+ ,gr\p e/abli%$ by ,executive ,ord] ,no4 #acegg 7#gf ,f$4 ,reg4 #ce1gae2 relat+ to e/abli%m5t ( ! ,select,u,s,a ,initiative71 %all submit to ! ,committee on ,comm]ce1 ,sci5ce1 & ,transportation ( ! ,s5ate & ! ,committee on ,en]gy & ,comm]ce ( ! ,h\se ( ,repres5tatives a report t includes-- 7#a7 a review ( ! comm5ts ,select,u,s,a receiv$ f ,/ate-level economic developm5t organizations "u section #hjc2 7#b7 a description ( activities ,select,u,s,a is engag$ 9 to increase =eign direct inve/m5t 9 semiconductor-relat$ manufactur+ & production2 & 7#c7 an assessm5t ( /rategies ,select,u,s,a may implem5t to a*ieve an increase 9 su* inve/m5t & to help secure ! ,unit$ ,/ates supply *a9 = semiconductors1 includ+ by-- 7,a7 work+ ) o!r relevant ,f$]al ag5cies2 & 7,b7 work+ ) ,/ate-level economic developm5t organizations & implem5t+ any /rategies or recomm5dations ,select,u,s,a receiv$ f ^? organizations4 ,,ix #ija4 ,approval ( c]ta9 equipm5t 7a7 ,9 g5]al ,section #bjjh ( ! ,homel& ,security ,act ( #bjjb 7#f ,u4,s4,c4 #fji7 is am5d$-- 7#a7 9 subsection 7f7-- 7,a7 by /rik+ ,if an applicant & ins]t+ ! foll[+3 7#a7 ,application requirem5t ,if an applicant 2 & 7,b7 by add+ at ! end ! foll[+ new p>agraphs3 7#b7 ,review process ,! ,adm9i/rator %all implem5t a uni=m process = review+ applications t1 9 accordance ) p>agraph 7#a71 conta9 explanations to use grants provid$ "u section #bjjc or #bjjd to pur*ase equipm5t or sy/ems t d n meet or exce$ any applicable national volunt>y cons5sus /&>ds develop$ "u section #fdg ( ! ,po/-,katr9a ,em]g5cy ,managem5t ,re=m ,act ( #bjjf 7#f ,u4,s4,c4 #gdg74 7#c7 ,factors ,9 c>ry+ out ! review process "u p>agraph 7#b71 ! ,adm9i/rator %all consid] ! foll[+3 7,a7 ,curr5t or pa/ use ( propos$ equipm5t or sy/ems by ,f$]al ag5cies or ! ,arm$ ,=ces4 7,b7 ,! abs5ce ( a national volunt>y cons5sus /&>d = su* equipm5t or sy/ems4 7,c7 ,! exi/5ce ( an int]national cons5sus /&>d = su* equipm5t or sy/ems1 & :e!r su* equipm5t or sy/ems meets su* /&>d4 7,d7 ,! nature ( ! capability gap id5tifi$ by ! applicant & h[ su* equipm5t or sy/ems w address su* gap4 7,e7 ,! degree to :i* su* equipm5t or sy/ems w s]ve ! ne$s ( ! applicant bett] ?an equipm5t or sy/ems t meet or exce$ exi/+ cons5sus /&>ds4 7,f7 ,any o!r factor det]m9$ appropriate by ! ,adm9i/rator4 2 & 7#b7 by add+ at ! end ! foll[+ new subsection3 7g7 ,review process ,! ,adm9i/rator %all implem5t a uni=m process = review+ applications to use grants provid$ "u section #bjjc or #bjjd to pur*ase equipm5t or sy/ems n includ$ on ! ,au?oriz$ ,equipm5t ,li/ ma9ta9$ by ! ,adm9i/rator4 4 7b7 ,inspector g5]al report ,n lat] ?an ?ree ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,inspector ,g5]al ( ! ,dep>tm5t ( ,homel& ,security %all submit to ! ,committee on ,homel& ,security ( ! ,h\se ( ,repres5tatives & ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs ( ! ,s5ate a report assess+ ! implem5tation ( ! review process e/abli%$ "u p>agraph 7#b7 ( subsection 7f7 ( section #bjjh ( ! ,homel& ,security ,act ( #bjjb 7z add$ by subsection 7a7 ( ?is section71 includ+ in=mation on ! foll[+3 7#a7 ,! numb] ( reque/s to pur*ase equipm5t or sy/ems t d n meet or exce$ any applicable cons5sus /&>d evaluat$ "u su* review process4 7#b7 ,! capability gaps id5tifi$ by applicants & ! numb] ( su* reque/s grant$ or d5i$4 7#c7 ,! process+ "t = ! review ( su* reque/s4 ,x #ajja4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,,nasa uses enhanc$ use leas+ to ent] into agreem5ts ) private sector entities1 ,/ate & local gov]nm5ts1 academic in/itutions1 & o!r ,f$]al ag5cies = lease ( non-excess1 und]utiliz$ ,,nasa prop]ties & facilities4 7#b7 ,,nasa uses enhanc$ use leas+ au?ority to support responsible managem5t ( its real prop]ty1 includ+ to improve ! use ( und]utiliz$ prop]ty = activities t are compatible ) ,,nasa's mission & to r$uce facility op]at+ & ma9t5ance co/s4 7#c7 ,9 fiscal ye> #bjai1 "u its enhanc$ use lease au?ority1 ,,nasa leas$ #fe real prop]ties4 7#d7 ,9 fiscal ye> #bjai1 ,,nasa's use ( enhanc$ use leas+ result$ 9 ! collection ( #aj1hdc1jbe4gg 9 net rev5ue4 7#e7 ,9 fiscal ye> #bjai1 ,,nasa us$ a portion ( its enhanc$ use leas+ rev5ues = repairs ( facility control sy/ems su* z light+ & heat+1 v5tilation1 & air condition+4 7#f7 ,,nasa's use ( enhanc$ use leas+ au?ority c contribute to r$uc+ ! rate ( increase ( ! ,ag5cy's ov]all def]r$ ma9t5ance co/4 #ajjb4 ,ext5sion ( au?ority to ent] into leases ( non-excess prop]ty ( ! national a]onautics & space adm9i/ration ,section #bjade7;h7 ( title #ea1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,decemb] #ca1 #bjcb & ins]t+ ,decemb] #ca1 #bjcc4 ,,xi #aaja4 ,he>+s 7a7 ,9 g5]al ,ea* /&+ committee ( ! ,h\se ( ,repres5tatives %all hold a he>+ on ! implem5tation ( ?is ,act )9 "o ye> ( enactm5t4 7b7 ,ex]cise ( rulemak+ au?ority ,subsection 7a7 is enact$-- 7#a7 z an ex]cise ( rulemak+ p[] ( ! ,h\se ( ,repres5tatives1 &1 z su*1 %all be consid]$ z "p ( ! rules ( ! ,h\se1 & su* rules %all sup]s$e any o!r rule ( ! ,h\se only to ! ext5t t rule is inconsi/5t !re)2 & 7#b7 ) full recognition ( ! con/itutional "r ( ei!r ,h\se to *ange su* rules 7s f> z relat+ to ! proc$ure 9 su* ,h\se7 at any "t1 9 ! same mann]1 & to ! same ext5t z 9 ! case ( any o!r rule ( ! ,h\se4 ,,xii #abja4 ,code ( (ficial conduct ,9 rule ,,xxiii ( ! ,rules ( ! ,h\se ( ,repres5tatives1 /rike clause #ba & ins]t ! foll[+3 #ba4 7a7 ,except z provid$ 9 p>agraphs 7b7 & 7c71 a ,memb]1 ,delegate1 ,resid5t ,commission]1 (fic]1 or employee ( ! ,h\se %all n kn[+ly & willfully disclose publicly ! id5tity (1 or p]sonally id5tifiable in=mation ab\t1 any individual :o has report$ allegations ( possible wrongdo+1 includ+ retaliation1 "u processes & protections provid$ by ! ,civil ,s]vice ,re=m ,act ( #aigh1 ! ,:i/lebl[] ,protection ,act ( #aihi1 ! ,intellig5ce ,community ,:i/lebl[] ,protection ,act ( #aiih1 or any o!r ,f$]al law t e/abli%es ! "r = individuals to make protect$ disclosures to ,congress4 7b7 ,! limitation 9 p>agraph 7a7 %all n apply to any disclosure ( an individual's id5tity or p]sonally id5tifiable in=mation if-- 7#a7 ! individual has provid$ express writt5 cons5t prior to su* disclosure2 7#b7 ! individual has already volunt>ily & publicly disclos$ _! id5tity2 or 7#c7 ! disclosure is by ! *air ( a committee aft] an affirmative vote by two-?irds ( ! memb]s ( ! committee t su* disclosure is 9 ! public int]e/4 7c7 ,no?+ 9 ?is clause %all prev5t-- 7#a7 an inve/igation ( any allegation ( wrongdo+ disclos$ by any individual2 or 7#b7 ! public disclosure ( sub/antive in=mation %>$ by any individual t is n p]sonally id5tifiable to t individual4 7d7 ,disclosures made pursuant to p>agraph 7b77#c7 %all be subject to appropriate safegu>ds1 includ+ t ! individual be provid$ timely advance notice if possible be=e _! id5tity or any p]sonally id5tifiable in=mation is disclos$ prior to ! vote describ$ 9 p>agraph 7b77#c71 unless su* in=mation w\ld jeop>dize ! relat$ inve/igations4 ,:5 provid+ su* notice to ! individual ! committee *air %all s5d ! individual a writt5 explanation ( ! reasons = ! disclosure4 4 ,,xiii #acja4 ,/udy on =eign ports 7a7 ,9 g5]al ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,*airman ( ! ,f$]al ,m>itime ,commission %all seek to ent] into an agreem5t ) a f$]ally fund$ rese>* & developm5t c5t] to evaluate h[ =eign own]%ip ( m>9e t]m9als at ! #ae l>ge/ ,unit$ ,/ates conta9] ports affects or c\ld affect ,unit$ ,/ates economic security4 7b7 ,cont5ts ,9 c>ry+ out ! /udy "u subsection 7a71 ! c5t] select$ "u su* subsection %all-- 7#a7 consid]-- 7,a7 *anges 9 own]%ip ( ! #ae l>ge/ ,unit$ ,/ates conta9] ports ov] ! pa/ #aj ye>s z well z ann\nc$ own]%ip *anges f #bjbe & #bjbf2 7,b7 in/ances ( own]%ip 9 individual m>9e t]m9als & cumulative own]%ip by ,*9ese or ,russian entities or nationals2 7,c7 in/ances ( own]%ip 9 individual m>9e t]m9als & cumulative own]%ip by any =eign entity2 7,d7 ! am\nt (-- 7i7 ,port ,infra/ructure ,developm5t ,grant funds s9ce fiscal ye> #bjah t h gone to ports & m>9e t]m9als t are own$ :olly or p>tially =eign own$2 & 7ii7 ,port ,security ,grant funds s9ce fiscal ye> #bjjc t h gone to ports & m>9e t]m9als t are own$ :olly or p>tially =eign own$2 & 7,e7 :]e own]%ip exi/s1 a detail$ description ( =eign op]ational control includ+ bo? affirmative & negative control2 & 7#b7 (f] recomm5dations on-- 7,a7 policies by ports & m>9e t]m9al op]ators to prev5t excessive =eign own]%ip t c\ld ?reat5 ,unit$ ,/ates economic security2 7,b7 :e!r own]%ip af=ds ! =eign own] access to op]ational te*nology & in=mation unique to ! ,unit$ ,/ates & o!rwise unavailable2 & 7,c7 :e!r =eign own]%ip has or c\ld affect ! supply *a9 & policies relat$ to ! prioritization ( c]ta9 c>goes4 7c7 ,report ,n lat] ?an #a ye> aft] ! initiation ( ! evaluation "u subsection 7a71 ! ,*airman ( ! ,f$]al ,m>itime ,commission %all submit to ! ,committee on ,comm]ce1 ,sci5ce1 & ,transportation ( ! ,s5ate & ! ,committee on ,transportation & ,infra/ructure ( ! ,h\se ( ,repres5tatives ! results ( su* evaluation4 ,,xiv #adja4 ,det]m9ation ( budget>y effects ,! budget>y effects ( ?is ,act1 = ! purpose ( comply+ ) ! ,/atutory ,pay-,z-,y-,g-,act ( #bjaj1 %all be det]m9$ by ref]5ce to ! late/ /atem5t titl$ ,budget>y ,effects ( ,,paygo ,legislation = ?is ,act1 submitt$ = pr9t+ 9 ! ,congressional ,record by ! ,*airman ( ! ,h\se ,budget ,committee1 provid$ t su* /atem5t has be5 submitt$ prior to ! vote on passage4 ,,xv #aeja4 ,frequ5cy ( bo>d ( directors meet+s ,section #aac ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agfa;b7 is am5d$-- 7#a7 by /rik+ mon?ly ea* place su* t]m appe>s2 7#b7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,! bo>d ( directors & ins]t+ ! foll[+3 7a7 ,9 g5]al ,! bo>d ( directors 2 7#c7 9 subsection 7a7 7z s designat$71 by /rik+ %all meet at lea/ once a mon? &2 & 7#d7 by add+ at ! end ! foll[+3 7b7 ,meet+s ,! bo>d ( directors ( a ,f$]al cr$it union %all meet z foll[s3 7#a7 ,) respect to a de novo ,f$]al cr$it union1 n less frequ5tly ?an mon?ly dur+ ea* ( ! fir/ five ye>s ( ! exi/5ce ( su* ,f$]al cr$it union4 7#b7 ,n less ?an six times annually1 ) at lea/ "o meet+ held dur+ ea* fiscal qu>t]1 ) respect to a ,f$]al cr$it union-- 7,a7 ) composite rat+ ( ei!r #a or #b "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 & 7,b7 ) a capability ( managem5t rat+ "u su* composite rat+ ( ei!r #a or #b4 7#c7 ,n less frequ5tly ?an once a mon?1 ) respect to a ,f$]al cr$it union-- 7,a7 ) composite rat+ ( ei!r #c1 #d1 or #e "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em72 or 7,b7 ) a capability ( managem5t rat+ "u su* composite rat+ ( ei!r #c1 #d1 or #e4 4 ,,xvi #afja4 ,appropriations ,! foll[+ sums are h]eby appropriat$1 out ( any money 9 ! ,treasury n o!rwise appropriat$1 = ! fiscal ye> end+ ,septemb] #cj1 #bjbf1 & = o!r purposes1 namely3 ,dep>tm5t ( ,heal? & ,human ,s]vices ,heal? res\rces & s]vices adm9i/ration rural heal? ,= an additional am\nt = ! ,teleheal? ,res\rce ,c5t] ( ! ,f$]al ,(fice ( ,rural ,heal? ,policy ( ! ,(fice = ! ,advancem5t ( ,teleheal?1 to provide assi/ance ) respect to te*nical1 legal1 regulatory s]vice deliv]y or o!r relat$ b>ri]s to ! developm5t ( teleheal? te*nologies = skill$ nurs+ facilities 7z def9$ 9 section #ahai ( ! ,social ,security ,act7 & nurs+ facilities 7z def9$ 9 section #aiai ( su* ,act71 #a1jjj1jjj to rema9 available ?r\gh ,septemb] #cj1 #bjbe4 ,dep>tm5t ( ,agriculture ,executive op]ations (fice ( budget & program analysis ,= an additional am\nt = necess>y exp5ses ( ! ,(fice ( ,budget & ,program ,analysis1 #a1jjj1jjj4 ,dep>tm5t ( ,/ate ,capital inve/m5t fund ,= an additional am\nt = necess>y exp5ses ( ! ,capital ,inve/m5t ,fund1 z au?oriz$1 #a1jjj1jjj1 to rema9 available until exp5d$4 ,dep>tm5t ( ,def5se ,op]ation & ma9t5ance op]ation & ma9t5ance1 army ,= an additional am\nt = exp5ses1 n o!rwise provid$ =1 necess>y = ! op]ation & ma9t5ance ( ! ,army1 z au?oriz$ by law1 #a1jjj1jjj4 ,dep>tm5t ( ,homel& ,security ,dep>tm5tal managem5t1 intellig5ce1 situational aw>5ess1 & ov]sight managem5t directorate op]ations & support ,= an additional am\nt = necess>y exp5ses ( ! ,managem5t ,directorate = op]ations & support1 #a1jjj1jjj4 ,dep>tm5t ( ,en]gy ,en]gy programs en]gy in=mation adm9i/ration ,= an additional am\nt = ,dep>tm5t ( ,en]gy exp5ses necess>y 9 c>ry+ out ! activities ( ! ,en]gy ,in=mation ,adm9i/ration1 #a1jjj1jjj1 to rema9 available until exp5d$4