,,ii  #aai? ,,congress  #b;d ,session   
,s4 #eaef  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bi1 #bjbf,mr4   
,m>%all 7= himself & ,mrs4 ,gillibr&7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide =      
9-s]vice rollov]s = individual retirem5t
 annuity pur*ases1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,retirem5t ,simplification & ,cl>ity  
,act4  #b4 ,9-s]vice rollov]s = annuity 
pur*ases  7a7 ,9 g5]al ,section #dja7k7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#ag7 ,special rule =        
pre-retirem5t rollov] ,not)/&+ !        
requirem5ts ( p>agraph 7#b77;,b77i71 a  
plan may p]mit a p>ticipant :o has      
atta9$ age #ej or old] to elect a direct
 rollov] to an individual retirem5t     
annuity 7z def9$ 9 section #djh7;b77 (  
all or a portion ( ! accru$ b5efit ( !  
p>ticipant attributable to employ]      

contributions made pursuant to !        
employee's election4  4  7b7 ,safe h>bor
 ,section #djb7;f7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by r$esignat+    
p>agraph 7#b7 z p>agraph 7#c7 & by      
ins]t+ aft] p>agraph 7#a7 ! foll[+ new  
p>agraph3  7#b7 ,safe h>bor  7,a7 ,9    
g5]al ,a writt5 explanation %all satisfy
 ! requirem5ts ( p>agraph 7#a7 if x     
includes ! foll[+ in=mation 9 concise1  
pla9 language3 7i7 ,! taxpay] has #cj   
days to review su* explanation be=e !y  
mu/ take any action4  7ii7 ,di/ributions
 made directly to ! taxpay] w be subject
 to income tax )hold+ & add$ to gross   
income to ! ext5t taxable4  7iii7 ,!    
taxpay] may owe an additional #aj p]c5t 
tax on a di/ribution issu$ be=e !       
taxpay] atta9s age #ei4  7iv7 ,a #bj    
p]c5t income tax )hold+ w apply to      
di/ributions t are n eligible = rollov]4
  7v7 ,a taxpay] c def] ,f$]al income   
tax on eligible di/ributions by roll+   
su* di/ribution ov] to ano!r qualifi$   
plan or individual retirem5t arrangem5t4

  7vi7 ,a taxpay] may n roll ov]-- 7,i7 
requir$ m9imum di/ributions1  7,,ii7    
h>d%ip di/ributions1  7,,iii7 a s]ies ( 
paym5ts to be made ov] a numb] ( ye>s1  
7,,iv7 employee /ock own]%ip plan       
divid5ds1 or  7,v7 corrective           
di/ributions4  7vii7 ,! plan adm9i/rator
 c be contact$ = in=mation reg>d+ :e!r  
all or a portion ( a paym5t to ! taxpay]
 is eligible = rollov]4  7viii7 ,a plan 
may require ! taxpay] to take a         
di/ribution ^u ! taxpay]'s atta9m5t ( ! 
plan's retirem5t age1 or 9 ! case ( a   
b5efit t is less ?an #g1jjj1 ! plan may 
automatically pay ! b5efit directly to !
 taxpay] or 9 a rollov] to an individual
 retirem5t acc\nt or1 = designat$ ,ro?  
am\nts1 a ,ro? ,,ira x e/abli%es = !    
taxpay]4  7ix7 ,eligible am\nts may be  
roll$ ov] to a new plan or to an        
individual retirem5t acc\nt :5 a taxpay]
 *anges employ]s1 & ! adm9i/rator ( !   
new plan c confirm h[ to accompli% su* a
 rollov]4  7x7 ,! taxpay] may *oose to  
leave eligible am\nts 9 ! taxpay]'s     

orig9al plan :5 *ang+ employ]s4  7xi7 ,!
 taxpay] may roll ov] an eligible       
di/ribution to an individual retirem5t  
acc\nt or individual retirem5t annuity1 
or a ,ro? ,,ira = designat$ ,ro?        
contributions4  7xii7 ,direct rollov]s  
are n subject to m&atory #bj p]c5t      
)hold+ "u section #cdje1 & ! di/ribution
 may be 9 ! =m ( a *eck payable to ! new
 plan or arrangem5t or by electronic    
transf]4  7xiii7 ,if ! taxpay] receives 
a paym5t directly1 ! taxpay] has up to  
#fj days f ! date ( di/ribution to roll 
ov] an am\nt equal to ! eligible am\nt  
receiv$ plus ! doll> am\nt t 0 )held &  
s5t to ! ,int]nal ,rev5ue ,s]vice4      
7xiv7 ,! taxpay] may obta9 additional   
in=mation f ! ,int]nal ,rev5ue ,s]vice4 
7,b7 ,regulations & ,guidance ,!        
,secret>y may promulgate su* regulations
 & guidance z are necess>y to adm9i/]   
?is section1 includ+ regulations updat+ 
! li/ 9 subp>agraph 7,a7 z necess>y4  4 
7c7 ,effective ,date ,! am5dm5ts made by
 ?is section %all apply to taxable ye>s 

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