Family Savings Act of 2018
This bill modifies the requirements for employer-provided retirement plans and tax-favored savings accounts.
With respect to employer-provided retirement plans, the bill modifies requirements regarding:
The bill modifies requirements for other tax-favored savings account to:
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6757 Introduced in House (IH)]
<DOC>
115th CONGRESS
2d Session
H. R. 6757
To amend the Internal Revenue Code of 1986 to encourage retirement and
family savings, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 10, 2018
Mr. Kelly of Pennsylvania (for himself, Mr. Brady of Texas, Mr. Sam
Johnson of Texas, Mr. Nunes, Mr. Reichert, Mr. Roskam, Mr. Buchanan,
Mr. Smith of Nebraska, Ms. Jenkins of Kansas, Mr. Paulsen, Mr.
Marchant, Mrs. Black, Mr. Reed, Mr. Renacci, Mrs. Noem, Mr. Holding,
Mr. Smith of Missouri, Mr. Rice of South Carolina, Mr. Schweikert, Mrs.
Walorski, Mr. Curbelo of Florida, Mr. Bishop of Michigan, Mr. LaHood,
Mr. Wenstrup, and Mr. Mitchell) introduced the following bill; which
was referred to the Committee on Ways and Means, and in addition to the
Committee on Education and the Workforce, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to encourage retirement and
family savings, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; ETC.
(a) Short Title.--This Act may be cited as the ``Family Savings Act
of 2018''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; etc.
TITLE I--EXPANDING AND PRESERVING RETIREMENT SAVINGS
Sec. 101. Multiple employer plans; pooled employer plans.
Sec. 102. Rules relating to election of safe harbor 401(k) status.
Sec. 103. Certain taxable non-tuition fellowship and stipend payments
treated as compensation for IRA purposes.
Sec. 104. Repeal of maximum age for traditional IRA contributions.
Sec. 105. Qualified employer plans prohibited from making loans through
credit cards and other similar
arrangements.
Sec. 106. Portability of lifetime income investments.
Sec. 107. Treatment of custodial accounts on termination of section
403(b) plans.
Sec. 108. Clarification of retirement income account rules relating to
church-controlled organizations.
Sec. 109. Exemption from required minimum distribution rules for
individuals with certain account balances.
Sec. 110. Clarification of treatment of certain retirement plan
contributions picked up by governmental
employers for new or existing employees.
Sec. 111. Elective deferrals by members of the Ready Reserve of a
reserve component of the Armed Forces.
TITLE II--ADMINISTRATIVE IMPROVEMENTS
Sec. 201. Plan adopted by filing due date for year may be treated as in
effect as of close of year.
Sec. 202. Modification of nondiscrimination rules to protect older,
longer service participants.
Sec. 203. Study of appropriate PBGC premiums.
TITLE III--OTHER SAVINGS PROVISIONS
Sec. 301. Universal Savings Accounts.
Sec. 302. Expansion of section 529 plans.
Sec. 303. Penalty-free withdrawals from retirement plans for
individuals in case of birth of child or
adoption.
TITLE I--EXPANDING AND PRESERVING RETIREMENT SAVINGS
SEC. 101. MULTIPLE EMPLOYER PLANS; POOLED EMPLOYER PLANS.
(a) Qualification Requirements.--
(1) In general.--Section 413 of the Internal Revenue Code
of 1986 is amended by adding at the end the following new
subsection:
``(e) Application of Qualification Requirements for Certain
Multiple Employer Plans With Pooled Plan Providers.--
``(1) In general.--Except as provided in paragraph (2), if
a defined contribution plan to which subsection (c) applies--
``(A) is maintained by employers which have a
common interest other than having adopted the plan, or
``(B) in the case of a plan not described in
subparagraph (A), has a pooled plan provider,
then the plan shall not be treated as failing to meet the
requirements under this title applicable to a plan described in
section 401(a) or to a plan that consists of individual
retirement accounts described in section 408 (including by
reason of subsection (c) thereof), whichever is applicable,
merely because one or more employers of employees covered by
the plan fail to take such actions as are required of such
employers for the plan to meet such requirements.
``(2) Limitations.--
``(A) In general.--Paragraph (1) shall not apply to
any plan unless the terms of the plan provide that in
the case of any employer in the plan failing to take
the actions described in paragraph (1)--
``(i) the assets of the plan attributable
to employees of such employer (or beneficiaries
of such employees) will be transferred to a
plan maintained only by such employer (or its
successor), to an eligible retirement plan as
defined in section 402(c)(8)(B) for each
individual whose account is transferred, or to
any other arrangement that the Secretary
determines is appropriate, unless the Secretary
determines it is in the best interests of the
employees of such employer (and the
beneficiaries of such employees) to retain the
assets in the plan, and
``(ii) such employer (and not the plan with
respect to which the failure occurred or any
other employer in such plan) shall, except to
the extent provided by the Secretary, be liable
for any liabilities with respect to such plan
attributable to employees of such employer (or
beneficiaries of such employees).
``(B) Failures by pooled plan providers.--If the
pooled plan provider of a plan described in paragraph
(1)(B) does not perform substantially all of the
administrative duties which are required of the
provider under paragraph (3)(A)(i) for any plan year,
the Secretary may provide that the determination as to
whether the plan meets the requirements under this
title applicable to a plan described in section 401(a)
or to a plan that consists of individual retirement
accounts described in section 408 (including by reason
of subsection (c) thereof), whichever is applicable,
shall be made in the same manner as would be made
without regard to paragraph (1).
``(3) Pooled plan provider.--
``(A) In general.--For purposes of this subsection,
the term `pooled plan provider' means, with respect to
any plan, a person who--
``(i) is designated by the terms of the
plan as a named fiduciary (within the meaning
of section 402(a)(2) of the Employee Retirement
Income Security Act of 1974), as the plan
administrator, and as the person responsible to
perform all administrative duties (including
conducting proper testing with respect to the
plan and the employees of each employer in the
plan) which are reasonably necessary to ensure
that--
``(I) the plan meets any
requirement applicable under the
Employee Retirement Income Security Act
of 1974 or this title to a plan
described in section 401(a) or to a
plan that consists of individual
retirement accounts described in
section 408 (including by reason of
subsection (c) thereof), whichever is
applicable, and
``(II) each employer in the plan
takes such actions as the Secretary or
such person determines are necessary
for the plan to meet the requirements
described in subclause (I), including
providing to such person any
disclosures or other information which
the Secretary may require or which such
person otherwise determines are
necessary to administer the plan or to
allow the plan to meet such
requirements,
``(ii) registers as a pooled plan provider
with the Secretary, and provides such other
information to the Secretary as the Secretary
may require, before beginning operations as a
pooled plan provider,
``(iii) acknowledges in writing that such
person is a named fiduciary (within the meaning
of section 402(a)(2) of the Employee Retirement
Income Security Act of 1974), and the plan
administrator, with respect to the plan, and
``(iv) is responsible for ensuring that all
persons who handle assets of, or who are
fiduciaries of, the plan are bonded in
accordance with section 412 of the Employee
Retirement Income Security Act of 1974.
``(B) Audits, examinations and investigations.--The
Secretary may perform audits, examinations, and
investigations of pooled plan providers as may be
necessary to enforce and carry out the purposes of this
subsection.
``(C) Aggregation rules.--For purposes of this
paragraph, in determining whether a person meets the
requirements of this paragraph to be a pooled plan
provider with respect to any plan, all persons who
perform services for the plan and who are treated as a
single employer under subsection (b), (c), (m), or (o)
of section 414 shall be treated as one person.
``(D) Treatment of employers as plan sponsors.--
Except with respect to the administrative duties of the
pooled plan provider described in subparagraph (A)(i),
each employer in a plan which has a pooled plan
provider shall be treated as the plan sponsor with
respect to the portion of the plan attributable to
employees of such employer (or beneficiaries of such
employees).
``(4) Guidance.--The Secretary shall issue such guidance as
the Secretary determines appropriate to carry out this
subsection, including guidance--
``(A) to identify the administrative duties and
other actions required to be performed by a pooled plan
provider under this subsection,
``(B) which describes the procedures to be taken to
terminate a plan which fails to meet the requirements
to be a plan described in paragraph (1), including the
proper treatment of, and actions needed to be taken by,
any employer in the plan and the assets and liabilities
of the plan attributable to employees of such employer
(or beneficiaries of such employees), and
``(C) identifying appropriate cases to which the
rules of paragraph (2)(A) will apply to employers in
the plan failing to take the actions described in
paragraph (1).
The Secretary shall take into account under subparagraph (C)
whether the failure of an employer or pooled plan provider to
provide any disclosures or other information, or to take any
other action, necessary to administer a plan or to allow a plan
to meet requirements applicable to the plan under section
401(a) or 408, whichever is applicable, has continued over a
period of time that demonstrates a lack of commitment to
compliance.
``(5) Model plan.--The Secretary shall publish model plan
language which meets the requirements of this subsection and of
paragraphs (43) and (44) of section 3 of the Employee
Retirement Income Security Act of 1974 and which may be adopted
in order for a plan to be treated as a plan described in
paragraph (1)(B).''.
(2) Conforming amendment.--Section 413(c)(2) of such Code
is amended by striking ``section 401(a)'' and inserting
``sections 401(a) and 408(c)''.
(3) Technical amendment.--Section 408(c) of such Code is
amended by inserting after paragraph (2) the following new
paragraph:
``(3) There is a separate accounting for any interest of an
employee or member (or spouse of an employee or member) in a
Roth IRA.''.
(b) No Common Interest Required for Pooled Employer Plans.--Section
3(2) of the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1002(2)) is amended by adding at the end the following:
``(C) A pooled employer plan shall be treated as--
``(i) a single employee pension benefit
plan or single pension plan; and
``(ii) a plan to which section 210(a)
applies.''.
(c) Pooled Employer Plan and Provider Defined.--
(1) In general.--Section 3 of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1002) is amended by
adding at the end the following:
``(43) Pooled employer plan.--
``(A) In general.--The term `pooled employer plan'
means a plan--
``(i) which is an individual account plan
established or maintained for the purpose of
providing benefits to the employees of 2 or
more employers;
``(ii) which is a plan described in section
401(a) of the Internal Revenue Code of 1986
which includes a trust exempt from tax under
section 501(a) of such Code or a plan that
consists of individual retirement accounts
described in section 408 of such Code
(including by reason of subsection (c)
thereof); and
``(iii) the terms of which meet the
requirements of subparagraph (B).
Such term shall not include a plan maintained by
employers which have a common interest other than
having adopted the plan.
``(B) Requirements for plan terms.--The
requirements of this subparagraph are met with respect
to any plan if the terms of the plan--
``(i) designate a pooled plan provider and
provide that the pooled plan provider is a
named fiduciary of the plan;
``(ii) designate one or more trustees
meeting the requirements of section 408(a)(2)
of the Internal Revenue Code of 1986 (other
than an employer in the plan) to be responsible
for collecting contributions to, and holding
the assets of, the plan and require such
trustees to implement written contribution
collection procedures that are reasonable,
diligent, and systematic;
``(iii) provide that each employer in the
plan retains fiduciary responsibility for--
``(I) the selection and monitoring
in accordance with section 404(a) of
the person designated as the pooled
plan provider and any other person who,
in addition to the pooled plan
provider, is designated as a named
fiduciary of the plan; and
``(II) to the extent not otherwise
delegated to another fiduciary by the
pooled plan provider and subject to the
provisions of section 404(c), the
investment and management of the
portion of the plan's assets
attributable to the employees of the
employer (or beneficiaries of such
employees);
``(iv) provide that employers in the plan,
and participants and beneficiaries, are not
subject to unreasonable restrictions, fees, or
penalties with regard to ceasing participation,
receipt of distributions, or otherwise
transferring assets of the plan in accordance
with section 208 or paragraph (44)(C)(i)(II);
``(v) require--
``(I) the pooled plan provider to
provide to employers in the plan any
disclosures or other information which
the Secretary may require, including
any disclosures or other information to
facilitate the selection or any
monitoring of the pooled plan provider
by employers in the plan; and
``(II) each employer in the plan to
take such actions as the Secretary or
the pooled plan provider determines are
necessary to administer the plan or for
the plan to meet any requirement
applicable under this Act or the
Internal Revenue Code of 1986 to a plan
described in section 401(a) of such
Code or to a plan that consists of
individual retirement accounts
described in section 408 of such Code
(including by reason of subsection (c)
thereof), whichever is applicable,
including providing any disclosures or
other information which the Secretary
may require or which the pooled plan
provider otherwise determines are
necessary to administer the plan or to
allow the plan to meet such
requirements; and
``(vi) provide that any disclosure or other
information required to be provided under
clause (v) may be provided in electronic form
and will be designed to ensure only reasonable
costs are imposed on pooled plan providers and
employers in the plan.
``(C) Exceptions.--The term `pooled employer plan'
does not include--
``(i) a multiemployer plan; or
``(ii) a plan established before the date
of the enactment of the Family Savings Act of
2018 unless the plan administrator elects that
the plan will be treated as a pooled employer
plan and the plan meets the requirements of
this title applicable to a pooled employer plan
established on or after such date.
``(D) Treatment of employers as plan sponsors.--
Except with respect to the administrative duties of the
pooled plan provider described in paragraph (44)(A)(i),
each employer in a pooled employer plan shall be
treated as the plan sponsor with respect to the portion
of the plan attributable to employees of such employer
(or beneficiaries of such employees).
``(44) Pooled plan provider.--
``(A) In general.--The term `pooled plan provider'
means a person who--
``(i) is designated by the terms of a
pooled employer plan as a named fiduciary, as
the plan administrator, and as the person
responsible for the performance of all
administrative duties (including conducting
proper testing with respect to the plan and the
employees of each employer in the plan) which
are reasonably necessary to ensure that--
``(I) the plan meets any
requirement applicable under this Act
or the Internal Revenue Code of 1986 to
a plan described in section 401(a) of
such Code or to a plan that consists of
individual retirement accounts
described in section 408 of such Code
(including by reason of subsection (c)
thereof), whichever is applicable; and
``(II) each employer in the plan
takes such actions as the Secretary or
pooled plan provider determines are
necessary for the plan to meet the
requirements described in subclause
(I), including providing the
disclosures and information described
in paragraph (43)(B)(v)(II);
``(ii) registers as a pooled plan provider
with the Secretary, and provides to the
Secretary such other information as the
Secretary may require, before beginning
operations as a pooled plan provider;
``(iii) acknowledges in writing that such
person is a named fiduciary, and the plan
administrator, with respect to the pooled
employer plan; and
``(iv) is responsible for ensuring that all
persons who handle assets of, or who are
fiduciaries of, the pooled employer plan are
bonded in accordance with section 412.
``(B) Audits, examinations and investigations.--The
Secretary may perform audits, examinations, and
investigations of pooled plan providers as may be
necessary to enforce and carry out the purposes of this
paragraph and paragraph (43).
``(C) Guidance.--The Secretary shall issue such
guidance as the Secretary determines appropriate to
carry out this paragraph and paragraph (43), including
guidance--
``(i) to identify the administrative duties
and other actions required to be performed by a
pooled plan provider under either such
paragraph; and
``(ii) which requires in appropriate cases
that if an employer in the plan fails to take
the actions required under subparagraph
(A)(i)(II)--
``(I) the assets of the plan
attributable to employees of such
employer (or beneficiaries of such
employees) are transferred to a plan
maintained only by such employer (or
its successor), to an eligible
retirement plan as defined in section
402(c)(8)(B) of the Internal Revenue
Code of 1986 for each individual whose
account is transferred, or to any other
arrangement that the Secretary
determines is appropriate in such
guidance; and
``(II) such employer (and not the
plan with respect to which the failure
occurred or any other employer in such
plan) shall, except to the extent
provided in such guidance, be liable
for any liabilities with respect to
such plan attributable to employees of
such employer (or beneficiaries of such
employees).
The Secretary shall take into account under clause (ii)
whether the failure of an employer or pooled plan
provider to provide any disclosures or other
information, or to take any other action, necessary to
administer a plan or to allow a plan to meet
requirements described in subparagraph (A)(i)(II) has
continued over a period of time that demonstrates a
lack of commitment to compliance. The Secretary may
waive the requirements of subclause (ii)(I) in
appropriate circumstances if the Secretary determines
it is in the best interests of the employees of the
employer referred to in such clause (and the
beneficiaries of such employees) to retain the assets
in the plan with respect to which the employer's
failure occurred.
``(D) Aggregation rules.--For purposes of this
paragraph, in determining whether a person meets the
requirements of this paragraph to be a pooled plan
provider with respect to any plan, all persons who
perform services for the plan and who are treated as a
single employer under subsection (b), (c), (m), or (o)
of section 414 of the Internal Revenue Code of 1986
shall be treated as one person.''.
(2) Bonding requirements for pooled employer plans.--The
last sentence of section 412(a) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1112(a)) is amended by
inserting ``or in the case of a pooled employer plan (as
defined in section 3(43))'' after ``section 407(d)(1))''.
(3) Conforming and technical amendments.--Section 3 of the
Employee Retirement Income Security Act of 1974 (29 U.S.C.
1002) is amended--
(A) in paragraph (16)(B)--
(i) by striking ``or'' at the end of clause
(ii); and
(ii) by striking the period at the end and
inserting ``, or (iv) in the case of a pooled
employer plan, the pooled plan provider.''; and
(B) by striking the second paragraph (41).
(d) Pooled Employer and Multiple Employer Plan Reporting.--
(1) Additional information.--Section 103 of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1023) is
amended--
(A) in subsection (a)(1)(B), by striking
``applicable subsections (d), (e), and (f)'' and
inserting ``applicable subsections (d), (e), (f), and
(g)''; and
(B) by amending subsection (g) to read as follows:
``(g) Additional Information With Respect to Pooled Employer and
Multiple Employer Plans.--An annual report under this section for a
plan year shall include--
``(1) with respect to any plan to which section 210(a)
applies (including a pooled employer plan), a list of employers
in the plan, a good faith estimate of the percentage of total
contributions made by such employers during the plan year, and
the aggregate account balances attributable to each employer in
the plan (determined as the sum of the account balances of the
employees of such employer (and the beneficiaries of such
employees)); and
``(2) with respect to a pooled employer plan, the
identifying information for the person designated under the
terms of the plan as the pooled plan provider.''.
(2) Simplified annual reports.--Section 104(a) of the
Employee Retirement Income Security Act of 1974 (29 U.S.C.
1024(a)) is amended by striking paragraph (2)(A) and inserting
the following:
``(2)(A) With respect to annual reports required to be
filed with the Secretary under this part, the Secretary may by
regulation prescribe simplified annual reports for any pension
plan that--
``(i) covers fewer than 100 participants; or
``(ii) is a plan described in section 210(a) that
covers fewer than 1,000 participants, but only if no
single employer in the plan has 100 or more
participants covered by the plan.''.
(e) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to plan years beginning after December 31, 2019.
(2) Rule of construction.--Nothing in the amendments made
by subsection (a) shall be construed as limiting the authority
of the Secretary of the Treasury or the Secretary's delegate
(determined without regard to such amendments) to provide for
the proper treatment of a failure to meet any requirement
applicable under the Internal Revenue Code of 1986 with respect
to one employer (and its employees) in a multiple employer
plan.
SEC. 102. RULES RELATING TO ELECTION OF SAFE HARBOR 401(K) STATUS.
(a) Limitation of Annual Safe Harbor Notice to Matching
Contribution Plans.--
(1) In general.--Section 401(k)(12)(A) of the Internal
Revenue Code of 1986 is amended by striking ``if such
arrangement'' and all that follows and inserting ``if such
arrangement--
``(i) meets the contribution requirements
of subparagraph (B) and the notice requirements
of subparagraph (D), or
``(ii) meets the contribution requirements
of subparagraph (C).''.
(2) Automatic contribution arrangements.--Section
401(k)(13)(B) of such Code is amended by striking ``means'' and
all that follows and inserting ``means a cash or deferred
arrangement--
``(i) which is described in subparagraph
(D)(i)(I) and meets the applicable requirements
of subparagraphs (C) through (E), or
``(ii) which is described in subparagraph
(D)(i)(II) and meets the applicable
requirements of subparagraphs (C) and (D).''.
(b) Nonelective Contributions.--Section 401(k)(12) of such Code is
amended by redesignating subparagraph (F) as subparagraph (G), and by
inserting after subparagraph (E) the following new subparagraph:
``(F) Timing of plan amendment for employer making
nonelective contributions.--
``(i) In general.--Except as provided in
clause (ii), a plan may be amended after the
beginning of a plan year to provide that the
requirements of subparagraph (C) shall apply to
the arrangement for the plan year, but only if
the amendment is adopted--
``(I) at any time before the 30th
day before the close of the plan year,
or
``(II) at any time before the last
day under paragraph (8)(A) for
distributing excess contributions for
the plan year.
``(ii) Exception where plan provided for
matching contributions.--Clause (i) shall not
apply to any plan year if the plan provided at
any time during the plan year that the
requirements of subparagraph (B) or paragraph
(13)(D)(i)(I) applied to the plan year.
``(iii) 4-percent contribution
requirement.--Clause (i)(II) shall not apply to
an arrangement unless the amount of the
contributions described in subparagraph (C)
which the employer is required to make under
the arrangement for the plan year with respect
to any employee is an amount equal to at least
4 percent of the employee's compensation.''.
(c) Automatic Contribution Arrangements.--Section 401(k)(13) of
such Code is amended by adding at the end the following:
``(F) Timing of plan amendment for employer making
nonelective contributions.--
``(i) In general.--Except as provided in
clause (ii), a plan may be amended after the
beginning of a plan year to provide that the
requirements of subparagraph (D)(i)(II) shall
apply to the arrangement for the plan year, but
only if the amendment is adopted--
``(I) at any time before the 30th
day before the close of the plan year,
or
``(II) at any time before the last
day under paragraph (8)(A) for
distributing excess contributions for
the plan year.
``(ii) Exception where plan provided for
matching contributions.--Clause (i) shall not
apply to any plan year if the plan provided at
any time during the plan year that the
requirements of subparagraph (D)(i)(I) or
paragraph (12)(B) applied to the plan year.
``(iii) 4-percent contribution
requirement.--Clause (i)(II) shall not apply to
an arrangement unless the amount of the
contributions described in subparagraph
(D)(i)(II) which the employer is required to
make under the arrangement for the plan year
with respect to any employee is an amount equal
to at least 4 percent of the employee's
compensation.''.
(d) Effective Date.--The amendments made by this section shall
apply to plan years beginning after December 31, 2018.
SEC. 103. CERTAIN TAXABLE NON-TUITION FELLOWSHIP AND STIPEND PAYMENTS
TREATED AS COMPENSATION FOR IRA PURPOSES.
(a) In General.--Section 219(f)(1) of the Internal Revenue Code of
1986 is amended by adding at the end the following: ``The term
`compensation' shall include any amount included in gross income and
paid to an individual to aid the individual in the pursuit of graduate
or postdoctoral study.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2018.
SEC. 104. REPEAL OF MAXIMUM AGE FOR TRADITIONAL IRA CONTRIBUTIONS.
(a) In General.--Section 219(d) of the Internal Revenue Code of
1986 is amended by striking paragraph (1).
(b) Conforming Amendment.--Section 408A(c) of the Internal Revenue
Code of 1986 is amended by striking paragraph (4) and by redesignating
paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6),
respectively.
(c) Effective Date.--The amendments made by this section shall
apply to contributions made for taxable years beginning after December
31, 2018.
SEC. 105. QUALIFIED EMPLOYER PLANS PROHIBITED FROM MAKING LOANS THROUGH
CREDIT CARDS AND OTHER SIMILAR ARRANGEMENTS.
(a) In General.--Section 72(p)(2) of the Internal Revenue Code of
1986 is amended by redesignating subparagraph (D) as subparagraph (E)
and by inserting after subparagraph (C) the following new subparagraph:
``(D) Prohibition of loans through credit cards and
other similar arrangements.--Notwithstanding
subparagraph (A), paragraph (1) shall apply to any loan
which is made through the use of any credit card or any
other similar arrangement.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply to loans made after the date of the enactment of this Act.
SEC. 106. PORTABILITY OF LIFETIME INCOME INVESTMENTS.
(a) In General.--Section 401(a) of the Internal Revenue Code of
1986 is amended by inserting after paragraph (37) the following new
paragraph:
``(38) Portability of lifetime income investments.--
``(A) In general.--Except as may be otherwise
provided by regulations, a trust forming part of a
defined contribution plan shall not be treated as
failing to constitute a qualified trust under this
section solely by reason of allowing--
``(i) qualified distributions of a lifetime
income investment, or
``(ii) distributions of a lifetime income
investment in the form of a qualified plan
distribution annuity contract,
on or after the date that is 90 days prior to the date
on which such lifetime income investment is no longer
authorized to be held as an investment option under the
plan.
``(B) Definitions.--For purposes of this
subsection--
``(i) the term `qualified distribution'
means a direct trustee-to-trustee transfer
described in paragraph (31)(A) to an eligible
retirement plan (as defined in section
402(c)(8)(B)),
``(ii) the term `lifetime income
investment' means an investment option which is
designed to provide an employee with election
rights--
``(I) which are not uniformly
available with respect to other
investment options under the plan, and
``(II) which are to a lifetime
income feature available through a
contract or other arrangement offered
under the plan (or under another
eligible retirement plan (as so
defined), if paid by means of a direct
trustee-to-trustee transfer described
in paragraph (31)(A) to such other
eligible retirement plan),
``(iii) the term `lifetime income feature'
means--
``(I) a feature which guarantees a
minimum level of income annually (or
more frequently) for at least the
remainder of the life of the employee
or the joint lives of the employee and
the employee's designated beneficiary,
or
``(II) an annuity payable on behalf
of the employee under which payments
are made in substantially equal
periodic payments (not less frequently
than annually) over the life of the
employee or the joint lives of the
employee and the employee's designated
beneficiary, and
``(iv) the term `qualified plan
distribution annuity contract' means an annuity
contract purchased for a participant and
distributed to the participant by a plan or
contract described in subparagraph (B) of
section 402(c)(8) (without regard to clauses
(i) and (ii) thereof).''.
(b) Cash or Deferred Arrangement.--
(1) In general.--Section 401(k)(2)(B)(i) of such Code is
amended by striking ``or'' at the end of subclause (IV), by
striking ``and'' at the end of subclause (V) and inserting
``or'', and by adding at the end the following new subclause:
``(VI) except as may be otherwise
provided by regulations, with respect
to amounts invested in a lifetime
income investment (as defined in
subsection (a)(38)(B)(ii)), the date
that is 90 days prior to the date that
such lifetime income investment may no
longer be held as an investment option
under the arrangement, and''.
(2) Distribution requirement.--Section 401(k)(2)(B) of such
Code, as amended by paragraph (1), is amended by striking
``and'' at the end of clause (i), by striking the semicolon at
the end of clause (ii) and inserting ``, and'', and by adding
at the end the following new clause:
``(iii) except as may be otherwise provided
by regulations, in the case of amounts
described in clause (i)(VI), will be
distributed only in the form of a qualified
distribution (as defined in subsection
(a)(38)(B)(i)) or a qualified plan distribution
annuity contract (as defined in subsection
(a)(38)(B)(iv)),''.
(c) Section 403(b) Plans.--
(1) Annuity contracts.--Section 403(b)(11) of such Code is
amended by striking ``or'' at the end of subparagraph (B), by
striking the period at the end of subparagraph (C) and
inserting ``, or'', and by inserting after subparagraph (C) the
following new subparagraph:
``(D) except as may be otherwise provided by
regulations, with respect to amounts invested in a
lifetime income investment (as defined in section
401(a)(38)(B)(ii))--
``(i) on or after the date that is 90 days
prior to the date that such lifetime income
investment may no longer be held as an
investment option under the contract, and
``(ii) in the form of a qualified
distribution (as defined in section
401(a)(38)(B)(i)) or a qualified plan
distribution annuity contract (as defined in
section 401(a)(38)(B)(iv)).''.
(2) Custodial accounts.--Section 403(b)(7)(A) of such Code
is amended by striking ``if--'' and all that follows and
inserting ``if the amounts are to be invested in regulated
investment company stock to be held in that custodial account,
and under the custodial account--
``(i) no such amounts may be paid or made
available to any distributee (unless such
amount is a distribution to which section
72(t)(2)(G) applies) before--
``(I) the employee dies,
``(II) the employee attains age
59\1/2\,
``(III) the employee has a
severance from employment,
``(IV) the employee becomes
disabled (within the meaning of section
72(m)(7)),
``(V) in the case of contributions
made pursuant to a salary reduction
agreement (within the meaning of
section 3121(a)(5)(D)), the employee
encounters financial hardship, or
``(VI) except as may be otherwise
provided by regulations, with respect
to amounts invested in a lifetime
income investment (as defined in
section 401(a)(38)(B)(ii)), the date
that is 90 days prior to the date that
such lifetime income investment may no
longer be held as an investment option
under the contract, and
``(ii) in the case of amounts described in
clause (i)(VI), such amounts will be
distributed only in the form of a qualified
distribution (as defined in section
401(a)(38)(B)(i)) or a qualified plan
distribution annuity contract (as defined in
section 401(a)(38)(B)(iv)).''.
(d) Eligible Deferred Compensation Plans.--
(1) In general.--Section 457(d)(1)(A) of such Code is
amended by striking ``or'' at the end of clause (ii), by
inserting ``or'' at the end of clause (iii), and by adding
after clause (iii) the following:
``(iv) except as may be otherwise provided
by regulations, in the case of a plan
maintained by an employer described in
subsection (e)(1)(A), with respect to amounts
invested in a lifetime income investment (as
defined in section 401(a)(38)(B)(ii)), the date
that is 90 days prior to the date that such
lifetime income investment may no longer be
held as an investment option under the plan,''.
(2) Distribution requirement.--Section 457(d)(1) of such
Code is amended by striking ``and'' at the end of subparagraph
(B), by striking the period at the end of subparagraph (C) and
inserting ``, and'', and by inserting after subparagraph (C)
the following new subparagraph:
``(D) except as may be otherwise provided by
regulations, in the case of amounts described in
subparagraph (A)(iv), such amounts will be distributed
only in the form of a qualified distribution (as
defined in section 401(a)(38)(B)(i)) or a qualified
plan distribution annuity contract (as defined in
section 401(a)(38)(B)(iv)).''.
(e) Effective Date.--The amendments made by this section shall
apply to plan years beginning after December 31, 2018.
SEC. 107. TREATMENT OF CUSTODIAL ACCOUNTS ON TERMINATION OF SECTION
403(B) PLANS.
(a) In General.--Section 403(b)(7) of the Internal Revenue Code of
1986 is amended by adding at the end the following:
``(D) Treatment of custodial account upon plan
termination.--
``(i) In general.--If--
``(I) an employer terminates the
plan under which amounts are
contributed to a custodial account
under subparagraph (A), and
``(II) the person holding the
assets of the account has demonstrated
to the satisfaction of the Secretary
under section 408(a)(2) that the person
is qualified to be a trustee of an
individual retirement plan,
then, as of the date of the termination, the
custodial account shall be deemed to be an
individual retirement plan for purposes of this
title.
``(ii) Treatment as roth ira.--Any
custodial account treated as an individual
retirement plan under clause (i) shall be
treated as a Roth IRA only if the custodial
account was a designated Roth account.''.
(b) Effective Date.--The amendment made by this section shall apply
to plan terminations occurring after December 31, 2018.
SEC. 108. CLARIFICATION OF RETIREMENT INCOME ACCOUNT RULES RELATING TO
CHURCH-CONTROLLED ORGANIZATIONS.
(a) In General.--Section 403(b)(9)(B) of the Internal Revenue Code
of 1986 is amended by inserting ``(including an employee described in
section 414(e)(3)(B))'' after ``employee described in paragraph (1)''.
(b) Effective Date.--The amendment made by this section shall apply
to plan years beginning after December 31, 2008.
SEC. 109. EXEMPTION FROM REQUIRED MINIMUM DISTRIBUTION RULES FOR
INDIVIDUALS WITH CERTAIN ACCOUNT BALANCES.
(a) In General.--Section 401(a)(9) of the Internal Revenue Code of
1986 is amended by adding at the end the following new subparagraph:
``(H) Exception from required minimum distributions
during life of employee where assets do not exceed
$50,000.--
``(i) In general.--If on the last day of
any calendar year the aggregate value of an
employee's entire interest under all applicable
eligible retirement plans does not exceed
$50,000, then the requirements of subparagraph
(A) with respect to any distribution relating
to such year shall not apply with respect to
such employee.
``(ii) Applicable eligible retirement
plan.--For purposes of this subparagraph, the
term `applicable eligible retirement plan'
means an eligible retirement plan (as defined
in section 402(c)(8)(B)) other than a defined
benefit plan.
``(iii) Limit on required minimum
distribution.--The required minimum
distribution determined under subparagraph (A)
for an employee under all applicable eligible
retirement plans shall not exceed an amount
equal to the excess of--
``(I) the aggregate value of an
employee's entire interest under such
plans on the last day of the calendar
year to which such distribution
relates, over
``(II) the dollar amount in effect
under clause (i) for such calendar
year.
The Secretary in regulations or other guidance
may provide how such amount shall be
distributed in the case of an individual with
more than one applicable eligible retirement
plan.
``(iv) Inflation adjustment.--In the case
of any calendar year beginning after 2019, the
$50,000 amount in clause (i) shall be increased
by an amount equal to--
``(I) such dollar amount,
multiplied by
``(II) the cost of living
adjustment determined under section
1(f)(3) for the calendar year,
determined by substituting `calendar
year 2018' for `calendar year 2016' in
subparagraph (A)(ii) thereof.
Any increase determined under this clause shall
be rounded to the next lowest multiple of
$5,000.
``(v) Plan administrator reliance on
employee certification.--An applicable eligible
retirement plan described in clause (iii),
(iv), (v), or (vi) of section 402(c)(8)(B)
shall not be treated as failing to meet the
requirements of this paragraph in the case of
any failure to make a required minimum
distribution for a calendar year if--
``(I) the aggregate value of an
employee's entire interest under all
applicable eligible retirement plans of
the employer on the last day of the
preceding calendar year does not exceed
the amount in effect for such year
under clause (i), and
``(II) the employee certifies that
the aggregate value of the employee's
entire interest under all applicable
eligible retirement plans on the last
day of the preceding calendar year did
not exceed the dollar amount in effect
under clause (i).
``(vi) Aggregation rule.--All employers
treated as a single employer under subsection
(b), (c), (m), or (o) of section 414 shall be
treated as a single employer for purposes of
clause (v).''.
(b) Plan Administrator Reporting.--Section 6047 of such Code is
amended by redesignating subsection (g) as subsection (h) and by
inserting after subsection (f) the following new subsection:
``(g) Account Balance for Participants Who Have Attained Age 69.--
``(1) In general.--Not later than January 31 of each year,
the plan administrator (as defined in section 414(g)) of each
applicable eligible retirement plan (as defined in section
401(a)(9)(H)) shall make a return to the Secretary with respect
to each participant of such plan who has attained age 69 as of
the end of the preceding calendar year which states--
``(A) the name and plan number of the plan,
``(B) the name and address of the plan
administrator,
``(C) the name, address, and taxpayer
identification number of the participant, and
``(D) the account balance of such participant as of
the end of the preceding calendar year.
``(2) Statement furnished to participant.--Every person
required to make a return under paragraph (1) with respect to a
participant shall furnish a copy of such return to such
participant.
``(3) Application to individual retirement plans and
annuities.--In the case of an applicable eligible retirement
plan described in clause (i) or (ii) of section 402(c)(8)(B)--
``(A) any reference in this subsection to the plan
administrator shall be treated as a reference to the
trustee or issuer, as the case may be, and
``(B) any reference in this subsection to the
participant shall be treated as a reference to the
individual for whom such account or annuity is
maintained.''.
(c) In General.--The amendments made by this section shall apply to
distributions required to be made in calendar years beginning more than
120 days after the date of the enactment of this Act.
SEC. 110. CLARIFICATION OF TREATMENT OF CERTAIN RETIREMENT PLAN
CONTRIBUTIONS PICKED UP BY GOVERNMENTAL EMPLOYERS FOR NEW
OR EXISTING EMPLOYEES.
(a) In General.--Section 414(h)(2) of the Internal Revenue Code of
1986 is amended--
(1) by striking ``For purposes of paragraph (1)'' and
inserting the following:
``(A) In general.--For purposes of paragraph (1)'',
and
(2) by adding at the end the following new subparagraph:
``(B) Treatment of elections between alternative
benefit formulas.--For purposes of subparagraph (A), a
contribution shall not fail to be treated as picked up
by an employing unit merely because the employee may
make an irrevocable election between the application of
two alternative benefit formulas involving the same or
different levels of employee contributions.''.
(b) Effective Date.--The amendment made by this section shall apply
to plan years beginning after the date of the enactment of this Act.
SEC. 111. ELECTIVE DEFERRALS BY MEMBERS OF THE READY RESERVE OF A
RESERVE COMPONENT OF THE ARMED FORCES.
(a) In General.--Section 402(g) of the Internal Revenue Code of
1986 is amended by adding at the end the following new paragraph:
``(9) Elective deferrals by members of ready reserve.--
``(A) In general.--In the case of a qualified ready
reservist for any taxable year, the limitations of
subparagraphs (A) and (C) of paragraph (1) shall be
applied separately with respect to--
``(i) elective deferrals of such qualified
ready reservist with respect to compensation
described in subparagraph (B), and
``(ii) all other elective deferrals of such
qualified ready reservist.
``(B) Qualified ready reservist.--For purposes of
this paragraph, the term `qualified ready reservist'
means any individual for any taxable year if such
individual received compensation for service as a
member of the Ready Reserve of a reserve component (as
defined in section 101 of title 37, United States Code)
during such taxable year.''.
(b) Effective Date.--The amendment made by this section shall apply
to plan years beginning after December 31, 2018.
TITLE II--ADMINISTRATIVE IMPROVEMENTS
SEC. 201. PLAN ADOPTED BY FILING DUE DATE FOR YEAR MAY BE TREATED AS IN
EFFECT AS OF CLOSE OF YEAR.
(a) In General.--Section 401(b) of the Internal Revenue Code of
1986 is amended--
(1) by striking ``Retroactive Changes in Plan.--A stock
bonus'' and inserting ``Plan Amendments.--
``(1) Certain retroactive changes in plan.--A stock
bonus'', and
(2) by adding at the end the following new paragraph:
``(2) Adoption of plan.--If an employer adopts a stock
bonus, pension, profit-sharing, or annuity plan after the close
of a taxable year but before the time prescribed by law for
filing the employer's return of tax for the taxable year
(including extensions thereof), the employer may elect to treat
the plan as having been adopted as of the last day of the
taxable year.''.
(b) Effective Date.--The amendments made by this section shall
apply to plans adopted for taxable years beginning after December 31,
2018.
SEC. 202. MODIFICATION OF NONDISCRIMINATION RULES TO PROTECT OLDER,
LONGER SERVICE PARTICIPANTS.
(a) In General.--Section 401 of the Internal Revenue Code of 1986
is amended--
(1) by redesignating subsection (o) as subsection (p), and
(2) by inserting after subsection (n) the following new
subsection:
``(o) Special Rules for Applying Nondiscrimination Rules To Protect
Older, Longer Service and Grandfathered Participants.--
``(1) Testing of defined benefit plans with closed classes
of participants.--
``(A) Benefits, rights, or features provided to
closed classes.--A defined benefit plan which provides
benefits, rights, or features to a closed class of
participants shall not fail to satisfy the requirements
of subsection (a)(4) by reason of the composition of
such closed class or the benefits, rights, or features
provided to such closed class, if--
``(i) for the plan year as of which the
class closes and the 2 succeeding plan years,
such benefits, rights, and features satisfy the
requirements of subsection (a)(4) (without
regard to this subparagraph but taking into
account the rules of subparagraph (I)),
``(ii) after the date as of which the class
was closed, any plan amendment which modifies
the closed class or the benefits, rights, and
features provided to such closed class does not
discriminate significantly in favor of highly
compensated employees, and
``(iii) the class was closed before April
5, 2017, or the plan is described in
subparagraph (C).
``(B) Aggregate testing with defined contribution
plans permitted on a benefits basis.--
``(i) In general.--For purposes of
determining compliance with subsection (a)(4)
and section 410(b), a defined benefit plan
described in clause (iii) may be aggregated and
tested on a benefits basis with 1 or more
defined contribution plans, including with the
portion of 1 or more defined contribution plans
which--
``(I) provides matching
contributions (as defined in subsection
(m)(4)(A)),
``(II) provides annuity contracts
described in section 403(b) which are
purchased with matching contributions
or nonelective contributions, or
``(III) consists of an employee
stock ownership plan (within the
meaning of section 4975(e)(7)) or a tax
credit employee stock ownership plan
(within the meaning of section 409(a)).
``(ii) Special rules for matching
contributions.--For purposes of clause (i), if
a defined benefit plan is aggregated with a
portion of a defined contribution plan
providing matching contributions--
``(I) such defined benefit plan
must also be aggregated with any
portion of such defined contribution
plan which provides elective deferrals
described in subparagraph (A) or (C) of
section 402(g)(3), and
``(II) such matching contributions
shall be treated in the same manner as
nonelective contributions, including
for purposes of applying the rules of
subsection (l).
``(iii) Plans described.--A defined benefit
plan is described in this clause if--
``(I) the plan provides benefits to
a closed class of participants,
``(II) for the plan year as of
which the class closes and the 2
succeeding plan years, the plan
satisfies the requirements of section
410(b) and subsection (a)(4) (without
regard to this subparagraph but taking
into account the rules of subparagraph
(I)),
``(III) after the date as of which
the class was closed, any plan
amendment which modifies the closed
class or the benefits provided to such
closed class does not discriminate
significantly in favor of highly
compensated employees, and
``(IV) the class was closed before
April 5, 2017, or the plan is described
in subparagraph (C).
``(C) Plans described.--A plan is described in this
subparagraph if, taking into account any predecessor
plan--
``(i) such plan has been in effect for at
least 5 years as of the date the class is
closed, and
``(ii) during the 5-year period preceding
the date the class is closed, there has not
been a substantial increase in the coverage or
value of the benefits, rights, or features
described in subparagraph (A) or in the
coverage or benefits under the plan described
in subparagraph (B)(iii) (whichever is
applicable).
``(D) Determination of substantial increase for
benefits, rights, and features.--In applying
subparagraph (C)(ii) for purposes of subparagraph
(A)(iii), a plan shall be treated as having had a
substantial increase in coverage or value of the
benefits, rights, or features described in subparagraph
(A) during the applicable 5-year period only if, during
such period--
``(i) the number of participants covered by
such benefits, rights, or features on the date
such period ends is more than 50 percent
greater than the number of such participants on
the first day of the plan year in which such
period began, or
``(ii) such benefits, rights, and features
have been modified by 1 or more plan amendments
in such a way that, as of the date the class is
closed, the value of such benefits, rights, and
features to the closed class as a whole is
substantially greater than the value as of the
first day of such 5-year period, solely as a
result of such amendments.
``(E) Determination of substantial increase for
aggregate testing on benefits basis.--In applying
subparagraph (C)(ii) for purposes of subparagraph
(B)(iii)(IV), a plan shall be treated as having had a
substantial increase in coverage or benefits during the
applicable 5-year period only if, during such period--
``(i) the number of participants
benefitting under the plan on the date such
period ends is more than 50 percent greater
than the number of such participants on the
first day of the plan year in which such period
began, or
``(ii) the average benefit provided to such
participants on the date such period ends is
more than 50 percent greater than the average
benefit provided on the first day of the plan
year in which such period began.
``(F) Certain employees disregarded.--For purposes
of subparagraphs (D) and (E), any increase in coverage
or value or in coverage or benefits, whichever is
applicable, which is attributable to such coverage and
value or coverage and benefits provided to employees--
``(i) who became participants as a result
of a merger, acquisition, or similar event
which occurred during the 7-year period
preceding the date the class is closed, or
``(ii) who became participants by reason of
a merger of the plan with another plan which
had been in effect for at least 5 years as of
the date of the merger,
shall be disregarded, except that clause (ii) shall
apply for purposes of subparagraph (D) only if, under
the merger, the benefits, rights, or features under 1
plan are conformed to the benefits, rights, or features
of the other plan prospectively.
``(G) Rules relating to average benefit.--For
purposes of subparagraph (E)--
``(i) the average benefit provided to
participants under the plan will be treated as
having remained the same between the 2 dates
described in subparagraph (E)(ii) if the
benefit formula applicable to such participants
has not changed between such dates, and
``(ii) if the benefit formula applicable to
1 or more participants under the plan has
changed between such 2 dates, then the average
benefit under the plan shall be considered to
have increased by more than 50 percent only
if--
``(I) the total amount determined
under section 430(b)(1)(A)(i) for all
participants benefitting under the plan
for the plan year in which the 5-year
period described in subparagraph (E)
ends, exceeds
``(II) the total amount determined
under section 430(b)(1)(A)(i) for all
such participants for such plan year,
by using the benefit formula in effect
for each such participant for the first
plan year in such 5-year period, by
more than 50 percent.
In the case of a CSEC plan (as defined in
section 414(y)), the normal cost of the plan
(as determined under section 433(j)(1)(B))
shall be used in lieu of the amount determined
under section 430(b)(1)(A)(i).
``(H) Treatment as single plan.--For purposes of
subparagraphs (E) and (G), a plan described in section
413(c) shall be treated as a single plan rather than as
separate plans maintained by each employer in the plan.
``(I) Special rules.--For purposes of subparagraphs
(A)(i) and (B)(iii)(II), the following rules shall
apply:
``(i) In applying section 410(b)(6)(C), the
closing of the class of participants shall not
be treated as a significant change in coverage
under section 410(b)(6)(C)(i)(II).
``(ii) 2 or more plans shall not fail to be
eligible to be aggregated and treated as a
single plan solely by reason of having
different plan years.
``(iii) Changes in the employee population
shall be disregarded to the extent attributable
to individuals who become employees or cease to
be employees, after the date the class is
closed, by reason of a merger, acquisition,
divestiture, or similar event.
``(iv) Aggregation and all other testing
methodologies otherwise applicable under
subsection (a)(4) and section 410(b) may be
taken into account.
The rule of clause (ii) shall also apply for purposes
of determining whether plans to which subparagraph
(B)(i) applies may be aggregated and treated as 1 plan
for purposes of determining whether such plans meet the
requirements of subsection (a)(4) and section 410(b).
``(J) Spun-off plans.--For purposes of this
paragraph, if a portion of a defined benefit plan
described in subparagraph (A) or (B)(iii) is spun off
to another employer and the spun-off plan continues to
satisfy the requirements of--
``(i) subparagraph (A)(i) or (B)(iii)(II),
whichever is applicable, if the original plan
was still within the 3-year period described in
such subparagraph at the time of the spin off,
and
``(ii) subparagraph (A)(ii) or
(B)(iii)(III), whichever is applicable,
the treatment under subparagraph (A) or (B) of the
spun-off plan shall continue with respect to such other
employer.
``(2) Testing of defined contribution plans.--
``(A) Testing on a benefits basis.--A defined
contribution plan shall be permitted to be tested on a
benefits basis if--
``(i) such defined contribution plan
provides make-whole contributions to a closed
class of participants whose accruals under a
defined benefit plan have been reduced or
eliminated,
``(ii) for the plan year of the defined
contribution plan as of which the class
eligible to receive such make-whole
contributions closes and the 2 succeeding plan
years, such closed class of participants
satisfies the requirements of section
410(b)(2)(A)(i) (determined by applying the
rules of paragraph (1)(I)),
``(iii) after the date as of which the
class was closed, any plan amendment to the
defined contribution plan which modifies the
closed class or the allocations, benefits,
rights, and features provided to such closed
class does not discriminate significantly in
favor of highly compensated employees, and
``(iv) the class was closed before April 5,
2017, or the defined benefit plan under clause
(i) is described in paragraph (1)(C) (as
applied for purposes of paragraph
(1)(B)(iii)(IV)).
``(B) Aggregation with plans including matching
contributions.--
``(i) In general.--With respect to 1 or
more defined contribution plans described in
subparagraph (A), for purposes of determining
compliance with subsection (a)(4) and section
410(b), the portion of such plans which
provides make-whole contributions or other
nonelective contributions may be aggregated and
tested on a benefits basis with the portion of
1 or more other defined contribution plans
which--
``(I) provides matching
contributions (as defined in subsection
(m)(4)(A)),
``(II) provides annuity contracts
described in section 403(b) which are
purchased with matching contributions
or nonelective contributions, or
``(III) consists of an employee
stock ownership plan (within the
meaning of section 4975(e)(7)) or a tax
credit employee stock ownership plan
(within the meaning of section 409(a)).
``(ii) Special rules for matching
contributions.--Rules similar to the rules of
paragraph (1)(B)(ii) shall apply for purposes
of clause (i).
``(C) Special rules for testing defined
contribution plan features providing matching
contributions to certain older, longer service
participants.--In the case of a defined contribution
plan which provides benefits, rights, or features to a
closed class of participants whose accruals under a
defined benefit plan have been reduced or eliminated,
the plan shall not fail to satisfy the requirements of
subsection (a)(4) solely by reason of the composition
of the closed class or the benefits, rights, or
features provided to such closed class if the defined
contribution plan and defined benefit plan otherwise
meet the requirements of subparagraph (A) but for the
fact that the make-whole contributions under the
defined contribution plan are made in whole or in part
through matching contributions.
``(D) Spun-off plans.--For purposes of this
paragraph, if a portion of a defined contribution plan
described in subparagraph (A) or (C) is spun off to
another employer, the treatment under subparagraph (A)
or (C) of the spun-off plan shall continue with respect
to the other employer if such plan continues to comply
with the requirements of clauses (ii) (if the original
plan was still within the 3-year period described in
such clause at the time of the spin off) and (iii) of
subparagraph (A), as determined for purposes of
subparagraph (A) or (C), whichever is applicable.
``(3) Definitions.--For purposes of this subsection--
``(A) Make-whole contributions.--Except as
otherwise provided in paragraph (2)(C), the term `make-
whole contributions' means nonelective allocations for
each employee in the class which are reasonably
calculated, in a consistent manner, to replace some or
all of the retirement benefits which the employee would
have received under the defined benefit plan and any
other plan or qualified cash or deferred arrangement
under subsection (k)(2) if no change had been made to
such defined benefit plan and such other plan or
arrangement. For purposes of the preceding sentence,
consistency shall not be required with respect to
employees who were subject to different benefit
formulas under the defined benefit plan.
``(B) References to closed class of participants.--
References to a closed class of participants and
similar references to a closed class shall include
arrangements under which 1 or more classes of
participants are closed, except that 1 or more classes
of participants closed on different dates shall not be
aggregated for purposes of determining the date any
such class was closed.
``(C) Highly compensated employee.--The term
`highly compensated employee' has the meaning given
such term in section 414(q).''.
(b) Participation Requirements.--Section 401(a)(26) of such Code is
amended by adding at the end the following new subparagraph:
``(I) Protected participants.--
``(i) In general.--A plan shall be deemed
to satisfy the requirements of subparagraph (A)
if--
``(I) the plan is amended--
``(aa) to cease all benefit
accruals, or
``(bb) to provide future
benefit accruals only to a
closed class of participants,
``(II) the plan satisfies
subparagraph (A) (without regard to
this subparagraph) as of the effective
date of the amendment, and
``(III) the amendment was adopted
before April 5, 2017, or the plan is
described in clause (ii).
``(ii) Plans described.--A plan is
described in this clause if the plan would be
described in subsection (o)(1)(C), as applied
for purposes of subsection (o)(1)(B)(iii)(IV)
and by treating the effective date of the
amendment as the date the class was closed for
purposes of subsection (o)(1)(C).
``(iii) Special rules.--For purposes of
clause (i)(II), in applying section
410(b)(6)(C), the amendments described in
clause (i) shall not be treated as a
significant change in coverage under section
410(b)(6)(C)(i)(II).
``(iv) Spun-off plans.--For purposes of
this subparagraph, if a portion of a plan
described in clause (i) is spun off to another
employer, the treatment under clause (i) of the
spun-off plan shall continue with respect to
the other employer.''.
(c) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall take effect on the date
of the enactment of this Act, without regard to whether any
plan modifications referred to in such amendments are adopted
or effective before, on, or after such date of enactment.
(2) Special rules.--
(A) Election of earlier application.--At the
election of the plan sponsor, the amendments made by
this section shall apply to plan years beginning after
December 31, 2013.
(B) Closed classes of participants.--For purposes
of paragraphs (1)(A)(iii), (1)(B)(iii)(IV), and
(2)(A)(iv) of section 401(o) of the Internal Revenue
Code of 1986 (as added by this section), a closed class
of participants shall be treated as being closed before
April 5, 2017, if the plan sponsor's intention to
create such closed class is reflected in formal written
documents and communicated to participants before such
date.
(C) Certain post-enactment plan amendments.--A plan
shall not be treated as failing to be eligible for the
application of section 401(o)(1)(A), 401(o)(1)(B)(iii),
or 401(a)(26) of such Code (as added by this section)
to such plan solely because in the case of--
(i) such section 401(o)(1)(A), the plan was
amended before the date of the enactment of
this Act to eliminate 1 or more benefits,
rights, or features, and is further amended
after such date of enactment to provide such
previously eliminated benefits, rights, or
features to a closed class of participants, or
(ii) such section 401(o)(1)(B)(iii) or
section 401(a)(26), the plan was amended before
the date of the enactment of this Act to cease
all benefit accruals, and is further amended
after such date of enactment to provide benefit
accruals to a closed class of participants. Any
such section shall only apply if the plan
otherwise meets the requirements of such
section and in applying such section, the date
the class of participants is closed shall be
the effective date of the later amendment.
SEC. 203. STUDY OF APPROPRIATE PBGC PREMIUMS.
(a) In General.--The Pension Benefit Guaranty Corporation
(hereafter in this section referred to as ``the Corporation'') shall
enter into a contract with an appropriate agency or organization to
conduct an independent study of the Corporation's Single Employer
Pension Insurance Modeling System.
(b) Selection of Independent Organization.--The appropriate agency
or organization referred to in subsection (a) shall be selected by the
Board of Directors of the Corporation. Such agency or organization
shall be the Social Security Administration or any other agency or
organization that such Board determines is independent from the
Corporation and has the expertise to conduct the study described in
this section.
(c) Study.--The independent study referred to in subsection (a)
shall begin not later than 6 months after the date of the enactment of
this Act and shall--
(1) examine the current structure and level of premiums
required to be paid by single employer plans (including fixed,
variable and termination premiums) to the Corporation to
evaluate whether such premiums are sufficient for the
Corporation to pay the benefits guaranteed by the Corporation,
(2) evaluate whether there are alternative structures and
levels of premiums that would better account for the risks
posed by various categories of single employer plans, including
on the basis of--
(A) industry, ownership structure, or size of the
plan sponsor,
(B) plan funded status, risk or volatility of plan
investments, or credit worthiness of the plan sponsor,
or
(C) a combination of factors described in
subparagraphs (A) and (B),
(3) evaluate whether other methods of estimating the value
of assets and liabilities should be used in the financial
statements of the Corporation (including methods described in
the report titled ``The Risk Exposure of the Pension Benefit
Guaranty Corporation'' published by the Congressional Budget
Office in September 2005 and methods described in the report
titled ``Options to Improve the Financial Condition of the
Pension Benefit Guaranty Corporation's Multiemployer Program''
published by the Congressional Budget Office in August 2016),
(4) evaluate whether multiple employer plans in general,
and multiple employer plans that are CSEC plans (as defined in
section 414(y) of the Internal Revenue Code of 1986) in
particular, have characteristics that warrant a separate
structure and level of premiums, and
(5) include an explanation of the assumptions underlying
each analysis involved in conducting such study.
TITLE III--OTHER SAVINGS PROVISIONS
SEC. 301. UNIVERSAL SAVINGS ACCOUNTS.
(a) In General.--Subchapter F of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:
``PART IX--UNIVERSAL SAVINGS ACCOUNTS
``SEC. 530U. UNIVERSAL SAVINGS ACCOUNTS.
``(a) General Rule.--A Universal Savings Account shall be exempt
from taxation under this subtitle. Notwithstanding the preceding
sentence, such account shall be subject to the taxes imposed by section
511 (relating to imposition of tax on unrelated business income of
charitable organizations).
``(b) Universal Savings Account.--For purposes of this section, the
term `Universal Savings Account' means a trust created or organized in
the United States by an individual for the exclusive benefit of such
individual and which is designated (in such manner as the Secretary may
prescribe) at the time of the establishment of the trust as a Universal
Savings Account, but only if the written governing instrument creating
the trust meets the following requirements:
``(1) Except in the case of a qualified rollover
contribution described in subsection (d)--
``(A) no contribution will be accepted unless it is
in cash, and
``(B) contributions will not be accepted for the
taxable year in excess of the contribution limit
specified in subsection (c)(2).
``(2) No distribution will be made unless it is--
``(A) cash, or
``(B) property that--
``(i) has a readily ascertainable fair
market value, and
``(ii) is identified by the Secretary in
regulations or other guidance as property to
which this subparagraph applies.
``(3) The trustee is a bank (as defined in section 408(n))
or another person who demonstrates to the satisfaction of the
Secretary that the manner in which that person will administer
the trust will be consistent with the requirements of this
section.
``(4) No part of the trust assets will be invested in life
insurance contracts or collectibles (as defined in section
408(m)).
``(5) The interest of an individual in the balance of his
account is nonforfeitable.
``(6) The assets of the trust shall not be commingled with
other property except in a common trust fund or common
investment fund.
``(c) Treatment of Distributions and Contributions.--
``(1) Distributions.--
``(A) In general.--Except as provided in
subparagraph (B), any distribution from a Universal
Savings Account shall not be includible in gross
income.
``(B) Net income attributable to excess
contributions.--Any distribution of net income
described in section 4973(i)(2) shall be includible in
the gross income of the account holder in the taxable
year in which the contribution to which such net income
relates was made.
``(2) Contribution limit.--
``(A) In general.--The aggregate amount of
contributions (other than qualified rollover
contributions described in subsection (d)) for any
taxable year to all Universal Savings Accounts
maintained for the benefit of an individual shall not
exceed the lesser of--
``(i) $2,500, or
``(ii) an amount equal to the compensation
(within the meaning of section 219) includible
in such individual's gross income for such
taxable year.
``(B) No contributions for dependents.--In the case
of an individual who is a dependent of another taxpayer
for a taxable year beginning in the calendar year in
which such individual's taxable year begins, the dollar
amount under subparagraph (A) for such individual's
taxable year shall be zero.
``(C) Special rule in case of joint return.--
``(i) In general.--In the case of an
individual to whom this clause applies, the
amount determined under subparagraph (A)(ii)
with respect to such individual for the taxable
year shall not be less than an amount equal to
the sum of--
``(I) the compensation of such
individual includible in gross income
for the taxable year, plus
``(II) the compensation of such
individual's spouse includible in gross
income for the taxable year reduced
(but not below zero) by the amount
contributed for the taxable year to all
Universal Savings Accounts maintained
for the benefit of such spouse.
``(ii) Individual to whom clause (i)
applies.--Clause (i) shall apply to any
individual--
``(I) who files a joint return for
the taxable year, and
``(II) whose compensation
includible in gross income for the
taxable year is less than the
compensation of such individual's
spouse includible in gross income for
the taxable year.
``(D) Cost-of-living adjustment.--In the case of
any taxable year beginning in a calendar year after
2019, the $2,500 amount under subparagraph (A)(i) shall
be increased by an amount equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year, determined by substituting
`calendar year 2018' for `calendar year 2016'
in subparagraph (A)(ii) thereof.
If any amount after adjustment under the preceding
sentence is not a multiple of $100, such amount shall
be rounded to the next lower multiple of $100.
``(d) Qualified Rollover Contribution.--For purposes of this
section, the term `qualified rollover contribution' means a
contribution to a Universal Savings Account from another such account
of the same individual, but only if such amount is contributed not
later than the 60th day after the distribution from such other account.
``(e) Treatment of Account Upon Death.--Upon death of any account
holder of a Universal Savings Account--
``(1) Spouse.--In the case of the account holder's
surviving spouse acquiring such account holder's interest in
such account by reason of the death of the account holder, such
account shall be treated as if the spouse were the account
holder.
``(2) Other cases.--In any other case--
``(A) all amounts in such account shall be treated
as distributed on the date of such individual's death,
and
``(B) such account shall cease to be treated as a
Universal Savings Account.
``(f) Other Special Rules.--
``(1) Community property laws.--This section shall be
applied without regard to any community property laws.
``(2) Loss of taxation exemption of account where
individual engages in prohibited transaction; effect of
pledging account as security.--Rules similar to the rules of
paragraphs (2) and (4) of section 408(e) shall apply to any
Universal Savings Account.
``(g) Reports.--The trustee of a Universal Savings Account shall
make such reports regarding such account to the Secretary and to the
account holder with respect to contributions, distributions, and such
other matters as the Secretary may require. Such reports shall be--
``(1) filed at such time and in such manner as the
Secretary provides, and
``(2) furnished to account holders--
``(A) not later than January 31 of the calendar
year following the calendar year to which such reports
relate, and
``(B) in such manner as the Secretary provides.''.
(b) Tax on Excess Contributions.--
(1) In general.--Section 4973(a) of such Code is amended by
striking ``or'' at the end of paragraph (5), by inserting
``or'' at the end of paragraph (6), and by inserting after
paragraph (6) the following new paragraph:
``(7) a Universal Savings Account (as defined in section
530U),''.
(2) Excess contribution.--Section 4973 of such Code is
amended by adding at the end the following new subsection:
``(i) Excess Contributions to Universal Savings Accounts.--For
purposes of this section--
``(1) In general.--In the case of Universal Savings
Accounts (within the meaning of section 530U), the term `excess
contributions' means the sum of--
``(A) the amount (if any) by which the amount
contributed for the taxable year to such accounts
(other than qualified rollover contributions (as
defined in section 530U(d))) exceeds the contribution
limit under section 530U(c)(2) for such taxable year,
and
``(B) the amount determined under this subsection
for the preceding taxable year, reduced by the sum of--
``(i) the distributions out of the account
for the taxable year, and
``(ii) the amount (if any) by which the
maximum amount allowable as a contribution
under section 530U(c)(2) for the taxable year
exceeds the amount contributed to the accounts
for the taxable year.
``(2) Special rule.--A contribution shall not be taken into
account under paragraph (1) if such contribution (together with
the amount of net income attributable to such contribution) is
distributed to the account holder on or before the due date of
the account holder's return of tax for such taxable year.''.
(c) Tax on Prohibited Transactions.--Section 4975(e)(1) of such
Code is amended by striking ``or'' at the end of subparagraph (F), by
striking the period at the end of subparagraph (G) and inserting ``,
or'', and by adding at the end the following new subparagraph:
``(H) a Universal Savings Account (as defined in
section 530U).''.
(d) Failure To Provide Reports on Universal Savings Accounts.--
Section 6693(a)(2) of such Code is amended by striking ``and'' at the
end of subparagraph (E), by striking the period at the end of
subparagraph (F) and inserting ``, and'', and by inserting after
subparagraph (F) the following new subparagraph:
``(G) section 530U(g) (relating to Universal
Savings Accounts).''.
(e) Conforming Amendment.--The table of parts for subchapter F of
chapter 1 of such Code is amended by adding at the end the following
new item:
``Part IX. Universal Savings Accounts''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2018.
SEC. 302. EXPANSION OF SECTION 529 PLANS.
(a) Distributions for Certain Expenses Associated With Registered
Apprenticeship Programs.--Section 529(c) of the Internal Revenue Code
of 1986 is amended by adding at the end the following new paragraph:
``(8) Treatment of certain expenses associated with
registered apprenticeship programs.--Any reference in this
subsection to the term `qualified higher education expense'
shall include a reference to expenses for fees, books,
supplies, and equipment required for the participation of a
designated beneficiary in an apprenticeship program registered
and certified with the Secretary of Labor under section 1 of
the National Apprenticeship Act (29 U.S.C. 50).''.
(b) Distributions for Certain Homeschooling Expenses.--Section
529(c)(7) of such Code is amended by striking ``include a reference
to'' and all that follows and inserting ``include a reference to--
``(A) expenses for tuition in connection with
enrollment or attendance of a designated beneficiary at
an elementary or secondary public, private, or
religious school, and
``(B) expenses, with respect to a designated
beneficiary, for--
``(i) curriculum and curricular materials,
``(ii) books or other instructional
materials,
``(iii) online educational materials,
``(iv) tuition for tutoring or educational
classes outside of the home (but only if the
tutor or class instructor is not related
(within the meaning of section 152(d)(2)) to
the student),
``(v) dual enrollment in an institution of
higher education, and
``(vi) educational therapies for students
with disabilities,
in connection with a homeschool (whether treated as a
homeschool or a private school for purposes of
applicable State law).''.
(c) Distributions for Qualified Education Loan Repayments.--
(1) In general.--Section 529(c) of such Code, as amended by
subsection (a), is amended by adding at the end the following
new paragraph:
``(9) Treatment of qualified education loan repayments.--
``(A) In general.--Any reference in this subsection
to the term `qualified higher education expense' shall
include a reference to amounts paid as principal or
interest on any qualified education loan (as defined in
section 221(d)) of the designated beneficiary or a
sibling of the designated beneficiary.
``(B) Limitation.--The amount of distributions
treated as a qualified higher education expense under
this paragraph with respect to the loans of any
individual shall not exceed $10,000 (reduced by the
amount of distributions so treated for all prior
taxable years).
``(C) Special rules for siblings of the designated
beneficiary.--
``(i) Separate accounting.--For purposes of
subparagraph (B) and subsection (d), amounts
treated as a qualified higher education expense
with respect to the loans of a sibling of the
designated beneficiary shall be taken into
account with respect to such sibling and not
with respect to such designated beneficiary.
``(ii) Sibling defined.--For purposes of
this paragraph, the term `sibling' means an
individual who bears a relationship to the
designated beneficiary which is described in
section 152(d)(2)(B).''.
(2) Coordination with deduction for student loan
interest.--Section 221(e)(1) of such Code is amended by adding
at the end the following: ``The deduction otherwise allowable
under subsection (a) (prior to the application of subsection
(b)) to the taxpayer for any taxable year shall be reduced (but
not below zero) by so much of the distributions treated as a
qualified higher education expense under section 529(c)(9) with
respect to loans of the taxpayer as would be includible in
gross income under section 529(c)(3)(A) for such taxable year
but for such treatment.''.
(d) Distributions for Certain Elementary and Secondary School
Expenses in Addition to Tuition.--Section 529(c)(7)(A), as amended by
subsection (b), is amended to read as follows:
``(A) expenses described in section 530(b)(3)(A)(i)
in connection with enrollment or attendance of a
designated beneficiary at an elementary or secondary
public, private, or religious school, and''.
(e) Effective Date.--The amendments made by this section shall
apply to distributions made after December 31, 2018.
SEC. 303. PENALTY-FREE WITHDRAWALS FROM RETIREMENT PLANS FOR
INDIVIDUALS IN CASE OF BIRTH OF CHILD OR ADOPTION.
(a) In General.--Section 72(t)(2) of the Internal Revenue Code of
1986 is amended by adding at the end the following new subparagraph:
``(H) Distributions from retirement plans in case
of birth of child or adoption.--
``(i) In general.--Any qualified birth or
adoption distribution.
``(ii) Limitation.--The aggregate amount
which may be treated as qualified birth or
adoption distributions by any individual with
respect to any birth or adoption shall not
exceed $7,500.
``(iii) Qualified birth or adoption
distribution.--For purposes of this
subparagraph--
``(I) In general.--The term
`qualified birth or adoption
distribution' means any distribution
from an applicable eligible retirement
plan to an individual if made during
the 1-year period beginning on the date
on which a child of the individual is
born or on which the legal adoption by
the individual of an eligible child is
finalized.
``(II) Eligible child.--The term
`eligible child' means any individual
(other than a child of the taxpayer's
spouse) who has not attained age 18 or
is physically or mentally incapable of
self-support.
``(iv) Treatment of plan distributions.--
``(I) In general.--If a
distribution to an individual would
(without regard to clause (ii)) be a
qualified birth or adoption
distribution, a plan shall not be
treated as failing to meet any
requirement of this title merely
because the plan treats the
distribution as a qualified birth or
adoption distribution, unless the
aggregate amount of such distributions
from all plans maintained by the
employer (and any member of any
controlled group which includes the
employer) to such individual exceeds
$7,500.
``(II) Controlled group.--For
purposes of subclause (I), the term
`controlled group' means any group
treated as a single employer under
subsection (b), (c), (m), or (o) of
section 414.
``(v) Amount distributed may be repaid.--
``(I) In general.--Any individual
who receives a qualified birth or
adoption distribution may make one or
more contributions in an aggregate
amount not to exceed the amount of such
distribution to an applicable eligible
retirement plan of which such
individual is a beneficiary and to
which a rollover contribution of such
distribution could be made under
section 402(c), 403(a)(4), 403(b)(8),
408(d)(3), or 457(e)(16), as the case
may be.
``(II) Limitation on contributions
to applicable eligible retirement plans
other than iras.--The aggregate amount
of contributions made by an individual
under subclause (I) to any applicable
eligible retirement plan which is not
an individual retirement plan shall not
exceed the aggregate amount of
qualified birth or adoption
distributions which are made from such
plan to such individual. Subclause (I)
shall not apply to contributions to any
applicable eligible retirement plan
which is not an individual retirement
plan unless the individual is eligible
to make contributions (other than those
described in subclause (I)) to such
applicable eligible retirement plan.
``(III) Treatment of repayments of
distributions from applicable eligible
retirement plans other than iras.--If a
contribution is made under subclause
(I) with respect to a qualified birth
or adoption distribution from an
applicable eligible retirement plan
other than an individual retirement
plan, then the taxpayer shall, to the
extent of the amount of the
contribution, be treated as having
received such distribution in an
eligible rollover distribution (as
defined in section 402(c)(4)) and as
having transferred the amount to the
applicable eligible retirement plan in
a direct trustee to trustee transfer
within 60 days of the distribution.
``(IV) Treatment of repayments for
distributions from iras.--If a
contribution is made under subclause
(I) with respect to a qualified birth
or adoption distribution from an
individual retirement plan, then, to
the extent of the amount of the
contribution, such distribution shall
be treated as a distribution described
in section 408(d)(3) and as having been
transferred to the applicable eligible
retirement plan in a direct trustee to
trustee transfer within 60 days of the
distribution.
``(vi) Definition and special rules.--For
purposes of this subparagraph--
``(I) Applicable eligible
retirement plan.--The term `applicable
eligible retirement plan' means an
eligible retirement plan (as defined in
section 402(c)(8)(B)) other than a
defined benefit plan.
``(II) Exemption of distributions
from trustee to trustee transfer and
withholding rules.--For purposes of
sections 401(a)(31), 402(f), and 3405,
a qualified birth or adoption
distribution shall not be treated as an
eligible rollover distribution.
``(III) Taxpayer must include
tin.--A distribution shall not be
treated as a qualified birth or
adoption distribution with respect to
any child or eligible child unless the
taxpayer includes the name, age, and
TIN of such child or eligible child on
the taxpayer's return of tax for the
taxable year.
``(IV) Distributions treated as
meeting plan distribution
requirements.--Any qualified birth or
adoption distribution shall be treated
as meeting the requirements of sections
401(k)(2)(B)(i), 403(b)(7)(A)(ii),
403(b)(11), and 457(d)(1)(A).''.
(b) Effective Date.--The amendments made by this subsection shall
apply to distributions made after December 31, 2018.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 21 - 14.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-959, Part I.
Committee on Education and the Workforce discharged.
Committee on Education and the Workforce discharged.
Placed on the Union Calendar, Calendar No. 747.
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Rules Committee Resolution H. Res. 1084 Reported to House. Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
Considered under the provisions of rule H. Res. 1084. (consideration: CR H9118-9134)
Rule provides for consideration of H.R. 6756, H.R. 6757 and H.R. 6760.
DEBATE - The House proceeded with one hour of debate on H.R. 6757.
The previous question was ordered pursuant to the rule.
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411).(text: CR H9118-9126)
Roll Call #411 (House)On passage Passed by the Yeas and Nays: 240 - 177 (Roll no. 411). (text: CR H9118-9126)
Roll Call #411 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.