I 

118TH CONGRESS 

2D SESSION H. R. 7162 

To create children’s lifetime savings accounts, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 31, 2024 

Mr. BEYER (for himself, Ms. DELBENE, Mrs. BEATTY, Ms. NORTON, Ms. 

SA ́NCHEZ, Mr. THANEDAR, Ms. KAMLAGER-DOVE, Mr. DAVIS of Illinois, 

and Mr. BLUMENAUER) introduced the following bill; which was referred 

to the Committee on Ways and Means, and in addition to the Committee 

on Energy and Commerce, 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 create children’s lifetime savings accounts, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘401Kids Savings Ac5 count Act of 2024’’. 

6 SEC. 2. 401KIDS ACCOUNT PROGRAMS. 

7 (a) IN GENERAL.—Section 529 of the Internal Rev8 enue Code of 1986 is amended by redesignating subsection 


ssavage on LAPJG3WLY3PROD with BILLS
2 

•HR 7162 IH

1 (f) as subsection (g) and by inserting after subsection (e) 

2 the following new subsection: 

3 ‘‘(f) 401KIDS ACCOUNT PROGRAMS.— 

4 ‘‘(1) IN GENERAL.—A qualified tuition program 

5 shall not be treated as failing to meet the require6 ments of this section solely because such program 

7 includes a 401Kids Account Program. 

8 ‘‘(2) 401KIDS ACCOUNT PROGRAM.—For pur9 poses of this section— 

10 ‘‘(A) IN GENERAL.—The term ‘401Kids 

11 Account Program’ means a program established 

12 and maintained by a State or agency or instru13 mentality thereof which— 

14 ‘‘(i) establishes a savings account (re15 ferred to in this subsection as a ‘401Kids 

16 Savings Account’) which meets the require17 ments of this subsection on behalf of every 

18 eligible individual as of the later of— 

19 ‘‘(I) birth or naturalization, or 

20 ‘‘(II) establishment of the pro21 gram under this section, 

22 including eligible individuals who are in 

23 foster care, in coordination with the appli24 cable State agency, and notifies such indiVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
3 

•HR 7162 IH

1 viduals of the establishment of such ac2 counts, 

3 ‘‘(ii) requires the assets of each 

4 401Kids Savings Account established 

5 under the program to be held by a person 

6 designated by the State or agency or in7 strumentality, 

8 ‘‘(iii) within the limitations of para9 graph (3), permits contributions to be 

10 made periodically to such 401Kids Savings 

11 Accounts by direct deposit through payroll 

12 deduction or by electronic means, and by 

13 methods that provide access for people 

14 with limited access to the financial system, 

15 ‘‘(iv) provides for the annual deposit 

16 under section 3(b)(4) of the 401Kids Sav17 ings Account Act of 2024 and the match18 ing contributions under section 3(b)(5) of 

19 such Act to be made to such 401Kids Sav20 ings Accounts, if applicable, 

21 ‘‘(v) permits distributions and roll22 overs from such 401Kids Savings Accounts 

23 as provided in paragraph (4), 

24 ‘‘(vi) except as provided in the second 

25 sentence of this subparagraph, prohibits 


ssavage on LAPJG3WLY3PROD with BILLS
4 

•HR 7162 IH

1 multiple accounts from being established 

2 for the same individual, and includes— 

3 ‘‘(I) procedures to consolidate 

4 multiple accounts established for the 

5 same individual and return excess 

6 contributions on an annual basis, with 

7 notice provided to the parent or 

8 guardian of the individual (or, if ap9 propriate, to the individual) and a 

10 procedure for resolution of disputes, 

11 and 

12 ‘‘(II) procedures by which all ac13 counts established are reported to the 

14 Secretary to ensure compliance with 

15 this clause, 

16 ‘‘(vii) permits, not less frequently 

17 than once per year, for an account to be 

18 moved from one State program to another 

19 or between a State program and the Fed20 eral 401Kids Account Program, and 

21 ‘‘(viii) ensures that such 401Kids Sav22 ings Accounts are invested in accordance 

23 with prudent investment strategies which 

24 are in the best interest of eligible individ25 uals. 


ssavage on LAPJG3WLY3PROD with BILLS
5 

•HR 7162 IH

1 ‘‘(B) COLLECTIVE ACCOUNT.—For pur2 poses of subparagraph (A), a State may estab3 lish a collective account for all eligible individ4 uals in the State which is owned by the State, 

5 but only if— 

6 ‘‘(i) the State program provides for 

7 separate accounting for each such indi8 vidual, 

9 ‘‘(ii) allows such account to receive 

10 contributions described in subparagraph 

11 (A)(iv), and 

12 ‘‘(iii) if such account does not permit 

13 contributions by persons other than the 

14 State or the Secretary, permits for the es15 tablishment of a linked account under the 

16 program which accepts contributions by 

17 such other persons as provided in subpara18 graph (A)(iii) and which is aggregated for 

19 purposes of any limitation under this sec20 tion with the amounts credited to the eligi21 ble individual in the State collective ac22 count. 

23 ‘‘(C) CERTIFICATION.—A program of a 

24 State shall not be treated as a 401Kids Account 

25 Program unless such program is certified by 


ssavage on LAPJG3WLY3PROD with BILLS
6 

•HR 7162 IH

1 the Secretary as meeting the requirements of 

2 this subsection. 

3 ‘‘(3) LIMITATIONS.— 

4 ‘‘(A) CONTRIBUTION MINIMUM.—A 

5 401Kids Account Program may establish min6 imum amounts for initial and additional con7 tributions to a 401Kids Savings Account, not to 

8 exceed $10. 

9 ‘‘(B) CONTRIBUTION LIMITATION.— 

10 ‘‘(i) IN GENERAL.—Contributions to a 

11 401Kids Savings Account under a 401Kids 

12 Account Program during any taxable year 

13 (other than contributions made under sec14 tion 3(b)(4) or 3(b)(5) of the 401Kids Sav15 ings Account Act of 2024) shall not be ac16 cepted to the extent such contributions ex17 ceed $2,500. 

18 ‘‘(ii) INFLATION ADJUSTMENT.—In 

19 the case of any calendar year after 2024, 

20 the $2,500 amount in clause (i) shall be 

21 increased by an amount equal to— 

22 ‘‘(I) such dollar amount; multi23 plied by 

24 ‘‘(II) the cost-of-living adjust25 ment determined under section 1(f)(3) 


ssavage on LAPJG3WLY3PROD with BILLS
7 

•HR 7162 IH

1 for the calendar year, determined by 

2 substituting ‘calendar year 2023’ for 

3 ‘calendar year 2016’ in subparagraph 

4 (A)(ii) thereof. 

5 If any dollar amount as increased under 

6 the preceding sentence is not a multiple of 

7 $5, such dollar amount shall be rounded to 

8 the nearest multiple of $5. 

9 ‘‘(C) LIMITATION ON PARTICIPATION.— 

10 Within a reasonable amount of time before the 

11 date an eligible individual attains age 17, the 

12 program shall provide notice to the eligible indi13 vidual and the parent or guardian of the eligible 

14 individual that— 

15 ‘‘(i) no deposits under paragraph (4) 

16 or (5) of section 3(b) of the 401Kids Sav17 ings Account Act of 2024 will be made for 

18 calendar years after the year in which the 

19 individual attains age 18, 

20 ‘‘(ii) any contributions made by any 

21 person after the date the individual attains 

22 age 18 will be taken into account as pro23 vided in subparagraph (F), and 

24 ‘‘(iii) the individual may elect to have 

25 the account balance rolled over or distribVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
8 

•HR 7162 IH

1 uted as provided, and at the time specified, 

2 in paragraph (4). 

3 ‘‘(D) STATE CONTRIBUTIONS.—The State 

4 establishing or maintaining a 401Kids Account 

5 Program may make contributions under such 

6 program to accounts established or maintained 

7 thereunder. Such contributions— 

8 ‘‘(i) shall not be taken into account 

9 for purposes of subparagraph (B), and 

10 ‘‘(ii) may be limited to eligible individ11 uals residing in the State at the time the 

12 contribution is made. 

13 ‘‘(E) COORDINATION WITH AMOUNTS CON14 TRIBUTED FOR QUALIFIED HIGHER EDUCATION

15 EXPENSES.— 

16 ‘‘(i) IN GENERAL.—Contributions to a 

17 qualified tuition program which are not 

18 contributed to a 401Kids Account Program 

19 shall not be taken into account under sub20 paragraph (B), and contributions to a 

21 401Kids Account Program shall not be 

22 taken into account for purposes of sub23 section (b)(6). 

24 ‘‘(ii) TRANSFERS FROM QUALIFIED

25 TUITION PROGRAM.—Amounts contributed 


ssavage on LAPJG3WLY3PROD with BILLS
9 

•HR 7162 IH

1 to a qualified tuition program (other than 

2 to a 401Kids Account Program which is 

3 part of such qualified tuition program) 

4 may be transferred to a 401Kids Savings 

5 Account established under a 401Kids Ac6 count Program on behalf of the designated 

7 beneficiary, subject to the limitation of 

8 subparagraph (B). For purposes of such 

9 limitation, any such transfer in a taxable 

10 year shall be aggregated with any other 

11 contributions to such 401Kids Account 

12 program (other than contributions made 

13 under section 3(b)(4) or 3(b)(5) of the 

14 401Kids Savings Account Act of 2024). 

15 ‘‘(F) AMOUNTS CONTRIBUTED AFTER AGE

16 18.—Any contribution by any person to a 

17 401Kids Savings Account after the date the in18 dividual on whose behalf the account is estab19 lished attains age 18 shall be treated for pur20 poses of section 408A(c)(2) as a contribution to 

21 a Roth IRA maintained for the benefit of the 

22 individual, and no such contribution shall be ac23 cepted to the extent such contribution, when ag24 gregated with all contributions for the taxable 

25 year to all Roth IRAs maintained for the benVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
10 

•HR 7162 IH

1 efit of the individual, exceeds the limitation of 

2 section 408A(c)(2). 

3 ‘‘(4) DISTRIBUTIONS.— 

4 ‘‘(A) IN GENERAL.—Amounts in a 

5 401Kids Savings Account under a 401Kids Ac6 count Program— 

7 ‘‘(i) if such amounts are held in a col8 lective account owned by the State, may be 

9 rolled over into a linked account under the 

10 program which accepts contributions by 

11 persons other than the State, or merged 

12 with such an account previously estab13 lished, after the date the individual on 

14 whose behalf the account was established 

15 attains age 18 (or earlier as permitted by 

16 the State program), and 

17 ‘‘(ii) after the date the individual on 

18 whose behalf the account was established 

19 attains age 18, may be— 

20 ‘‘(I) distributed to such indi21 vidual in cash, 

22 ‘‘(II) transferred directly to an 

23 eligible educational institution, mort24 gagee, lender, or guarantor with reVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
11 

•HR 7162 IH

1 spect to an expense described in sub2 paragraph (E)(i), or 

3 ‘‘(III) contributed in a direct 

4 transfer to an ABLE account (as de5 fined in section 529A(e)(6)) or a Roth 

6 IRA of the individual, and 

7 ‘‘(iii) if the individual whose behalf 

8 the account was established does not elect 

9 to receive any such distribution, shall re10 main in the account. 

11 ‘‘(B) TREATMENT OF DISTRIBUTIONS.— 

12 No amount shall be includible in gross income 

13 under subsection (c)(3)(A) by reason of any 

14 cash distribution from an account under a 

15 401Kids Account Program which is made after 

16 the date the individual on whose behalf such ac17 count was established attains age 18, to the ex18 tent such distribution does not exceed the quali19 fied expenses of the individual which are paid 

20 or incurred during the taxable year of the dis21 tribution. 

22 ‘‘(C) TREATMENT OF ROLLOVERS.— 

23 ‘‘(i) ABLE ACCOUNTS.—Any con24 tribution from a 401Kids Account Pro25 gram to an ABLE account pursuant to 


ssavage on LAPJG3WLY3PROD with BILLS
12 

•HR 7162 IH

1 subparagraph (A)(ii)(III) shall be treat2 ed— 

3 ‘‘(I) as a contribution from an4 other ABLE account as described in 

5 section 529A(c)(1)(C)(i), and 

6 ‘‘(II) as having been contributed 

7 to such ABLE account in a direct 

8 trustee-to-trustee transfer within 60 

9 days of the distribution for purposes 

10 of such section. 

11 ‘‘(ii) ROTH IRAS.—Any contribution 

12 from a 401Kids Account Program to a 

13 Roth IRA pursuant to subparagraph 

14 (A)(ii)(III) shall be treated— 

15 ‘‘(I) as a contribution from an16 other Roth IRA as described in sec17 tion 408A(e)(1)(A), and 

18 ‘‘(II) as having been contributed 

19 to such Roth IRA in a direct trustee20 to-trustee transfer within 60 days of 

21 the distribution for purposes of sec22 tion 408(d)(3), and 

23 shall not be taken into account under sub24 section (c)(3)(E). 


ssavage on LAPJG3WLY3PROD with BILLS
13 

•HR 7162 IH

1 ‘‘(D) ADDITIONAL TAX ON NONQUALIFIED

2 USE.— 

3 ‘‘(i) IN GENERAL.—The tax imposed 

4 by this chapter for the taxable year shall 

5 be increased by an amount equal to 10 

6 percent of the amount of any distribution 

7 from an account under a 401Kids Account 

8 Program during the taxable year which is 

9 not described in subparagraph (A)(i), 

10 (A)(ii)(II), (A)(ii)(III), or (B). 

11 ‘‘(ii) DISTRIBUTIONS FROM ROTH

12 IRA.—If any amount is contributed to a 

13 Roth IRA in a rollover distribution from 

14 an account under a 401Kids Account Pro15 gram pursuant to subparagraph 

16 (A)(ii)(III), the tax imposed by this title 

17 for the taxable year shall be increased by 

18 an amount equal to 10 percent of the 

19 amount of any distribution from such Roth 

20 IRA which is made within the 5-year pe21 riod beginning on the date of the roll22 over— 

23 ‘‘(I) to the extent that such dis24 tribution from the Roth IRA, when 

25 aggregated with all other distributions 


ssavage on LAPJG3WLY3PROD with BILLS
14 

•HR 7162 IH

1 from such Roth IRA during such 5- 

2 year period, does not exceed the 

3 amount contributed in such rollover 

4 distribution, and 

5 ‘‘(II) unless the qualified ex6 penses of the individual on whose be7 half the account was established paid 

8 or incurred during the taxable year of 

9 the distribution are equal to or exceed 

10 the amount of such distribution. 

11 ‘‘(iii) COORDINATION RULE.—Sub12 section (c)(6) shall not apply to any 

13 amount with respect to which a tax is im14 posed under clause (i) or (ii). 

15 ‘‘(iv) FEDERAL 401KIDS ACCOUNT

16 PROGRAM.— 

17 ‘‘(I) IN GENERAL.—The tax im18 posed by this chapter for the taxable 

19 year shall be increased by an amount 

20 equal to 10 percent of the amount of 

21 any distribution during the taxable 

22 year from an account under the Fed23 eral 401Kids Account Program estab24 lished by section 3 of the 401Kids 

25 Savings Account Act of 2024 which is 


ssavage on LAPJG3WLY3PROD with BILLS
15 

•HR 7162 IH

1 not described in subsection 

2 (c)(1)(A)(ii), (c)(1)(A)(iii), or 

3 (c)(2)(A) of section 3 of such Act. 

4 ‘‘(II) DISTRIBUTIONS FROM

5 ROTH IRA.—The tax imposed by 

6 clause (ii) shall apply to a rollover dis7 tribution from an account under the 

8 Federal 401Kids Account program 

9 pursuant to section 3(c)(1)(A)(iii) of 

10 the 401Kids Savings Account Act of 

11 2024 in the same manner as a roll12 over distribution from an account 

13 under a 401Kids Account Program 

14 pursuant to subparagraph (A)(ii)(III). 

15 ‘‘(E) QUALIFIED EXPENSES.—For pur16 poses of this paragraph— 

17 ‘‘(i) IN GENERAL.—The term ‘quali18 fied expenses’ means amounts paid or in19 curred by an individual— 

20 ‘‘(I) as payment or collateral re21 quired for a loan guaranteed by the 

22 Small Business Administration or the 

23 United States Department of Agri24 culture Rural Development or other 

25 small business loan as determined by 


ssavage on LAPJG3WLY3PROD with BILLS
16 

•HR 7162 IH

1 the Secretary, pursuant to the rules 

2 determined under clause (iii), 

3 ‘‘(II) as qualified acquisition 

4 costs (as defined in section 

5 72(t)(8)(C)) with respect to a resi6 dence intended to be the primary resi7 dence of the individual, 

8 ‘‘(III) for qualified higher edu9 cation expenses of the individual at an 

10 eligible educational institution, or for 

11 other post-secondary educational ex12 penses in an accredited degree-grant13 ing program or expenses for obtaining 

14 a trade certificate, as provided by the 

15 Secretary in consultation with the 

16 Secretary of Education, or 

17 ‘‘(IV) after the date the indi18 vidual on whose behalf the account 

was established attains age 591 19 ⁄2, for 

20 any purpose. 

21 ‘‘(ii) CERTIFICATION.—Except in the 

22 case of qualified expenses described in 

23 clause (i)(IV), the individual shall certify 

24 on the return of tax, in such manner as 

25 the Secretary shall prescribe, the qualified 


ssavage on LAPJG3WLY3PROD with BILLS
17 

•HR 7162 IH

1 expenses paid or incurred by the individual 

2 during the taxable year. 

3 ‘‘(iii) SMALL BUSINESS LOANS.—The 

4 Secretary shall prescribe rules or other 

5 guidance, or shall certify a process, for de6 termining whether a loan shall be taken 

7 into account under clause (i)(I). 

8 ‘‘(5) ELIGIBLE INDIVIDUAL.—For purposes of 

9 this subsection— 

10 ‘‘(A) IN GENERAL.—The term ‘eligible in11 dividual’ means a child who has not attained 

12 age 18 and is a citizen of the United States. 

13 ‘‘(B) TREATMENT AS DESIGNATED BENE14 FICIARY.—The rules of subsections (a) through 

15 (e) shall be applied (except as otherwise pro16 vided in this subsection) by treating the eligible 

17 individual on whose behalf a 401Kids Savings 

18 Account under a 401Kids Account Program is 

19 established as the designated beneficiary with 

20 respect to such account. 

21 ‘‘(6) STATE.—For purposes of this subsection, 

22 the term ‘State’ includes the District of Columbia, 

23 any possession of the United States, and any Indian 

24 tribe (as defined in section 45A(c)(6)). 


ssavage on LAPJG3WLY3PROD with BILLS
18 

•HR 7162 IH

1 ‘‘(7) ACCOUNTS MAY NOT BE ASSIGNED.—An 

2 account established on behalf of an individual under 

3 a 401Kids Account Program may not be pledged or 

4 assigned to any other person. 

5 ‘‘(8) THIRD-PARTY CONTRACTORS.—A State 

6 may contract with a third party for purposes of ad7 ministration of a 401Kids Account Program, includ8 ing record keeping and account investment. 

9 ‘‘(9) ACCOUNT MANAGEMENT.— 

10 ‘‘(A) IN GENERAL.—Except as provided in 

11 subparagraph (B)— 

12 ‘‘(i) the eligible individual on whose 

13 behalf a 401Kids Savings Account under a 

14 401Kids Account Program is established, 

15 after the date the individual attains age 

16 18, shall have sole discretion over the dis17 tribution of amounts in the account, and 

18 ‘‘(ii) in the case of an account not 

19 owned and controlled by a State, such eli20 gible individual, after the date the indi21 vidual attains age 18, and the parent or 

22 guardian of such individual before such 

23 date, may exercise control over the invest24 ment of account assets other than amounts 

25 attributable to deposits under paragraph 


ssavage on LAPJG3WLY3PROD with BILLS
19 

•HR 7162 IH

1 (4) or (5) of section 3(b) of the 401Kids 

2 Savings Account Act of 2024 (including 

3 any gain or loss attributable thereto). 

4 ‘‘(B) DEATH OF ACCOUNT BENEFICIARY.— 

5 In the event the individual on whose behalf a 

6 401Kids Savings Account under a 401Kids Ac7 count Program is established dies before attain8 ing age 18— 

9 ‘‘(i) any amounts attributable to de10 posits under paragraph (4) or (5) of sec11 tion 3(b) of the 401Kids Savings Account 

12 Act of 2024 (including any gain or loss at13 tributable thereto) shall be returned to the 

14 Treasury, and 

15 ‘‘(ii) the successor owner or bene16 ficiary of the account shall withdraw all 

17 amounts not returned under subparagraph 

18 (A) not later than the last day of the cal19 endar year after the calendar year in which 

20 the death occurs. 

21 Amounts withdrawn pursuant to this subpara22 graph shall not be included in gross income of 

23 the deceased individual or the successor owner 

24 or beneficiary to the extent such amounts are 


ssavage on LAPJG3WLY3PROD with BILLS
20 

•HR 7162 IH

1 attributable to contributions to the account 

2 (and not to gain attributable thereto).’’. 

3 (b) CONFORMING AMENDMENTS.— 

4 (1) REPORTS.—Paragraph (1) of section 529(d) 

5 of the Internal Revenue Code of 1986 is amended by 

6 inserting ‘‘, including a 401Kids Account Program 

7 under such qualified tuition program,’’ after ‘‘the 

8 qualified tuition program’’. 

9 (2) REPORTS REGARDING ROLLOVER DISTRIBU10 TIONS.—Paragraph (2) of section 529(d) of such 

11 Code is amended— 

12 (A) by striking ‘‘subsection (c)(3)(E)’’ and 

13 inserting ‘‘subsection (c)(3)(E) or (f)(4)(C)’’, 

14 (B) by striking ‘‘Roth IRA’’ and inserting 

15 ‘‘Roth IRA or ABLE account’’, 

16 (C) by striking ‘‘the qualified tuition pro17 gram’’ and inserting ‘‘the qualified tuition pro18 gram or 401Kids Account Program’’, and 

19 (D) by striking ‘‘subsection (c)(3)(A)’’ and 

20 inserting ‘‘subsection (c)(3)(E) or (f)(4)(C)’’. 

21 (3) QUALIFIED USE.—Clause (i) of section 

22 529(c)(3)(C) of such Code is amended— 

23 (A) by striking ‘‘or’’ at the end of sub24 clause (II), 


ssavage on LAPJG3WLY3PROD with BILLS
21 

•HR 7162 IH

1 (B) by redesignating subclause (III) as 

2 subclause (IV), 

3 (C) by inserting after subclause (II) the 

4 following new subclause: 

5 ‘‘(III) to a 401Kids Savings Ac6 count under a 401Kids Account Pro7 gram established on behalf of the des8 ignated beneficiary under subsection 

9 (f) or section 3 of the 401Kids Sav10 ings Account Act of 2024, or’’, and 

11 (D) by striking ‘‘Subclause (III) shall not 

12 apply’’ in the second sentence and inserting 

13 ‘‘Subclause (III) shall not apply to so much of 

14 a distribution which, when aggregated with 

15 other contributions as provided in subsection 

16 (f)(3)(E)(ii), exceeds the limitation under sub17 section (f)(3)(B). Subclause (IV) shall not 

18 apply’’. 

19 (c) EFFECTIVE DATE.— 

20 (1) IN GENERAL.—The amendments made by 

21 this section shall apply to taxable years beginning 

22 after the date of the enactment of this Act. 

23 (2) EXISTING PROGRAMS.—A qualified tuition 

24 program (as defined in section 529 of the Internal 

25 Revenue Code of 1986) of a State which includes a 


ssavage on LAPJG3WLY3PROD with BILLS
22 

•HR 7162 IH

1 savings account program shall be treated for taxable 

2 years beginning after the date of the enactment of 

3 this Act as meeting the requirements of section 

4 529(f) of the Internal Revenue Code of 1986, as 

5 added by this Act, if such qualified tuition program 

6 (as amended, if necessary) meets such requirements 

7 for the first taxable year beginning more than 1 year 

8 after such date of enactment. 

9 (d) REGULATIONS.—The Secretary of the Treasury 

10 (or such Secretary’s delegate) shall issue such regulations 

11 or other guidance as is necessary to implement State 

12 401Kids Account Programs, including guidance— 

13 (1) regarding the personally identifying infor14 mation which is necessary for States to establish ac15 counts on behalf of individuals born in the State, 

16 (2) for informing individuals of accounts estab17 lished on their behalf, and 

18 (3) for processing accounts of deceased individ19 uals and returning Federal contributions to the 

20 Treasury pursuant to section 529(f)(9)(B) of the In21 ternal Revenue Code of 1986. 

22 SEC. 3. ESTABLISHMENT OF FEDERAL 401KIDS ACCOUNT 

23 PROGRAM. 

24 (a) ESTABLISHMENT OF PROGRAM.—The Secretary 

25 of the Treasury shall, not later than December 31, 2024, 


ssavage on LAPJG3WLY3PROD with BILLS
23 

•HR 7162 IH

1 establish a permanent program, to be known as the ‘‘Fed2 eral 401Kids Account Program’’, which meets the require3 ments of this section to— 

4 (1) establish and maintain a savings account 

5 (referred to in this section as a ‘‘401Kids Savings 

6 Account’’) meeting the requirements of subsections 

7 (b) and (c) on behalf of eligible individuals whose 

8 State does not maintain a 401Kids Account Pro9 gram pursuant to section 529(f) of the Internal Rev10 enue Code of 1986, and 

11 (2) make contributions pursuant to paragraphs 

12 (4) and (5) on behalf of eligible individuals to such 

13 401Kids Savings Accounts and to accounts under 

14 any such State 401Kids Account Program. 

15 (b) PROGRAM SPECIFICATIONS.— 

16 (1) IN GENERAL.— 

17 (A) 401KIDS SAVINGS ACCOUNTS.—The 

18 Federal 401Kids Account Program established 

19 under this section shall— 

20 (i) establish on behalf of each eligible 

21 individual whose State does not maintain a 

22 401Kids Account Program pursuant to 

23 section 529(f) of the Internal Revenue 

24 Code of 1986 a 401Kids Savings Account 

25 which meets the requirements of this subVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00023 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
24 

•HR 7162 IH

1 section and subsection (c) on behalf of the 

2 individual as of 1 year after the later of— 

3 (I) birth or naturalization; or 

4 (II) establishment of the program 

5 under this section; 

6 and notify such individuals of the estab7 lishment of such accounts; 

8 (ii) require the assets of each 401Kids 

9 Savings Account established under the pro10 gram to be held by the designated custo11 dian; 

12 (iii) within the limitations of para13 graph (3), permit contributions to be made 

14 periodically to such 401Kids Savings Ac15 counts by direct deposit through payroll 

16 deduction or by electronic means, and by 

17 methods that provide access for people 

18 with limited access to the financial system; 

19 (iv) provide for the annual deposit 

20 under paragraph (4) and the matching 

21 contributions under paragraph (5) to be 

22 made to such 401Kids Savings Accounts, 

23 and to 401Kids Savings Accounts under 

24 such 401Kids Account Programs estabVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
25 

•HR 7162 IH

1 lished and maintained by States, if applica2 ble; 

3 (v) as provided in subsection (c), per4 mit distributions and rollovers from such 

5 401Kids Savings Accounts after the indi6 vidual on whose behalf the account is es7 tablished attains age 18; 

8 (vi) include procedures to consolidate 

9 multiple accounts established for the same 

10 individual, including across States, and re11 turn excess contributions on an annual 

12 basis, with notice provided to the parent or 

13 guardian of the individual (or, if appro14 priate, to the individual) and a procedure 

15 for resolution of disputes; 

16 (vii) permit, not less frequently than 

17 once per year, for an account to be moved 

18 between a State program and the Federal 

19 401Kids Account Program; and 

20 (viii) ensure that such 401Kids Sav21 ings Accounts are invested in accordance 

22 with subsection (e). 

23 (B) REGULATIONS, ETC.—The Secretary 

24 of the Treasury shall have authority to promul25 gate such regulations, rules, and other guidance 


ssavage on LAPJG3WLY3PROD with BILLS
26 

•HR 7162 IH

1 as are necessary to implement the Federal 

2 401Kids Account Program, and are consistent 

3 with this section and section 529(f) of the In4 ternal Revenue Code of 1986, including— 

5 (i) rules regarding the provision of 

6 periodic notices to individuals and parents 

7 or guardians of individuals, as appropriate, 

8 on whose behalf accounts are established 

9 under the program, including information 

10 on account balances and activity; 

11 (ii) rules for making the deposit under 

12 paragraph (4)(A) in the case of taxpayers 

13 who are not required to file an income tax 

14 return; 

15 (iii) rules for recapture of improperly 

16 made deposits under paragraphs (4) and 

17 (5); and 

18 (iv) rules regarding beneficiary des19 ignation in the case of the death of the in20 dividual on whose behalf an account was 

21 established. 

22 (2) PROGRAM FOR DEPOSITS MADE WITH FED23 ERAL PARTNERS.—The Secretary of the Treasury 

24 may, in fulfillment of subparagraph (A)(iii), estab25 lish a program which would allow grocery stores, 


ssavage on LAPJG3WLY3PROD with BILLS
27 

•HR 7162 IH

1 pharmacies, banks, and other similar businesses to 

2 partner with the Federal Government to accept cash 

3 deposits from customers and to remit such deposits 

4 to the Treasury for payment into 401Kids Savings 

5 Accounts under the Federal 401Kids Account Pro6 gram. 

7 (3) LIMITATIONS.— 

8 (A) CONTRIBUTION MINIMUM.—The Sec9 retary of the Treasury may establish minimum 

10 amounts for initial and additional contributions 

11 to a 401Kids Savings Account under the Fed12 eral 401Kids Account Program, not to exceed 

13 $10. 

14 (B) CONTRIBUTION LIMITATION.—Con15 tributions to a 401Kids Savings Account under 

16 the Federal 401Kids Account Program during 

17 any taxable year (other than contributions 

18 made under paragraphs (4) and (5)) shall not 

19 be accepted to the extent such contributions ex20 ceed $2,500. 

21 (C) LIMITATION ON PARTICIPATION.— 

22 Within a reasonable amount of time before the 

23 date an eligible individual attains age 17, the 

24 designated custodian shall provide notice to the 


ssavage on LAPJG3WLY3PROD with BILLS
28 

•HR 7162 IH

1 eligible individual and the parent or guardian of 

2 the eligible individual that— 

3 (i) no deposits under paragraph (4) or 

4 (5) will be made for calendar years after 

5 the year in which the individual attains age 

6 18; 

7 (ii) any contributions made by any 

8 person after the date the individual attains 

9 age 18 will be taken into account as pro10 vided in section 529(f)(3)(F) of the Inter11 nal Revenue Code of 1986, and 

12 (iii) the individual (or, as provided, 

13 the individual’s parent or guardian) may 

14 elect to have the account balance rolled 

15 over or distributed as provided, and at the 

16 time specified, in subsection (c). 

17 (4) ANNUAL DEPOSIT.— 

18 (A) IN GENERAL.— 

19 (i) ANNUAL AMOUNT.—Within a rea20 sonable amount of time (not to exceed 60 

21 days) after the filing of the return of tax 

22 for each taxable year by a taxpayer claim23 ing an eligible individual as a dependent, 

24 the Secretary of the Treasury shall deposit 

25 $500 into the 401Kids Savings Account esVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
29 

•HR 7162 IH

1 tablished for such individual under the 

2 Federal 401Kids Account Program or a 

3 401Kids Account Program established and 

4 maintained by a State. 

5 (ii) ADDITIONAL AMOUNT FOR

6 EARNED INCOME CREDIT ELIGIBLE FAMI7 LIES.—If a credit is allowable under sec8 tion 32 of the Internal Revenue Code of 

9 1986 to the parent or guardian or an eligi10 ble individual for a taxable year, clause (i) 

11 shall be applied by substituting ‘‘$750’’ for 

12 ‘‘$500’’. 

13 (B) PHASEOUT.—In the case of a taxpayer 

14 to whom subparagraph (A)(ii) does not apply, 

15 the $500 amount under subparagraph (A)(i) 

16 shall be reduced (but not below zero) by $10 for 

17 each $1,000 (or fraction thereof) by which the 

18 taxpayer’s modified adjusted gross income for 

19 the taxable year exceeds $75,000 ($150,000 in 

20 the case of a joint return). 

21 (C) MARRIED COUPLES MUST FILE JOINT

22 RETURN.—If the taxpayer is married at the 

23 close of the taxable year, subparagraph (A) 

24 shall apply only if the taxpayer and the taxVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00029 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
30 

•HR 7162 IH

1 payer’s spouse file a joint return for the taxable 

2 year. 

3 (D) DEPOSIT ON BEHALF OF CHILDREN IN

4 FOSTER CARE.—At an appropriate time each 

5 year as determined by the Secretary of the 

6 Treasury in coordination with the Administra7 tion for Children and Families, such Secretary 

8 shall deposit $750 into the 401Kids Savings 

9 Account established under the Federal 401Kids 

10 Account Program or a 401Kids Account Pro11 gram established and maintained by a State for 

12 any eligible individual in foster care, in any 

13 State, with respect to whom no deposit was 

14 made for such year under subparagraph (A). 

15 (5) MATCHING CONTRIBUTIONS FOR EARNED

16 INCOME CREDIT ELIGIBLE FAMILIES.—If a credit is 

17 allowable under section 32 of the Internal Revenue 

18 Code of 1986 to the parent or guardian or an eligi19 ble individual for a taxable year, the Secretary of the 

20 Treasury shall deposit, at the same time as the an21 nual deposit under paragraph (4)(A), into the 

22 401Kids Savings Account established for such eligi23 ble individual under the Federal 401Kids Account 

24 Program or a 401Kids Account Program established 

25 and maintained by a State an amount equal to so 


ssavage on LAPJG3WLY3PROD with BILLS
31 

•HR 7162 IH

1 much of the contributions made by the parent or 

2 guardian of the eligible individual to such account 

3 during the preceding taxable year as does not exceed 

4 $250. Such deposit shall be made in addition to the 

5 deposit under paragraph (4). 

6 (6) DESIGNATED CUSTODIAN.—For purposes of 

7 this section, the designated custodian is the person 

8 designated by the Secretary of the Treasury to act 

9 as custodian of the 401Kids Savings Accounts estab10 lished on behalf of participants in the Federal 

11 401Kids Account Program. 

12 (7) INFLATION ADJUSTMENTS.— 

13 (A) IN GENERAL.—In the case of any cal14 endar year after 2024, the $2,500 amount in 

15 paragraph (3)(B), the $500 amount in para16 graphs (4)(A), (4)(B), and (4)(D), the $750 

17 amount in paragraphs (4)(A) and (4)(D), and 

18 the $250 amount in paragraph (5) shall each be 

19 increased by an amount equal to— 

20 (i) such dollar amount; multiplied by 

21 (ii) the cost-of-living adjustment de22 termined under section 1(f)(3) of the In23 ternal Revenue Code of 1986 for the cal24 endar year, determined by substituting 


ssavage on LAPJG3WLY3PROD with BILLS
32 

•HR 7162 IH

1 ‘‘calendar year 2023’’ for ‘‘calendar year 

2 2016’’ in subparagraph (A)(ii) thereof. 

3 (B) ROUNDING.—If any dollar amount in4 creased under subparagraph (A) is not a mul5 tiple of $5, such dollar amount shall be rounded 

6 to the nearest multiple of $5. 

7 (8) ACCOUNTS MAY NOT BE ASSIGNED.—An ac8 count established on behalf of an individual under 

9 the Federal 401Kids Account Program may not be 

10 pledged or assigned to any other person. 

11 (9) MODIFIED ADJUSTED GROSS INCOME.—For 

12 purposes of this subsection, the term ‘‘modified ad13 justed gross income’’ means adjusted gross income 

14 (as defined in section 62 of the Internal Revenue 

15 Code of 1986) increased by— 

16 (A) any amount excluded from gross in17 come under section 911 of such Code, 

18 (B) any amount of interest received or ac19 crued by the taxpayer during the taxable year 

20 which is exempt from tax, and 

21 (C) an amount equal to the portion of the 

22 taxpayer’s social security benefits (as defined in 

23 section 86(d) of such Code) which is not in24 cluded in gross income under such section 86 

25 for the taxable year. 


ssavage on LAPJG3WLY3PROD with BILLS
33 

•HR 7162 IH

1 (c) DISTRIBUTIONS FROM 401KIDS SAVINGS AC2 COUNT.— 

3 (1) IN GENERAL.—Amounts in a 401Kids Sav4 ings Account under the Federal 401Kids Account 

5 Program— 

6 (A) after the date the individual on whose 

7 behalf the account was established attains age 

8 18, may be— 

9 (i) distributed to such individual in 

10 cash, 

11 (ii) transferred directly to an eligible 

12 educational institution, mortgagee, lender, 

13 or guarantor with respect to an expense 

14 described in section 529(f)(4)(E)(i) of the 

15 Internal Revenue Code of 1986, or 

16 (iii) contributed in a direct transfer to 

17 an ABLE account (as defined in section 

18 529A(e)(6) of the Internal Revenue Code 

19 of 1986) or a Roth IRA (as defined in sec20 tion 408A of such Code) of the individual, 

21 and 

22 (B) if the individual whose behalf the ac23 count was established does not elect to receive 

24 any such distribution, shall remain in the ac25 count. 


ssavage on LAPJG3WLY3PROD with BILLS
34 

•HR 7162 IH

1 (2) TREATMENT OF DISTRIBUTIONS.— 

2 (A) IN GENERAL.—No amount shall be in3 cludible in gross income for purposes of the In4 ternal Revenue Code of 1986 by reason of any 

5 cash distribution from an account under the 

6 Federal 401Kids Account Program which is 

7 made after the date the individual on whose be8 half such account was established attains age 

9 18, to the extent such distribution does not ex10 ceed the qualified expenses of the individual (as 

11 defined in section 529(f)(4)(E) of such Code) 

12 which are paid or incurred during the taxable 

13 year of the distribution. 

14 (B) TREATMENT OF ROLLOVERS.—The 

15 rules of section 529(f)(4)(C) of such Code shall 

16 apply in the case of a rollover distribution de17 scribed in paragraph (1)(A)(iii). 

18 (d) ELIGIBLE INDIVIDUAL.—For purposes of this 

19 section, with respect to any calendar year, the term ‘‘eligi20 ble individual’’ means a child who has not attained age 

21 18 as of the last day of such calendar year and is a citizen 

22 of the United States. 

23 (e) INVESTMENT OF ACCOUNT ASSETS.—The Sec24 retary of the Treasury shall ensure that amounts in the 

25 Federal 401Kids Account Program are invested so as to 


ssavage on LAPJG3WLY3PROD with BILLS
35 

•HR 7162 IH

1 maximize returns over the first 18 years of the life of an 

2 eligible individual on whose behalf a 401Kids Savings Ac3 count is established under such program, and shall re4 evaluate the investment of such amounts after an eligible 

5 individual attains age 18 to ensure amounts are available 

6 and growing for uses later in the individual’s life. The Sec7 retary of the Treasury may, in the Secretary’s discretion, 

8 permit some or all eligible individuals to exercise control 

9 over the investment of account assets other than amounts 

10 attributable to deposits under paragraph (4) or (5) of sub11 section (b) (including any gain or loss attributable there12 to). 

13 (f) REPORTS.— 

14 (1) IN GENERAL.—The designated custodian 

15 shall make such reports regarding the Federal 

16 401Kids Account Program to the Secretary of the 

17 Treasury and to individuals on whose behalf ac18 counts are established under such program with re19 spect to contributions, distributions, and such other 

20 matters as the Secretary of the Treasury may re21 quire. The reports required by this paragraph shall 

22 be filed at such time and in such manner and fur23 nished to such individuals at such time and in such 

24 manner as may be required by the Secretary of the 

25 Treasury. 


ssavage on LAPJG3WLY3PROD with BILLS
36 

•HR 7162 IH

1 (2) ROLLOVER DISTRIBUTIONS.—In the case of 

2 any distribution described in subsection 

3 (c)(1)(A)(iii), the designated custodian shall provide 

4 a report to the trustee of the Roth IRA or ABLE 

5 account to which the distribution is made. Such re6 port shall be filed at such time and in such manner 

7 as the Secretary of the Treasury may require and 

8 shall include information with respect to the con9 tributions, distributions, and earnings of the account 

10 under the Federal 401Kids Account program as of 

11 the date of the distribution described in subsection 

12 (c)(1)(A)(iii), together with such other matters as 

13 the Secretary of the Treasury may require. 

14 SEC. 4. TREATMENT OF ACCOUNTS UNDER CERTAIN FED15 ERAL PROGRAMS. 

16 (a) ACCOUNT FUNDS DISREGARDED FOR PURPOSES

17 OF CERTAIN OTHER MEANS-TESTED FEDERAL PRO18 GRAMS.—Notwithstanding any other provision of Federal 

19 law that requires consideration of one or more financial 

20 circumstances of an individual, for the purpose of deter21 mining eligibility to receive, or the amount of, any assist22 ance or benefit authorized by such provision to be provided 

23 to or for the benefit of such individual, any amount (in24 cluding earnings thereon) in an individual’s account estab25 lished under a 401Kids Account Program (as defined in 


ssavage on LAPJG3WLY3PROD with BILLS
37 

•HR 7162 IH

1 section 529(f) of the Internal Revenue Code of 1986) or 

2 the Federal 401Kids Account Program pursuant to sec3 tion 3, any contributions to such account, and any dis4 tribution (or portion thereof) shall be disregarded for such 

5 purpose with respect to any period during which such indi6 vidual maintains, makes contributions to, or receives dis7 tributions from such account, except that— 

8 (1) a distribution for qualified acquisition costs 

9 (within the meaning of section 529(f)(4)(E)(ii) of 

10 such Code) shall not be so disregarded; and 

11 (2) any amount (including such earnings) in 

12 such account shall be considered a resource of the 

13 individual to the extent that such amount exceeds 

14 $100,000. 

15 (b) SUSPENSION OF SSI BENEFITS DURING PERI16 ODS OF EXCESSIVE ACCOUNT FUNDS.— 

17 (1) IN GENERAL.—The benefits of an individual 

18 under the supplemental security income program 

19 under title XVI of the Social Security Act shall not 

20 be terminated, but shall be suspended, by reason of 

21 excess resources of the individual attributable to an 

22 amount in the account of the individual established 

23 under a 401Kids Account Program which is not dis24 regarded under subsection (a). 


ssavage on LAPJG3WLY3PROD with BILLS
38 

•HR 7162 IH

1 (2) NO IMPACT ON MEDICAID ELIGIBILITY.—An 

2 individual who would be receiving payment of such 

3 supplemental security income benefits but for the 

4 application of paragraph (1) shall be treated for pur5 poses of title XIX of the Social Security Act as if 

6 the individual continued to be receiving payment of 

7 such benefits. 

8 SEC. 5. DISCLOSURE OF TAXPAYER INFORMATION, ETC. 

9 (a) IN GENERAL.—Subsection (l) of section 6103 of 

10 the Internal Revenue Code of 1986 is amended by adding 

11 at the end the following new paragraph: 

12 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

13 FOR PURPOSES OF ADMINISTRATION OF 401KIDS AC14 COUNT PROGRAMS.—The Secretary shall disclose to 

15 any officer or employee of the Department of the 

16 Treasury, as necessary for the administration of the 

17 Federal 401Kids Account Program established 

18 under section 3(a) of the 401Kids Savings Account 

19 Act of 2024 and the requirements of paragraphs (4) 

20 and (5) of section 3(b) of such Act, return informa21 tion relating to taxpayer identity, dependents, ad22 justed gross income, and whether the taxpayer has 

23 claimed the earned income credit under section 32 

24 for the taxable year.’’. 


ssavage on LAPJG3WLY3PROD with BILLS
39 

•HR 7162 IH

1 (b) PROHIBITION OF REDISCLOSURE.—Paragraph 

2 (3) of section 6103(a) of the Internal Revenue Code of 

3 1986 is amended by striking ‘‘or (21)’’ and inserting 

4 ‘‘(21), or (23)’’. 

5 (c) DATA SHARING.—The Secretary of the Treasury 

6 shall enter into an agreement with the Commissioner of 

7 Social Security, the Secretary of State, and the Director 

8 of the United States Citizenship and Immigration Services 

9 to share data regarding births and naturalizations of chil10 dren under the age of 18 solely for purposes of— 

11 (1) establishing accounts under the Federal 

12 401Kids Account Program, and 

13 (2) making deposits pursuant to paragraphs (4) 

14 and (5) of section 3. 

15 (d) USE OF SOCIAL SECURITY NUMBERS.—Section 

16 205(c)(2)(C) of the Social Security Act (42 U.S.C. 

17 405(c)(2)(C)) is amended by adding at the end the fol18 lowing new clause: 

19 ‘‘(xiv) The Secretary of the Treasury, 

20 for purposes of the Federal 401Kids Ac21 count Program established under section 

22 3(a) of the 401Kids Savings Account Act 

23 of 2024, and any State that elects to es24 tablish a 401Kids Account Program pursu25 ant to section 529(f) of the Internal RevVerDate Sep 11 2014 22:43 Feb 13, 2024 Jkt 049200 PO 00000 Frm 00039 Fmt 6652 Sfmt 6201 E:\BILLS\H7162.IH H7162

ssavage on LAPJG3WLY3PROD with BILLS
40 

•HR 7162 IH

1 enue Code of 1986, are authorized to col2 lect and use the names and social security 

3 account numbers of individuals as required 

4 to establish and maintain such accounts.’’. 

5 SEC. 6. TREASURY AUDIT OF STATE PROGRAMS. 

6 The Secretary of the Treasury is authorized— 

7 (1) to conduct audits of 401Kids Account Pro8 grams established pursuant to section 529(f) of the 

9 Internal Revenue Code of 1986 by States, and to as10 sume management of any such program as part of 

11 the Federal 401Kids Account Program under section 

12 3 in the event that such a program does not meet 

13 the requirements of such section 529(f), and 

14 (2) to require informational reports from States 

15 maintaining such a 401Kids Account Program. 

16 SEC. 7. STATE. 

17 For purposes of this Act, the term ‘‘State’’ includes 

18 the District of Columbia, any possession of the United 

19 States, and any Indian tribe (as defined in section 

20 45A(c)(6) of the Internal Revenue Code of 1986). 

21 SEC. 8. APPROPRIATION. 

22 There is hereby appropriated to the Secretary of the 

23 Treasury, to remain available until spent without fiscal 

24 year limitation— 


ssavage on LAPJG3WLY3PROD with BILLS
41 

•HR 7162 IH

1 (1) $100,000,000 for the implementation and 

2 administration of this Act (other than the purposes 

3 described in paragraphs (2), (3), and (4)); 

4 (2) $30,000,000 for each fiscal year beginning 

5 with fiscal year 2024 for the administration of the 

6 Federal 401Kids Account Program; 

7 (3) such sums as are necessary to assist States 

8 in the establishment of a 401 Kids Account Program 

9 pursuant to section 529(f) of the Internal Revenue 

10 Code of 1986 (according to such procedures as the 

11 Secretary shall determine); and 

12 (4) such sums as are necessary to make con13 tributions to Federal 401Kids Accounts as required 

14 under paragraphs (4) and (5) of section 3(b). 

Æ 


ssavage on LAPJG3WLY3PROD with BILLS