II 

117TH CONGRESS 

2D SESSION S. 4310 

To allow employers to offer pension-linked emergency savings accounts for 

financial emergencies, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 25, 2022 

Mr. BOOKER (for himself and Mr. YOUNG) introduced the following bill; which 

was read twice and referred to the Committee on Finance 

A BILL 

To allow employers to offer pension-linked emergency savings 

accounts for financial emergencies, 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 ‘‘Emergency Savings 

5 Act of 2022’’. 

6 SEC. 2. EMERGENCY SAVINGS ACCOUNTS LINKED TO DE7 FINED CONTRIBUTION PLANS. 

8 (a) EMPLOYEE PENSION BENEFIT PLANS.—Section 

9 3 of the Employee Retirement Income Security Act (29 

10 U.S.C. 1002) is amended— 


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1 (1) in paragraph (2)(A), by inserting after the 

2 first sentence the following: ‘‘A pension plan may in3 clude a pension-linked emergency savings account.’’; 

4 and 

5 (2) by adding at the end the following: 

6 ‘‘(45) PENSION-LINKED EMERGENCY SAVINGS

7 ACCOUNT.—The term ‘pension-linked emergency sav8 ings account’ means an account established or main9 tained by a sponsor of a defined contribution plan 

10 for purposes of offering or providing a participant of 

11 such plan the opportunity to maintain a short-term 

12 savings account that— 

13 ‘‘(A) is offered as part of such defined con14 tribution plan; 

15 ‘‘(B) accepts only— 

16 ‘‘(i) participant contributions which 

17 are treated in the same manner as Roth 

18 contributions for purposes of inclusion in 

19 gross income; and 

20 ‘‘(ii) employer contributions which are 

21 includible in gross income of the partici22 pant for purposes of the Internal Revenue 

23 Code of 1986; and 

24 ‘‘(C) meets the requirements of part 8 of 

25 subtitle B.’’. 


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1 (b) PENSION-LINKED EMERGENCY SAVINGS AC2 COUNTS.— 

3 (1) IN GENERAL.—Subtitle B of title I of the 

4 Employee Retirement Income Security Act (29 

5 U.S.C. 1021 et seq.) is amended by adding at the 

6 end the following: 

7 ‘‘PART 8—PENSION-LINKED EMERGENCY 

8 SAVINGS ACCOUNTS 

9 ‘‘SEC. 801. PENSION-LINKED EMERGENCY SAVINGS AC10 COUNTS. 

11 ‘‘(a) IN GENERAL.—A plan sponsor of a defined con12 tribution plan may make available to participants of such 

13 pension plan a pension-linked emergency savings account. 

14 A plan sponsor that offers participants a pension-linked 

15 emergency savings account may deduct amounts from 

16 each participating employee’s compensation in accordance 

17 with subsection (c) and deposit such amounts, and any 

18 employer contributions under such subsection, to an ac19 count that meets the requirements of subsection (b). 

20 ‘‘(b) ACCOUNT REQUIREMENTS.— 

21 ‘‘(1) IN GENERAL.—A pension-linked emer22 gency savings account offered in accordance with 

23 subsection (a) shall— 

24 ‘‘(A) not have a minimum account balance 

25 requirement; 


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1 ‘‘(B) allow for withdrawal by the partici2 pant of the account balance, in whole or in part 

3 at the discretion of the participant, at least 

4 once per calendar month and for distribution of 

5 such withdrawal to the participant as soon as 

6 practicable but, other than in exceptional cir7 cumstances, not later than 1 week from the 

8 date on which the participant elects to make 

9 such withdrawal; 

10 ‘‘(C) be held as cash, in an interest-bearing 

11 deposit account, or in an investment or insur12 ance product designed to preserve principal and 

13 provide a reasonable rate of return, whether or 

14 not such return is guaranteed, consistent with 

15 liquidity; and 

16 ‘‘(D) not be subject to— 

17 ‘‘(i) any unreasonable fees, restric18 tions, expenses, or charges in connection 

19 with such pension-linked emergency sav20 ings account; and 

21 ‘‘(ii) any fees in connection with the 

22 withdrawal of funds from such pension23 linked emergency savings account other 

24 than reasonable reimbursement fees im25 posed for paper mailings and the handling 


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1 of paper checks related to such pension2 linked emergency savings account. 

3 ‘‘(2) ESTABLISHMENT AND TERMINATION OF

4 ACCOUNT.— 

5 ‘‘(A) ESTABLISHMENT OF ACCOUNT.—The 

6 establishment of a pension-linked emergency 

7 savings account shall be included in the defined 

8 contribution plan document of the associated 

9 defined contribution plan. 

10 ‘‘(B) TERMINATION OF ACCOUNT.—A plan 

11 sponsor may terminate the pension-linked emer12 gency savings account feature of an associated 

13 defined contribution plan at any time. Such ter14 mination shall be treated as if a termination of 

15 employment had occurred in accordance with 

16 subsection (d), except the reasonable time de17 scribed in such subsection shall be as soon as 

18 practicable not later than 60 days after the 

19 date of such termination of the pension-linked 

20 emergency savings account feature of such asso21 ciated defined contribution plan. 

22 ‘‘(c) ACCOUNT CONTRIBUTIONS.— 

23 ‘‘(1) EMPLOYER CONTRIBUTIONS.— 

24 ‘‘(A) IN GENERAL.—Subject to the max25 imum account balance under paragraph (3), a 


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1 plan sponsor may, without regard to any elec2 tion otherwise by a participant, deposit to the 

3 pension-linked emergency savings account of 

4 the participant an amount in addition to the 

5 amount contributed by the participant under 

6 paragraph (2). 

7 ‘‘(B) EMPLOYER CONTRIBUTIONS.—Em8 ployer contributions shall be included in the 

9 gross income of a participant for purposes of 

10 the Internal Revenue Code of 1986. 

11 ‘‘(2) PARTICIPANT CONTRIBUTIONS.— 

12 ‘‘(A) IN GENERAL.—Subject to the max13 imum account balance under paragraph (3)— 

14 ‘‘(i) a plan sponsor may automatically 

15 enroll a participant in the pension-linked 

16 emergency savings account at a participant 

17 contribution rate selected by the plan spon18 sor, which, unless the participant affirma19 tively elects a different percentage of the 

20 compensation of the participant to be con21 tributed to the pension-linked emergency 

22 savings account, may not exceed 3 percent 

23 of the compensation of the participant; or 

24 ‘‘(ii) a participant may enroll in the 

25 pension-linked emergency savings account 


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1 at a participant contribution rate selected 

2 by the participant. 

3 ‘‘(B) CONTROL OF TRANSFER.—A partici4 pant, at any time (subject to such reasonable 

5 advance notice as is required by the plan ad6 ministrator), may— 

7 ‘‘(i) adjust the participant contribu8 tion rate under subparagraph (A) to the 

9 pension-linked emergency savings account 

10 of the participant; or 

11 ‘‘(ii) opt out of or pause for a speci12 fied period of time such contributions. 

13 ‘‘(C) ADJUSTMENT OF PARTICIPANT CON14 TRIBUTION RATE BY PLAN SPONSOR.—A plan 

15 sponsor may adjust the participant contribution 

16 rate selected by such plan sponsor described in 

17 subparagraph (A)(i) not more than once annu18 ally. 

19 ‘‘(3) ACCOUNT LIMITS.— 

20 ‘‘(A) IN GENERAL.—Subject to subpara21 graph (B), no contributions under paragraphs 

22 (1) and (2) shall be accepted to the extent such 

23 contributions would cause the balance of the 

24 pension-linked emergency savings account to ex25 ceed the lesser of— 


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1 ‘‘(i) $2,500; or 

2 ‘‘(ii) an amount determined by the 

3 plan sponsor of the pension-linked emer4 gency savings account. 

5 In the case of contributions made in taxable 

6 years beginning after December 1, 2023, the 

7 Secretary shall adjust the amount under clause 

8 (i) at the same time and in the same manner 

9 as the adjustment made by the Secretary of the 

10 Treasury under section 415(d) of the Internal 

11 Revenue Code of 1986, except that the base pe12 riod shall be the calendar quarter beginning 

13 July 1, 2022. Any increase under the preceding 

14 sentence which is not a multiple of $100 shall 

15 be rounded to the next lowest multiple of $100. 

16 ‘‘(B) EXCESS CONTRIBUTIONS DIRECTED

17 TO PLAN.—To the extent any elected contribu18 tions under paragraphs (1) and (2) to the pen19 sion-linked emergency savings account of a par20 ticipant for a taxable year would cause the bal21 ance of the pension-linked emergency savings 

22 account to exceed the maximum account bal23 ance described in subparagraph (A)— 

24 ‘‘(i) the participant may be treated as 

25 having elected to increase the participant’s 


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1 contributions to the associated defined con2 tribution plan by an amount not more than 

3 the rate at which contributions were being 

4 made to the pension-linked emergency sav5 ings account; and 

6 ‘‘(ii) any such contributions shall be 

7 treated as elective deferrals (as such term 

8 is defined in section 402(g)(3) of the Inter9 nal Revenue Code of 1986) under such 

10 plan and shall be contributed to the plan 

11 on behalf of the participant instead of to 

12 the pension-linked emergency savings ac13 count. 

14 ‘‘(4) DISCLOSURE BY PLAN SPONSOR OF

15 TRANSFER.— 

16 ‘‘(A) IN GENERAL.—Not less than 15 days 

17 prior to the date on which the first transfer 

18 under this subsection occurs, the percentage of 

19 compensation and amount of the participant’s 

20 compensation transferred under paragraph (1) 

21 is adjusted, or the plan sponsor adjusts the per22 centage of compensation of the automatic par23 ticipant contribution under paragraph (2)(A)(i), 

24 the plan sponsor shall provide to the participant 

25 notice of— 


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1 ‘‘(i) the purpose of the account being 

2 for short-term, emergency savings; 

3 ‘‘(ii) the amount of the intended con4 tribution or the change in the percentage 

5 of the compensation of the participant of 

6 such contribution; 

7 ‘‘(iii) in accordance with paragraph 

8 (2)(B), the instructions on how to— 

9 ‘‘(I) adjust the participant con10 tribution rate under paragraph (2)(A) 

11 to the pension-linked emergency sav12 ings account of the participant; or 

13 ‘‘(II) opt out of or pause for a 

14 specified period of time such contribu15 tions; 

16 ‘‘(iv) how such contributions will be 

17 invested; 

18 ‘‘(v) the limits on, and tax treatment 

19 of, such contributions; 

20 ‘‘(vi) any fees, expenses, or charges 

21 associated with such pension-linked emer22 gency savings account; and 

23 ‘‘(vii) procedures for participant with24 drawals from such pension-linked emerVerDate Sep 11 2014 21:33 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S4310.IS S4310

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1 gency savings account, including any limits 

2 on frequency. 

3 ‘‘(B) CONSOLIDATED NOTICES.—The re4 quired notices under subparagraph (A) may be 

5 included with any other notice under this Act, 

6 including under section 404(c)(5)(B) or 

7 514(e)(3), or under section 401(k)(13)(E) or 

8 414(w)(4) of the Internal Revenue Code of 

9 1986, if such other notice is provided to the 

10 participant not less than 15 days prior to the 

11 date described in such subparagraph and not 

12 more than 60 days prior to the date on which 

13 the first transfer under this subsection occurs. 

14 ‘‘(5) EMPLOYER MATCHING CONTRIBUTIONS TO

15 A DEFINED CONTRIBUTION PLAN FOR EMPLOYEE

16 CONTRIBUTIONS TO A PENSION-LINKED EMERGENCY

17 SAVINGS ACCOUNT.— 

18 ‘‘(A) IN GENERAL.—If an employer makes 

19 any matching contributions to a defined con20 tribution plan of which a pension-linked emer21 gency savings account is part— 

22 ‘‘(i) any contribution under paragraph 

23 (2) to a pension-linked emergency savings 

24 account of the participant shall be treated 

25 as an elective deferral for purposes of 


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1 matching contributions by such employer 

2 to such defined contribution plan; and 

3 ‘‘(ii) such employer shall make match4 ing contributions on behalf of such partici5 pant to the associated defined contribution 

6 plan on account of such contributions 

7 under paragraph (2) at the same rate as 

8 any other matching contribution on ac9 count of an elective deferral by such par10 ticipant. 

11 To the extent any such matching contribution 

12 exceeds the maximum account balance under 

13 paragraph (3)(A), such contributions shall be 

14 contributed to the plan as provided in para15 graph (3)(B). 

16 ‘‘(B) DEFINITIONS.—For purposes of sub17 paragraph (A), the terms ‘matching contribu18 tion’ and ‘elective deferral’ shall have the mean19 ings given such terms in section 401(m)(4) of 

20 the Internal Revenue Code of 1986. 

21 ‘‘(d) ACCOUNT BALANCE AFTER TERMINATION OF

22 EMPLOYMENT.—Upon termination of employment of the 

23 participant, the pension-linked emergency savings account 

24 of such participant shall— 


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1 ‘‘(1) allow, as relevant, for transfer by the par2 ticipant of the account balance of such account, in 

3 whole or in part, into the designated Roth account 

4 (within the meaning of section 402A of the Internal 

5 Revenue Code of 1986) of the participant under the 

6 associated defined contribution plan; and 

7 ‘‘(2) for any amounts in such account not 

8 transferred under paragraph (1), make such 

9 amounts available within a reasonable time not later 

10 than the earlier of the date on which the employer 

11 contributing to the plan makes the final compensa12 tion payment related to such employment or 60 days 

13 after the date of such termination— 

14 ‘‘(A) to the participant or the beneficiary; 

15 or 

16 ‘‘(B) as a direct rollover to a Roth IRA (as 

17 defined in section 408A(b) of the Internal Rev18 enue Code of 1986) of such participant. 

19 ‘‘(e) COORDINATION WITH PLAN HARDSHIP

20 RULES.—Under the terms of the plan of which a pension21 linked emergency savings account is a part, a participant 

22 shall be required to withdraw all amounts in a pension23 linked emergency savings account of the participant before 

24 receiving any plan distribution which is based on financial 

25 hardship or any loan from the plan. 


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1 ‘‘SEC. 802. ANNUAL NOTICE FOR PENSION-LINKED EMER2 GENCY SAVINGS ACCOUNT. 

3 ‘‘(a) IN GENERAL.—At least annually, the plan spon4 sor of a pension-linked emergency savings account shall 

5 provide to the pension-linked emergency savings account 

6 participant a notice containing such information as the 

7 Secretary may require, including a description of— 

8 ‘‘(1) the purpose and tax treatment of the pen9 sion-linked emergency savings account and contribu10 tions; 

11 ‘‘(2) procedures for opting out of the pension12 linked emergency savings account, changing partici13 pant contribution rates for such account, and mak14 ing withdrawals from such account, and limits on 

15 contributions and withdrawals; 

16 ‘‘(3) designated investment options for amounts 

17 contributed to the pension-linked emergency savings 

18 account; 

19 ‘‘(4) the options under section 801(d) for the 

20 account balance of the pension-linked emergency 

21 savings account after termination of the employment 

22 of the participant; 

23 ‘‘(5) any fees, expenses, or charges associated 

24 with such pension-linked emergency savings account; 

25 and 


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1 ‘‘(6) the amount that a participant has contrib2 uted to the pension-linked emergency savings ac3 count and the amount the plan sponsor has contrib4 uted to such pension-linked emergency savings ac5 count for the plan year, and the account balance. 

6 ‘‘(b) CONSOLIDATED NOTICES.—The required notice 

7 under subparagraph (A) may be included with any other 

8 notice under this Act if such other notice is provided to 

9 the participant at least annually. 

10 ‘‘SEC. 803. PREEMPTION OF STATE ANTI-GARNISHMENT 

11 LAWS. 

12 ‘‘Notwithstanding any other provision of law, this 

13 part shall supersede any law of a State which would di14 rectly or indirectly prohibit or restrict the use of an auto15 matic contribution arrangement, in accordance with sec16 tion 801(c)(2), for a pension-linked emergency savings ac17 count. The Secretary may promulgate regulations to es18 tablish minimum standards that such an arrangement 

19 would be required to satisfy in order for this subsection 

20 to apply with respect to such an account. 

21 ‘‘SEC. 804. REPORTING AND DISCLOSURE REQUIREMENTS. 

22 ‘‘The Secretary shall prescribe such regulations as 

23 may be necessary to address reporting and disclosure re24 quirements for pension-linked emergency savings accounts 

25 in order to prevent unnecessary reporting and disclosure 


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1 for such accounts under this Act, including for purposes 

2 of any reporting or disclosure related to pension plans re3 quired by this title or title IV or under the Internal Rev4 enue Code of 1986. 

5 ‘‘SEC. 805. REPORT TO CONGRESS ON MAXIMUM ACCOUNT 

6 BALANCE LIMITS. 

7 ‘‘The Secretary of Labor and the Secretary of the 

8 Treasury shall— 

9 ‘‘(1) conduct a study on the use of emergency 

10 savings from a pension-linked emergency savings ac11 count regarding— 

12 ‘‘(A) whether the maximum account bal13 ance under section 801(c)(3) is sufficient; 

14 ‘‘(B) whether the limitation on contribu15 tions under sections 801(c)(2)(A)(i) are appro16 priate; and 

17 ‘‘(C) the participation rate of such ac18 counts by plan sponsors and participants and 

19 the resulting impact on participant retirement 

20 savings, including the impact on retirement sav21 ings leakage and the effect of such accounts on 

22 retirement plan participation by low- and mod23 erate-income households; and 

24 ‘‘(2) not later than 7 years after the date of en25 actment of the Emergency Savings Act of 2022, subVerDate Sep 11 2014 03:08 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\S4310.IS S4310

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1 mit to Congress a report on the findings of the 

2 study under paragraph (1).’’. 

3 (2) CLERICAL AMENDMENT.—The table of con4 tents in section 1 of the Employee Retirement In5 come Security Act of 1974 (29 U.S.C. 1001 note) is 

6 amended by inserting after the item relating to sec7 tion 734 the following new items: 

‘‘PART 8. PENSION-LINKED EMERGENCY SAVINGS ACCOUNTS

‘‘801. Pension-linked emergency savings accounts. 

‘‘802. Annual notice for pension-linked emergency savings account. 

‘‘803. Preemption of State anti-garnishment laws. 

‘‘804. Reporting and disclosure requirements. 

‘‘805. Report to Congress on maximum account balance limits.’’. 

8 (c) REPORTING FOR A PENSION-LINKED EMER9 GENCY SAVINGS ACCOUNT.— 

10 (1) ALTERNATIVE METHODS OF COMPLI11 ANCE.—Section 110(a) of the Employee Retirement 

12 Income Security Act (29 U.S.C. 1030(a)) is amend13 ed by inserting ‘‘(including pension-linked emergency 

14 savings accounts offered in conjunction with a pen15 sion plan)’’ after ‘‘class of pension plans’’. 

16 (2) MINIMIZED REPORTING BURDEN FOR PEN17 SION-LINKED EMERGENCY SAVINGS ACCOUNTS.— 

18 Section 101 of such Act (29 U.S.C. 1021) is amend19 ed— 

20 (A) by redesignating subsection (n) as sub21 section (o); and 


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1 (B) by inserting after subsection (m) the 

2 following: 

3 ‘‘(n) PENSION-LINKED EMERGENCY SAVINGS AC4 COUNTS.— 

5 ‘‘(1) IN GENERAL.—The requirements of sub6 section (a) shall not apply to a pension-linked emer7 gency savings account made available under section 

8 801. 

9 ‘‘(2) SIMPLIFIED REPORTING.—Nothing in this 

10 subsection shall preclude the Secretary from pro11 viding, by regulations or otherwise, simplified report12 ing procedures or requirements for such a pension13 linked emergency savings account.’’. 

14 (d) FIDUCIARY DUTY.—Section 404(c) of the Em15 ployee Retirement Income Security Act (29 U.S.C. 

16 1104(c)) is amended by adding at the end the following: 

17 ‘‘(6) DEFAULT INVESTMENT ARRANGEMENTS

18 FOR A PENSION-LINKED EMERGENCY SAVINGS AC19 COUNT.—For purposes of paragraph (1), a partici20 pant in a pension-linked emergency savings account 

21 shall be treated as exercising control over the assets 

22 in the account with respect to the amount of con23 tributions and earnings which are invested in accord24 ance with section 801(b)(1)(C).’’. 


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1 (e) TAX TREATMENT OF PENSION-LINKED EMER2 GENCY SAVINGS ACCOUNTS.— 

3 (1) IN GENERAL.—Subpart A of part I of sub4 chapter D of chapter 1 of the Internal Revenue Code 

5 of 1986 is amended by inserting after section 409A 

6 the following new section: 

7 ‘‘SEC. 409B. PENSION-LINKED EMERGENCY SAVINGS AC8 COUNTS. 

9 ‘‘(a) IN GENERAL.—Any pension-linked emergency 

10 savings account established pursuant to section 801 of the 

11 Employee Retirement Income Security Act of 1974 shall 

12 be treated for purposes of this title as provided in this 

13 section. 

14 ‘‘(b) TREATMENT AS AFTER-TAX CONTRIBUTIONS.— 

15 Any contribution to a pension-linked emergency savings 

16 account shall be— 

17 ‘‘(1) an employee contribution, or 

18 ‘‘(2) if made by an employer, shall be includible 

19 in gross income of the employee. 

20 ‘‘(c) PLAN QUALIFICATIONS.—Any plan of which a 

21 pension-linked emergency savings account is a part shall 

22 not be treated as failing to meet any requirement of this 

23 chapter solely by reason of including such account, or sole24 ly by reason of allowing distributions from such account 


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1 in a manner consistent with section 801(b)(1)(B) of the 

2 Employee Retirement Income Security Act of 1974. 

3 ‘‘(d) COORDINATION WITH PLAN.— 

4 ‘‘(1) IN GENERAL.—No distribution of amounts 

5 from a pension-linked emergency savings account 

6 shall be contributed or rolled over to any eligible re7 tirement plan (as defined in section 402(c)(8)(B)) 

8 except as provided in paragraph (2). 

9 ‘‘(2) ROLLOVER ON TERMINATION OF EMPLOY10 MENT.—Upon termination of employment of the 

11 participant with the employer sponsoring the plan of 

12 which a pension-linked emergency savings account is 

13 part, the account balance of such account may be 

14 contributed to— 

15 ‘‘(A) a designated Roth account (within 

16 the meaning of section 402A) of the partici17 pant, or 

18 ‘‘(B) a Roth IRA of the participant, 

19 in accordance with section 801(d) of the Employee 

20 Retirement Income Security Act of 1974. Such con21 tribution shall be treated in the same manner as a 

22 rollover contribution to which section 402A(c)(4) ap23 plies or as a qualified rollover contribution within 

24 the meaning of section 408A(e), whichever is appli25 cable, except that subparagraph (F) of section 


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1 408A(d)(3) shall not apply to such contribution (in2 cluding by reason of section 402A(c)(4)(D)). 

3 ‘‘(e) COORDINATION WITH NONDISCRIMINATION RE4 QUIREMENTS AND CONTRIBUTION LIMITATIONS.—For 

5 purposes of paragraphs (4) and (30) of section 401(a), 

6 paragraphs (3), (12), and (13) of section 401(k), section 

7 401(m), section 403(b)(1)(E), and section 415, contribu8 tions to a pension-linked emergency savings account— 

9 ‘‘(1) shall be treated as elective deferrals, and 

10 ‘‘(2) shall be aggregated with contributions to 

11 the plan of which such account is a part. 

12 ‘‘(f) HARDSHIP RULES.—A plan of which a pension13 linked emergency savings account is a part shall not be 

14 treated as failing to meet any requirement of this chapter 

15 solely because under the terms of the plan a participant 

16 is required to withdraw all amounts in a pension-linked 

17 emergency savings account of the participant before re18 ceiving any distribution which is based on financial hard19 ship or any loan from the plan. 

20 ‘‘(g) EXEMPTION FROM ADDITIONAL TAX ON EARLY

21 DISTRIBUTIONS.—A pension-linked emergency savings ac22 count shall not be treated as a qualified retirement plan 

23 for purposes of section 72(t). 

24 ‘‘(h) TREATMENT OF EARNINGS.—Any earnings on 

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1 count shall not be included in gross income, and distribu2 tions from such account shall not be subject to with3 holding.’’. 

4 (2) BASIS RECOVERY.—Section 72(d) of such 

5 Code is amended by adding at the end the following 

6 new paragraph: 

7 ‘‘(3) TREATMENT OF CONTRIBUTIONS TO A

8 PENSION-LINKED EMERGENCY SAVINGS ACCOUNT.— 

9 For purposes of this section, contributions to a pen10 sion-linked emergency savings account to which sec11 tion 409B applies (and any income allocable thereto) 

12 may be treated as a separate contract.’’. 

13 (3) CLERICAL AMENDMENT.—The table of sec14 tions for subpart A of part I of subchapter D of 

15 chapter 1 of such Code is amended by inserting 

16 after the item relating to section 409A the following 

17 new item: 

‘‘Sec. 409B. Pension-linked emergency savings accounts.’’. 

18 (f) JOINT REGULATORY AUTHORITY.—The Secretary 

19 of Labor and the Secretary of the Treasury (or a delegate 

20 of either such Secretary) shall have authority to issue joint 

21 regulations or other guidance, or to coordinate in devel22 oping regulations or other guidance, to carry out the pur23 poses of this Act, including adjustment of the maximum 

24 benefit under section 801(c)(3) of the Employee Retire25 ment Income Security Act, as added by this Act, to acVerDate Sep 11 2014 03:08 Jun 02, 2022 Jkt 029200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\S4310.IS S4310

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1 count for inflation, as well as expansion of corrections pro2 grams, if necessary. 

Æ 


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