```

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1912 Introduced in Senate (IS)]

108th CONGRESS
  1st Session
                                S. 1912

  A bill to amend the Internal Revenue Code of 1986 to expand pension 
    coverage and savings opportunities and to provide other pension 
                                reforms.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           November 21, 2003

  Mr. Jeffords (for himself, Ms. Snowe, and Mr. Hatch) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL

 
  A bill to amend the Internal Revenue Code of 1986 to expand pension 
    coverage and savings opportunities and to provide other pension 
                                reforms.

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

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Retirement Account 
Portability Act of 2003''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.
    (c) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; amendment of 1986 Code; table of contents.
   TITLE I--BUILDING AND PRESERVING RETIREMENT ASSETS AND ENHANCING 
                              PORTABILITY

Sec. 101. Allow rollovers by nonspouse beneficiaries of certain 
                            retirement plan distributions.
Sec. 102. Facilitation under fiduciary rules of certain rollovers and 
                            annuity distributions.
Sec. 103. Faster vesting of employer nonelective contributions.
Sec. 104. Allow rollover of after-tax amounts in annuity contracts.
  TITLE II--EXPANDING RETIREMENT PLAN COVERAGE TO EMPLOYEES OF SMALL 
                               BUSINESSES

Sec. 201. Elimination of higher penalty on certain Simple 
                            distributions.
Sec. 202. Simple plan portability.
TITLE III--EXPANDING RETIREMENT SAVINGS FOR TAX-EXEMPT ORGANIZATION AND 
                          GOVERNMENT EMPLOYEES

Sec. 301. Clarifications regarding purchase of permissive service 
                            credit.
Sec. 302. Eligibility for participation in retirement plans.
                  TITLE IV--SIMPLIFICATION AND EQUITY

Sec. 401. Allow direct rollovers from retirement plans to Roth IRAs.
Sec. 402. Transfers to the PBGC.

   TITLE I--BUILDING AND PRESERVING RETIREMENT ASSETS AND ENHANCING 
                              PORTABILITY

SEC. 101. ALLOW ROLLOVERS BY NONSPOUSE BENEFICIARIES OF CERTAIN 
              RETIREMENT PLAN DISTRIBUTIONS.

    (a) In General.--
            (1) Qualified plans.--Section 402(c) (relating to rollovers 
        from exempt trusts) is amended by adding at the end the 
        following new paragraph:
            ``(11) Distributions to inherited individual retirement 
        plan of nonspouse beneficiary.--
                    ``(A) In general.--If, with respect to any portion 
                of a distribution from an eligible retirement plan of a 
                deceased employee, a direct trustee-to-trustee transfer 
                is made to an individual retirement plan described in 
                clause (i) or (ii) of paragraph (8)(B) established for 
                the purposes of receiving the distribution on behalf of 
                an individual who is a designated beneficiary (as 
                defined by section 401(a)(9)(E)) of the employee and 
                who is not the surviving spouse of the employee--
                            ``(i) the transfer shall be treated as an 
                        eligible rollover distribution for purposes of 
                        this subsection,
                            ``(ii) the individual retirement plan shall 
                        be treated as an inherited individual 
                        retirement account or individual retirement 
                        annuity (within the meaning of section 
                        408(d)(3)(C)) for purposes of this title, and
                            ``(iii) section 401(a)(9)(B) (other than 
                        clause (iv) thereof) shall apply to such plan.
                    ``(B) Certain trusts treated as beneficiaries.--For 
                purposes of this paragraph, to the extent provided in 
                rules prescribed by the Secretary, a trust maintained 
                for the benefit of one or more designated beneficiaries 
                shall be treated in the same manner as a trust 
                designated beneficiary.''.
            (2) Section 403(a) plans.--Subparagraph (B) of section 
        403(a)(4) (relating to rollover amounts) is amended by 
        inserting ``and (11)'' after ``(7)''.
            (3) Section 403(b) plans.--Subparagraph (B) of section 
        403(b)(8) (relating to rollover amounts) is amended by striking 
        ``and (9)'' and inserting ``, (9), and (11)''.
            (4) Section 457 plans.--Subparagraph (B) of section 
        457(e)(16) (relating to rollover amounts) is amended by 
        striking ``and (9)'' and inserting ``, (9), and (11)''.
    (b) Effective Date.--The amendments made by this section shall 
apply to distributions after December 31, 2003.

SEC. 102. FACILITATION UNDER FIDUCIARY RULES OF CERTAIN ROLLOVERS AND 
              ANNUITY DISTRIBUTIONS.

    (a) In General.--Section 404(c) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1104(c)) is amended by adding at the 
end the following new paragraph:
    ``(4)(A) In the case of a pension plan which makes a transfer under 
section 401(a)(31)(A) of the Internal Revenue Code of 1986 to an 
individual retirement plan (as defined in section 7701(a)(37) of such 
Code) in connection with a participant or beneficiary or makes a 
distribution to a participant or beneficiary of an annuity contract 
described in subparagraph (B), the participant or beneficiary shall, 
for purposes of paragraph (1), be treated as exercising control over 
the transfer or distribution if--
            ``(i) the participant or beneficiary elected such transfer 
        or distribution, and
            ``(ii) in connection with such election, the participant or 
        beneficiary was given an opportunity to elect any other 
        individual retirement plan (in the case of a transfer) or any 
        other annuity contract described in subparagraph (B) (in the 
        case of a distribution).
    ``(B) An annuity contract is described in this subparagraph if it 
provides, either on an immediate or deferred basis, a series of 
substantially equal periodic payments (not less frequently than 
annually) for the life of the participant or beneficiary or the joint 
lives of the participant or beneficiary and such individual's 
designated beneficiary. Annuity payments shall not fail to be treated 
as part of a series of substantially equal periodic payments because 
the amount of the periodic payments may vary in accordance with 
investment experience, reallocations among investment options, 
actuarial gains or losses, cost of living indices, or similar 
fluctuating criteria. The availability of a commutation benefit, a 
minimum period of payments certain, or a minimum amount to be paid in 
any event shall not affect the treatment of an annuity contract as an 
annuity contract described in this subparagraph.
    ``(C) Under regulations prescribed by the Secretary, this paragraph 
shall apply without regard to whether the particular individual 
retirement plan receiving the transfer or the particular annuity 
contract being distributed is specifically identified by the pension 
plan as available to the participant or beneficiary.
    ``(D) Notwithstanding the preceding provisions of this paragraph, 
paragraph (1)(B) shall not apply with respect to liability under 
section 406 in connection with the specific identification of any 
individual retirement plan or annuity contract as being available to 
the participant or beneficiary.''.
    (b) Effective Date and Related Rules.--
            (1) Effective date.--The amendment made by this section 
        shall take effect on the date of the enactment of this Act.
            (2) Issuance of final regulations.--Final regulations under 
        section 404(c)(4) of the Employee Retirement Income Security 
        Act of 1974 (added by this section) shall be issued no later 
        than 1 year after the date of the enactment of this Act.

SEC. 103. FASTER VESTING OF EMPLOYER NONELECTIVE CONTRIBUTIONS.

    (a) Amendments to the Internal Revenue Code of 1986.--
            (1) In general.--Paragraph (2) of section 411(a) (relating 
        to employer contributions) is amended to read as follows:
            ``(2) Employer contributions.--
                    ``(A) Defined benefit plans.--
                            ``(i) In general.--In the case of a defined 
                        benefit plan, a plan satisfies the requirements 
                        of this paragraph if it satisfies the 
                        requirements of clause (ii) or (iii).
                            ``(ii) 5-year vesting.--A plan satisfies 
                        the requirements of this clause if an employee 
                        who has completed at least 5 years of service 
                        has a nonforfeitable right to 100 percent of 
                        the employee's accrued benefit derived from 
                        employer contributions.
                            ``(iii) 3 to 7 year vesting.--A plan 
                        satisfies the requirements of this clause if an 
                        employee has a nonforfeitable right to a 
                        percentage of the employee's accrued benefit 
                        derived from employer contributions determined 
                        under the following table:

                  
                                                     The nonforfeitable
                ``Years of service:
                                                       percentage is:  
                    3......................................         20 
                    4......................................         40 
                    5......................................         60 
                    6......................................         80 
                    7 or more..............................        100.
                    ``(B) Defined contribution plans.--
                            ``(i) In general.--In the case of a defined 
                        contribution plan, a plan satisfies the 
                        requirements of this paragraph if it satisfies 
                        the requirements of clause (ii) or (iii).
                            ``(ii) 3-year vesting.--A plan satisfies 
                        the requirements of this clause if an employee 
                        who has completed at least 3 years of service 
                        has a nonforfeitable right to 100 percent of 
                        the employee's accrued benefit derived from 
                        employer contributions.
                            ``(iii) 2 to 6 year vesting.--A plan 
                        satisfies the requirements of this clause if an 
                        employee has a nonforfeitable right to a 
                        percentage of the employee's accrued benefit 
                        derived from employer contributions determined 
                        under the following table:

                  
                                                     The nonforfeitable
                ``Years of service:
                                                       percentage is:  
                    2......................................         20 
                    3......................................         40 
                    4......................................         60 
                    5......................................         80 
                    6......................................     100.''.
            (2) Conforming amendment.--Section 411(a) (relating to 
        general rule for minimum vesting standards) is amended by 
        striking paragraph (12).
    (b) Amendments to the Employee Retirement Income Security Act of 
1974.--
            (1) In general.--Paragraph (2) of section 203(a) of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1053(a)(2)) is amended to read as follows:
            ``(2)(A)(i) In the case of a defined benefit plan, a plan 
        satisfies the requirements of this paragraph if it satisfies 
        the requirements of clause (ii) or (iii).
            ``(ii) A plan satisfies the requirements of this clause if 
        an employee who has completed at least 5 years of service has a 
        nonforfeitable right to 100 percent of the employee's accrued 
        benefit derived from employer contributions.
            ``(iii) A plan satisfies the requirements of this clause if 
        an employee has a nonforfeitable right to a percentage of the 
        employee's accrued benefit derived from employer contributions 
        determined under the following table:

                  
                                                     The nonforfeitable
                ``Years of service:
                                                       percentage is:  
                    3......................................         20 
                    4......................................         40 
                    5......................................         60 
                    6......................................         80 
                    7 or more..............................        100.
            ``(B)(i) In the case of an individual account plan, a plan 
        satisfies the requirements of this paragraph if it satisfies 
        the requirements of clause (ii) or (iii).
            ``(ii) A plan satisfies the requirements of this clause if 
        an employee who has completed at least 3 years of service has a 
        nonforfeitable right to 100 percent of the employee's accrued 
        benefit derived from employer contributions.
            ``(iii) A plan satisfies the requirements of this clause if 
        an employee has a nonforfeitable right to a percentage of the 
        employee's accrued benefit derived from employer contributions 
        determined under the following table:

                  
                                                     The nonforfeitable
                ``Years of service:
                                                       percentage is:  
                    2......................................         20 
                    3......................................         40 
                    4......................................         60 
                    5......................................         80 
                    6......................................     100.''.
            (2) Conforming amendment.--Section 203(a) of such Act is 
        amended by striking paragraph (4).
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to contributions 
        for plan years beginning after December 31, 2003.
            (2) Collective bargaining agreements.--In the case of a 
        plan maintained pursuant to one or more collective bargaining 
        agreements between employee representatives and one or more 
        employers ratified before the date of the enactment of this 
        Act, the amendments made by this section shall not apply to 
        contributions on behalf of employees covered by any such 
        agreement for plan years beginning before the earlier of--
                    (A) the later of--
                            (i) the date on which the last of such 
                        collective bargaining agreements terminates 
                        (determined without regard to any extension 
                        thereof on or after such date of the 
                        enactment); or
                            (ii) January 1, 2004; or
                    (B) January 1, 2006.
            (3) Service required.--With respect to any plan, the 
        amendments made by this section shall not apply to any employee 
        before the date that such employee has 1 hour of service under 
        such plan in any plan year to which the amendments made by this 
        section apply.

SEC. 104. ALLOW ROLLOVER OF AFTER-TAX AMOUNTS IN ANNUITY CONTRACTS.

    (a) In General.--Subparagraph (A) of section 402(c)(2) (maximum 
amount which may be rolled over) is amended by striking ``and which'' 
and inserting ``or to an annuity contract described in section 403(b) 
and such plan or contract''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2003.

  TITLE II--EXPANDING RETIREMENT PLAN COVERAGE TO EMPLOYEES OF SMALL 
                               BUSINESSES

SEC. 201. ELIMINATION OF HIGHER PENALTY ON CERTAIN SIMPLE 
              DISTRIBUTIONS.

    (a) In General.--Subsection (t) of section 72 (relating to 10-
percent additional tax on early distributions from qualified retirement 
plans) is amended by striking paragraph (6) and redesignating 
paragraphs (7), (8), and (9) as paragraphs (6), (7), and (8), 
respectively.
    (b) Conforming Amendments.--
            (1) Section 72(t)(2)(E) is amended by striking ``paragraph 
        (7)'' and inserting ``paragraph (6)''.
            (2) Section 72(t)(2)(F) is amended by striking ``paragraph 
        (8)'' and inserting ``paragraph (7)''.
            (3) Section 408(d)(3)(G) is amended by striking ``applies'' 
        and inserting ``applied on the day before the date of the 
        enactment of the Retirement Account Portability Act of 2003)''.
            (4) Section 457(a)(2) is amended by striking ``section 
        72(t)(9)'' and inserting ``section 72(t)(8)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to years beginning after December 31, 2003.

SEC. 202. SIMPLE PLAN PORTABILITY.

    (a) Repeal of Limitation.--Paragraph (3) of section 408(d) 
(relating to rollover contributions), as amended by this Act, is 
amended by striking subparagraph (G) and redesignating subparagraph (H) 
as subparagraph (G).
    (b) Section 402(c)(8)(B) is amended by adding at the end the 
following new sentence: ``Individual retirement accounts and individual 
retirement annuities described in clauses (i) and (ii) shall be treated 
as eligible retirement plans without regard to whether they are part of 
a simplified employee pension (within the meaning of section 408(k)) or 
a simplified retirement account (within the meaning of section 
408(p)).''.
    (c) Effective Date.--The amendment made by this section shall apply 
to years beginning after December 31, 2003.

TITLE III--EXPANDING RETIREMENT SAVINGS FOR TAX-EXEMPT ORGANIZATION AND 
                          GOVERNMENT EMPLOYEES

SEC. 301. CLARIFICATIONS REGARDING PURCHASE OF PERMISSIVE SERVICE 
              CREDIT.

    (a) In General.--Subparagraph (A) of section 457(e)(17) (relating 
to trustee-to-trustee transfers to purchase permissive service credit), 
and subparagraph (A) of section 403(b)(13) (relating to trustee-to-
trustee transfers to purchase permissive service credit), are both 
amended by striking ``section 415(n)(3)(A)'' and inserting ``section 
415(n)(3) (without regard to subparagraphs (B) and (C) thereof)''.
    (b) Distribution Requirements.--Section 457(e)(17) and section 
403(b)(13) are both amended by adding at the end the following 
sentence: ``Amounts transferred under this paragraph shall be 
distributed solely in accordance with section 401(a) as applicable to 
such defined benefit plan.''.
    (c) Service Credit.--Clause (ii) of section 415(n)(3)(A) is amended 
to read as follows:
                            ``(ii) which relates to benefits with 
                        respect to which such -participant is not 
                        otherwise entitled, and''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendments made by section 647 of the 
Economic Growth and Tax Relief Reconciliation Act of 2001.

SEC. 302. ELIGIBILITY FOR PARTICIPATION IN RETIREMENT PLANS.

    An individual shall not be precluded from participating in an 
eligible deferred compensation plan by reason of having received a 
distribution under section 457(e)(9) of the Internal Revenue Code of 
1986, as in effect prior to the enactment of the Small Business Job 
Protection Act of 1996.

                  TITLE IV--SIMPLIFICATION AND EQUITY

SEC. 401. ALLOW DIRECT ROLLOVERS FROM RETIREMENT PLANS TO ROTH IRAS.

    (a) In General.--Subsection (e) of section 408A (defining qualified 
rollover contribution) is amended to read as follows:
    ``(e) Qualified Rollover Contribution.--For purposes of this 
section, the term `qualified rollover contribution' means a rollover 
contribution--
            ``(1) to a Roth IRA from another such account,
            ``(2) from an eligible retirement plan, but only if--
                    ``(A) in the case of an individual retirement plan, 
                such rollover contribution meets the requirements of 
                section 408(d)(3), and
                    ``(B) in the case of any eligible retirement plan 
                (as defined in section 402(c)(8)(B) other than clauses 
                (i) and (ii) thereof), such rollover contribution meets 
                the requirements of section 402(c), 403(b)(8), or 
                457(e)(16), as applicable.
For purposes of section 408(d)(3)(B), there shall be disregarded any 
qualified rollover contribution from an individual retirement plan 
(other than a Roth IRA) to a Roth IRA.''.
    (b) Conforming Amendments.--
            (1) Section 408A(c)(3)(B) is amended--
                    (A) in the text by striking ``individual retirement 
                plan'' and inserting ``an eligible retirement plan (as 
                defined by section 402(c)(8)(B))'', and
                    (B) in the heading by striking ``IRA'' and 
                inserting ``eligible retirement plan''.
            (2) Section 408A(d)(3) is amended--
                    (A) in subparagraph (A) by striking ``section 
                408(d)(3)'' inserting ``sections 402(c), 403(b)(8), 
                408(d)(3), and 457(e)(16)'',
                    (B) in subparagraph (B) by striking ``individual 
                retirement plan'' and inserting ``eligible retirement 
                plan (as defined by section 402(c)(8)(B))'',
                    (C) in subparagraph (D) by striking ``or 6047'' 
                after ``408(i)'',
                    (D) in subparagraph (D) by striking ``or both'' and 
                inserting ``persons subject to section 6047(d)(1), or 
                all of the foregoing persons'', and
                    (E) in the heading by striking ``IRA'' and 
                inserting ``eligible retirement plan''.
    (c) Effective Date.--The amendments made by this section shall 
apply to distributions after December 31, 2003.

SEC. 402. TRANSFERS TO THE PBGC.

    (a) Mandatory Distributions to PBGC.--Clause (i) of section 
401(a)(31)(B) (relating to general rule for certain mandatory 
distributions) is amended by inserting ``to the Pension Benefit 
Guaranty Corporation in accordance with section 4050(e) of the Employee 
Retirement Income Security Act of 1974 or'' after ``such transfer''.
    (b) Tax Treatment of Distributions.--Subparagraph (B) of section 
401(a)(31) is amended by adding at the end the following new clause:
                            ``(iii) Income tax treatment of transfers 
                        to pbgc.--For purposes of determining the 
                        income tax treatment relating to transfers to 
                        the Pension Benefit Guaranty Corporation under 
                        clause (i)--
                                    ``(I) the transfer of amounts to 
                                the Pension Benefit Guaranty 
                                Corporation pursuant to clause (i) 
                                shall be treated as a transfer to an 
                                individual retirement plan under such 
                                clause, and
                                    ``(II) the distribution of such 
                                amounts from the Pension Benefit 
                                Guaranty Corporation shall be treated 
                                as a distribution from an individual 
                                retirement plan.''.
    (c) Missing Participants and Beneficiaries.--
            (1) In general.--Section 4050 of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1350) is amended by 
        redesignating subsection (c) as subsection (f) and by inserting 
        after subsection (b) the following new subsections:
    ``(c) Multiemployer Plans.--The corporation shall prescribe rules 
similar to the rules in subsection (a) for multiemployer plans covered 
by this title that terminate under section 4041A.
    ``(d) Plans Not Otherwise Subject to Title.--
            ``(1) Transfer to corporation.--The plan administrator of a 
        plan described in paragraph (4) may elect to transfer the 
        benefits of a missing participant or beneficiary to the 
        corporation upon termination of the plan.
            ``(2) Information to the corporation.--To the extent 
        provided in regulations, the plan administrator of a plan 
        described in paragraph (4) shall, upon termination of the plan, 
        provide the corporation information with respect to benefits of 
        a missing participant or beneficiary if the plan transfers such 
        benefits--
                    ``(A) to the corporation, or
                    ``(B) to an entity other than the corporation or a 
                plan described in paragraph (4)(B)(ii).
            ``(3) Payment by the corporation.--If benefits of a missing 
        participant or beneficiary were transferred to the corporation 
        under paragraph (1), the corporation shall, upon location of 
        the participant or beneficiary, pay to the participant or 
        beneficiary the amount transferred (or the appropriate survivor 
        benefit) either--
                    ``(A) in a single sum (plus interest), or
                    ``(B) in such other form as is specified in 
                regulations of the corporation.
            ``(4) Plans described.--A plan is described in this 
        paragraph if--
                    ``(A) the plan is a pension plan (within the 
                meaning of section 3(2))--
                            ``(i) to which the provisions of this 
                        section do not apply (without regard to this 
                        subsection), and
                            ``(ii) which is not a plan described in 
                        paragraphs (2) through (11) of section 4021(b), 
                        and
                    ``(B) at the time the assets are to be distributed 
                upon termination, the plan--
                            ``(i) has one or more missing participants 
                        or beneficiaries, and
                            ``(ii) has not provided for the transfer of 
                        assets to pay the benefits of all missing 
                        participants and beneficiaries to another 
                        pension plan (within the meaning of section 
                        3(2)).
            ``(5) Certain provisions not to apply.--Subsections (a)(1) 
        and (a)(3) shall not apply to a plan described in paragraph 
        (4).
    ``(e) Involuntary Cashouts.--
            ``(1) Payment by the corporation.--If benefits under a plan 
        described in paragraph (2) were transferred to the corporation 
        under section 401(a)(31)(B) of the Internal Revenue Code of 
        1986, the corporation shall, upon application filed by the 
        participant or beneficiary with the corporation in such form 
        and manner as may be prescribed in regulations of the 
        corporation, pay to the participant or beneficiary the amount 
        transferred (or the appropriate survivor benefit) either--
                    ``(A) in a single sum (plus interest), or
                    ``(B) in such other form as is specified in 
                regulations of the corporation.
            ``(2) Information to the corporation.--To the extent 
        provided in regulations, the plan administrator of a plan 
        described in paragraph (3) shall, upon transferred to the 
        corporation under section 401(a)(31)(B) of such Code, provide 
        the corporation information with respect to benefits of the 
        participant or beneficiary so transferred.
            ``(3) Plans described.--A plan is described in this 
        paragraph if the plan is a pension plan (within the meaning of 
        section 3(2))--
                    ``(A) which provides for mandatory distributions 
                under section 401(a)(31)(B) of the Internal Revenue 
                Code of 1986, and
                    ``(B) which is not a plan described in paragraphs 
                (2) through (11) of section 4021(b).
            ``(4) Certain provisions not to apply.--Subsections (a)(1) 
        and (a)(3) shall not apply to a plan described in paragraph 
        (2).''.
            (2) Conforming amendments.--Section 206(f) of such Act (29 
        U.S.C. 1056(f)) is amended--
                    (A) by striking ``title IV'' and inserting 
                ``section 4050''; and
                    (B) by striking ``the plan shall provide that,''.
    (d) Effective Date.--
            (1) Internal revenue code of 1986 provisions.--The 
        amendments made by subsections (a) and (b) shall take effect as 
        if included in the amendments made by section 657 of the 
        Economic Growth and Tax Relief Reconciliation Act of 2001.
            (2) Employee retirement income security act of 1974 
        provisions.--The amendments made by subsection (c) shall apply 
        to distributions made after final regulations implementing 
        subsections (c), (d), and (e) of section 4050 of the Employee 
        Retirement Income Security Act of 1974 (as added by subsection 
        (c)), respectively, are prescribed.
            (3) Regulations.--The Pension Benefit Guaranty Corporation 
        shall issue regulations necessary to carry out the amendments 
        made by subsection (c) not later than December 31, 2004.
                                 <all>
```