I

103D CONGRESS

1ST SESSION H. R. 1874

To amend the Employee Retirement Income Security Act of 1974 and the

Internal Revenue Code of 1986 in order to increase the adequacy and

efficiency of the private pension system (consisting of employer and

individual retirement plans) by reducing pension vesting requirements,

improving the portability of earned pension benefits, and encouraging

the preservation of pension asset accumulations for use in retirement,

and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

APRIL 28, 1993

Mr. GIBBONS introduced the following bill; which was referred jointly to the

Committees on Education and Labor and Ways and Means

A BILL

To amend the Employee Retirement Income Security Act

of 1974 and the Internal Revenue Code of 1986 in

order to increase the adequacy and efficiency of the

private pension system (consisting of employer and individual retirement plans) by reducing pension vesting requirements, improving the portability of earned pension

benefits, and encouraging the preservation of pension

asset accumulations for use in retirement, 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,
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1 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

2 This Act may be cited as ‘‘The Pension Portability

3 Improvement Act of 1993’’.

4 TABLE OF CONTENTS

Sec. 1. Short Title and Table of Contents.

Sec. 2. Minimum Vesting Standards.

Sec. 3. Portability Requirements for Qualified Plans.

Sec. 4. Prototype Portable Pension Accounts.

Sec. 5. Exemptions for Certain Collectively Bargained Plans.

Sec. 6. Effective Date and Regulations.

5 SEC. 2. MINIMUM VESTING STANDARDS.

6 (a) IN GENERAL.—Paragraph (2) of section 411(a)

7 of the Internal Revenue Code (related to minimum vesting

8 standards) is amended to read as follows:

9 ‘‘(2) EMPLOYER CONTRIBUTIONS.—A plan sat10 isfies the requirements of this paragraph, if it satis11 fies the requirements of subparagraphs (A), (B), or

12 (C).—

13 ‘‘(A) THREE YEAR VESTING.—A plan sat14 isfies the requirements of this subparagraph if

15 an employee who has completed at least three

16 years of service has a nonforfeitable right to

17 100 percent of the employee’s accrued benefit

18 derived from employer contributions.

19 ‘‘(B) ONE TO FIVE YEAR VESTING.—A

20 plan satisfies the requirements of this subpara21 graph if an employee has a nonforfeitable right

22 to a percentage of the employee’s accrued bene-
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1 fit derived from employer contributions deter2 mined under the following table:

‘‘Years of Nonforfeitable

Service Percentage

1 ......................................................................... 20

2 ......................................................................... 40

3 ......................................................................... 60

4 ......................................................................... 80

5 or more ........................................................... 100.

3 ‘‘(C) MULTIEMPLOYER PLANS.—A plan

4 satisfies the requirements of this subparagraph

5 if—

6 ‘‘(i) the plan is a multiemployer plan

7 (within the meaning of section 414(f), and

8 ‘‘(ii) under the plan—

9 ‘‘(I) an employee who is covered

10 pursuant to a collective bargaining

11 agreement described in section 414

12 (f)(1)(B) and who has completed at

13 least five years of service has a non14 forfeitable right to 100 percent of the

15 employee’s accrued benefits derived

16 from employer contributions, and

17 ‘‘(II) the requirements of sub18 paragraph (A) or (B) are met with re19 spect to employees not described in

20 subclause (I).’’.

21 (b) AMENDMENTS TO ERISA.—IN GENERAL.—Para22 graph (2) of section 203(a) of the Employee Retirement
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1 Income Security Act of 1974 (29 U.S.C. 1053(a)(2)) is

2 amended to read as follows:

3 ‘‘(2) A plan satisfies the requirements of this

4 paragraph if it satisfies the following requirements

5 of subparagraph (A), (B), or (C).

6 ‘‘(A) A plan satisfies the requirements of

7 this subparagraph if an employee who has com8 pleted at least three years of service has a non9 forfeitable right to 100 percent of the employ10 ee’s accrued benefit derived from employer con11 tributions.

12 ‘‘(B) A plan satisfies the requirement of

13 this subparagraph if an employee has a non14 forfeitable right to a percentage of the employ15 ee’s accrued benefit derived from employer con16 tributions determined under the following table:

‘‘Years of Nonforfeitable

Service Percentage

1 ......................................................................... 20

2 ......................................................................... 40

3 ......................................................................... 60

4 ......................................................................... 80

5 or more ........................................................... 100.

17 ‘‘(C) A plan satisfies the requirements of

18 this subparagraph if—

19 ‘‘(i) the plan is a multiemployer plan

20 (within the meaning of section 3(37)), and

21 ‘‘(ii) under the plan—
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1 ‘‘(I) an employee who is covered

2 pursuant to a collective bargaining

3 agreement described in section

4 414(f)(1)(B) and who has completed

5 at least five years of service has a

6 nonforfeitable right to 100 percent of

7 the employee’s accrued benefit derived

8 from employer contributions, and

9 ‘‘(II) the requirements of sub10 paragraph (A) or (B) are met with re11 spect to employees not described in

12 subclause (I).’’.

13 SEC. 3. PORTABILITY REQUIREMENTS FOR QUALIFIED

14 PLANS.

15 (a) IN GENERAL.—Part 2 of title I of the Employee

16 Retirement Income Security Act of 1974 is amended by

17 inserting after section 204(h) the following new sub18 section:

19 ‘‘(i) PORTABILITY REQUIREMENTS FOR QUALIFIED

20 PLANS.—

21 ‘‘(1) GENERAL RULES.—

22 ‘‘(A) QUALIFIED PLANS.—Each qualified

23 plan shall, at the election of an employee upon

24 separation from service, make a direct transfer

25 of the portion of the employee’s eligible amount
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1 specified in the election to a portable pension

2 account specified in the election.

3 ‘‘(B) INDIVIDUALS.—An individual may—

4 ‘‘(i) establish a portable pension ac5 count on the individual’s own behalf to

6 which transfers described in paragraph

7 (1)(A), or transfers from other portable

8 pension accounts, may be made, and

9 ‘‘(ii) transfer, in a direct transfer,

10 amounts in a portable pension account es11 tablished on the individual’s behalf to a

12 portable pension account maintained by a

13 qualified plan in which the individual is a

14 participant or to another portable pension

15 account established by the individual on

16 the individual’s own behalf.

17 ‘‘(2) PORTABLE PENSION ACCOUNTS.—For pur18 poses of this section.—

19 ‘‘(A) IN GENERAL.—The term ‘portable

20 pension account’ means—

21 ‘‘(i) in the case of an employer, an in22 dividual account plan, an individual ac23 count within a qualified plan, or a sim24 plified employee pension under section

25 408(k) of the Internal Revenue Code meet-
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1 ing requirements of the following para2 graphs of this subsection, and

3 ‘‘(ii) in the case of an individual, an

4 individual retirement plan meeting such re5 quirements.

6 ‘‘(B) DISTRIBUTION REQUIREMENTS.—

7 ‘‘(i) IN GENERAL.—The requirements

8 of this paragraph are met if distributions

9 from the account—

10 ‘‘(I) may only be made in a per11 mitted retirement income form, and

12 ‘‘(II) may only be made with the

13 consent of the participant.

14 ‘‘(ii) PERMITTED RETIREMENT IN15 COME FORM.—For the purposes of sub16 paragraph (A) a permitted retirement in17 come form means:

18 ‘‘(I) A lump sum distribution of

19 the employee’s entire earned benefit.

20 ‘‘(II) A qualified joint and survi21 vor annuity (within the meaning of

22 section 205(d)).

23 ‘‘(III) Any other joint life annu24 ity (including a cash refund annuity).
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1 ‘‘(IV) A single life annuity (in2 cluding a cash refund annuity).

3 ‘‘(V) Any series of substantially

4 equal periodic payments described in

5 section 72(t)(2)(A)(iv) of the Internal

6 Revenue Code which are not part of

7 an annuity described in the preceding

8 clauses.

9 ‘‘(iii) SPOUSAL CONSENT.—The re10 quirements of this paragraph shall not be

11 met unless the account provides that any

12 election as to form of benefits must meet

13 spousal consent requirements which are

14 identical to the requirements of section

15 205(c)(2).

16 ‘‘(C) ASSET CONTROL.—The requirements

17 of this paragraph are met if the account pro18 vides that participants may elect to exercise

19 control over the assets in their accounts and

20 such control is the same as that described in

21 section 404(c) (as determined under regulations

22 prescribed by the Secretary).

23 ‘‘(D) NOTICE.—The requirements of this

24 paragraph are met if the account provides that,
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1 immediately before any distribution, notice is

2 provided to the recipient with respect to—

3 ‘‘(i) the provisions under which the

4 distribution may or may not be subject to

5 tax or penalty under the Internal Revenue

6 Code of 1986, and

7 ‘‘(ii) the terms and conditions of each

8 permitted retirement income form under

9 paragraph (B) (including the terms and

10 conditions of any spousal consent require11 ments under subparagraph (B)(iii).

12 ‘‘(3) ELIGIBLE AMOUNT.—For purposes of this

13 section—

14 ‘‘(A) IN GENERAL.—The term ‘eligible

15 amount’ means, with respect to any partici16 pant—

17 ‘‘(i) in the case of a defined benefit

18 plan that is at least 100 percent funded

19 for nonforfeitable accrued benefits, 100

20 percent of the present value of the partici21 pant’s nonforfeitable accrued benefits

22 under the plan,

23 ‘‘(ii) in the case of a defined benefit

24 plan that is less than 100 percent funded

25 for nonforfeitable accrued benefits, a per-
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1 centage of the present value of the partici2 pant’s nonforfeitable accrued benefits

3 under the plan equal to the plan’s percent4 age of funding for nonforfeitable accrued

5 benefits, and

6 ‘‘(iii) in the case of a defined con7 tribution plan, the balance to the credit of

8 the participant at the time of the distribu9 tion without regard to any reductions on

10 account of back-end loads, market value

11 adjustments, early withdrawal charges, or

12 any other charges or penalties.

13 ‘‘(B) EMPLOYEE CONTRIBUTIONS.—The

14 eligible amount shall include employee contribu15 tions.

16 ‘‘(C) PRESENT VALUE.—For purposes of

17 subparagraphs (A)(i) and (A)(ii)—

18 ‘‘(i) the present value of the non19 forfeitable accrued benefits of a participant

20 shall be determined utilizing formulas pub21 lished by the Pension Benefit Guaranty

22 Corporation for lump sum valuations with

23 the following specifications regarding their

24 application:
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1 ‘‘(I) For the period commencing

2 with the normal retirement date for

3 full benefits under the plan, the im4 mediate annuity rate as published by

5 the Pension Benefit Guaranty Cor6 poration shall be utilized as the dis7 count rate.

8 ‘‘(II) For the period commencing

9 with the date of termination of em10 ployment until the normal retirement

11 date for full benefits under the plan,

12 a discount rate of not more than 3

13 percent shall be utilized. In addition,

14 for the period between termination of

15 employment and until the normal re16 tirement date for full benefits under

17 the plan, the resulting present value

18 shall be determined as if the payment

19 at the normal retirement date is not

20 contingent on the survival of any per21 son to that date.

22 ‘‘(III) The formulas shall utilize

23 unisex mortality tables constructed to

24 reflect the experience of the plan re-
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1 garding the percentages of males and

2 females in the plan.

3 ‘‘(ii) PHASE-IN.—For plan years be4 ginning in 1995 or 1996, the following per5 centages shall be substituted for 3 percent

6 in subparagraph (i)(b);

‘‘For plan years

beginning in The percentage is

1995 ........................................................... 5

1996 ........................................................... 4.

7 ‘‘(4) OTHER DEFINITIONS AND RULES.—For

8 purposes of this section—

9 ‘‘(A) QUALIFIED PLAN.—The term ‘quali10 fied plan’ means—

11 ‘‘(i) a plan described in section 401(a)

12 of the Internal Revenue Code of 1986

13 which includes a trust which is exempt

14 from tax under section 501(a) of such

15 Code,

16 ‘‘(ii) an annuity plan described in sec17 tion 403(a) of such Code, and

18 ‘‘(iii) an annuity contract described in

19 section 403(b) of such Code.

20 ‘‘(B) INDIVIDUAL RETIREMENT PLAN.—

21 The term ‘individual retirement plan’ means—

22 ‘‘(i) an individual retirement account

23 described in section 408(a) of such Code,

24 and
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1 ‘‘(ii) an individual retirement annuity

2 described in section 408(b) of such Code.

3 ‘‘(C) BENEFICIARIES OR ALTERNATE PAY4 EES.—In the case of an individual who is a ben5 eficiary of the participant or an alternate payee

6 (within the meaning of section 206(d)(3)(K)

7 under a plan, such an individual shall be treat8 ed in the same manner as a participant in the

9 plan.

10 (b) AMENDMENTS TO THE INTERNAL REVENUE

11 CODE.—Section 411 of the Internal Revenue Code of

12 1986 is amended by inserting at the end thereof, the fol13 lowing new subparagraph:

14 ‘‘(f) PORTABILITY REQUIREMENTS FOR QUALIFIED

15 PLANS.—

16 ‘‘(1) GENERAL RULES.—

17 ‘‘(A) QUALIFIED PLANS.—Each qualified

18 plan shall, at the election of an employee upon

19 separation from service, make a direct transfer

20 of the portion of the employee’s eligible amount

21 specified in the election to a portable pension

22 account specified in the election.

23 ‘‘(B) INDIVIDUALS.—An individual may—

24 ‘‘(i) establish a portable pension ac25 count on the individual’s own behalf to
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1 which transfers described in paragraph

2 (1)(A), or transfers from other portable

3 pension accounts, may be made, and

4 ‘‘(ii) transfer, in a direct transfer,

5 amounts in a portable pension account es6 tablished on the individual’s behalf to a

7 portable pension account maintained by a

8 qualified plan in which the individual is a

9 participant or to another portable pension

10 account established by the individual on

11 the individual’s own behalf.

12 ‘‘(2) PORTABLE PENSION ACCOUNTS.—For the

13 purposes of this section—

14 ‘‘(A) IN GENERAL.—The term ‘portable

15 pension account’ means—

16 ‘‘(i) in the case of an employer, an in17 dividual account plan, an individual ac18 count within a qualified plan, or a sim19 plified employee pension under section

20 408(k) of the Internal Revenue Code meet21 ing requirements of the following para22 graphs of this subsection, and

23 ‘‘(ii) in the case of an individual, an

24 individual retirement plan meeting such re25 quirements.
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1 ‘‘(B) DISTRIBUTION REQUIREMENTS.—

2 ‘‘(i) IN GENERAL.—The requirements

3 of this paragraph are met if distributions

4 from the account—

5 ‘‘(I) may only be made in a per6 mitted retirement income form, and

7 ‘‘(II) may only be made with the

8 consent of the participant.

9 ‘‘(ii) PERMITTED RETIREMENT IN10 COME FORM.—For the purposes of sub11 paragraph (i), a permitted retirement in12 come form means:

13 ‘‘(I) A lump sum distribution of

14 the individual’s entire earned benefit.

15 ‘‘(II) A qualified joint and survi16 vor annuity (within the meaning of

17 section 205(D)).

18 ‘‘(III) Any other joint life annu19 ity (including a cash refund annuity).

20 ‘‘(IV) A single life annuity (in21 cluding a cash refund annuity).

22 ‘‘(V) Any series of substantially

23 equal periodic payments described in

24 section 72(t)(2)(A)(iv) of the Internal

25 Revenue Code of 1986 which are not
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1 part of an annuity described in the

2 preceding clauses.

3 ‘‘(iii) SPOUSAL CONSENT.—The re4 quirements of this paragraph shall not be

5 met unless the account provides that any

6 election as to form of benefit must meet

7 spousal consent requirements which are

8 identical to the requirements of section

9 205(c)(2).

10 ‘‘(C) ASSET CONTROL.—The requirements

11 of this paragraph are met if the account pro12 vides that participants may elect to exercise

13 control over the assets in their accounts and

14 such control is the same as that described in

15 section 404(c) (as determined under regulations

16 prescribed by the Secretary).

17 ‘‘(D) NOTICE.—The requirements of this

18 paragraph are met if the account provides that,

19 immediately before any distribution, notice is

20 provided to the recipient with respect to—

21 ‘‘(i) the provisions under which the

22 distribution may or may not be subject to

23 tax or penalty under the Internal Revenue

24 Code of 1986, and
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1 ‘‘(ii) the terms and conditions of each

2 permitted retirement income form under

3 paragraph (B)(ii) (including the terms and

4 conditions of any spousal consent require5 ments under paragraph (B)(iii)).

6 ‘‘(3) ELIGIBLE AMOUNT.—For the purposes of

7 this section—

8 ‘‘(A) IN GENERAL.—The term ‘eligible

9 amount’ means, with respect to any partici10 pant—

11 ‘‘(i) in the case of a defined benefit

12 plan that is at least 100 percent funded

13 for nonforfeitable accrued benefits, 100

14 percent of the present value of the partici15 pant’s nonforfeitable accrued benefits

16 under the plan,

17 ‘‘(ii) in the case of a defined benefit

18 plan that is less than 100 percent funded

19 for nonforfeitable accrued benefits, a per20 centage of the present value of the partici21 pant’s nonforfeitable accrued benefits

22 under the plan equal to the plan’s percent23 age of funding for nonforfeitable accrued

24 benefits, and
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1 ‘‘(iii) in the case of a defined con2 tribution plan, the balance to the credit of

3 the participant as of the time of the dis4 tribution without regard to any reductions

5 on account of back-end loads, market value

6 adjustments, early withdrawal charges, or

7 any other charges or penalties.

8 ‘‘(B) EMPLOYEE CONTRIBUTIONS.—The

9 eligible amount shall include employee contribu10 tions.

11 ‘‘(C) PRESENT VALUE.—For purposes of

12 subparagraphs (A)(i) and (A)(ii)—

13 ‘‘(i) the present value of the non14 forfeitable accrued benefits of a participant

15 shall be determined utilizing formulas pub16 lished by the Pension Benefit Guaranty

17 Corporation for lump sum valuations with

18 the following specifications regarding their

19 application:

20 ‘‘(I) For the period commencing

21 with the normal retirement date for

22 full benefits under the plan, the im23 mediate annuity rate as published by

24 the Pension Benefit Corporation shall

25 be utilized as the discount rate.
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1 ‘‘(II) For the period commencing

2 with the date of termination from em3 ployment until the normal retirement

4 date for full benefits under the plan,

5 a discount rate of not more than 3

6 percent shall be utilized. In addition,

7 for the period between termination of

8 employment and until the normal re9 tirement date for full benefits under

10 the plan, the resulting present value

11 shall be determined as if the payment

12 at the normal retirement date is not

13 contingent on the survival of any per14 son to that date.

15 ‘‘(III) The formulas shall utilize

16 unisex mortality tables constructed to

17 reflect the experience of the plan re18 garding the percentages of males and

19 females in the plan.

20 ‘‘(ii) PHASE-IN.—For plan years be21 ginning in 1995 or 1996, the following per22 centages shall be substituted for 3 percent

23 in subparagraph (i)(b)

‘‘For plan years

beginning in The percentage is

1995 ........................................................... 5

1996 ........................................................... 4.
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1 ‘‘(4) OTHER DEFINITIONS AND RULES.—For

2 purposes of this subsection.—

3 ‘‘(A) QUALIFIED PLAN.—The term ‘quali4 fied plan’ means—

5 ‘‘(i) a plan described in section 401(a)

6 of the Internal Revenue Code of 1986

7 which includes a trust which is exempt

8 from tax under section 501(a) of such

9 Code,

10 ‘‘(ii) an annuity plan described in sec11 tion 403(a) of such Code, and

12 ‘‘(iii) an annuity contract described in

13 section 403(b) of such Code.

14 ‘‘(B) INDIVIDUAL RETIREMENT PLAN.—

15 The term ‘individual retirement plan’ means—

16 ‘‘(i) an individual retirement account

17 described in section 408(a) of such Code,

18 and

19 ‘‘(ii) an individual retirement annuity

20 described in section 408(b) of such Code.

21 ‘‘(C) DIRECT TRANSFER.—For the pur22 poses of this section, the term ‘direct transfer’

23 means a direct rollover from a qualified plan

24 described in Subparagraph 411(f)(4), a trustee25 to-trustee transfer between accounts established
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1 by individuals in such plans, and transfers be2 tween annuity contracts described in sections

3 403(a) and 403(b) of the Code.

4 ‘‘(D) BENEFICIARIES OR ALTERNATE PAY5 EES.—In the case of an individual who is a ben6 eficiary of the participant or an alternate payee

7 (within the meaning of section 206(d)(3)(K) of

8 the Employee Retirement Income Security Act

9 of 1974) under a plan, such individual shall be

10 treated in the same manner as if a participant

11 under the plan.’’.

12 (5) CONFORMING AMENDMENTS.—

13 (A) Section 204(g)(2) of such Act (29

14 U.S.C. 1054(g)(2)) is amended by adding at

15 the end the following new sentence: ‘‘Except as

16 otherwise provided in regulations of the Sec17 retary of Labor and the Secretary of the Treas18 ury, the requirements of subparagraph (B) shall

19 not be treated as violated in the case of a direct

20 transfer described in subparagraph 411(f) of

21 the Internal Revenue Code and Section 204(i)

22 of ERISA.’’.

23 (B) section 204(d) of such Act (29 U.S.C.

24 1054(d)) is amended—

25 (i) in paragraph (1), by striking ‘‘or’’,
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1 (ii) in paragraph (2), by striking the

2 period and inserting ‘‘or’’, and

3 (iii) by inserting after paragraph (2)

4 the following new paragraph:

5 ‘‘(3) a direct transfer described in subpara6 graph 411(f) of the Internal Revenue Code and sec7 tion 205(i) of ERISA.’’.

8 (C) The table of contents for part 2 of

9 subtitle B of title I of such Act is amended by

10 inserting after the item relating to section 205

11 the following new item:

12 ‘‘(c) EFFECTIVE DATE.—The amendments made by

13 this section shall apply to distributions in plan years be14 ginning after December 31, 1994.’’.

15 SEC. 4. PROTOTYPE PORTABLE PENSION ACCOUNTS.

16 (a) IN GENERAL.—The Secretarys of Labor and the

17 Treasury shall prescribe by regulations one or more proto18 type portable pension accounts which would, upon adop19 tion by any plan sponsor, constitute a portable pension

20 account meeting the requirements of subsection 204(i) of

21 the Employee Retirement Income Security Act of 1974

22 and subsection 411(f) of the Internal Revenue Code. Reg23 ulations for such prototype portable pension accounts shall

24 be issued within twelve months after the date of enactment

25 of this Act.
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1 (b) ACCOUNT SPONSOR.—A plan sponsor of a port2 able pension account means any person who has the power

3 to acquire, manage, or dispose of any asset of a portable

4 pension account and is at least one of the following:

5 (1) An employer or organization of employers

6 adopting a portable pension account;

7 (2) An association or organization of employees

8 sponsoring a portable pension account on behalf of

9 its members;

10 (3) A registered investment advisor under the

11 Investment Advisors Act of 1940;

12 (4) A bank, as defined in that Act;

13 (5) An insurance company qualified to perform

14 services with respect to a portable pension account

15 but only if participants are fully covered under a

16 State guaranty fund; or

17 (6) A savings and loan association regulated by

18 the Office of Thrift Management and empowered by

19 law to perform services with respect to a portable

20 pension account.

21 SEC. 5. EXEMPTIONS FOR CERTAIN COLLECTIVELY BAR22 GAINED PLANS.

23 (a) Any multi-employer plan, as defined by title I,

24 subtitle A, section 3 (37)(A) of the Employee Retirement

25 Income Security Act of 1974, that is established pursuant
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1 to a collective bargaining agreement, shall be exempt from

2 the provisions of sections 3 and 4 of this Act.

3 (b) Any plan that is established or maintained pursu4 ant to a collective bargaining agreement but that does not

5 qualify as a multiemployer plan may seek an exemption

6 from the provisions of sections 3 and 4 of this Act by ap7 plication to the Secretary of Labor by the plan adminis8 trator and by notice to affected or interested parties. The

9 application and notice shall certify and present evidence

10 that participants in the plan are eligible to benefit from

11 portability provisions in their plan and related plans with12 in their industry. Based on evidence that the plan and re13 lated plans contain adequate provisions for portability of

14 benefits within the industry, the Secretary may exempt the

15 applicant from the provisions of sections 3 and 4 of this

16 Act.

17 SEC. 6. EFFECTIVE DATE AND REGULATIONS.

18 (a) EFFECTIVE DATE.—The amendments made by

19 this Act shall apply to plan years beginning after the date

20 which occurs two years after the date of enactment of this

21 Act.

22 (b) REGULATIONS.—The Secretary of Labor and the

23 Secretary of the Treasury shall, not later than twelve

24 months after the date of enactment of this Act, issue such
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1 regulations as are necessary to carry out the amendments

2 made by this Act.

Æ

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