(c) LINE OF BUSINESS RULES.—The Secretary of
the Treasury shall, on or before December 31, 2003, mod-
ify the existing regulations issued under section 414(r) of
the Internal Revenue Code of 1986 in order to expand
(to the extent that the Secretary determines appropriate)
the ability of a pension plan to demonstrate compliance
with the line of business requirements based upon the
facts and circumstances surrounding the design and oper-
ation of the plan, even though the plan is unable to satisfy
the mechanical tests currently used to determine compli-
ance.
SEC. 6. EXTENSION TO ALL GOVERNMENTAL PLANS OF
MORATORIUM ON APPLICATION OF CERTAIN
NONDISCRIMINATION RULES APPLICABLE TO
STATE AND LOCAL PLANS.
(a) IN GENERAL.—
(1) Subparagraph (G) of section 401(a)(5) of
the Internal Revenue Code of 1986 and subpara-
graph (H) of section 401(a)(26) of such Code are
each amended by striking ‘‘section 414(d))’’ and all
that follows and inserting ‘‘section 414(d)).’’.
(2) Subparagraph (G) of section 401(k)(3) and
paragraph (2) of section 1505(d) of the Taxpayer
Relief Act of 1997 are each amended by striking
‘‘maintained by a State or local government or polit-
ical subdivision thereof (or agency or instrumentality
thereof)’’.
(b) CONFORMING AMENDMENTS.—
(1) The heading for subparagraph (G) of sec-
tion 401(a)(5) of such Code is amended to read as
follows: ‘‘GOVERNMENTAL PLANS.—’’.
(2) The heading for subparagraph (H) of sec-
tion 401(a)(26) of such Code is amended to read as
follows: 
‘‘EXCEPTION
FOR
GOVERNMENTAL
PLANS.—’’.
(3) Subparagraph (G) of section 401(k)(3) of
such Code is amended by inserting ‘‘GOVERN-
MENTAL PLANS.—’’ after ‘‘(G)’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to years beginning after December
31, 2002.
SEC. 7. NOTICE AND CONSENT PERIOD REGARDING DIS-
TRIBUTIONS.
(a) EXPANSION OF PERIOD.—
(1) AMENDMENT
OF
INTERNAL
REVENUE
CODE.—
(A) IN
GENERAL.—Subparagraph (A) of
section 417(a)(6) of the Internal Revenue Code
of 1986 is amended by striking ‘‘90-day’’ and
inserting ‘‘180-day’’.
(B) MODIFICATION
OF
REGULATIONS.—
The Secretary of the Treasury shall modify the
regulations under sections 402(f), 411(a)(11),
and 417 of the Internal Revenue Code of 1986
to substitute ‘‘180 days’’ for ‘‘90 days’’ each
place it appears in Treasury Regulations sec-
tions 1.402(f)–1, 1.411(a)–11(c), and 1.417(e)–
1(b).
(2) AMENDMENT OF ERISA.—
(A) IN GENERAL.—Section 205(c)(7)(A) of
the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1055(c)(7)(A)) is amended
by striking ‘‘90-day’’ and inserting ‘‘180-day’’.
(B) MODIFICATION
OF
REGULATIONS.—
The Secretary of the Treasury shall modify the
regulations under part 2 of subtitle B of title
I of the Employee Retirement Income Security
Act of 1974 to the extent that they relate to
sections 203(e) and 205 of such Act to sub-
stitute ‘‘180 days’’ for ‘‘90 days’’ each place it
appears.
(3) EFFECTIVE DATE.—The amendments made
by paragraphs (1)(A) and (2)(A) and the modifica-
tions required by paragraphs (1)(B) and (2)(B)
shall apply to years beginning after December 31,
2002.
(b) CONSENT REGULATION INAPPLICABLE TO CER-
TAIN DISTRIBUTIONS.—
(1) IN GENERAL.—The Secretary of the Treas-
ury shall modify the regulations under section
411(a)(11) of the Internal Revenue Code of 1986
and under section 205 of the Employee Retirement
Income Security Act of 1974 to provide that the de-
scription of a participant’s right, if any, to defer re-
ceipt of a distribution shall also describe the con-
sequences of failing to defer such receipt.
(2) EFFECTIVE DATE.—
(A) IN GENERAL.—The modifications re-
quired by paragraph (1) shall apply to years be-
ginning after December 31, 2002.
(B) REASONABLE NOTICE.—In the case of
any description of such consequences made be-
fore the date that is 90 days after the date on
which the Secretary of the Treasury issues a
safe harbor description under paragraph (1), a
plan shall not be treated as failing to satisfy the
requirements of section 411(a)(11) of such
Code or section 205 of such Act by reason of
the failure to provide the information required
by the modifications made under paragraph (1)
if the Administrator of such plan makes a rea-
sonable attempt to comply with such require-
ments.
SEC. 8. ANNUAL REPORT DISSEMINATION.
(a) REPORT AVAILABLE THROUGH ELECTRONIC
MEANS.—Section 104(b)(3) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1024(b)(3)) is
amended by adding at the end the following new sentence:
‘‘The requirement to furnish information under the pre-
vious sentence shall be satisfied if the administrator makes
such information reasonably available through electronic
means or other new technology.’’.
(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to reports for years beginning after
December 31, 2002.
SEC. 9. TECHNICAL CORRECTIONS TO SAVER ACT.
Section 517 of the Employee Retirement Income Se-
curity Act of 1974 (29 U.S.C. 1147) is amended—
(1) in subsection (a), by striking ‘‘2001 and
2005 on or after September 1 of each year involved’’
and inserting ‘‘2002, 2006, and 2010’’;
(2) in subsection (b), by adding at the end the
following new sentence: ‘‘To effectuate the purposes
of this paragraph, the Secretary may enter into a co-
operative agreement, pursuant to the Federal Grant
and Cooperative Agreement Act of 1977 (31 U.S.C.
6301 et seq.), with any appropriate, qualified enti-
ty.’’;
(3) in subsection (e)(2)—
(A) by striking ‘‘Committee on Labor and
Human Resources’’ in subparagraph (D) and
inserting ‘‘Committee on Health, Education,
Labor, and Pensions’’;
(B) by striking subparagraph (F) and in-
serting the following:
‘‘(F) the Chairman and Ranking Member
of the Subcommittee on Labor, Health and
Human Services, and Education of the Com-
mittee on Appropriations of the House of Rep-
resentatives and the Chairman and Ranking
Member of the Subcommittee on Labor, Health
and Human Services, and Education of the
Committee on Appropriations of the Senate;’’;
(C) by redesignating subparagraph (G) as
subparagraph (J); and
(D) by inserting after subparagraph (F)
the following new subparagraphs:
‘‘(G) the Chairman and Ranking Member
of the Committee on Finance of the Senate;
‘‘(H) the Chairman and Ranking Member
of the Committee on Ways and Means of the
House of Representatives;
‘‘(I) the Chairman and Ranking Member
of the Subcommittee on Employer-Employee
Relations of the Committee on Education and
the Workforce of the House of Representatives;
and’’;
(4) in subsection (e)(3)—
(A) by striking ‘‘There shall be not more
than 200 additional participants.’’ in subpara-
graph (A) and inserting ‘‘The participants in
the National Summit shall also include addi-
tional participants appointed under this sub-
paragraph.’’;
(B) by striking ‘‘one-half shall be ap-
pointed by the President,’’ in subparagraph
(A)(i) and inserting ‘‘not more than 100 par-
ticipants shall be appointed under this clause by
the President,’’;
(C) by striking ‘‘one-half shall be ap-
pointed by the elected leaders of Congress’’ in
subparagraph (A)(ii) and inserting ‘‘not more
than 100 participants shall be appointed under
this clause by the elected leaders of Congress’’;
(D) by redesignating subparagraph (B) as
subparagraph (C); and
(E) by inserting after subparagraph (A)
the following new subparagraph:
‘‘(B) PRESIDENTIAL AUTHORITY FOR AD-
DITIONAL
APPOINTMENTS.—The President, in
consultation with the elected leaders of Con-
gress referred to in subsection (a), may appoint
under this subparagraph additional participants
to the National Summit. The number of such
additional participants appointed under this
subparagraph may not exceed the lesser of 3
percent of the total number of all additional
participants appointed under this paragraph, or
10. Such additional participants shall be ap-
pointed from persons nominated by the organi-
zation referred to in subsection (b)(2) which is
made up of private sector businesses and asso-
ciations partnered with Government entities to
promote long term financial security in retire-
ment through savings and with which the Sec-
retary is required thereunder to consult and co-
operate and shall not be Federal, State, or local
government employees.’’;
(5) in subsection (e)(3)(C) (as redesignated), by
striking ‘‘January 31, 1998’’ and inserting ‘‘3
months before the convening of each summit;’’
(6) in subsection (f)(1)(C), by inserting ‘‘, no
later than 90 days prior to the date of the com-
mencement of the National Summit,’’ after ‘‘com-
ment’’;
(7) in subsection (g), by inserting ‘‘, in con-
sultation with the congressional leaders specified in
subsection (e)(2),’’ after ‘‘report’’ the first place it
appears;
(8) in subsection (i)—
(A) by striking ‘‘for fiscal years beginning
on or after October 1, 1997,’’; and
(B) by adding at the end the following new
paragraph:
‘‘(3) RECEPTION
AND
REPRESENTATION
AU-
THORITY.—The Secretary is hereby granted recep-
tion and representation authority limited specifically
to the events at the National Summit. The Secretary
shall use any private contributions accepted in con-
nection with the National Summit prior to using
funds appropriated for purposes of the National
Summit pursuant to this paragraph.’’; and
(9) in subsection (k)—
(A) by striking ‘‘shall enter into a contract
on a sole-source basis’’ and inserting ‘‘may
enter into a contract on a sole-source basis’’;
and
(B) by striking ‘‘in fiscal year 1998’’.
SEC. 10. MISSING PARTICIPANTS.
(a) IN GENERAL.—Section 4050 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1350)
is amended by redesignating subsection (c) as subsection
(e) 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 termi-
nate 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 a missing participant’s benefits
to the corporation upon termination of the plan.
‘‘(2) INFORMATION TO THE CORPORATION.—To
the extent provided in regulations, the plan adminis-
trator of a plan described in paragraph (4) shall,
upon termination of the plan, provide the corpora-