275
SEC. 610. 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) and
subparagraph (H) of section 401(a)(26) 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 Re-
lief Act of 1997 are each amended by striking ‘‘main-
tained by a State or local government or political
subdivision thereof (or agency or instrumentality
thereof)’’.
(b) CONFORMING AMENDMENTS.—
(1) The heading for subparagraph (G) of section
401(a)(5) is amended to read as follows: ‘‘GOVERN-
MENTAL PLANS’’.
(2) The heading for subparagraph (H) of section
401(a)(26) is amended to read as follows: ‘‘EXCEP-
TION FOR GOVERNMENTAL PLANS’’.
(3) Subparagraph (G) of section 401(k)(3) is
amended by inserting ‘‘GOVERNMENTAL
PLANS.—’’
after ‘‘(G)’’.
276
(c) EFFECTIVE DATE.—The amendments made by this
section shall apply to years beginning after December 31,
2000.
SEC. 611. NOTICE AND CONSENT PERIOD REGARDING DIS-
TRIBUTIONS.
(a) EXPANSION OF PERIOD.—
(1) IN GENERAL.—Subparagraph (A) of section
417(a)(6) is amended by striking ‘‘90-day’’ and in-
serting ‘‘180-day’’.
(2) MODIFICATION OF REGULATIONS.—The Sec-
retary of the Treasury shall modify the regulations
under sections 402(f), 411(a)(11), and 417 of the In-
ternal Revenue Code of 1986 to substitute ‘‘180 days’’
for ‘‘90 days’’ each place it appears in Treasury Reg-
ulations sections 1.402(f)–1, 1.411(a)–11(c), and
1.417(e)–1(b).
(3) EFFECTIVE DATE.—The amendment made by
paragraph (1) and the modifications required by
paragraph (2) shall apply to years beginning after
December 31, 2000.
(b) CONSENT REGULATION INAPPLICABLE TO CERTAIN
DISTRIBUTIONS.—
(1) IN GENERAL.—The Secretary of the Treasury
shall modify the regulations under section 411(a)(11)
of the Internal Revenue Code of 1986 to provide that
277
the description of a participant’s right, if any, to
defer receipt of a distribution shall also describe the
consequences of failing to defer such receipt.
(2) EFFECTIVE
DATE.—The modifications re-
quired by paragraph (1) shall apply to years begin-
ning after December 31, 2000.
(c) DISCLOSURE
OF OPTIONAL FORMS
OF BENE-
FITS.—
(1) 
AMENDMENT
OF
INTERNAL
REVENUE
CODE.—Section 417(a)(3) (relating to plan to provide
written explanation) is amended by adding at the end
the following:
‘‘(C) EXPLANATION OF OPTIONAL FORMS OF
BENEFITS.—
‘‘(i) IN GENERAL.—If—
‘‘(I) a plan provides optional
forms of benefits, and
‘‘(II) the present values of such
forms of benefits are not actuarially
equivalent as of the annuity starting
date,
then each written explanation required to be
provided under subparagraph (A) shall in-
clude the information described in clause
(ii).
278
‘‘(ii) INFORMATION.—A plan to which
this subparagraph applies shall include suf-
ficient information (as determined in ac-
cordance with regulations prescribed by the
Secretary) to allow the participant to un-
derstand the differences in the present val-
ues of the optional forms of benefits pro-
vided by the plan and the effect the partici-
pant’s election as to the form of benefit will
have on the value of the benefits available
under the plan. Any such information shall
be provided in a manner calculated to be
reasonably understood by the average plan
participant.’’
(2) AMENDMENT OF ERISA.—Section 205(c)(3) of
the Employee Retirement Income Security Act of
1974 (29 U.S.C. 1055(c)(3)) is amended by adding at
the end the following:
‘‘(C)(i) If—
‘‘(I) a plan provides optional forms of benefits,
and
‘‘(II) the present values of such forms of benefits
are not actuarially equivalent as of the annuity start-
ing date,
279
then such plan shall include the information described in
clause (ii) with each written explanation required to be pro-
vided under subparagraph (A).
‘‘(ii) A plan to which this subparagraph applies shall
include sufficient information (as determined in accordance
with regulations prescribed by the Secretary of the Treas-
ury) to allow the participant to understand the differences
in the present values of the optional forms of benefits pro-
vided by the plan and the effect the participant’s election
as to the form of benefit will have on the value of the benefits
available under the plan. Any such information shall be
provided in a manner calculated to be reasonably under-
stood by the average plan participant.’’
(3) EFFECTIVE DATE.—The amendments made
by this subsection shall apply to years beginning after
December 31, 2000.
SEC. 612. ANNUAL REPORT DISSEMINATION.
(a) IN GENERAL.—Section 104(b)(3) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C.
1024(b)(3)) is amended by striking ‘‘shall furnish’’ and in-
serting ‘‘shall make available for examination (and, upon
request, shall furnish)’’.
(b) EFFECTIVE DATE.—The amendment made by this
section shall apply to reports for years beginning after De-
cember 31, 1999.
280
SEC. 613. TECHNICAL CORRECTIONS TO SAVER ACT.
Section 517 of the Employee Retirement Income Secu-
rity 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 ‘‘2001, 2005, and 2009 in the month of
September of each year involved’’;
(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 coop-
erative agreement, pursuant to the Federal Grant and
Cooperative Agreement Act of 1977 (31 U.S.C. 6301
et seq.), with the American Savings Education Coun-
cil.’’;
(3) in subsection (e)(2)—
(A) by striking ‘‘Committee on Labor and
Human Resources’’ in subparagraph (B) and in-
serting 
‘‘Committee 
on 
Health, 
Education,
Labor, and Pensions’’;
(B) by striking subparagraph (D) and in-
serting the following:
‘‘(D) the Chairman and Ranking Member of
the Subcommittee on Labor, Health and Human
Services, and Education of the Committee on
Appropriations of the House of Representatives
and the Chairman and Ranking Member of the