‘‘(b) UNENROLLED PARTICIPANT.—For purposes of 
this section, the term ‘unenrolled participant’ means an 
employee who— 
‘‘(1) is eligible to participate in an individual 
account plan; 
‘‘(2) has received— 
‘‘(A) the summary plan description pursu-
ant to section 104(b); and 
‘‘(B) any other notices related to eligibility 
under the plan required to be furnished under 
this title, or the Internal Revenue Code of 
1986, in connection with such participant’s ini-
tial eligibility to participate in such plan; 
‘‘(3) is not participating in such plan; 
‘‘(4) does not have an account balance in the 
plan; and 
‘‘(5) satisfies such other criteria as the Sec-
retary of Labor may determine appropriate, as pre-
scribed in guidance issued in consultation with the 
Secretary of Treasury. 
For purposes of this section, any eligibility to participate 
in the plan following any period for which such employee 
was not eligible to participate shall be treated as initial 
eligibility. 
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‘‘(c) ANNUAL REMINDER NOTICE.—For purposes of 
this section, the term ‘annual reminder notice’ means a 
notice provided in accordance with section 2520.104b–1 
of title 29, Code of Federal Regulations (or any successor 
regulation), which— 
‘‘(1) is furnished in connection with the annual 
open season election period with respect to the plan 
or, if there is no such period, is furnished within a 
reasonable period prior to the beginning of each plan 
year; 
‘‘(2) notifies the unenrolled participant of— 
‘‘(A) the unenrolled participant’s eligibility 
to participate in the plan; and 
‘‘(B) the key benefits and rights under the 
plan, with a focus on employer contributions 
and vesting provisions; and 
‘‘(3) provides such information in a prominent 
manner calculated to be understood by the average 
participant.’’. 
(2) CLERICAL AMENDMENT.—The table of con-
tents in section 1 of the Employee Retirement In-
come Security Act of 1974 is amended by striking 
the item relating to section 111 and by inserting 
after the item relating to section 110 the following 
new items: 
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‘‘Sec. 111. Eliminating unnecessary plan requirements related to unenrolled 
participants. 
‘‘Sec. 112. Repeal and effective date.’’. 
(b) AMENDMENT OF INTERNAL REVENUE CODE OF 
1986.—Section 414 of the Internal Revenue Code of 
1986, as amended by the preceding provisions of this Act, 
is amended by adding at the end the following new sub-
section: 
‘‘(cc) ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICIPANTS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this title, with respect to any defined 
contribution plan, no disclosure, notice, or other plan 
document (other than the notices and documents de-
scribed in subparagraphs (A) and (B)) shall be re-
quired to be furnished under this title to any 
unenrolled participant if the unenrolled participant 
receives— 
‘‘(A) an annual reminder notice of such 
participant’s eligibility to participate in such 
plan and any applicable election deadlines under 
the plan, and 
‘‘(B) any document requested by such par-
ticipant that the participant would be entitled 
to receive notwithstanding this subsection. 
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‘‘(2) UNENROLLED
PARTICIPANT.—For pur-
poses of this subsection, the term ‘unenrolled partici-
pant’ means an employee who— 
‘‘(A) is eligible to participate in a defined 
contribution plan, 
‘‘(B) has received— 
‘‘(i) the summary plan description 
pursuant to section 104(b) of the Em-
ployee Retirement Income Security Act of 
1974, and 
‘‘(ii) any other notices related to eligi-
bility under the plan and required to be 
furnished under this title, or the Employee 
Retirement Income Security Act of 1974, 
in connection with such participant’s initial 
eligibility to participate in such plan, 
‘‘(C) is not participating in such plan, 
‘‘(D) does not have an account balance in 
the plan, and 
‘‘(E) satisfies such other criteria as the 
Secretary of the Treasury may determine ap-
propriate, as prescribed in guidance issued in 
consultation with the Secretary of Labor. 
For purposes of this subsection, any eligibility to 
participate in the plan following any period for 
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which such employee was not eligible to participate 
shall be treated as initial eligibility. 
‘‘(3) ANNUAL
REMINDER
NOTICE.—For pur-
poses of this subsection, the term ‘annual reminder 
notice’ means the notice described in section 111(c) 
of the Employee Retirement Income Security Act of 
1974.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to plan years beginning after De-
cember 31, 2024. 
SEC. 427. RETIREMENT SAVINGS LOST AND FOUND. 
(a) IN GENERAL.— 
(1) ESTABLISHMENT OF RETIREMENT SAVINGS 
LOST AND FOUND.—Part 5 of title I of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1341 et seq.) is amended by adding at the 
end the following: 
‘‘SEC. 523. RETIREMENT SAVINGS LOST AND FOUND. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN
GENERAL.—Not later than 2 years 
after the date of the enactment of this section, the 
Secretary of Labor, in consultation with the Sec-
retary of the Treasury, shall establish an online 
searchable database (to be managed by the Depart-
ment of Labor in accordance with this section) to be 
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101 
known as the ‘Retirement Savings Lost and Found’. 
The Retirement Savings Lost and Found shall— 
‘‘(A) allow an individual to search for in-
formation that enables the individual to locate 
the administrator of any plan described in para-
graph (2) with respect to which the individual 
is or was a participant or beneficiary, and pro-
vide contact information for the administrator 
of any such plan; 
‘‘(B) allow the Department of Labor to as-
sist such an individual in locating any such plan 
of the individual; and 
‘‘(C) allow the Department of Labor to 
make any necessary changes to contact infor-
mation on record for the administrator based 
on any changes to the plan due to merger or 
consolidation of the plan with any other plan, 
division of the plan into two or more plans, 
bankruptcy, termination, change in name of the 
plan, change in name or address of the admin-
istrator, or other causes. 
The Retirement Savings Lost and Found established 
under this paragraph shall include information re-
ported under this section and other relevant infor-
mation obtained by the Department of Labor. 
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102 
‘‘(2) PLANS DESCRIBED.—A plan described in 
this paragraph is a plan to which the vesting stand-
ards of section 203 apply. 
‘‘(b) ADMINISTRATION.—The Retirement Savings 
Lost and Found established under subsection (a) shall 
provide individuals described in subsection (a)(1) only 
with the ability to search for information that enables the 
individual to locate the administrator and contact informa-
tion for the administrator of any plan with respect to 
which the individual is or was a participant or beneficiary, 
sufficient to allow the individual to locate the individual’s 
plan in order to recover any benefit owing to the individual 
under the plan. 
‘‘(c) SAFEGUARDING PARTICIPANT PRIVACY AND SE-
CURITY.—In establishing the Retirement Savings Lost 
and Found under subsection (a), the Department of Labor 
shall take all necessary and proper precautions to ensure 
that individuals’ plan information maintained by the Re-
tirement Savings Lost and Found is protected. 
‘‘(d) DEFINITION
OF ADMINISTRATOR.—For pur-
poses of this section, the term ‘administrator’ has the 
meaning given such term in section 3(16)(A). 
‘‘(e) INFORMATION COLLECTION FROM PLANS.—Ef-
fective with respect to plan years beginning after the sec-
ond December 31 occurring after the date of the enact-
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103 
ment of this subsection, the administrator of a plan to 
which the vesting standards of section 203 apply shall sub-
mit to the Department of Labor, at such time and in such 
form and manner as is prescribed in regulations— 
‘‘(1) the information described in paragraphs 
(1) through (4) of section 6057(b) of the Internal 
Revenue Code of 1986; 
‘‘(2) the information described in subpara-
graphs (A) and (B) of section 6057(a)(2) of such 
Code; 
‘‘(3) the name and taxpayer identifying number 
of each participant or former participant in the 
plan— 
‘‘(A) who, during the current plan year or 
any previous plan year, was reported under sec-
tion 6057(a)(2)(C) of such Code, and with re-
spect to whom the benefits described in clause 
(ii) thereof were fully paid during the plan year; 
‘‘(B) with respect to whom any amount 
was distributed under section 401(a)(31)(B) of 
such Code during the plan year; or 
‘‘(C) with respect to whom a deferred an-
nuity contract was distributed during the plan 
year; 
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104 
‘‘(4) in the case of a participant or former par-
ticipant to whom paragraph (3) applies— 
‘‘(A) in the case of a participant described 
in subparagraph (B) thereof, the name and ad-
dress of the designated trustee or issuer de-
scribed in section 401(a)(31)(B)(i) of such 
Code and the account number of the individual 
retirement plan to which the amount was dis-
tributed; and 
‘‘(B) in the case of a participant described 
in subparagraph (C) thereof, the name and ad-
dress of the issuer of such annuity contract and 
the contract or certificate number; and 
‘‘(5) such other information as the Secretary of 
Labor may require. 
‘‘(f) INFORMATION COLLECTION FROM FEDERAL 
AGENCIES.—On request, the Secretary of Labor may ac-
cess and receive such information collected by other Fed-
eral agencies as may be necessary and appropriate to per-
form work related to the Retirement Savings Lost and 
Found. 
‘‘(g) PROGRAM INTEGRITY AUDIT.—On an annual 
basis for each of the first 5 years beginning one year after 
the establishment of the database in subsection (a)(1) and 
every 5 years thereafter, the Inspector General of the De-
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105 
partment of Labor shall conduct an audit of the adminis-
tration of the Retirement Savings Lost and Found.’’. 
(3) CONFORMING AMENDMENT.—The table of 
contents for the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1001 et seq.) is amend-
ed by inserting after the item relating to section 522 
the following: 
‘‘Sec. 523.Retirement Savings Lost and Found.’’. 
SEC. 428. UPDATING DOLLAR LIMIT FOR MANDATORY DIS-
TRIBUTIONS. 
(a) IN GENERAL.—Section 203(e)(1) of the Em-
ployee Retirement Income Security Act of 1974 and sec-
tions 401(a)(31)(B)(ii) and 411(a)(11)(A) of the Internal 
Revenue Code of 1986 are each amended by striking 
‘‘$5,000’’ and inserting ‘‘$7,000’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions made after Decem-
ber 31, 2024. 
SEC. 429. EXPANSION OF EMPLOYEE PLANS COMPLIANCE 
RESOLUTION SYSTEM. 
(a) IN GENERAL.—Except as otherwise provided in 
the Internal Revenue Code of 1986 or regulations pre-
scribed by the Secretary of the Treasury or the Secretary’s 
delegate (referred to in this section as the ‘‘Secretary’’), 
any eligible inadvertent failure to comply with the rules 
applicable under section 401(a), 403(a), 403(b), 408(p), 
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106 
or 408(k) of such Code may be self-corrected under the 
Employee Plans Compliance Resolution System (as de-
scribed in Revenue Procedure 2021–30, or any successor 
guidance, and hereafter in this section referred to as the 
‘‘EPCRS’’), except to the extent that such failure was 
identified by the Secretary prior to any actions which dem-
onstrate a commitment to implement a self-correction. 
Revenue Procedure 2021–30 is deemed amended as of the 
date of the enactment of this Act to provide that the cor-
rection period under section 9.02 of such Revenue Proce-
dure (or any successor guidance) for an eligible inad-
vertent failure, except as otherwise provided under such 
Code or in regulations prescribed by the Secretary, is in-
definite and has no last day, other than with respect to 
failures identified by the Secretary prior to any self-correc-
tion as described in the preceding sentence. 
(b) LOAN ERRORS.—In the case of an eligible inad-
vertent failure relating to a loan from a plan to a partici-
pant— 
(1) such failure may be self-corrected under 
subsection (a) according to the rules of section 6.07 
of Revenue Procedure 2021–30 (or any successor 
guidance), including the provisions related to wheth-
er a deemed distribution must be reported on Form 
1099–R; and 
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107 
(2) the Secretary of Labor shall treat any such 
failure which is so self-corrected under subsection 
(a) as meeting the requirements of the Voluntary Fi-
duciary Correction Program of the Department of 
Labor if, with respect to the violation of the fidu-
ciary standards of the Employee Retirement Income 
Security Act of 1974, there is a similar loan error 
eligible for correction under EPCRS and the loan 
error is corrected in such manner. 
(c) EPCRS FOR IRAS.—The Secretary shall expand 
the EPCRS to allow custodians of individual retirement 
plans (as defined in section 7701(a)(37) of the Internal 
Revenue Code of 1986) to address eligible inadvertent fail-
ures with respect to an individual retirement plan (as so 
defined), including (but not limited to)— 
(1) waivers of the excise tax which would other-
wise apply under section 4974 of the Internal Rev-
enue Code of 1986; 
(2) under the self-correction component of the 
EPCRS, waivers of the 60-day deadline for a roll-
over where the deadline is missed for reasons beyond 
the reasonable control of the account owner; and 
(3) rules permitting a nonspouse beneficiary to 
return distributions to an inherited individual retire-
ment plan described in section 408(d)(3)(C) of the 
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108 
Internal Revenue Code of 1986 in a case where, due 
to an inadvertent error by a service provider, the 
beneficiary had reason to believe that the distribu-
tion could be rolled over without inclusion in income 
of any part of the distributed amount. 
(d) ADDITIONAL SAFE HARBORS.—The Secretary 
shall expand the EPCRS to provide additional safe harbor 
means of correcting eligible inadvertent failures described 
in subsection (a), including safe harbor means of calcu-
lating the earnings which must be restored to a plan in 
cases where plan assets have been depleted by reason of 
an eligible inadvertent failure. 
(e) ELIGIBLE INADVERTENT FAILURE.—For pur-
poses of this section— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the term ‘‘eligible inadvertent failure’’ 
means a failure that occurs despite the existence of 
practices and procedures which— 
(A) satisfy the standards set forth in sec-
tion 4.04 of Revenue Procedure 2021–30 (or 
any successor guidance); or 
(B) satisfy similar standards in the case of 
an individual retirement plan. 
(2) EXCEPTION.—The term ‘‘eligible inad-
vertent failure’’ shall not include any failure which 
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109 
is egregious, relates to the diversion or misuse of 
plan assets, or is directly or indirectly related to an 
abusive tax avoidance transaction. 
(f) APPLICATION OF CERTAIN REQUIREMENTS FOR 
CORRECTING ERRORS.—This section shall not apply to 
any failure unless the correction of such failure under this 
section is made in conformity with the general principles 
that apply to corrections of such failures under the Inter-
nal Revenue Code of 1986, including regulations or other 
guidance issued thereunder and including those principles 
and corrections set forth in Revenue Procedure 2021–30 
(or any successor guidance). 
SEC. 430. ELIMINATE THE ‘‘FIRST DAY OF THE MONTH’’ RE-
QUIREMENT FOR GOVERNMENTAL SECTION 
457(B) PLANS. 
(a) IN GENERAL.—Section 457(b)(4) of the Internal 
Revenue Code of 1986 is amended to read as follows: 
‘‘(4) which provides that compensation— 
‘‘(A) in the case of an eligible employer de-
scribed in subsection (e)(1)(A), will be deferred 
only if an agreement providing for such deferral 
has been entered into before the compensation 
is currently available to the individual, and 
‘‘(B) in any other case, will be deferred for 
any calendar month only if an agreement pro-
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110 
viding for such deferral has been entered into 
before the beginning of such month,’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
SEC. 431. ONE-TIME ELECTION FOR QUALIFIED CHARI-
TABLE DISTRIBUTION TO SPLIT-INTEREST 
ENTITY; INCREASE IN QUALIFIED CHARI-
TABLE DISTRIBUTION LIMITATION. 
(a) ONE-TIME ELECTION FOR QUALIFIED CHARI-
TABLE DISTRIBUTION
TO SPLIT-INTEREST ENTITY.— 
Section 408(d)(8) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new sub-
paragraph: 
‘‘(F) ONE-TIME ELECTION FOR QUALIFIED 
CHARITABLE DISTRIBUTION TO SPLIT-INTEREST 
ENTITY.— 
‘‘(i) IN
GENERAL.—A taxpayer may 
for a taxable year elect under this subpara-
graph to treat as meeting the requirement 
of subparagraph (B)(i) any distribution 
from an individual retirement account 
which is made directly by the trustee to a 
split-interest entity, but only if— 
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111 
‘‘(I) an election is not in effect 
under this subparagraph for a pre-
ceding taxable year, 
‘‘(II) the aggregate amount of 
distributions of the taxpayer with re-
spect to which an election under this 
subparagraph is made does not exceed 
$50,000, and 
‘‘(III) such distribution meets the 
requirements of clauses (iii) and (iv). 
‘‘(ii) SPLIT-INTEREST
ENTITY.—For 
purposes of this subparagraph, the term 
‘split-interest entity’ means— 
‘‘(I) a charitable remainder annu-
ity trust (as defined in section 
664(d)(1)), but only if such trust is 
funded exclusively by qualified chari-
table distributions, 
‘‘(II) 
a 
charitable 
remainder 
unitrust 
(as 
defined 
in 
section 
664(d)(2)), but only if such unitrust 
is funded exclusively by qualified char-
itable distributions, or 
‘‘(III) a charitable gift annuity 
(as defined in section 501(m)(5)), but 
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112 
only if such annuity is funded exclu-
sively by qualified charitable distribu-
tions and commences fixed payments 
of 5 percent or greater not later than 
1 year from the date of funding. 
‘‘(iii) CONTRIBUTIONS MUST BE OTH-
ERWISE
DEDUCTIBLE.—A 
distribution 
meets the requirement of this clause only 
if— 
‘‘(I) in the case of a distribution 
to a charitable remainder annuity 
trust 
or 
a 
charitable 
remainder 
unitrust, a deduction for the entire 
value of the remainder interest in the 
distribution for the benefit of a speci-
fied charitable organization would be 
allowable under section 170 (deter-
mined without regard to subsection 
(b) thereof and this paragraph), and 
‘‘(II) in the case of a charitable 
gift annuity, a deduction in an 
amount equal to the amount of the 
distribution reduced by the value of 
the annuity described in section 
501(m)(5)(B) 
would 
be 
allowable 
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113 
under section 170 (determined with-
out regard to subsection (b) thereof 
and this paragraph). 
‘‘(iv) LIMITATION ON INCOME INTER-
ESTS.—A distribution meets the require-
ments of this clause only if— 
‘‘(I) no person holds an income 
interest in the split-interest entity 
other than the individual for whose 
benefit such account is maintained, 
the spouse of such individual, or both, 
and 
‘‘(II) the income interest in the 
split-interest entity is nonassignable. 
‘‘(v) SPECIAL RULES.— 
‘‘(I) CHARITABLE
REMAINDER 
TRUSTS.—Notwithstanding 
section 
664(b), distributions made from a 
trust described in subclause (I) or (II) 
of clause (ii) shall be treated as ordi-
nary income in the hands of the bene-
ficiary to whom the annuity described 
in section 664(d)(1)(A) or the pay-
ment 
described 
in 
section 
664(d)(2)(A) is paid. 
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114 
‘‘(II) CHARITABLE
GIFT
ANNU-
ITIES.—Qualified charitable distribu-
tions made to fund a charitable gift 
annuity shall not be treated as an in-
vestment in the contract for purposes 
of section 72(c).’’. 
(b) INFLATION ADJUSTMENT.—Section 408(d)(8) of 
such Code, as amended by subsection (a), is amended by 
adding at the end the following new subparagraph: 
‘‘(G) INFLATION ADJUSTMENT.— 
‘‘(i) IN GENERAL.—In the case of any 
taxable year beginning after 2022, each of 
the dollar amounts in subparagraphs (A) 
and (F) shall be increased by an amount 
equal to— 
‘‘(I) such dollar amount, multi-
plied by 
‘‘(II) the cost-of-living adjust-
ment determined under section 1(f)(3) 
for the calendar year in which the tax-
able year begins, determined by sub-
stituting ‘calendar year 2021’ for ‘cal-
endar year 2016’ in subparagraph 
(A)(ii) thereof. 
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115 
‘‘(ii) 
ROUNDING.—If 
any 
dollar 
amount increased under clause (i) is not a 
multiple of $1,000, such dollar amount 
shall be rounded to the nearest multiple of 
$1,000.’’. 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply to distributions made in taxable 
years ending after the date of the enactment of this Act. 
SEC. 432. DISTRIBUTIONS TO FIREFIGHTERS. 
(a) IN GENERAL.—Subparagraph (A) of section 
72(t)(10) of the Internal Revenue Code of 1986 is amend-
ed by striking ‘‘414(d))’’ and inserting ‘‘414(d)) or a dis-
tribution from a plan described in clause (iii), (iv), or (vi) 
of section 402(c)(8)(B) to an employee who provides fire-
fighting services’’. 
(b) CONFORMING AMENDMENT.—The heading of 
paragraph (10) of section 72(t) of such Code is amended 
by striking ‘‘IN GOVERNMENTAL PLANS’’ and inserting 
‘‘AND PRIVATE SECTOR FIREFIGHTERS’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to distributions made after Decem-
ber 31, 2024. 
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116 
SEC. 433. EXCLUSION OF CERTAIN DISABILITY-RELATED 
FIRST RESPONDER RETIREMENT PAYMENTS. 
(a) IN GENERAL.—Part III of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 is amended 
by inserting after section 139B the following new section: 
‘‘SEC. 139C. CERTAIN DISABILITY-RELATED FIRST RE-
SPONDER RETIREMENT PAYMENTS. 
‘‘(a) IN GENERAL.—In the case of an individual who 
receives qualified first responder retirement payments for 
any taxable year, gross income shall not include so much 
of such payments as do not exceed the annualized exclud-
able disability amount with respect to such individual. 
‘‘(b) QUALIFIED FIRST RESPONDER RETIREMENT 
PAYMENTS.—For purposes of this section, the term ‘quali-
fied first responder retirement payments’ means, with re-
spect to any taxable year, any pension or annuity which 
but for this section would be includible in gross income 
for such taxable year and which is received— 
‘‘(1) from a plan described in clause (iii), (iv), 
(v), or (vi) of section 402(c)(8)(B), and 
‘‘(2) in connection with such individual’s quali-
fied first responder service. 
‘‘(c) 
ANNUALIZED
EXCLUDABLE
DISABILITY 
AMOUNT.—For purposes of this section— 
‘‘(1) IN GENERAL.—The term ‘annualized ex-
cludable disability amount’ means, with respect to 
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any individual, the service-connected excludable dis-
ability amounts which are properly attributable to 
the 12-month period immediately preceding the date 
on which such individual attains retirement age. 
‘‘(2) SERVICE-CONNECTED
EXCLUDABLE
DIS-
ABILITY AMOUNT.—The term ‘service-connected ex-
cludable disability amount’ means periodic payments 
received by an individual which— 
‘‘(A) are not includible in such individual’s 
gross income under section 104(a)(1), 
‘‘(B) are received in connection with such 
individual’s qualified first responder service, 
and 
‘‘(C) terminate when such individual at-
tains retirement age. 
‘‘(3) SPECIAL RULE FOR PARTIAL-YEAR PAY-
MENTS.—In the case of an individual who only re-
ceives 
service-connected 
excludable 
disability 
amounts properly attributable to a portion of the 12- 
month period described in paragraph (1), such para-
graph shall be applied by multiplying such amounts 
by the ratio of 365 to the number of days in such 
period to which such amounts were properly attrib-
utable. 
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‘‘(d) QUALIFIED FIRST RESPONDER SERVICE.—For 
purposes of this section, the term ‘qualified first responder 
service’ means service as a law enforcement officer, fire-
fighter, paramedic, or emergency medical technician.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for part III of subchapter B of chapter 1 of such Code 
is amended by inserting after the item relating to section 
139B the following new item: 
‘‘Sec. 139C. Certain disability-related first responder retirement payments.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts received with respect 
to taxable years beginning after December 31, 2029. 
SEC. 434. INDIVIDUAL RETIREMENT PLAN STATUTE OF LIM-
ITATIONS FOR EXCISE TAX ON EXCESS CON-
TRIBUTIONS AND CERTAIN ACCUMULATIONS. 
Section 6501(l) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new para-
graph: 
‘‘(4) INDIVIDUAL RETIREMENT PLANS.— 
‘‘(A) IN GENERAL.—For purposes of any 
tax imposed by section 4973 or 4974 in connec-
tion with an individual retirement plan, the re-
turn referred to in this section shall be the in-
come tax return filed by the person on whom 
the tax under such section is imposed for the 
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year in which the act (or failure to act) giving 
rise to the liability for such tax occurred. 
‘‘(B) RULE IN CASE OF INDIVIDUALS NOT 
REQUIRED TO FILE RETURN.—In the case of a 
person who is not required to file an income tax 
return for such year— 
‘‘(i) the return referred to in this sec-
tion shall be the income tax return that 
such person would have been required to 
file but for the fact that such person was 
not required to file such return, and 
‘‘(ii) the 3-year period referred to in 
subsection (a) with respect to the return 
shall be deemed to begin on the date by 
which the return would have been required 
to be filed (excluding any extension there-
of).’’. 
SEC. 435. REQUIREMENT TO PROVIDE PAPER STATEMENTS 
IN CERTAIN CASES. 
(a) IN GENERAL.—Section 105(a)(2) of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1025(a)(2)) is amended— 
(1) in subparagraph (A)(iv), by inserting ‘‘sub-
ject to subparagraph (E),’’ before ‘‘may be deliv-
ered’’; and 
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(2) by adding at the end the following: 
‘‘(E) 
PROVISION
OF
PAPER
STATE-
MENTS.—With respect to at least 1 pension 
benefit statement furnished for a calendar year 
with respect to an individual account plan 
under paragraph (1)(A), and with respect to at 
least 1 pension benefit statement furnished 
every 3 calendar years with respect to a defined 
benefit plan under paragraph (1)(B), such 
statement shall be furnished on paper in writ-
ten form except— 
‘‘(i) in the case of a plan that fur-
nishes such statement in accordance with 
section 2520.104b–1(c) of title 29, Code of 
Federal Regulations; or 
‘‘(ii) in the case of a plan that permits 
a participant or beneficiary to request that 
the statements referred to in the matter 
preceding clause (i) be furnished by elec-
tronic delivery, if the participant or bene-
ficiary requests that such statements be 
delivered electronically and the statements 
are so delivered.’’. 
(b) IMPLEMENTATION.— 
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(1) IN
GENERAL.—The Secretary of Labor 
shall, not later than December 31, 2024, update sec-
tion 2520.104b–1(c) of title 29, Code of Federal 
Regulations, to provide that a plan may furnish the 
statements referred to in subparagraph (E) of sec-
tion 105(a)(2) by electronic delivery only if, in addi-
tion to meeting the other requirements under the 
regulations— 
(A) such plan furnishes each participant or 
beneficiary, including participants described in 
subparagraph (B), a one-time initial notice on 
paper in written form, prior to the electronic 
delivery of any pension benefit statement, of 
their right to request that all documents re-
quired to be disclosed under title I of the Em-
ployee Retirement Income Security Act of 1974 
be furnished on paper in written form; and 
(B) such plan furnishes each participant 
who is separated from service with at least 1 
pension benefit statement on paper in written 
form for each calendar year, unless, on election 
of the participant, the participant receives such 
statements electronically. 
(2) OTHER
GUIDANCE.—In implementing the 
amendment made by subsection (a) with respect to 
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a plan that discloses required documents or state-
ments electronically, in accordance with applicable 
guidance governing electronic disclosure by the De-
partment of Labor (with the exception of section 
2520.104b–1(c) of title 29, Code of Federal Regula-
tions), the Secretary of Labor shall, not later than 
December 31, 2024, update such guidance to the ex-
tent necessary to ensure that— 
(A) a participant or beneficiary under such 
a plan is permitted the opportunity to request 
that any disclosure required to be delivered on 
paper under applicable guidance by the Depart-
ment of Labor shall be furnished by electronic 
delivery; 
(B) each paper statement furnished under 
such a plan pursuant to the amendment shall 
include— 
(i) an explanation of how to request 
that all such statements, and any other 
document required to be disclosed under 
title I of the Employee Retirement Income 
Security Act of 1974, be furnished by elec-
tronic delivery; and 
(ii) contact information for the plan 
sponsor, including a telephone number; 
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(C) the plan may not charge any fee to a 
participant or beneficiary for the delivery of any 
paper statements; 
(D) each paper pension benefit statement 
shall identify each plan document required to be 
disclosed and shall include information about 
how a participant or beneficiary may access 
each such document; 
(E) each document required to be disclosed 
that is furnished by electronic delivery under 
such a plan shall include an explanation of how 
to request that all such documents be furnished 
on paper in written form; and 
(F) a plan is permitted to furnish a dupli-
cate electronic statement in any case in which 
the plan furnishes a paper pension benefit 
statement. 
(c) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply with respect to plan years begin-
ning after December 31, 2025. 
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(A) SPECIAL RULES FOR USE OF RETIRE-
MENT
FUNDS.—Section 2202(c)(2)(A) of the 
CARES Act is amended by striking ‘‘January 
1, 2022’’ in clause (ii) and inserting ‘‘January 
1, 2026’’. 
(B) TEMPORARY
WAIVER
OF
REQUIRED 
MINIMUM DISTRIBUTIONS RULES FOR CERTAIN 
RETIREMENT PLANS AND ACCOUNTS.—Section 
2203(c)(2)(B)(i) of the CARES Act is amend-
ed— 
(i) by striking ‘‘January 1, 2022’’ in 
subclause (II) and inserting ‘‘January 1, 
2026’’, and 
(ii) by striking ‘‘substituting ‘2024’ 
for ‘2022’.’’ in the flush matter at the end 
and inserting ‘‘substituting ‘2028’ for 
‘2024’.’’. 
(C) TAXPAYER CERTAINTY AND DISASTER 
TAX
RELIEF
ACT
OF
2020.—Section 
302(d)(2)(A) of the Taxpayer Certainty and 
Disaster Tax Relief Act of 2020 is amended by 
striking ‘‘January 1, 2022’’ in clause (ii) and 
inserting ‘‘January 1, 2026’’. 
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