‘‘(D) QUALIFIED PERCENTAGE.—For pur-
poses of this paragraph, the term ‘qualified per-
centage’ means, with respect to any employee, 
any percentage determined under the trust 
agreement if such percentage is applied uni-
formly, does not exceed 15 percent, and is at 
least— 
‘‘(i) 3 percent during the period end-
ing on the last day of the first plan year 
which begins after the date on which the 
first elective contribution described in sub-
paragraph (A) is made with respect to 
such employee, and 
‘‘(ii) during any subsequent plan year, 
a percentage equal to— 
‘‘(I) 3 percent, plus 
‘‘(II) 1 percent multiplied by the 
number of plan years (but not more 
than 12) beginning after the plan year 
described in clause (i). 
‘‘(2) NOTICE.— 
‘‘(A) IN GENERAL.—The requirements of 
this paragraph are met if, within a reasonable 
period before the first day an employee is eligi-
ble to participate in the arrangement, the em-
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ployee receives written notice of the employee’s 
rights and obligations under the arrangement 
which— 
‘‘(i) is sufficiently accurate and com-
prehensive to apprise the employee of such 
rights, and 
‘‘(ii) is written in a manner calculated 
to be understood by the average employee 
to whom the arrangement applies. 
‘‘(B) TIMING
AND
CONTENT.—A notice 
shall not be treated as meeting the require-
ments of subparagraph (A) with respect to an 
employee unless— 
‘‘(i) the notice explains the employee’s 
right to elect not to have elective contribu-
tions made on the employee’s behalf (or to 
elect to have such contributions made at a 
different percentage), 
‘‘(ii) the notice explains how contribu-
tions made under the arrangement will be 
invested in the absence of any investment 
election by the employee, and 
‘‘(iii) the employee has a reasonable 
period of time after receipt of the notice 
described in clauses (i) and (ii) and before 
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the first elective contribution is made to 
make either such election. 
‘‘(3) DEFAULT INVESTMENT ARRANGEMENT.— 
The requirements of this paragraph are met if— 
‘‘(A) in the absence of an investment elec-
tion by the employee with respect to the em-
ployee’s interest in the trust, such interest is in-
vested as provided in regulations prescribed 
pursuant to subparagraph (A) of section 
404(c)(5) of the Employee Retirement Income 
Security Act of 1974, and 
‘‘(B) the employer provides each employee 
who has an interest in the trust, notice which 
meets the requirements of subparagraph (B) of 
such section. 
‘‘(4) ADMINISTRATIVE
REQUIREMENTS.—The 
requirements of this paragraph are met if— 
‘‘(A) an employer must make the elective 
employer contributions under paragraph (1)(A) 
not later than the close of the 30-day period 
following the last day of the month with respect 
to which the contributions are to be made, 
‘‘(B) an employee may elect to terminate 
participation in the arrangement at any time 
during the year, except that if the employee so 
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terminates, the arrangement may provide that 
the employee may elect to resume participation 
until the beginning of the next year, and 
‘‘(C) each employee eligible to participate 
may elect, during the 30-day period before the 
beginning of any year, or to modify the amount 
subject to such arrangement, for such year.’’. 
(b) PREEMPTION OF CONFLICTING STATE LAWS.— 
Any law of a State shall be superseded if it would directly 
or indirectly prohibit or restrict an employer from creating 
or organizing an automatic deferral IRA (as defined in 
section 408B of the Internal Revenue Service of 1986). 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart A of part I of subchapter D of chapter 1 of 
the Internal Revenue Code of 1986 is amended by insert-
ing after the item relating to 408A the following new item: 
‘‘408B. Automatic deferral IRAs.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2007. 
SEC. 8. 401(k) AUTOMATIC DEFERRAL PERCENTAGE PAR-
ITY. 
(a) 
IN
GENERAL.—Clause 
(iii) 
of 
section 
401(k)(13)(C) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘10 percent’’ and inserting ‘‘15 per-
cent’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to plan years beginning after De-
cember 31, 2009. 
SEC. 9. LIMITED TRANSFER OF UNUSED BALANCE IN 
FLEXIBLE SPENDING ARRANGEMENT. 
(a) IN GENERAL.—Section 125 of the Internal Rev-
enue Code of 1986 is amended by redesignating sub-
sections (i) and (j) as subsections (j) and (k), respectively, 
and by inserting after subsection (h) the following new 
subsection: 
‘‘(i) SPECIAL RULE
FOR UNUSED BENEFITS
IN 
FLEXIBLE SPENDING ARRANGEMENTS.— 
‘‘(1) IN GENERAL.—For purposes of this title, 
a plan or other arrangement shall not fail to be 
treated as a cafeteria plan or flexible spending ar-
rangement merely because such arrangement pro-
vides for qualified retirement distributions. 
‘‘(2) QUALIFIED RETIREMENT DISTRIBUTION.— 
‘‘(A) IN GENERAL.—For purposes of this 
section, the term ‘qualified retirement distribu-
tion’ means any distribution to an individual of 
all or a portion of the employee’s account under 
such arrangement, but only to the extent— 
‘‘(i) the amount does not exceed the 
lesser of— 
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‘‘(I) $250, or 
‘‘(II) the unused benefits with re-
spect to the arrangement, and 
‘‘(ii) the amount received is paid into 
a qualified retirement plan (as defined in 
section 4974(c)), or an eligible deferred 
compensation plan (as defined in section 
457(b)) of an eligible employer described in 
section 457(e)(1)(A), of the individual not 
later than the 60th day after the day on 
which the individual receives the payment 
or distribution. 
‘‘(B) UNUSED
BENEFITS.—For purposes 
of this paragraph, the term ‘unused benefits’ 
means, with respect to an employee, the excess 
of— 
‘‘(i) the maximum amount of reim-
bursement allowable to the employee dur-
ing a plan year under a flexible spending 
arrangement, over 
‘‘(ii) the actual amount of reimburse-
ment during such year under such ar-
rangement. 
‘‘(C) SPECIAL RULES FOR TREATMENT OF 
CONTRIBUTIONS TO RETIREMENT PLANS.—For 
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SEC. 10. PRIOR YEARS COMPENSATION TAKEN INTO AC-
COUNT IN DETERMINING MAXIMUM RETIRE-
MENT SAVINGS DEDUCTION. 
(a) IN GENERAL.—Subparagraph (B) of section 
219(b)(1) of the Internal Revenue Code of 1986 is amend-
ed by striking ‘‘for such taxable year’’ and inserting ‘‘for 
the preceding taxable year’’. 
(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. 11. EXPANDING SMALL EMPLOYER PENSION PLAN 
STARTUP COST CREDIT. 
(a) IN GENERAL.— 
(1) INCLUDING
STARTUP
COSTS
FOR
EM-
PLOYER-ESTABLISHED IRAS.—Paragraph (2) of sec-
tion 45E(d) of the Internal Revenue Code of 1986 
(defining eligible employer plan) is amended by 
striking ‘‘means a qualified employer plan’’ and all 
that follows and inserting: ‘‘means— 
‘‘(A) a qualified employer plan within the 
meaning of section 4972(d), or 
‘‘(B) a plan of which a trust described in 
section 408(c) is a part.’’. 
(2) ADDITIONAL CREDIT AMOUNT.— 
(A) IN GENERAL.—Subsection (a) of sec-
tion 45E of such Code is amended by striking 
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‘‘50 percent of’’ and all that follows and insert-
ing ‘‘the sum of— 
‘‘(1) the applicable percentage of the qualified 
startup costs paid or incurred by the taxpayer dur-
ing the taxable year, plus 
‘‘(2) $25 multiplied by the number of employees 
of the employer who participate in any eligible em-
ployer plan of the employer for the first time in such 
taxable year.’’. 
(B) 
APPLICABLE
PERCENTAGE.—Sub-
section (d) of section 45E of such Code is 
amended by adding at the end the following 
new paragraph: 
‘‘(4) APPLICABLE PERCENTAGE.—The applica-
ble percentage is— 
‘‘(A) in the case of a plan described in sub-
section (d)(2)(A), 75 percent, or 
‘‘(B) in the case of a plan described in 
subsection (d)(2)(B), 50 percent.’’. 
(C) 
CONFORMING
AMENDMENT.—Para-
graph (2) of section 45E(c) of such Code (de-
fining eligible employer) is amended— 
(i) by striking ‘‘qualified employer 
plan’’ in each place it appears and insert-
ing ‘‘eligible employer plan’’, and 
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(ii) by striking ‘‘QUALIFIED’’ in the 
heading thereof and inserting ‘‘ELIGIBLE’’. 
(3) INCREASED LIMITATION.—Paragraph (1) of 
section 45E(b) of such Code is amended by striking 
‘‘$500’’ and inserting ‘‘$750 ($2,000 in the case of 
qualified startup costs attributable to a plan de-
scribed in subsection (d)(2)(A)’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to costs paid or incurred in taxable 
years beginning after the date of the enactment of this 
Act. 
SEC. 12. FINANCIAL EDUCATION. 
(a) RETIREMENT PLAN EDUCATION
FOR SMALL 
BUSINESSES.—Not later than 6 months after the date of 
the enactment of this Act— 
(1) the Department of the Treasury Office of 
Financial Education, in consultation with the De-
partment of Labor, shall develop and implement an 
outreach plan to educate small businesses on the 
types of retirement plans available and the benefits 
and requirements of such plans, and 
(2) the Secretary of the Treasury and the Sec-
retary of Labor shall develop recommendations for 
small businesses in order to improve retirement out-
comes. Such recommendations shall take into ac-
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count established behavioral trends of employee in-
vestment and the effect of default design features 
such as auto escalation, expansion of auto rollovers, 
auto diversification for near retirees, and automatic 
forms of distribution. 
(b) FINANCIAL LITERACY.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of the enactment of this Act, the Secretary 
of the Treasury, in consultation with the Secretary 
of Education, shall develop sample age-appropriate 
curricula to be made available for financial literacy 
education in elementary and secondary schools. 
(2) CONTENT OF CURRICULA.—Such curricula 
shall include the following: 
(A) How to balance a checkbook, read a 
credit card statement, and calculate interest 
rates. 
(B) What a pay stub is and why Federal 
and State income taxes and Social Security and 
Medicare taxes are withheld from wages. 
(C) The differences between various types 
of bank accounts. 
(D) The significance of a credit score and 
how to read credit reports. 
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(E) The marketing techniques frequently 
used by individuals and businesses to attract 
patrons. 
(F) The importance of saving for college 
and retirement, including the various methods 
for saving such as traditional pensions, 401(k)s, 
and IRAs. 
SEC. 13. MULTIPLE SMALL EMPLOYER PLAN. 
(a) IN GENERAL.—Paragraph (11) of section 401(k) 
of the Internal Revenue Code of 1986 is amended by add-
ing the following at the end thereof: 
‘‘(E) 
MULTIPLE
SMALL
EMPLOYER 
PLAN.— 
‘‘(i) IN GENERAL.—In the case of a 
plan described in clause (ii)— 
‘‘(I) the amount described in sub-
paragraph (B)(i)(I) shall be $10,000, 
in lieu of the amount in effect under 
section 408(p)(2)(A)(ii), 
‘‘(II) such $10,000 amount shall 
be adjusted as described in section 
408(p)(2)(E)(ii) except that the base 
period taken into account shall be the 
calendar quarter beginning July 1, 
2010, 
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‘‘(III) subclause (II) of subpara-
graph (B)(i) and clause (ii) of sub-
paragraph (B) shall not apply, and 
‘‘(IV) section 414(v) shall not 
apply. 
‘‘(ii) PLAN DESCRIBED.—A plan is de-
scribed in this clause if the plan satisfies 
the following requirements: 
‘‘(I) Such plan satisfies the re-
quirements of this paragraph, as 
modified by clause (i). 
‘‘(II) The plan is described in 
section 413(c). 
‘‘(III) The plan includes a quali-
fied automatic contribution arrange-
ment, as defined in paragraph (13), 
except that subparagraph (D) of para-
graph (13) shall not apply and the 
qualified percentage shall be deter-
mined by reference to subclauses (I), 
(II), (III), and (IV) of paragraph 
(13)(C)(iii). 
‘‘(IV) The plan does not permit 
any participant or beneficiary to re-
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ceive or maintain a loan from the 
plan. 
‘‘(V) The plan does not permit 
hardship distributions described in 
paragraph (2)(B)(i)(IV) except to the 
extent 
any 
such 
distribution 
is 
deemed, under regulations prescribed 
by the Secretary, to be on account of 
an immediate and heavy financial 
need of the employee and necessary to 
satisfy an immediate and heavy finan-
cial need of the employee. 
‘‘(VI) The plan is maintained 
pursuant to a model plan document 
published by the Secretary.’’. 
(b) SIMPLIFICATION.— 
(1) MODEL PLAN.—Within one year of the date 
of the enactment of this Act, the Secretary of the 
Treasury shall publish a model plan that may be 
used to satisfy the requirement of subclause (VI) of 
section 401(k)(11)(E)(ii) of the Internal Revenue 
Code of 1986. 
(2) PROTECTION AGAINST LOSS.—Within 120 
days of the date of the enactment of this Act, the 
Secretary of Labor shall amend Department of 
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Labor Regulation section 2550.404c–5(e)(4)(iv)(B) 
so that, in the case of a plan described in section 
401(k)(11)(E) of such Code ‘‘four years’’ shall be 
substituted for ‘‘120 days’’. 
(3) CLARIFYING DUTIES AND REDUCING BUR-
DENS.—Within one year of the date of the enact-
ment of this Act, the Secretary of Labor shall— 
(A) publish rules clarifying the extent to 
which the fiduciary duties of a participating 
employer and of a named fiduciary with respect 
to a plan described in section 401(k)(11)(E) of 
such Code are limited to prudently selecting 
and monitoring the provider of such plan and 
the services, fees, and investment options avail-
able from such provider, and 
(B) prescribe interim final regulations pro-
viding simplified means by which plans de-
scribed in section 401(k)(11)(E) of such Code 
may satisfy the requirements of sections 102, 
103, and 105 of the Employee Retirement In-
come Security Act of 1974. 
(4) ELIMINATION OF DISINCENTIVE TO POOL-
ING.—Not later than one year after the date of en-
actment of this Act, the Secretary of the Treasury 
shall prescribe final regulations under which a plan 
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described in section 413(c) of such Code may be 
treated as satisfying the qualification requirements 
of section 401(a) of such Code despite the violation 
of such requirements with respect to one or more 
participating employers. Such rules may require that 
the portion of the plan attributable to such partici-
pating employers be spun off to plans maintained by 
such employers. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to years beginning after December 31, 
2010. 
(2) EXCEPTION.—Subsection (b) shall apply as 
of the date of the enactment of this Act. 
SEC. 14. AMENDMENTS TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974. 
(a) IN GENERAL.—Section 3(2) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 
1002(2)) is amended by adding at the end the following 
new subparagraph: 
‘‘(C) An individual retirement plan (as defined in sec-
tion 7701(a)(37) of the Internal Revenue Code of 1986) 
shall not be considered a pension plan merely because an 
employer establishes a payroll deduction program for the 
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purpose of enabling employees to make voluntary con-
tributions to such account or annuity.’’. 
(b) DISCLOSURE REGARDING LIFETIME INCOME.— 
(1) IN GENERAL.—Subparagraph (B) of section 
105(a)(2) of such Act (29 U.S.C. 1025(a)(2)) is 
amended— 
(A) in clause (i), by striking ‘‘and’’ at the 
end; 
(B) in clause (ii), by striking ‘‘diversifica-
tion.’’ and inserting ‘‘diversification, and’’; and 
(C) by inserting at the end the following: 
‘‘(iii) the lifetime income disclosure 
described in subparagraph (D)(i). 
In the case of pension benefit statements de-
scribed in clause (i) of paragraph (1)(A), a life-
time income disclosure under clause (iii) of this 
subparagraph shall only be required to be in-
cluded in one pension benefit statement in each 
calendar year.’’. 
(2) LIFETIME INCOME.—Paragraph (2) of sec-
tion 105(a) of such Act (29 U.S.C. 1025(a)) is 
amended by adding at the end the following new 
subparagraph: 
‘‘(D) LIFETIME INCOME DISCLOSURE.— 
‘‘(i) IN GENERAL.— 
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‘‘(I) DISCLOSURE.—A lifetime in-
come disclosure shall set forth the an-
nuity equivalent of the total benefits 
accrued with respect to the partici-
pant or beneficiary. 
‘‘(II) ANNUITY EQUIVALENT OF 
THE
TOTAL
BENEFITS
ACCRUED.— 
For purposes of this subparagraph, 
the ‘annuity equivalent of the total 
benefits accrued’ means the amount of 
monthly payments the participant or 
beneficiary would receive at the plan’s 
normal retirement age if the total ac-
crued benefits of such participant or 
beneficiary were used on the date of 
the lifetime income disclosure to pur-
chase the life annuities described in 
subclause (III), with payments under 
such annuities commencing at the 
plan’s normal retirement age. 
‘‘(III) 
LIFE
ANNUITIES.—The 
life annuities described in this sub-
clause are a qualified joint and sur-
vivor annuity (as defined in section 
205(d)), based on assumptions speci-
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fied in rules prescribed by the Sec-
retary, including the assumption that 
the participant or beneficiary has a 
spouse of equal age, and a single life 
annuity. Such annuities may have a 
term certain or other features to the 
extent permitted under rules pre-
scribed by the Secretary. 
‘‘(ii) MODEL DISCLOSURE.—Not later 
than 1 year after the date of the enact-
ment of the Lifetime Income Disclosure 
Act, the Secretary shall issue a model life-
time income disclosure, written in a man-
ner so as to be understood by the average 
plan participant, that— 
‘‘(I) explains that the annuity 
equivalent is only provided as an illus-
tration; 
‘‘(II) explains that the actual an-
nuity payments that may be pur-
chased with the total benefits accrued 
will depend on numerous factors and 
may vary substantially from the annu-
ity equivalent in the disclosures; 
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‘‘(III) explains the assumptions 
upon which the annuity equivalent 
was determined; and 
‘‘(IV) provides such other similar 
explanations as the Secretary con-
siders appropriate. 
‘‘(iii) ASSUMPTIONS
AND
RULES.— 
Not later than 1 year after the date of the 
enactment of the Lifetime Income Disclo-
sure Act, the Secretary shall— 
‘‘(I) prescribe assumptions that 
administrators of individual account 
plans may use in converting total ac-
crued benefits into annuity equiva-
lents for purposes of this subpara-
graph; and 
‘‘(II) issue interim final rules 
under clause (i). 
In prescribing assumptions under sub-
clause (I), the Secretary may prescribe a 
single set of specific assumptions (in which 
case the Secretary may issue tables or fac-
tors that facilitate such conversions), or 
ranges of permissible assumptions. To the 
extent that an accrued benefit is or may be 
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invested in an annuity contract, the as-
sumptions prescribed under subclause (I) 
shall, to the extent appropriate, permit ad-
ministrators of individual account plans to 
use the amounts payable under such con-
tract as an annuity equivalent. 
‘‘(iv) LIMITATION ON LIABILITY.—No 
plan fiduciary, plan sponsor, or other per-
son shall have any liability under this title 
solely by reason of the provision of annuity 
equivalents which are derived in accord-
ance with the assumptions and rules de-
scribed in clause (iii) and which include the 
explanations contained in the model life-
time income disclosure described in clause 
(ii). This clause shall apply without regard 
to whether the provision of such annuity 
equivalent is required by subparagraph 
(B)(iii). 
‘‘(v) EFFECTIVE DATE.—The require-
ment in subparagraph (B)(iii) shall apply 
to pension benefit statements furnished 
more than 12 months after the latest of 
the issuance by the Secretary of— 
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‘‘(I) interim final rules under 
clause (i); 
‘‘(II) the model disclosure under 
clause (ii); or 
‘‘(III) the assumptions under 
clause (iii).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
Æ 
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