2195 
† HR 2617 EAS2 
from consideration in determining whether any 
plan of the employer meets the requirements of 
subparagraphs (A) and (B).’’. 
(b) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall apply to plan years beginning after Decem-
ber 31, 2023. 
SEC. 311. REPAYMENT OF QUALIFIED BIRTH OR ADOPTION 
DISTRIBUTION LIMITED TO 3 YEARS. 
(a) 
IN
GENERAL.—Section 
72(t)(2)(H)(v)(I) 
is 
amended by striking ‘‘may make’’ and inserting ‘‘may, at 
any time during the 3-year period beginning on the day 
after the date on which such distribution was received, 
make’’. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendment made by this section shall 
apply to distributions made after the date of the en-
actment of this Act. 
(2) TEMPORARY RULE WITH RESPECT TO DIS-
TRIBUTIONS ALREADY MADE.—In the case of a quali-
fied birth or adoption distribution (as defined in sec-
tion 72(t)(2)(H)(iii)(I) of the Internal Revenue Code 
of 1986) made on or before the date of the enactment 
of this Act, section 72(t)(2)(H)(v)(I) of such Code (as 
amended by this Act) shall apply to such distribution
2196 
† HR 2617 EAS2 
by substituting ‘‘after such distribution and before 
January 1, 2026’’ for ‘‘during the 3-year period be-
ginning on the day after the date on which such dis-
tribution was received’’. 
SEC. 312. EMPLOYER MAY RELY ON EMPLOYEE CERTIFYING 
THAT 
DEEMED 
HARDSHIP 
DISTRIBUTION 
CONDITIONS ARE MET. 
(a) CASH OR DEFERRED ARRANGEMENTS.—Section 
401(k)(14) is amended by adding at the end the following 
new subparagraph: 
‘‘(C) EMPLOYEE CERTIFICATION.—In deter-
mining whether a distribution is upon the hard-
ship of an employee, the administrator of the 
plan may rely on a written certification by the 
employee that the distribution is— 
‘‘(i) on account of a financial need of 
a type which is deemed in regulations pre-
scribed by the Secretary to be an immediate 
and heavy financial need, and 
‘‘(ii) not in excess of the amount re-
quired to satisfy such financial need, and 
that the employee has no alternative means rea-
sonably available to satisfy such financial need. 
The Secretary may provide by regulations for ex-
ceptions to the rule of the preceding sentence in
2197 
† HR 2617 EAS2 
cases where the plan administrator has actual 
knowledge to the contrary of the employee’s cer-
tification, and for procedures for addressing 
cases of employee misrepresentation.’’. 
(b) 403(b) PLANS.— 
(1) CUSTODIAL ACCOUNTS.—Section 403(b)(7) is 
amended by adding at the end the following new sub-
paragraph: 
‘‘(D) EMPLOYEE CERTIFICATION.—In deter-
mining whether a distribution is upon the finan-
cial hardship of an employee, the administrator 
of the plan may rely on a written certification 
by the employee that the distribution is— 
‘‘(i) on account of a financial need of 
a type which is deemed in regulations pre-
scribed by the Secretary to be an immediate 
and heavy financial need, and 
‘‘(ii) not in excess of the amount re-
quired to satisfy such financial need, and 
that the employee has no alternative means rea-
sonably available to satisfy such financial need. 
The Secretary may provide by regulations for ex-
ceptions to the rule of the preceding sentence in 
cases where the plan administrator has actual 
knowledge to the contrary of the employee’s cer-
2198 
† HR 2617 EAS2 
tification, and for procedures for addressing 
cases of employee misrepresentation.’’. 
(2) ANNUITY CONTRACTS.—Section 403(b)(11) is 
amended by adding at the end the following: ‘‘In de-
termining whether a distribution is upon hardship of 
an employee, the administrator of the plan may rely 
on a written certification by the employee that the 
distribution is on account of a financial need of a 
type which is deemed in regulations prescribed by the 
Secretary to be an immediate and heavy financial 
need and is not in excess of the amount required to 
satisfy such financial need, and that the employee has 
no alternative means reasonably available to satisfy 
such financial need. The Secretary may provide by 
regulations for exceptions to the rule of the preceding 
sentence in cases where the plan administrator has 
actual knowledge to the contrary of the employee’s 
certification, and for procedures for addressing cases 
of employee misrepresentation.’’. 
(c) 457(b) PLAN.—Section 457(d) is amended by add-
ing at the end the following new paragraph: 
‘‘(4) PARTICIPANT
CERTIFICATION.—In deter-
mining whether a distribution to a participant is 
made when the participant is faced with an unfore-
seeable emergency, the administrator of a plan main-
2199 
† HR 2617 EAS2 
tained by an eligible employer described in subsection 
(e)(1)(A) may rely on a written certification by the 
participant that the distribution is— 
‘‘(A) made when the participant is faced 
with an unforeseeable emergency of a type which 
is described in regulations prescribed by the Sec-
retary as an unforeseeable emergency, and 
‘‘(B) not in excess of the amount required to 
satisfy the emergency need, and 
that the participant has no alternative means reason-
ably available to satisfy such emergency need. The 
Secretary may provide by regulations for exceptions 
to the rule of the preceding sentence in cases where the 
plan administrator has actual knowledge to the con-
trary of the participant’s certification, and for proce-
dures for addressing cases of participant misrepresen-
tation.’’. 
(d) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after the date 
of the enactment of this Act. 
SEC. 313. INDIVIDUAL RETIREMENT PLAN STATUTE OF LIM-
ITATIONS FOR EXCISE TAX ON EXCESS CON-
TRIBUTIONS AND CERTAIN ACCUMULATIONS. 
(a) IN GENERAL.—Section 6501(l) is amended by add-
ing at the end the following new paragraph:
2200 
† HR 2617 EAS2 
‘‘(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 include the 
income tax return filed by the person on whom 
the tax under such section is imposed for the 
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 re-
quired 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 thereof). 
‘‘(C) PERIOD FOR ASSESSMENT IN CASE OF 
INCOME TAX RETURN.—In any case in which the
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† HR 2617 EAS2 
return with respect to a tax imposed by section 
4973 is the individual’s income tax return for 
purposes of this section, subsection (a) shall be 
applied by substituting a 6-year period in lieu 
of the 3-year period otherwise referred to in such 
subsection. 
‘‘(D) EXCEPTION
FOR
CERTAIN
ACQUISI-
TIONS OF PROPERTY.—In the case of any tax im-
posed by section 4973 that is attributable to ac-
quiring property for less than fair market value, 
subparagraph (A) shall not apply.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall take effect on the date of the enactment of this 
Act. 
SEC. 314. PENALTY-FREE WITHDRAWAL FROM RETIREMENT 
PLANS FOR INDIVIDUAL IN CASE OF DOMES-
TIC ABUSE. 
(a) IN GENERAL.—Paragraph (2) of section 72(t), as 
amended by this Act, is further amended by adding at the 
end the following new subparagraph: 
‘‘(K) DISTRIBUTION
FROM
RETIREMENT 
PLAN IN CASE OF DOMESTIC ABUSE.— 
‘‘(i) IN
GENERAL.—Any eligible dis-
tribution to a domestic abuse victim.
2202 
† HR 2617 EAS2 
‘‘(ii) 
LIMITATION.—The 
aggregate 
amount which may be treated as an eligible 
distribution to a domestic abuse victim by 
any individual shall not exceed an amount 
equal to the lesser of— 
‘‘(I) $10,000, or 
‘‘(II) 50 percent of the present 
value of the nonforfeitable accrued ben-
efit of the employee under the plan. 
‘‘(iii) ELIGIBLE
DISTRIBUTION
TO
A 
DOMESTIC ABUSE VICTIM.—For purposes of 
this subparagraph— 
‘‘(I) IN GENERAL.—A distribution 
shall be treated as an eligible distribu-
tion to a domestic abuse victim if such 
distribution is from an applicable eli-
gible retirement plan and is made to 
an individual during the 1-year period 
beginning on any date on which the 
individual is a victim of domestic 
abuse by a spouse or domestic partner. 
‘‘(II) 
DOMESTIC
ABUSE.—The 
term ‘domestic abuse’ means physical, 
psychological, sexual, emotional, or 
economic abuse, including efforts to
2203 
† HR 2617 EAS2 
control, isolate, humiliate, or intimi-
date the victim, or to undermine the 
victim’s ability to reason independ-
ently, including by means of abuse of 
the victim’s child or another family 
member living in the household. 
‘‘(iv) TREATMENT OF PLAN DISTRIBU-
TIONS.—If a distribution to an individual 
would (without regard to clause (ii)) be an 
eligible distribution to a domestic abuse vic-
tim, a plan shall not be treated as failing 
to meet any requirement of this title merely 
because the plan treats the distribution as 
an eligible distribution to a domestic abuse 
victim, unless the aggregate amount of such 
distributions from all plans maintained by 
the employer (and any member of any con-
trolled group which includes the employer, 
determined as provided in subparagraph 
(H)(iv)(II)) to such individual exceeds the 
limitation under clause (ii). 
‘‘(v) AMOUNT
DISTRIBUTED
MAY
BE 
REPAID.—Rules similar to the rules of sub-
paragraph (H)(v) shall apply with respect
2204 
† HR 2617 EAS2 
to an individual who receives a distribution 
to which clause (i) applies. 
‘‘(vi) 
DEFINITION
AND
SPECIAL 
RULES.—For purposes of this subpara-
graph: 
‘‘(I) APPLICABLE
ELIGIBLE
RE-
TIREMENT PLAN.—The term ‘applica-
ble eligible retirement plan’ means an 
eligible retirement plan (as defined in 
section 402(c)(8)(B)) other than a de-
fined benefit plan or a plan to which 
sections 401(a)(11) and 417 apply. 
‘‘(II) EXEMPTION
OF
DISTRIBU-
TIONS
FROM
TRUSTEE
TO
TRUSTEE 
TRANSFER
AND
WITHHOLDING 
RULES.—For 
purposes 
of 
sections 
401(a)(31), 402(f), and 3405, an eligi-
ble distribution to a domestic abuse 
victim shall not be treated as an eligi-
ble rollover distribution. 
‘‘(III) DISTRIBUTIONS
TREATED 
AS MEETING PLAN DISTRIBUTION RE-
QUIREMENTS; 
SELF-CERTIFICATION.— 
Any distribution which the employee 
or participant certifies as being an eli-
2205 
† HR 2617 EAS2 
gible distribution to a domestic abuse 
victim shall be treated as meeting the 
requirements 
of 
sections 
401(k)(2)(B)(i), 
403(b)(7)(A)(i), 
403(b)(11), and 457(d)(1)(A). 
‘‘(vii) INFLATION
ADJUSTMENT.—In 
the case of a taxable year beginning in a 
calendar year after 2024, the $10,000 
amount in clause (ii)(I) shall be increased 
by an amount equal to— 
‘‘(I) such dollar amount, multi-
plied by 
‘‘(II) the cost-of-living adjustment 
determined under section 1(f)(3) for 
the calendar year in which the taxable 
year begins, determined by substituting 
‘calendar year 2023’ for ‘calendar year 
2016’ in subparagraph (A)(ii) thereof. 
If any amount after adjustment under the 
preceding sentence is not a multiple of 
$100, such amount shall be rounded to the 
nearest multiple of $100.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to distributions made after December 31, 
2023.
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† HR 2617 EAS2 
SEC. 315. REFORM OF FAMILY ATTRIBUTION RULE. 
(a) IN GENERAL.—Section 414 is amended— 
(1) in subsection (b)— 
(A) by striking ‘‘For purposes of’’ and in-
serting the following: 
‘‘(1) IN GENERAL.—For purposes of’’, and 
(B) by adding at the end the following new 
paragraphs: 
‘‘(2) SPECIAL RULES FOR APPLYING FAMILY AT-
TRIBUTION.—For purposes of applying the attribu-
tion rules under section 1563 with respect to para-
graph (1), the following rules apply: 
‘‘(A) Community property laws shall be dis-
regarded for purposes of determining ownership. 
‘‘(B) Except as provided by the Secretary, 
stock of an individual not attributed under sec-
tion 1563(e)(5) to such individual’s spouse shall 
not be attributed to such spouse by reason of the 
combined application of paragraphs (1) and 
(6)(A) of section 1563(e). 
‘‘(C) Except as provided by the Secretary, 
in the case of stock in different corporations that 
is 
attributed 
to 
a 
child 
under 
section 
1563(e)(6)(A) from each parent, and is not at-
tributed to such parents as spouses under section 
1563(e)(5), such attribution to the child shall not
2207 
† HR 2617 EAS2 
by itself result in such corporations being mem-
bers of the same controlled group. 
‘‘(3) PLAN SHALL NOT FAIL TO BE TREATED AS 
SATISFYING THIS SECTION.—If application of para-
graph (2) causes 2 or more entities to be a controlled 
group or to no longer be in a controlled group, such 
change shall be treated as a transaction to which sec-
tion 410(b)(6)(C) applies.’’, and 
(2) in subsection (m)(6)(B)— 
(A) by striking ‘‘OWNERSHIP.—In deter-
mining’’ and inserting the following: ‘‘OWNER-
SHIP.— 
‘‘(i) IN GENERAL.—In determining’’, 
(B) by adding at the end the following new 
clauses: 
‘‘(ii) SPECIAL
RULES
FOR
APPLYING 
FAMILY ATTRIBUTION.—For purposes of ap-
plying the attribution rules under section 
318 with respect to clause (i), the following 
rules apply: 
‘‘(I) Community property laws 
shall be disregarded for purposes of de-
termining ownership. 
‘‘(II) Except as provided by the 
Secretary, stock of an individual not
2208 
† HR 2617 EAS2 
attributed 
under 
section 
318(a)(1)(A)(i) to such individual’s 
spouse shall not be attributed by reason 
of the combined application of para-
graphs (1)(A)(ii) and (4) of section 
318(a) to such spouse from a child who 
has not attained the age of 21 years. 
‘‘(III) Except as provided by the 
Secretary, in the case of stock in dif-
ferent organizations which is attrib-
uted under section 318(a)(1)(A)(ii) 
from each parent to a child who has 
not attained the age of 21 years, and 
is not attributed to such parents as 
spouses under section 318(a)(1)(A)(i), 
such attribution to the child shall not 
by itself result in such organizations 
being members of the same affiliated 
service group. 
‘‘(iii) PLAN SHALL NOT FAIL TO BE 
TREATED AS SATISFYING THIS SECTION.—If 
the application of clause (ii) causes two or 
more entities to be an affiliated service 
group, or to no longer be in an affiliated 
service group, such change shall be treated
2209 
† HR 2617 EAS2 
as 
a 
transaction 
to 
which 
section 
410(b)(6)(C) applies.’’, and 
(C) by striking ‘‘apply’’ in clause (i), as so 
added, and inserting ‘‘apply, except that commu-
nity property laws shall be disregarded for pur-
poses of determining ownership’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after December 
31, 2023. 
SEC. 316. AMENDMENTS TO INCREASE BENEFIT ACCRUALS 
UNDER PLAN FOR PREVIOUS PLAN YEAR AL-
LOWED UNTIL EMPLOYER TAX RETURN DUE 
DATE. 
(a) IN GENERAL.—Section 401(b) is amended by add-
ing at the end the following new paragraph: 
‘‘(3) RETROACTIVE PLAN AMENDMENTS THAT IN-
CREASE BENEFIT ACCRUALS.—If— 
‘‘(A) an employer amends a stock bonus, 
pension, profit-sharing, or annuity plan to in-
crease benefits accrued under the plan effective as 
of any date during the immediately preceding 
plan year (other than increasing the amount of 
matching contributions (as defined in subsection 
(m)(4)(A))),
2210 
† HR 2617 EAS2 
‘‘(B) such amendment would not otherwise 
cause the plan to fail to meet any of the require-
ments of this subchapter, and 
‘‘(C) such amendment is adopted before the 
time prescribed by law for filing the return of 
the employer for the taxable year (including ex-
tensions thereof) which includes the date de-
scribed in subparagraph (A), 
the employer may elect to treat such amendment as 
having been adopted as of the last day of the plan 
year in which the amendment is effective.’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after December 
31, 2023. 
SEC. 317. RETROACTIVE FIRST YEAR ELECTIVE DEFERRALS 
FOR SOLE PROPRIETORS. 
(a) IN GENERAL.—Section 401(b)(2) is amended by 
adding at the end the following: ‘‘In the case of an indi-
vidual who owns the entire interest in an unincorporated 
trade or business, and who is the only employee of such 
trade or business, any elective deferrals (as defined in sec-
tion 402(g)(3)) under a qualified cash or deferred arrange-
ment to which the preceding sentence applies, which are 
made by such individual before the time for filing the return 
of such individual for the taxable year (determined without
2211 
† HR 2617 EAS2 
regard to any extensions) ending after or with the end of 
the plan’s first plan year, shall be treated as having been 
made before the end of such first plan year.’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to plan years beginning after the date 
of the enactment of this Act. 
SEC. 318. PERFORMANCE BENCHMARKS FOR ASSET ALLO-
CATION FUNDS. 
(a) IN GENERAL.—Not later than 2 years after the 
date of enactment of this Act, the Secretary of Labor shall 
promulgate regulations under section 404 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1104) 
providing that, in the case of a designated investment alter-
native that contains a mix of asset classes, the adminis-
trator of a plan may, but is not required to, use a bench-
mark that is a blend of different broad-based securities mar-
ket indices if— 
(1) the blend is reasonably representative of the 
asset class holdings of the designated investment alter-
native; 
(2) for purposes of determining the blend’s re-
turns for 1-, 5-, and 10-calendar-year periods (or for 
the life of the alternative, if shorter), the blend is 
modified at least once per year if needed to reflect
2212 
† HR 2617 EAS2 
changes in the asset class holdings of the designated 
investment alternative; 
(3) the blend is furnished to participants and 
beneficiaries in a manner that is reasonably cal-
culated to be understood by the average plan partici-
pant; and 
(4) each securities market index that is used for 
an associated asset class would separately satisfy the 
requirements of such regulation for such asset class. 
(b) STUDY.—Not later than 3 years after the applica-
bility date of regulations issued under this section, the Sec-
retary of Labor shall deliver a report to the Committees on 
Finance and Health, Education, Labor, and Pensions of the 
Senate and the Committees on Ways and Means and Edu-
cation and Labor of the House of Representatives regarding 
the utilization, and participants’ understanding, of the 
benchmarking requirements under this section. 
SEC. 319. REVIEW AND REPORT TO CONGRESS RELATING 
TO REPORTING AND DISCLOSURE REQUIRE-
MENTS. 
(a) STUDY.—As soon as practicable after the date of 
enactment of this Act, the Secretary of Labor, the Secretary 
of the Treasury, and the Director of the Pension Benefit 
Guaranty Corporation shall review the reporting and dis-
2213 
† HR 2617 EAS2 
closure requirements as applicable to each such agency 
head, of— 
(1) the Employee Retirement Income Security 
Act of 1974 applicable to pension plans (as defined 
in section 3(2) of such Act (29 U.S.C. 1002(2)) cov-
ered by title I of such Act; and 
(2) the Internal Revenue Code of 1986 applicable 
to qualified retirement plans (as defined in section 
4974(c) of such Code, without regard to paragraphs 
(4) and (5) of such section). 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 3 years after 
the date of enactment of this Act, the Secretary of 
Labor, the Secretary of the Treasury, and the Direc-
tor of the Pension Benefit Guaranty Corporation, 
jointly, and after consultation with a balanced group 
of participant and employer representatives, shall 
with respect to plans referenced in subsection (a) re-
port on the effectiveness of the applicable reporting 
and disclosure requirements and make such rec-
ommendations as may be appropriate to the Com-
mittee on Education and Labor and the Committee 
on Ways and Means of the House of Representatives 
and the Committee on Health, Education, Labor, and 
Pensions and the Committee on Finance of the Senate
2214 
† HR 2617 EAS2 
to consolidate, simplify, standardize, and improve 
such requirements so as to simplify reporting for, and 
disclosure from, such plans and ensure that plans can 
furnish and participants and beneficiaries timely re-
ceive and better understand the information they need 
to monitor their plans, plan for retirement, and ob-
tain the benefits they have earned. 
(2) ANALYSIS OF EFFECTIVENESS.—To assess the 
effectiveness of the applicable reporting and disclosure 
requirements, the report shall include an analysis of 
how participants and beneficiaries are providing pre-
ferred contact information, the methods by which 
plan sponsors and plans are furnishing disclosures, 
and the rate at which participants and beneficiaries 
are receiving, accessing, understanding, and retaining 
disclosures. 
(3) COLLECTION OF INFORMATION.—The agencies 
shall conduct appropriate surveys and data collection 
to obtain any needed information. 
SEC. 320. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
(a) AMENDMENT OF ERISA.— 
(1) IN GENERAL.—Part 1 of subtitle B of title I 
of the Employee Retirement Income Security Act of
2215 
† HR 2617 EAS2 
1974 (29 U.S.C. 1021 et seq.) is amended by redesig-
nating section 111 as section 112 and by inserting 
after section 110 the following new section: 
‘‘SEC. 111. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
‘‘(a) IN GENERAL.—Notwithstanding any other provi-
sion of this title, with respect to any individual account 
plan, no disclosure, notice, or other plan document (other 
than the notices and documents described in paragraphs (1) 
and (2)) shall be required to be furnished under this title 
to any unenrolled participant if the unenrolled participant 
is furnished— 
‘‘(1) an annual reminder notice of such partici-
pant’s eligibility to participate in such plan and any 
applicable election deadlines under the plan; and 
‘‘(2) any document requested by such participant 
that the participant would be entitled to receive not-
withstanding this section. 
‘‘(b) UNENROLLED PARTICIPANT.—For purposes of 
this section, the term ‘unenrolled participant’ means an em-
ployee who— 
‘‘(1) is eligible to participate in an individual 
account plan; 
‘‘(2) has been furnished—
2216 
† HR 2617 EAS2 
‘‘(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 initial eli-
gibility to participate in such plan; 
‘‘(3) is not participating in such plan; and 
‘‘(4) satisfies such other criteria as the Secretary 
of Labor may determine appropriate, as prescribed 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. 
‘‘(c) ANNUAL REMINDER NOTICE.—For purposes of 
this section, the term ‘annual reminder notice’ means a no-
tice provided in accordance with section 2520.104b–1 of 
title 29, Code of Federal Regulations (or any successor regu-
lation), 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
2217 
† HR 2617 EAS2 
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 Income 
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: 
‘‘Sec. 111. Eliminating unnecessary plan requirements related to unenrolled par-
ticipants. 
‘‘Sec. 112. Repeal and effective date.’’. 
(b) AMENDMENT OF INTERNAL REVENUE CODE OF 
1986.—Section 414, as amended by the preceding provi-
sions of this Act, is amended by adding at the end the fol-
lowing new subsection: 
‘‘(bb) ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICIPANTS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this title, with respect to any defined
2218 
† HR 2617 EAS2 
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 
is furnished— 
‘‘(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. 
‘‘(2) UNENROLLED PARTICIPANT.—For purposes 
of this subsection, the term ‘unenrolled participant’ 
means an employee who— 
‘‘(A) is eligible to participate in a defined 
contribution plan, 
‘‘(B) has been furnished— 
‘‘(i) the summary plan description 
pursuant to section 104(b) of the Employee 
Retirement Income Security Act of 1974, 
and 
‘‘(ii) any other notices related to eligi-
bility under the plan and required to be
2219 
† HR 2617 EAS2 
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, and 
‘‘(D) satisfies such other criteria as the Sec-
retary of the Treasury may determine appro-
priate, as prescribed in guidance issued in con-
sultation with the Secretary of Labor. 
For purposes of this subsection, any eligibility to par-
ticipate in the plan following any period for which 
such employee was not eligible to participate shall be 
treated as initial eligibility. 
‘‘(3) ANNUAL REMINDER NOTICE.—For purposes 
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 December 
31, 2022. 
SEC. 321. REVIEW OF PENSION RISK TRANSFER INTERPRE-
TIVE BULLETIN. 
Not later than 1 year after the date of enactment of 
this Act, the Secretary of Labor shall—
2220 
† HR 2617 EAS2 
(1) review section 2509.95–1 of title 29, Code of 
Federal Regulations (relating to the fiduciary stand-
ards under the Employee Retirement Income Security 
Act of 1974 when selecting an annuity provider for 
a defined benefit pension plan) and consult with the 
Advisory Council on Employee Welfare and Pension 
Benefit Plans (established under section 512 of the 
Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1142)), to determine whether amendments 
to section 2509.95–1 of title 29, Code of Federal Regu-
lations are warranted; and 
(2) report to Congress on the findings of such re-
view and consultation, including an assessment of 
any risk to participants. 
SEC. 322. TAX TREATMENT OF IRA INVOLVED IN A PROHIB-
ITED TRANSACTION. 
(a) IN GENERAL.—Section 408(e)(2)(A) is amended by 
striking ‘‘and’’ at the end of clause (i), by striking the pe-
riod at the end of clause (ii) and inserting ‘‘, and’’, and 
by adding at the end the following new clause: 
‘‘(iii) each individual retirement plan 
of the individual shall be treated as a sepa-
rate contract.’’. 
(b) EFFECTIVE DATE.—
2221 
† HR 2617 EAS2 
(1) IN
GENERAL.—The amendments made by 
this section shall apply to taxable years beginning 
after the date of the enactment of this Act. 
(2) NO
INFERENCE.—Nothing in the amend-
ments made by this section shall be construed to infer 
the proper treatment under the Internal Revenue Code 
of 1986 of individual retirement plans as 1 contract 
in the case of any other provision of such Code to 
which the amendments made by this section do not 
apply. 
SEC. 323. CLARIFICATION OF SUBSTANTIALLY EQUAL PERI-
ODIC PAYMENT RULE. 
(a) IN GENERAL.—Paragraph (4) of section 72(t) is 
amended by inserting at the end the following new subpara-
graph: 
‘‘(C) ROLLOVERS TO SUBSEQUENT PLAN.— 
If— 
‘‘(i) payments described in paragraph 
(2)(A)(iv) are being made from a qualified 
retirement plan, 
‘‘(ii) a transfer or a rollover from such 
qualified retirement plan of all or a portion 
of the taxpayer’s benefit under the plan is 
made to another qualified retirement plan, 
and
2222 
† HR 2617 EAS2 
‘‘(iii) distributions from the transferor 
and transferee plans would in combination 
continue to satisfy the requirements of 
paragraph (2)(A)(iv) if they had been made 
only from the transferor plan, 
such transfer or rollover shall not be treated as 
a modification under subparagraph (A)(ii), and 
compliance with paragraph (2)(A)(iv) shall be 
determined on the basis of the combined distribu-
tions described in clause (iii).’’. 
(b) NONQUALIFIED ANNUITY CONTRACTS.—Paragraph 
(3) of section 72(q) is amended— 
(1) by redesignating clauses (i) and (ii) of sub-
paragraph (B) as subclauses (I) and (II), and by 
moving such subclauses 2 ems to the right; 
(2) by redesignating subparagraphs (A) and (B) 
as clauses (i) and (ii), by moving such clauses 2 ems 
to the right, and by adjusting the flush language at 
the end accordingly; 
(3) by striking ‘‘PAYMENTS.—If’’ and inserting 
‘‘PAYMENTS.— 
‘‘(A) IN GENERAL.—If—’’; and 
(4) by adding at the end the following new sub-
paragraph:
2223 
† HR 2617 EAS2 
‘‘(B) EXCHANGES
TO
SUBSEQUENT
CON-
TRACTS.—If— 
‘‘(i) payments described in paragraph 
(2)(D) are being made from an annuity 
contract, 
‘‘(ii) an exchange of all or a portion of 
such contract for another contract is made 
under section 1035, and 
‘‘(iii) the aggregate distributions from 
the contracts involved in the exchange con-
tinue to satisfy the requirements of para-
graph (2)(D) as if the exchange had not 
taken place, 
such exchange shall not be treated as a modifica-
tion under subparagraph (A)(ii), and compli-
ance with paragraph (2)(D) shall be determined 
on the basis of the combined distributions de-
scribed in clause (iii).’’. 
(c) INFORMATION
REPORTING.—Section 6724 is 
amended by inserting at the end the following new sub-
section: 
‘‘(g) SPECIAL RULE FOR REPORTING CERTAIN ADDI-
TIONAL TAXES.—No penalty shall be imposed under section 
6721 or 6722 if—
2224 
† HR 2617 EAS2 
‘‘(1) a person makes a return or report under 
section 6047(d) or 408(i) with respect to any distribu-
tion, 
‘‘(2) such distribution is made following a roll-
over, transfer, or exchange described in section 
72(t)(4)(C) or section 72(q)(3)(C), 
‘‘(3) in making such return or report the person 
relies upon a certification provided by the taxpayer 
that the distributions satisfy the requirements of sec-
tion 72(t)(4)(C)(iii) or section 72(q)(3)(B)(iii), as ap-
plicable, and 
‘‘(4) such person does not have actual knowledge 
that the distributions do not satisfy such require-
ments.’’. 
(d) SAFE HARBOR FOR ANNUITY PAYMENTS.— 
(1) QUALIFIED RETIREMENT PLANS.—Subpara-
graph (A) of section 72(t)(2) is amended by adding 
at the end the following flush sentence: 
‘‘For purposes of clause (iv), periodic payments 
shall not fail to be treated as substantially equal 
merely because they are amounts received as an 
annuity, and such periodic payments shall be 
deemed to be substantially equal if they are pay-
able over a period described in clause (iv) and
2225 
† HR 2617 EAS2 
satisfy the requirements applicable to annuity 
payments under section 401(a)(9).’’. 
(2) OTHER
ANNUITY
CONTRACTS.—Paragraph 
(2) of section 72(q) is amended by adding at the end 
the following flush sentence: 
‘‘For purposes of subparagraph (D), periodic pay-
ments shall not fail to be treated as substantially 
equal merely because they are amounts received as an 
annuity, and such periodic payments shall be deemed 
to be substantially equal if they are payable over a 
period described in subparagraph (D) and would sat-
isfy the requirements applicable to annuity payments 
under section 401(a)(9) if such requirements ap-
plied.’’. 
(e) EFFECTIVE DATES.— 
(1) IN
GENERAL.—The amendments made by 
subsections (a), (b), and (c) shall apply to transfers, 
rollovers, and exchanges occurring after December 31, 
2023. 
(2) ANNUITY PAYMENTS.—The amendment made 
by subsection (d) shall apply to distributions com-
mencing on or after the date of the enactment of this 
Act. 
(3) NO
INFERENCE.—Nothing in the amend-
ments made by this section shall be construed to cre-
2226 
† HR 2617 EAS2 
ate an inference with respect to the law in effect prior 
to the effective date of such amendments. 
SEC. 324. TREASURY GUIDANCE ON ROLLOVERS. 
(a) IN GENERAL.—Not later than January 1, 2025, 
the Secretary of the Treasury or the Secretary’s delegate 
shall, to simplify, standardize, facilitate, and expedite the 
completion of rollovers to eligible retirement plans (as de-
fined in section 402(c)(8)(B) of the Internal Revenue Code 
of 1986) and trustee-to-trustee transfers from individual re-
tirement plans (as defined in section 7701(a)(37) of such 
Code), develop and issue— 
(1) guidance in the form of sample forms (in-
cluding relevant procedures and protocols) for roll-
overs of eligible rollover distributions from a retire-
ment to an eligible retirement plan which— 
(A) are written in a manner calculated to 
be understood by the average person, and 
(B) can be used by both distributing eligible 
retirement plans and receiving retirement plans, 
and 
(2) guidance in the form of sample forms (in-
cluding relevant procedures and protocols) for trustee- 
to-trustee transfers of amounts from an individual re-
tirement plan to another individual retirement plan 
which—
2227 
† HR 2617 EAS2 
(A) are written in a manner calculated to 
be understood by the average person, and 
(B) can be used by both transferring indi-
vidual retirement plans and individual retire-
ment plans receiving the transfer. 
(b) OTHER REQUIREMENTS.—In developing the sam-
ple forms under subsection (a), the Secretary (or Secretary’s 
delegate) shall obtain relevant information from partici-
pants and plan sponsor representatives and consider poten-
tial coordination with sections 319 and 336 of this Act. 
SEC. 325. ROTH PLAN DISTRIBUTION RULES. 
(a) IN GENERAL.—Subsection (d) of section 402A is 
amended by adding at the end the following new paragraph: 
‘‘(5) MANDATORY DISTRIBUTION RULES NOT TO 
APPLY
BEFORE
DEATH.—Notwithstanding sections 
403(b)(10) and 457(d)(2), the following provisions 
shall not apply to any designated Roth account: 
‘‘(A) Section 401(a)(9)(A). 
‘‘(B) The incidental death benefit require-
ments of section 401(a).’’. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendment made by this section shall 
apply to taxable years beginning after December 31, 
2023.
2228 
† HR 2617 EAS2 
(2) SPECIAL RULE.—The amendment made by 
this section shall not apply to distributions which are 
required with respect to years beginning before Janu-
ary 1, 2024, but are permitted to be paid on or after 
such date. 
SEC. 326. EXCEPTION TO PENALTY ON EARLY DISTRIBU-
TIONS FROM QUALIFIED PLANS FOR INDIVID-
UALS WITH A TERMINAL ILLNESS. 
(a) IN GENERAL.—Section 72(t)(2), as amended by 
this Act, is further amended by adding at the end the fol-
lowing new subparagraph: 
‘‘(L) TERMINAL ILLNESS.— 
‘‘(i) 
IN
GENERAL.—Distributions 
which are made to the employee who is a 
terminally ill individual on or after the 
date on which such employee has been cer-
tified by a physician as having a terminal 
illness. 
‘‘(ii) DEFINITION.—For purposes of 
this subparagraph, the term ‘terminally ill 
individual’ has the same meaning given 
such term under section 101(g)(4)(A), except 
that ‘84 months’ shall be substituted for ‘24 
months’.
2229 
† HR 2617 EAS2 
‘‘(iii) DOCUMENTATION.—For purposes 
of this subparagraph, an employee shall not 
be considered to be a terminally ill indi-
vidual unless such employee furnishes suffi-
cient evidence to the plan administrator in 
such form and manner as the Secretary 
may require. 
‘‘(iv) AMOUNT
DISTRIBUTED
MAY
BE 
REPAID.—Rules similar to the rules of sub-
paragraph (H)(v) shall apply with respect 
to an individual who receives a distribution 
to which clause (i) applies.’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to distributions made after the date of 
the enactment of this Act. 
SEC. 327. SURVIVING SPOUSE ELECTION TO BE TREATED AS 
EMPLOYEE. 
(a) IN
GENERAL.—Section 401(a)(9)(B)(iv), as 
amended by this Act, is further amended to read as follows: 
‘‘(iv) SPECIAL
RULE
FOR
SURVIVING 
SPOUSE OF EMPLOYEE.—If the designated 
beneficiary referred to in clause (iii)(I) is 
the surviving spouse of the employee and the 
surviving spouse elects the treatment in this 
clause—
2230 
† HR 2617 EAS2 
‘‘(I) the regulations referred to in 
clause (iii)(II) shall treat the surviving 
spouse as if the surviving spouse were 
the employee, 
‘‘(II) the date on which the dis-
tributions are required to begin under 
clause (iii)(III) shall not be earlier 
than the date on which the employee 
would have attained the applicable age, 
and 
‘‘(III) if the surviving spouse dies 
before the distributions to such spouse 
begin, this subparagraph shall be ap-
plied as if the surviving spouse is the 
employee. 
An election described in this clause shall be 
made at such time and in such manner as 
prescribed by the Secretary, shall include a 
timely notice to the plan administrator, 
and once made may not be revoked except 
with the consent of the Secretary.’’. 
(b) EXTENSION OF ELECTION OF AT LEAST AS RAP-
IDLY RULE.—The Secretary shall amend Q&A–5(a) of 
Treasury Regulation section 1.401(a)(9)–5 (or any suc-
cessor regulation thereto) to provide that if the surviving
2231 
† HR 2617 EAS2 
spouse is the employee’s sole designated beneficiary and the 
spouse elects treatment under section 401(a)(9)(B)(iv), then 
the applicable distribution period for distribution calendar 
years after the distribution calendar year including the em-
ployee’s date of death is determined under the uniform life-
time table. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to calendar years beginning after De-
cember 31, 2023. 
SEC. 328. REPEAL OF DIRECT PAYMENT REQUIREMENT ON 
EXCLUSION FROM GROSS INCOME OF DIS-
TRIBUTIONS FROM GOVERNMENTAL PLANS 
FOR HEALTH AND LONG-TERM CARE INSUR-
ANCE. 
(a) IN GENERAL.—Section 402(l)(5)(A) is amended to 
read as follows: 
‘‘(A) DIRECT PAYMENT TO INSURER PER-
MITTED.— 
‘‘(i) IN
GENERAL.—Paragraph (1) 
shall apply to a distribution without regard 
to whether payment of the premiums is 
made directly to the provider of the accident 
or health plan or qualified long-term care 
insurance contract by deduction from a dis-
2232 
† HR 2617 EAS2 
tribution from the eligible retirement plan, 
or is made to the employee. 
‘‘(ii) REPORTING.—In the case of a 
payment made to the employee as described 
in clause (i), the employee shall include 
with the return of tax for the taxable year 
in which the distribution is made an attes-
tation that the distribution does not exceed 
the amount paid by the employee for quali-
fied health insurance premiums for such 
taxable year.’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to distributions made after the date of 
the enactment of this Act. 
SEC. 329. MODIFICATION OF ELIGIBLE AGE FOR EXEMP-
TION FROM EARLY WITHDRAWAL PENALTY. 
(a) IN
GENERAL.—Subparagraph (A) of section 
72(t)(10), as amended by this Act, is further amended by 
striking ‘‘age 50’’ and inserting ‘‘age 50 or 25 years of serv-
ice under the plan, whichever is earlier’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to distributions made after the date of 
the enactment of this Act.
2233 
† HR 2617 EAS2 
SEC. 330. EXEMPTION FROM EARLY WITHDRAWAL PENALTY 
FOR CERTAIN STATE AND LOCAL GOVERN-
MENT CORRECTIONS EMPLOYEES. 
(a) IN GENERAL.—Clause (i) of section 72(t)(10)(B) 
is amended by striking ‘‘or emergency medical services’’ and 
inserting ‘‘emergency medical services, or services as a cor-
rections officer or as a forensic security employee providing 
for the care, custody, and control of forensic patients’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to distributions made after the date of 
the enactment of this Act. 
SEC. 331. SPECIAL RULES FOR USE OF RETIREMENT FUNDS 
IN CONNECTION WITH QUALIFIED FEDER-
ALLY DECLARED DISASTERS. 
(a) TAX-FAVORED WITHDRAWALS FROM RETIREMENT 
PLANS.— 
(1) IN
GENERAL.—Paragraph (2) of section 
72(t), as amended by this Act, is further amended by 
adding at the end the following new subparagraph: 
‘‘(M) DISTRIBUTIONS
FROM
RETIREMENT 
PLANS
IN
CONNECTION
WITH
FEDERALLY
DE-
CLARED DISASTERS.—Any qualified disaster re-
covery distribution.’’. 
(2) QUALIFIED DISASTER RECOVERY DISTRIBU-
TION.—Section 72(t) is amended by adding at the end 
the following new paragraph:
2234 
† HR 2617 EAS2 
‘‘(11) QUALIFIED
DISASTER
RECOVERY
DIS-
TRIBUTION.—For purposes of paragraph (2)(M)— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), the term ‘qualified disaster 
recovery distribution’ means any distribution 
made— 
‘‘(i) on or after the first day of the in-
cident period of a qualified disaster and be-
fore the date that is 180 days after the ap-
plicable date with respect to such disaster, 
and 
‘‘(ii) to an individual whose principal 
place of abode at any time during the inci-
dent period of such qualified disaster is lo-
cated in the qualified disaster area with re-
spect to such qualified disaster and who has 
sustained an economic loss by reason of 
such qualified disaster. 
‘‘(B) AGGREGATE DOLLAR LIMITATION.— 
‘‘(i) IN
GENERAL.—For purposes of 
this subsection, the aggregate amount of dis-
tributions received by an individual which 
may be treated as qualified disaster recov-
ery distributions with respect to any quali-
2235 
† HR 2617 EAS2 
fied disaster in all taxable years shall not 
exceed $22,000. 
‘‘(ii) TREATMENT OF PLAN DISTRIBU-
TIONS.—If a distribution to an individual 
would (without regard to clause (i)) be a 
qualified disaster recovery distribution, a 
plan shall not be treated as violating any 
requirement of this title merely because the 
plan treats such distribution as a qualified 
disaster recovery distribution, unless the ag-
gregate amount of such distributions from 
all plans maintained by the employer (and 
any member of any controlled group which 
includes the employer) to such individual 
exceeds $22,000 with respect to the same 
qualified disaster. 
‘‘(iii) CONTROLLED GROUP.—For pur-
poses of clause (ii), the term ‘controlled 
group’ means any group treated as a single 
employer under subsection (b), (c), (m), or 
(o) of section 414. 
‘‘(C) AMOUNT
DISTRIBUTED
MAY
BE
RE-
PAID.— 
‘‘(i) IN
GENERAL.—Any individual 
who receives a qualified disaster recovery
2236 
† HR 2617 EAS2 
distribution may, at any time during the 3- 
year period beginning on the day after the 
date on which such distribution was re-
ceived, make one or more contributions in 
an aggregate amount not to exceed the 
amount of such distribution to an eligible 
retirement plan of which such individual is 
a beneficiary and to which a rollover con-
tribution of such distribution could be made 
under section 402(c), 403(a)(4), 403(b)(8), 
408(d)(3), or 457(e)(16), as the case may be. 
‘‘(ii) TREATMENT OF REPAYMENTS OF 
DISTRIBUTIONS
FROM
ELIGIBLE
RETIRE-
MENT PLANS OTHER THAN IRAS.—For pur-
poses of this title, if a contribution is made 
pursuant to clause (i) with respect to a 
qualified disaster recovery distribution from 
a plan other than an individual retirement 
plan, then the taxpayer shall, to the extent 
of the amount of the contribution, be treated 
as having received the qualified disaster re-
covery distribution in an eligible rollover 
distribution 
(as 
defined 
in 
section 
402(c)(4)) and as having transferred the 
amount to the eligible retirement plan in a
2237 
† HR 2617 EAS2 
direct trustee to trustee transfer within 60 
days of the distribution. 
‘‘(iii) TREATMENT
OF
REPAYMENTS 
FOR DISTRIBUTIONS FROM IRAS.—For pur-
poses of this title, if a contribution is made 
pursuant to clause (i) with respect to a 
qualified disaster recovery distribution from 
an individual retirement plan, then, to the 
extent of the amount of the contribution, the 
qualified disaster recovery distribution shall 
be treated as a distribution described in sec-
tion 408(d)(3) and as having been trans-
ferred to the eligible retirement plan in a 
direct trustee to trustee transfer within 60 
days of the distribution. 
‘‘(D) INCOME INCLUSION SPREAD OVER 3- 
YEAR PERIOD.— 
‘‘(i) IN GENERAL.—In the case of any 
qualified disaster recovery distribution, un-
less the taxpayer elects not to have this sub-
paragraph apply for any taxable year, any 
amount required to be included in gross in-
come for such taxable year shall be so in-
cluded ratably over the 3-taxable year pe-
riod beginning with such taxable year.
2238 
† HR 2617 EAS2 
‘‘(ii) SPECIAL RULE.—For purposes of 
clause (i), rules similar to the rules of sub-
paragraph (E) of section 408A(d)(3) shall 
apply. 
‘‘(E) QUALIFIED DISASTER.—For purposes 
of this paragraph and paragraph (8), the term 
‘qualified disaster’ means any disaster with re-
spect to which a major disaster has been declared 
by the President under section 401 of the Robert 
T. Stafford Disaster Relief and Emergency As-
sistance Act after December 27, 2020. 
‘‘(F) OTHER DEFINITIONS.—For purposes of 
this paragraph and paragraph (8)— 
‘‘(i) QUALIFIED DISASTER AREA.— 
‘‘(I) 
IN
GENERAL.—The 
term 
‘qualified disaster area’ means, with 
respect to any qualified disaster, the 
area with respect to which the major 
disaster was declared under the Robert 
T. Stafford Disaster Relief and Emer-
gency Assistance Act. 
‘‘(II) EXCEPTIONS.—Such term 
shall not include any area which is a 
qualified disaster area solely by reason 
of section 301 of the Taxpayer Cer-
2239 
† HR 2617 EAS2 
tainty and Disaster Tax Relief Act of 
2020. 
‘‘(ii) INCIDENT PERIOD.—The term ‘in-
cident period’ means, with respect to any 
qualified disaster, the period specified by 
the Federal Emergency Management Agency 
as the period during which such disaster oc-
curred. 
‘‘(iii) APPLICABLE
DATE.—The term 
‘applicable date’ means the latest of— 
‘‘(I) the date of the enactment of 
this paragraph, 
‘‘(II) the first day of the incident 
period with respect to the qualified dis-
aster, or 
‘‘(III) the date of the disaster dec-
laration with respect to the qualified 
disaster. 
‘‘(iv) ELIGIBLE RETIREMENT PLAN.— 
The term ‘eligible retirement plan’ shall 
have the meaning given such term by sec-
tion 402(c)(8)(B). 
‘‘(G) SPECIAL RULES.— 
‘‘(i) EXEMPTION
OF
DISTRIBUTIONS 
FROM TRUSTEE TO TRUSTEE TRANSFER AND
2240 
† HR 2617 EAS2 
WITHHOLDING RULES.—For purposes of sec-
tions 401(a)(31), 402(f), and 3405, qualified 
disaster recovery distributions shall not be 
treated as eligible rollover distributions. 
‘‘(ii) QUALIFIED DISASTER RECOVERY 
DISTRIBUTIONS TREATED AS MEETING PLAN 
DISTRIBUTION
REQUIREMENTS.—For pur-
poses of this title— 
‘‘(I) a qualified disaster recovery 
distribution shall be treated as meeting 
the 
requirements 
of 
sections 
401(k)(2)(B)(i), 
403(b)(7)(A)(i), 
403(b)(11), and 457(d)(1)(A), and 
‘‘(II) in the case of a money pur-
chase pension plan, a qualified disaster 
recovery distribution which is an in- 
service withdrawal shall be treated as 
meeting the requirements of section 
401(a) applicable to distributions.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to distributions with re-
spect to disasters the incident period (as defined in 
section 72(t)(11)(F)(ii) of the Internal Revenue Code 
of 1986, as added by this subsection) for which begins 
on or after the date which is 30 days after the date
2241 
† HR 2617 EAS2 
of the enactment of the Taxpayer Certainty and Dis-
aster Tax Relief Act of 2020. 
(b) RECONTRIBUTIONS OF WITHDRAWALS FOR HOME 
PURCHASES.— 
(1) INDIVIDUAL
RETIREMENT
PLANS.—Para-
graph (8) of section 72(t) is amended by adding at 
the end the following new subparagraph: 
‘‘(F) RECONTRIBUTIONS.— 
‘‘(i) GENERAL RULE.— 
‘‘(I) IN
GENERAL.—Any indi-
vidual who received a qualified dis-
tribution may, during the applicable 
period, make one or more contributions 
in an aggregate amount not to exceed 
the amount of such qualified distribu-
tion to an eligible retirement plan (as 
defined in section 402(c)(8)(B)) of 
which such individual is a beneficiary 
and to which a rollover contribution of 
such distribution could be made under 
section 402(c), 403(a)(4), 403(b)(8), or 
408(d)(3), as the case may be. 
‘‘(II) 
TREATMENT
OF
REPAY-
MENTS.—Rules similar to the rules of 
clauses (ii) and (iii) of paragraph
2242 
† HR 2617 EAS2 
(11)(C) shall apply for purposes of this 
subsection. 
‘‘(ii) QUALIFIED
DISTRIBUTION.—For 
purposes of this subparagraph, the term 
‘qualified distribution’ means any distribu-
tion— 
‘‘(I) which is a qualified first- 
time homebuyer distribution, 
‘‘(II) which was to be used to pur-
chase or construct a principal resi-
dence in a qualified disaster area, but 
which was not so used on account of 
the qualified disaster with respect to 
such area, and 
‘‘(III) which was received during 
the period beginning on the date which 
is 180 days before the first day of the 
incident period of such qualified dis-
aster and ending on the date which is 
30 days after the last day of such inci-
dent period. 
‘‘(iii) APPLICABLE PERIOD.—For pur-
poses of this subparagraph, the term ‘appli-
cable period’ means, in the case of a prin-
cipal residence in a qualified disaster area
2243 
† HR 2617 EAS2 
with respect to any qualified disaster, the 
period beginning on the first day of the in-
cident period of such qualified disaster and 
ending on the date which is 180 days after 
the applicable date with respect to such dis-
aster.’’. 
(2) QUALIFIED PLANS.—Subsection (c) of section 
402, as amended by this Act, is further amended by 
adding at the end the following new paragraph: 
‘‘(13) RECONTRIBUTIONS OF WITHDRAWALS FOR 
HOME PURCHASES.— 
‘‘(A) GENERAL RULE.— 
‘‘(i) IN
GENERAL.—Any individual 
who received a qualified distribution may, 
during the applicable period, make one or 
more contributions in an aggregate amount 
not to exceed the amount of such qualified 
distribution to an eligible retirement plan 
(as defined in paragraph (8)(B)) of which 
such individual is a beneficiary and to 
which a rollover contribution of such dis-
tribution could be made under subsection 
(c) or section 403(a)(4), 403(b)(8), or 
408(d)(3), as the case may be.
2244 
† HR 2617 EAS2 
‘‘(ii) TREATMENT OF REPAYMENTS.— 
Rules similar to the rules of clauses (ii) and 
(iii) of section 72(t)(11)(C) shall apply for 
purposes of this subsection. 
‘‘(B) QUALIFIED DISTRIBUTION.—For pur-
poses of this paragraph, the term ‘qualified dis-
tribution’ means any distribution— 
‘‘(i) 
described 
in 
section 
401(k)(2)(B)(i)(IV), 403(b)(7)(A)(i)(V), or 
403(b)(11)(B), 
‘‘(ii) which was to be used to purchase 
or construct a principal residence in a 
qualified disaster area, but which was not 
so used on account of the qualified disaster 
with respect to such area, and 
‘‘(iii) which was received during the 
period beginning on the date which is 180 
days before the first day of the incident pe-
riod of such qualified disaster and ending 
on the date which is 30 days after the last 
day of such incident period. 
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) the terms ‘qualified disaster’, 
‘qualified disaster area’, and ‘incident pe-
2245 
† HR 2617 EAS2 
riod’ have the meaning given such terms 
under section 72(t)(11), and 
‘‘(ii) the term ‘applicable period’ has 
the meaning given such term under section 
72(t)(8)(F).’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to recontributions of 
withdrawals for home purchases with respect to disas-
ters the incident period (as defined in section 
72(t)(11)(F)(ii) of the Internal Revenue Code of 1986, 
as added by this subsection) for which begins on or 
after the date which is 30 days after the date of the 
enactment of the Taxpayer Certainty and Disaster 
Tax Relief Act of 2020. 
(c) LOANS FROM QUALIFIED PLANS.— 
(1) IN GENERAL.—Subsection (p) of section 72 is 
amended by adding at the end the following new 
paragraph: 
‘‘(6) INCREASE IN LIMIT ON LOANS NOT TREATED 
AS DISTRIBUTIONS.— 
‘‘(A) IN GENERAL.—In the case of any loan 
from a qualified employer plan to a qualified in-
dividual made during the applicable period—
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‘‘(i) clause (i) of paragraph (2)(A) 
shall be applied by substituting ‘$100,000’ 
for ‘$50,000’, and 
‘‘(ii) clause (ii) of such paragraph 
shall be applied by substituting ‘the present 
value of the nonforfeitable accrued benefit of 
the employee under the plan’ for ‘one-half of 
the present value of the nonforfeitable ac-
crued benefit of the employee under the 
plan’. 
‘‘(B) DELAY OF REPAYMENT.—In the case of 
a qualified individual with respect to any quali-
fied disaster with an outstanding loan from a 
qualified employer plan on or after the applica-
ble date with respect to the qualified disaster— 
‘‘(i) if the due date pursuant to sub-
paragraph (B) or (C) of paragraph (2) for 
any repayment with respect to such loan oc-
curs during the period beginning on the 
first day of the incident period of such 
qualified disaster and ending on the date 
which is 180 days after the last day of such 
incident period, such due date may be de-
layed for 1 year,
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‘‘(ii) any subsequent repayments with 
respect to any such loan may be appro-
priately adjusted to reflect the delay in the 
due date under clause (i) and any interest 
accruing during such delay, and 
‘‘(iii) in determining the 5-year period 
and the term of a loan under subparagraph 
(B) or (C) of paragraph (2), the period de-
scribed in clause (i) may be disregarded. 
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) 
QUALIFIED
INDIVIDUAL.—The 
term ‘qualified individual’ means any indi-
vidual— 
‘‘(I) whose principal place of 
abode at any time during the incident 
period of any qualified disaster is lo-
cated in the qualified disaster area 
with respect to such qualified disaster, 
and 
‘‘(II) who has sustained an eco-
nomic loss by reason of such qualified 
disaster.
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‘‘(ii) APPLICABLE PERIOD.—The appli-
cable period with respect to any disaster is 
the period— 
‘‘(I) beginning on the applicable 
date with respect to such disaster, and 
‘‘(II) ending on the date that is 
180 days after such applicable date. 
‘‘(iii) OTHER TERMS.—For purposes of 
this paragraph— 
‘‘(I) the terms ‘applicable date’, 
‘qualified disaster’, ‘qualified disaster 
area’, and ‘incident period’ have the 
meaning given such terms under sub-
section (t)(11), and 
‘‘(II) the term ‘applicable period’ 
has the meaning given such term under 
subsection (t)(8).’’. 
(2) EFFECTIVE DATE.—The amendment made by 
paragraph (1) shall apply to plan loans made with 
respect to disasters the incident period (as defined in 
section 72(t)(11)(F)(ii) of the Internal Revenue Code 
of 1986, as added by this subsection) for which begins 
on or after the date which is 30 days after the date 
of the enactment of the Taxpayer Certainty and Dis-
aster Tax Relief Act of 2020.
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(d) GAO REPORT.—The Comptroller General of the 
United States shall submit a report to the Committees on 
Finance and Health, Education, Labor and Pensions of the 
Senate and the Committees on Ways and Means and Edu-
cation and Labor of the House of Representatives on tax-
payer utilization of the retirement disaster relief permitted 
by the amendments made by this section and or permitted 
by prior legislation, including a comparison of utilization 
by higher and lower income taxpayers and whether the 
$22,000 threshold on distributions provides adequate relief 
for taxpayers who suffer from a disaster. 
SEC. 332. EMPLOYERS ALLOWED TO REPLACE SIMPLE RE-
TIREMENT ACCOUNTS WITH SAFE HARBOR 
401(k) PLANS DURING A YEAR. 
(a) IN GENERAL.—Section 408(p) is amended by add-
ing at the end the following new paragraph: 
‘‘(11) REPLACEMENT
OF
SIMPLE
RETIREMENT 
ACCOUNTS WITH SAFE HARBOR PLANS DURING PLAN 
YEAR.— 
‘‘(A) IN GENERAL.—Subject to the require-
ments of this paragraph, an employer may elect 
(in such form and manner as the Secretary may 
prescribe) at any time during a year to termi-
nate the qualified salary reduction arrangement 
under paragraph (2), but only if the employer
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† HR 2617 EAS2 
establishes and maintains (as of the day after the 
termination date) a safe harbor plan to replace 
the terminated arrangement. 
‘‘(B) COMBINED
LIMITS
ON
CONTRIBU-
TIONS.—The terminated arrangement and safe 
harbor plan shall both be treated as violating the 
requirements of paragraph (2)(A)(ii) or section 
401(a)(30) (whichever is applicable) if the aggre-
gate elective contributions of the employee under 
the terminated arrangement during its last plan 
year and under the safe harbor plan during its 
transition year exceed the sum of— 
‘‘(i) the applicable dollar amount for 
such arrangement (determined on a full- 
year basis) under this subsection (after the 
application of section 414(v)) with respect 
to the employee for such last plan year mul-
tiplied by a fraction equal to the number of 
days in such plan year divided by 365, and 
‘‘(ii) the applicable dollar amount (as 
so determined) under section 402(g)(1) for 
such safe harbor plan on such elective con-
tributions during the transition year multi-
plied by a fraction equal to the number of
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† HR 2617 EAS2 
ble not earlier than the issuance of a final rule and not 
later than 1 year after issuance of a final rule. 
SEC. 343. DEFINED BENEFIT ANNUAL FUNDING NOTICES. 
(a) IN GENERAL.—Section 101(f)(2)(B) of the Em-
ployee Retirement Income Security Act of 1974 (29 U.S.C. 
1021(f)(2)(B)) is amended— 
(1) in clause (i)(I), by striking ‘‘funding target 
attainment 
percentage 
(as 
defined 
in 
section 
303(d)(2))’’ and inserting ‘‘percentage of plan liabil-
ities funded (as described in clause (ii)(I)(bb))’’; 
(2) in clause (ii)(I)— 
(A) by striking ‘‘, a statement of’’; 
(B) by striking item (aa); 
(C) by redesignating item (bb) as item (aa); 
(D) in item (aa), as so redesignated— 
(i) by inserting ‘‘a statement of’’ before 
‘‘the value’’, 
(ii) by inserting ‘‘, and for the pre-
ceding 2 plan years as of the last day of 
each such plan year,’’ before ‘‘determined 
using’’, 
(iii) by striking ‘‘and’’ at the end; and 
(E) by adding at the end the following: 
‘‘(bb) for purposes of the 
statement 
in 
subparagraph