(1) in section 404(2), by inserting ‘‘or section 
418’’ before the period; 
(2) in section 406— 
(A) in subsection (a), by striking ‘‘to con-
duct a demonstration project under this title’’ 
and inserting ‘‘under section 405’’; and 
(B) in subsection (b), by striking ‘‘con-
ducted under this title’’ and inserting ‘‘ap-
proved under section 405’’; 
(3) in section 407— 
(A) in subsection (c)— 
(i) in paragraph (1)— 
(I) in subparagraph (A), by in-
serting ‘‘or, in the case of a partici-
pant in a project conducted under sec-
tion 418, other permitted expenses’’ 
after ‘‘qualified expenses’’; and 
(II) in subparagraph (B), by in-
serting ‘‘or subsection (f) of section 
418’’ after ‘‘section 410’’; and 
(ii) in paragraph (3), by inserting ‘‘or 
section 418(d)(1)’’; and 
(B) in subsection (d)(2)(A), by inserting 
‘‘or section 418(d)(1)’’ after ‘‘section 406(b)’’; 
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(4) in section 408, by striking ‘‘conducted 
under this title’’ each place it appears and inserting 
‘‘approved under section 405’’; 
(5) in section 409, by striking ‘‘conducted 
under this title’’ and inserting ‘‘approved under sec-
tion 405’’; 
(6) in section 410, by striking ‘‘under this title’’ 
and inserting ‘‘conducting a demonstration project 
approved under section 405’’; 
(7) in section 413(a), by inserting ‘‘or section 
418(c)’’ after ‘‘under section 405’’; and 
(8) in section 415, by inserting ‘‘or innovation 
development account’’ after ‘‘individual development 
account’’. 
SEC. 5. MATCHED REFUND TO RAINY DAY SAVINGS PILOT 
PROGRAM. 
(a) IN GENERAL.—Not later than 6 months after the 
date of the enactment of this Act and using the funds 
made available pursuant to section 417(b) of the Assets 
for Independence Act, the Secretary of Health and Human 
Services, acting through the Director of Community Serv-
ices (in this section referred to as ‘‘the Secretary’’), shall 
establish under this section a matched savings account 
pilot program to encourage saving by eligible individuals. 
Under the pilot program, a qualified entity may apply to 
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the Secretary for a grant to conduct a pilot project de-
scribed in subsection (b) (in this section referred to as a 
‘‘pilot project’’). The pilot program shall operate for a pe-
riod of 3 years. 
(b) PILOT PROJECT DESCRIBED.— 
(1) IN GENERAL.—A pilot project is a project 
in which a qualified entity establishes a matched 
savings program that meets the requirements of 
paragraph (2) for eligible individuals who are se-
lected by the entity to participate in the program. 
(2) REQUIREMENTS.— 
(A) DEPOSITS INTO DIRECT DEPOSIT AC-
COUNTS.— 
(i) IN GENERAL.—A matched savings 
program established as part of a pilot 
project shall match amounts saved by each 
eligible individual participating in the pilot 
project, with such match amount to be 
equal to or less than the amount of any 
payment deferred by such individual under 
the Refund to Rainy Day Savings Program 
established in section 3(a). 
(ii) TIMING.—Any amount described 
in clause (i) shall not be distributed to an 
eligible individual until the amounts de-
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scribed in paragraphs (3)(B) or (5)(B) of 
section 3(c) have been distributed to the 
bank account identified by such individual. 
(B) EVALUATION OF PROGRAM BY INDE-
PENDENT RESEARCH ORGANIZATION.— 
(i) IN
GENERAL.—From amounts 
made available under section 417(b)(2) of 
the Assets for Independence Act, as added 
by section 4(a)(2) of this Act, the Sec-
retary shall enter into a contract with an 
independent research organization for pur-
poses of evaluating pilot projects conducted 
under this section. 
(ii) COORDINATION.—Each qualified 
entity that establishes a matched savings 
program as part of a pilot project shall col-
laborate with the independent research or-
ganization described in clause (i) to evalu-
ate the outcomes and impact of the 
project. 
(iii) 
IMPACT
ON
DIFFERENT 
GROUPS.—The evaluation described in 
clause (i) shall include an examination of 
the demographic characteristics of the indi-
viduals participating in the pilot project, 
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such as gender, race, age, geographic loca-
tion, and family makeup, and how the im-
pacts of the project vary among different 
demographic groups. 
(iv) PROGRAM FEATURES.—The pro-
gram features to be evaluated through the 
pilot projects conducted under this section 
may include— 
(I) different levels of matching 
contributions by qualified entities; 
(II) 
lock-out 
periods 
during 
which an eligible individual may not 
make withdrawals from their account; 
and 
(III) educational materials in-
tended to promote savings. 
(3) DURATION.—A pilot project shall be for a 
duration of not more than 3 years. 
(4) 
FEDERALLY
FUNDED
BENEFITS.—Any 
amounts described in paragraph (2)(A) which are 
distributed to an eligible individual shall be treated 
in the same manner as any refund made to such tax-
payer under section 32 of the Internal Revenue Code 
of 1986 for purposes of determining the eligibility of 
such taxpayer for benefits or assistance, or the 
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