Title: AMORE Act
Policy area: Taxation

Summary:
Addressing Missed-savings Opportunities for Retirement due to an Epidemic Act or the AMORE Act
This bill allows a participant in a tax-preferred pension plan or individual retirement plan to make additional contributions to such plans for any taxable year beginning in 2021 or 2022 in an amount not exceeding the participant's unused 2020 contribution amount.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4297 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 4297

 To allow participants in certain retirement plans to delay their 2020 
  contributions to such plans to 2021 or 2022, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 23, 2020

   Mr. Cruz (for himself, Mr. Tillis, Mr. Perdue, and Mrs. Loeffler) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To allow participants in certain retirement plans to delay their 2020 
  contributions to such plans to 2021 or 2022, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Addressing Missed-savings 
Opportunities for Retirement due to an Epidemic Act'' or the ``AMORE 
Act''.

SEC. 2. ALLOWANCE OF DELAY IN MAKING 2020 RETIREMENT CONTRIBUTIONS.

    (a) In General.--An eligible participant in one or more applicable 
retirement plans may make additional contributions to such plans for 
any taxable year beginning in 2021 or 2022 in an aggregate amount not 
exceeding the participant's unused 2020 contribution amount.
    (b) Treatment of Contributions and Plans.--For purposes of the 
Internal Revenue Code of 1986--
            (1) Treatment of contributions.--In the case of any 
        additional contribution to which subsection (a) applies--
                    (A) such contribution shall not, with respect to 
                such taxable year--
                            (i) be subject to any otherwise applicable 
                        limitation contained in sections 401(a)(30), 
                        402(h), 408, and 415(c), or
                            (ii) be taken into account in applying such 
                        limitations to other contributions or benefits 
                        under such plan or any other such plan, and
                    (B) except as provided in paragraph (2)(B), such 
                plan shall not be treated as failing to meet the 
                requirements of section 401(a)(4), 401(k)(3), 
                401(k)(11), 403(b)(12), 408(k), 410(b), or 416 by 
                reason of the making (or the right to make) such 
                contribution.
            (2) Treatment of applicable plans.--
                    (A) In general.--An applicable employer plan shall 
                not be treated as failing to meet any requirement of 
                such Code, or failing to be operated in accordance with 
                the terms of the plan, solely because the plan--
                            (i) permits an eligible participant to make 
                        additional contributions described in 
                        subsection (a) for any plan year, or
                            (ii) does not make any matching 
                        contribution (as defined in section 401(m)(4) 
                        of such Code) with respect to additional 
                        contributions described in subsection (a) for 
                        any plan year.
                    (B) Nondiscrimination requirement.--The rules of 
                section 414(v)(4) of such Code shall apply for purposes 
                of this section.
    (c) Definitions.--For purposes of this section--
            (1) Applicable retirement plan.--The term ``applicable 
        retirement plan'' means any plan--
                    (A) which is--
                            (i) a plan, arrangement, or contract to 
                        which an elective deferral (as defined in 
                        section 401(g)(3) of the Internal Revenue Code 
                        of 1986) may be made, or
                            (ii) an individual retirement plan (as 
                        defined in section 7701(a)(37) of such Code), 
                        and
                    (B) which allows additional contributions under 
                this section to be made to such plan.
            (2) Eligible participant.--The term ``eligible 
        participant'' means, with respect to any taxable year beginning 
        in 2021 or 2022, a participant in a plan--
                    (A) who has an unused 2020 contribution amount, and
                    (B) with respect to whom no other elective 
                deferrals (or in the case of an individual retirement 
                plan, no other contributions) may, without regard to 
                this section, be made to the plan for such taxable year 
                by reason of any applicable limitation described in 
                subsection (b)(1)(A)(i) or any comparable limitation or 
                restriction contained in the terms of the plan.
         In determining whether a participant is an eligible 
        participant, the administrator of an applicable retirement plan 
        may rely on a participant's certification that the participant 
        satisfies the requirements of this paragraph.
            (3) Unused 2020 contribution amount.--
                    (A) In general.--The term ``unused 2020 
                contribution amount'' means, with respect to any 
                applicable participant, the excess (if any) for the 
                participant's last taxable year beginning in 2020 of--
                            (i) in the case of--
                                    (I) the applicable retirement plans 
                                described in paragraph (1)(A)(i) of 
                                such participant, the applicable 
                                limitations described in subsection 
                                (b)(1)(A)(i) on aggregate contributions 
                                to such plans for such taxable year, 
                                and
                                    (II) the individual retirement 
                                plans of such participant, the 
                                applicable limitations described in 
                                subsection (b)(1)(A)(i) on aggregate 
                                contributions to such plans for such 
                                taxable year, over
                            (ii) the aggregate contributions to such 
                        applicable retirement plans or individual 
                        retirement plans, whichever is applicable, for 
                        such taxable year (other than rollover 
                        contributions not taken into account in 
                        applying such limitations under such Code).
                    (B) Reductions for previously used amounts.--The 
                unused 2020 contribution amount for any taxable year 
                beginning in 2021 or 2022 shall be reduced by the 
                portion of such amount taken into account under this 
                section for all preceding taxable years.
                    (C) Secretarial assistance.--The Secretary of the 
                Treasury (or the Secretary's delegate) shall include, 
                with returns of Federal individual income tax (or 
                accompanying forms or instructions) for taxable years 
                beginning in 2020 and 2021, forms or other materials 
                which will assist participants in simply computing 
                their unused 2020 contribution amount for each taxable 
                year beginning in 2021 or 2022.
    (d) Effective Dates.--
            (1) In general.--This section shall apply for years 
        beginning after December 31, 2020.
            (2) Provisions relating to plan or contract amendments.--
                    (A) In general.--If this paragraph applies to any 
                plan or contract amendment--
                            (i) such plan or contract shall not fail to 
                        be treated as being operated in accordance with 
                        the terms of the plan during the period 
                        described in subparagraph (B)(ii) solely 
                        because the plan operates in accordance with 
                        this section, and
                            (ii) except as provided by the Secretary of 
                        the Treasury (or the Secretary's delegate), 
                        such plan or contract shall not fail to meet 
                        the requirements of section 411(d)(6) of the 
                        Internal Revenue Code of 1986 and section 
                        204(g) of the Employee Retirement Income 
                        Security Act of 1974 by reason of such 
                        amendment.
                    (B) Amendments to which paragraph applies.--
                            (i) In general.--This paragraph shall apply 
                        to any amendment to any plan or annuity 
                        contract which--
                                    (I) is made pursuant to the 
                                provisions of this section, and
                                    (II) is made on or before the last 
                                day of the first plan year beginning on 
                                or after January 1, 2022.
                        In the case of a governmental plan, subclause 
                        (II) shall be applied by substituting ``2024'' 
                        for ``2022''.
                            (ii) Conditions.--This paragraph shall not 
                        apply to any amendment unless during the period 
                        beginning on the effective date of the 
                        amendment and ending on December 31, 2022, the 
                        plan or contract is operated as if such plan or 
                        contract amendment were in effect.
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