Volatility And Losses Undermining Earnings Act of 2016

Bill: 114-hr-4357
Sponsor: full_name: Rep. Sensenbrenner, F. James, Jr. [R-WI-5]
Introduced: 2016-01-08
Policy area: Taxation
Subjects: Employee benefits and pensions
Latest action: action_date: 2016-01-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-01-08
action_desc: Introduced in House
text: <p><strong>Volatility And Losses Undermining Earnings Act of 2016</strong></p> <p>This bill amends the Internal Revenue Code to waive the minimum distribution requirements for certain defined contribution pension plans or individual retirement plans during calendar year 2016.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4357 IN THE HOUSE OF REPRESENTATIVES January 8, 2016 Mr. Sensenbrenner introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend the waiver of required minimum distribution rules for certain retirement plans and accounts for 2016.

1. Short title This Act may be cited as the Volatility And Losses Undermining Earnings Act of 2016 . 2. Extension of waiver of required minimum distribution rules for certain retirement plans and accounts (a) In general Section 401(a)(9) of the Internal Revenue Code of 1986 is amended by adding at the end the following: (H) Temporary waiver of minimum required distribution (i) In general The requirements of this paragraph shall not apply for calendar year 2016 to— (I) a defined contribution plan which is described in this subsection or in section 403(a) or 403(b), (II) a defined contribution plan which is an eligible deferred compensation plan described in section 457(b) but only if such plan is maintained by an employer described in section 457(e)(1)(A), or (III) an individual retirement plan. (ii) Special rules regarding waiver period For purposes of this paragraph— (I) the required beginning date with respect to any individual shall be determined without regard to this subparagraph for purposes of applying this paragraph for calendar years after 2015, and (II) if clause (ii) of subparagraph (B) applies, the 5-year period described in such clause shall be determined without regard to calendar year 2016. . (b) Conforming amendments The last sentence of section 402(c)(4) of such Code is amended— (1) by striking distribution during 2009 and inserting distribution during calendar year 2009 or 2016 , and (2) by striking applied during 2009 and inserting applied during such calendar year . (c) Effective date (1) In general The amendments made by this section shall apply for calendar years beginning after December 31, 2015. (2) Provisions relating to plan or contract amendments (A) In general If this paragraph applies to any pension plan or contract amendment, such pension 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. (B) Amendments to which paragraph applies (i) In general This paragraph shall apply to any amendment to any pension plan or annuity contract which— (I) is made pursuant to the amendments made by this section, and (II) is made on or before the last day of the first plan year beginning on or after January 1, 2018. In the case of a governmental plan, subclause (II) shall be applied by substituting 2019 for 2018 . (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, 2016, the plan or contract is operated as if such plan or contract amendment were in effect.