To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts.

Bill: 117-hr-8331
Sponsor: full_name: Rep. Davidson, Warren [R-OH-8]
Introduced: 2022-07-12
Policy area: Taxation
Latest action: action_date: 2022-07-12
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2022-07-12
action_desc: Introduced in House
text: <p>This bill suspends in 2020 and 2022 the required minimum distribution rules for defined contribution retirement plans or individual retirement plans. Under current law, participants in tax-exempt retirement plans must begin making distributions of plan amounts at the required beginning date (i.e., April 1 or the calendar year following the later of the calendar year in which the employee attains age 72, or the calendar year in which the employee retires).</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8331 IN THE HOUSE OF REPRESENTATIVES July 12, 2022 Mr. Davidson 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 temporarily suspend required minimum distribution rules for certain retirement plans and accounts.

1. Temporary waiver of required minimum distribution rules for certain retirement plans and accounts (a) In general Section 401(a)(9)(I) of the Internal Revenue Code of 1986 is amended— (1) in clause (i), by striking 2020 and inserting required minimum distribution suspension calendar year , (2) in clause (ii)— (A) in the heading, by striking in 2020 and inserting in a required minimum distribution suspension calendar year , (B) by striking in calendar year 2020 and inserting in a required minimum distribution calendar year , and (C) in subclause (II), by striking January 1, 2020 and inserting such calendar year , (3) in clause (iii)(II), by inserting or calendar year 2022 after calendar year 2020 , and (4) by adding at the end the following new clause: (iv) Required minimum distribution suspension calendar year For purposes of this subparagraph, the term required minimum distribution suspension calendar year means calendar year 2020 and calendar year 2022. . (b) Eligible rollover distributions Section 402(c)(4) of the Internal Revenue Code of 1986 is amended by inserting or 2022 after 2020 each place it appears. (c) Effective dates (1) In general The amendments made by this section shall apply for calendar years beginning after December 31, 2021. (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 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, 2024. In the case of a governmental plan, this subclause shall be applied by substituting 2026 for 2024 . (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.