In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement Security for Life Act of 
2004''.

SEC. 2. EXCLUSION FOR LIFETIME ANNUITY PAYMENTS.

    (a) Lifetime Annuity Payments Under Annuity Contracts.--Section 
72(b) of the Internal Revenue Code of 1986 (relating to exclusion 
ratio) is amended by adding at the end the following new paragraph:
            ``(5) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of lifetime annuity 
                payments received under one or more annuity contracts 
                in any taxable year, gross income shall not include 50 
                percent of the portion of lifetime annuity payments 
                otherwise includible (without regard to this paragraph) 
                in gross income under this section. For purposes of the 
                preceding sentence, the amount excludible from gross 
                income in any taxable year shall not exceed $20,000.
                    ``(B) Cost-of-living adjustment.--In the case of 
                taxable years beginning after December 31, 2005, the 
                $20,000 amount in subparagraph (A) shall be increased 
                by an amount equal to--
                            ``(i) such dollar amount, multiplied 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 2004' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                If any amount as increased under the preceding sentence 
                is not a multiple of $500, such amount shall be rounded 
                to the next lower multiple of $500.
                    ``(C) Application of paragraph.--Subparagraph (A) 
                shall not apply to--
                            ``(i) any amount received under an eligible 
                        deferred compensation plan (as defined in 
                        section 457(b)) or under a qualified retirement 
                        plan (as defined in section 4974(c)),
                            ``(ii) any amount paid under an annuity 
                        contract that is received by the beneficiary 
                        under the contract--
                                    ``(I) after the death of the 
                                annuitant in the case of payments 
                                described in subsection 
                                (c)(5)(A)(ii)(III), unless the 
                                beneficiary is the surviving spouse of 
                                the annuitant, or
                                    ``(II) after the death of the 
                                annuitant and joint annuitant in the 
                                case of payments described in 
                                subsection (c)(5)(A)(ii)(IV), unless 
                                the beneficiary is the surviving spouse 
                                of the last to die of the annuitant and 
                                the joint annuitant, or
                            ``(iii) any annuity contract that is a 
                        qualified funding asset (as defined in section 
                        130(d)), but without regard to whether there is 
                        a qualified assignment.
                    ``(D) Investment in the contract.--For purposes of 
                this section, the investment in the contract shall be 
                determined without regard to this paragraph.''.
    (b) Definitions.--Subsection (c) of section 72 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(5) Lifetime annuity payment.--
                    ``(A) In general.--For purposes of subsection 
                (b)(5), the term `lifetime annuity payment' means any 
                amount received as an annuity under any portion of an 
                annuity contract, but only if--
                            ``(i) the only person (or persons in the 
                        case of payments described in subclause (II) or 
                        (IV) of clause (ii)) legally entitled (by 
                        operation of the contract, a trust, or other 
                        legally enforceable means) to receive such 
                        amount during the life of the annuitant or 
                        joint annuitant is such annuitant or joint 
                        annuitant, and
                            ``(ii) such amount is part of a series of 
                        substantially equal periodic payments made not 
                        less frequently than annually over--
                                    ``(I) the life of the annuitant,
                                    ``(II) the lives of the annuitant 
                                and a joint annuitant, but only if the 
                                annuitant is the spouse of the joint 
                                annuitant as of the annuity starting 
                                date or the difference in age between 
                                the annuitant and joint annuitant is 15 
                                years or less,
                                    ``(III) the life of the annuitant 
                                with a minimum period of payments or 
                                with a minimum amount that must be paid 
                                in any event, or
                                    ``(IV) the lives of the annuitant 
                                and a joint annuitant with a minimum 
                                period of payments or with a minimum 
                                amount that must be paid in any event, 
                                but only if the annuitant is the spouse 
                                of the joint annuitant as of the 
                                annuity starting date or the difference 
                                in age between the annuitant and joint 
                                annuitant is 15 years or less.
                            ``(iii) Exceptions.--For purposes of clause 
                        (ii), annuity payments shall not fail to be 
                        treated as part of a series of substantially 
                        equal periodic payments--
                                    ``(I) because the amount of the 
                                periodic payments may vary in 
                                accordance with investment experience, 
                                reallocations among investment options, 
                                actuarial gains or losses, cost of 
                                living indices, a constant percentage 
                                applied not less frequently than 
                                annually, or similar fluctuating 
                                criteria,
                                    ``(II) due to the existence of, or 
                                modification of the duration of, a 
                                provision in the contract permitting a 
                                lump sum withdrawal after the annuity 
                                starting date, or
                                    ``(III) because the period between 
                                each such payment is lengthened or 
                                shortened, but only if at all times 
                                such period is no longer than one 
                                calendar year.
                    ``(B) Annuity contract.--For purposes of 
                subparagraph (A) and subsections (b)(5) and (w), the 
                term `annuity contract' means a commercial annuity (as 
                defined by section 3405(e)(6)), other than an endowment 
                or life insurance contract.
                    ``(C) Minimum period of payments.--For purposes of 
                subparagraph (A), the term `minimum period of payments' 
                means a guaranteed term of payments that does not 
                exceed the greater of 10 years or--
                            ``(i) the life expectancy of the annuitant 
                        as of the annuity starting date, in the case of 
                        lifetime annuity payments described in 
                        subparagraph (A)(ii)(III), or
                            ``(ii) the life expectancy of the annuitant 
                        and joint annuitant as of the annuity starting 
                        date, in the case of lifetime annuity payments 
                        described in subparagraph (A)(ii)(IV).
                For purposes of this subparagraph, life expectancy 
                shall be computed with reference to the tables 
                prescribed by the Secretary under paragraph (3). For 
                purposes of subsection (w)(1)(C)(ii), the permissible 
                minimum period of payments shall be determined as of 
                the annuity starting date and reduced by one for each 
                subsequent year.
                    ``(D) Minimum amount that must be paid in any 
                event.--For purposes of subparagraph (A), the term 
                `minimum amount that must be paid in any event' means 
                an amount payable to the designated beneficiary under 
                an annuity contract that is in the nature of a refund 
                and does not exceed the greater of the amount applied 
                to produce the lifetime annuity payments under the 
                contract or the amount, if any, available for 
                withdrawal under the contract on the date of death.''.
    (c) Recapture Tax for Lifetime Annuity Payments.--Section 72 of the 
Internal Revenue Code of 1986 is amended by redesignating subsection 
(w) as subsection (x) and by inserting after subsection (v) the 
following new subsection:
    ``(w) Recapture Tax for Modifications to or Reductions in Lifetime 
Annuity Payments.--
            ``(1) In general.--If any amount received under an annuity 
        contract is excluded from income by reason of subsection (b)(5) 
        (relating to lifetime annuity payments), and--
                    ``(A) the series of payments under such contract is 
                subsequently modified so any future payments are not 
                lifetime annuity payments,
                    ``(B) after the date of receipt of the first 
                lifetime annuity payment under the contract an 
                annuitant receives a lump sum and thereafter is to 
                receive annuity payments in a reduced amount under the 
                contract, or
                    ``(C) after the date of receipt of the first 
                lifetime annuity payment under the contract the dollar 
                amount of any subsequent annuity payment is reduced and 
                a lump sum is not paid in connection with the 
                reduction, unless such reduction is--
                            ``(i) due to an event described in 
                        subsection (c)(5)(A)(iii), or
                            ``(ii) due to the addition of, or increase 
                        in, a minimum period of payments within the 
                        meaning of subsection (c)(5)(C) or a minimum 
                        amount that must be paid in any event (within 
                        the meaning of subsection (c)(5)(D)),
        then gross income for the first taxable year in which such 
        modification or reduction occurs shall be increased by the 
        recapture amount.
            ``(2) Recapture amount.--
                    ``(A) In general.--For purposes of this subsection, 
                the recapture amount shall be the amount, determined 
                under rules prescribed by the Secretary, equal to the 
                amount that (but for subsection (b)(5)) would have been 
                includible in the taxpayer's gross income if the 
                modification or reduction described in paragraph (1) 
                had been in effect at all times, plus interest for the 
                deferral period at the underpayment rate established by 
                section 6621.
                    ``(B) Deferral period.--For purposes of this 
                subsection, the term `deferral period' means the period 
                beginning with the taxable year in which (without 
                regard to subsection (b)(5)) the payment would have 
                been includible in gross income and ending with the 
                taxable year in which the modification described in 
                paragraph (1) occurs.
            ``(3) Exceptions to recapture tax.--Paragraph (1) shall not 
        apply in the case of any modification or reduction that occurs 
        because an annuitant--
                    ``(A) dies or becomes disabled (within the meaning 
                of subsection (m)(7)),
                    ``(B) becomes a chronically ill individual within 
                the meaning of section 7702B(c)(2), or
                    ``(C) encounters hardship.''.
    (d) Lifetime Distributions of Life Insurance Death Benefits.--
            (1) In general.--Section 101(d) of the Internal Revenue 
        Code of 1986 (relating to payment of life insurance proceeds at 
        a date later than death) is amended by adding at the end the 
        following new paragraph:
            ``(4) Exclusion for lifetime annuity payments.--
                    ``(A) In general.--In the case of amounts to which 
                this subsection applies, gross income shall not include 
                the lesser of--
                            ``(i) 50 percent of the portion of lifetime 
                        annuity payments otherwise includible in gross 
                        income under this section (determined without 
                        regard to this paragraph), or
                            ``(ii) the amount in effect under section 
                        72(b)(5).
                    ``(B) Rules of section 72(b)(5) to apply.--For 
                purposes of this paragraph, rules similar to the rules 
                of section 72(b)(5) and section 72(w) shall apply, 
                substituting the term `beneficiary of the life 
                insurance contract' for the term `annuitant' wherever 
                it appears, and substituting the term `life insurance 
                contract' for the term `annuity contract' wherever it 
                appears.''.
            (2) Conforming amendment.--Section 101(d)(1) of such Code 
        is amended by inserting ``or paragraph (4)'' after ``to the 
        extent not excluded by the preceding sentence''.
    (e) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to amounts received in calendar years beginning after the 
        date of the enactment of this Act.
            (2) Special rule for existing contracts.--In the case of a 
        contract in force on the date of the enactment of this Act that 
        does not satisfy the requirements of section 72(c)(5)(A) of the 
        Internal Revenue Code of 1986 (as added by this section), or 
        requirements similar to such section 72(c)(5)(A) in the case of 
        a life insurance contract), any modification to such contract 
        (including a change in ownership) or to the payments thereunder 
        that is made to satisfy the requirements of such section (or 
        similar requirements) shall not result in the recognition of 
        any gain or loss, any amount being included in gross income, or 
        any addition to tax that otherwise might result from such 
        modification, but only if the modification is completed prior 
        to the date that is 2 years after the date of the enactment of 
        this Act.
Example Output: Retirement Security for Life Act of 2004 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2006.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Coast Guard Museum Act of 
2001''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) There is no national museum to commemorate and honor 
        the Coast Guard's history, mission, personnel, and traditions 
        or those of its predecessor services and agencies.
            (2) There should be established a National Coast Guard 
        Museum to commemorate the 210 years of national maritime and 
        military history of the Coast Guard and its predecessor 
        services and agencies.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Association.--The term ``Association'' means the 
        National Coast Guard Museum Association (a nonprofit 
        corporation established under the laws of the State of 
        Massachusetts), or a similar organization.
            (2) Museum.--The term ``Museum'' means the National Coast 
        Guard Museum established under sections 4(a).
            (3) Commandant.--The term ``Commandant'' means the 
        Commandant of the Coast Guard.
            (4) Fund.--The term ``Fund'' means the National Coast Guard 
        Museum Fund established under section 5(a).

SEC. 4. NATIONAL COAST GUARD MUSEUM.

    (a) Establishment.--The Commandant may, in accordance with this 
section, establish, operate, and maintain a National Coast Guard Museum 
on Federal lands that are administered by the Coast Guard and specified 
by the Commandant.
    (b) Construction.--
            (1) License.--The Commandant may grant a license to the 
        Association authorizing the Association to construct facilities 
        for the Museum on the land specified under subsection (a).
            (2) Terms.--The license under this subsection shall include 
        terms that establish the following:
                    (A) Upon completion of construction of facilities 
                under the license, the Association shall donate such 
                facilities, including any associated improvements, 
                fixtures, and related personal property, as a gift to 
                Coast Guard.
                    (B) The United States shall have no responsibility 
                for project management.
                    (C) The Association shall be responsible for 
                preparation of the design and plans for facilities 
                constructed under the license, except that the design 
                and plans shall be subject to the approval of the 
                Commandant
            (3) Funding.--(A) The Commandant shall not allow 
        construction of facilities for the Museum to begin, and may not 
        provide any Federal funds for that construction, unless the 
        Commandant determines that sufficient amounts, not less than 
        $10,000,000, are available from non-Federal sources to complete 
        construction of the Museum in accordance with the design and 
        plans approved under paragraph (2)(C).
            (B) For the purposes of constructing the Museum, and 
        subject to the availability of appropriations, the Commandant 
        may transfer to the Association up to $10,000,000.
            (C) The Commandant shall require that amounts transferred 
        under subparagraph (B) that are not expended on the 
        construction of the Museum shall be returned to the Coast Guard 
        and deposited into the Fund.
            (4) Liability.--The United States shall not be liable for 
        any act or omission relating to construction under the license.
    (c) Commandant's Authorities.--Notwithstanding any other provision 
of law, in connection with the establishment, operation, and 
maintenance of the Museum, the Commandant may--
            (1) rent or lease space within the Museum for gift shops, 
        food concessions, meeting or special event spaces, and similar 
        purposes or activities, under such terms and conditions, and 
        for such periods of time, as the Commandant considers 
        appropriate;
            (2) accept, hold, administer, and, without further Act of 
        appropriation, spend any gift, devise, or bequest of real or 
        personal property (including funds) that is made on the 
        condition that it be used for the benefit of, or in connection 
        with the establishment, operation, or maintenance of, the 
        Museum;
            (3) pay necessary expenses in connection with the 
        conveyance or transfer of any such gift, devise or bequest; and
            (4) perform other acts as the Commandant deems reasonable 
        and appropriate.
    (d) Treatment of Gifts.--For the purposes of Federal income, 
estate, and gift taxes, property that is accepted under subsection 
(c)(2) shall be considered as a gift, devise, or bequest to or for the 
use of the United States.

SEC. 5. NATIONAL COAST GUARD MUSEUM FUND.

    (a) Establishment.--There is established in the Treasury a separate 
account that shall be known as the ``National Coast Guard Museum 
Fund''.
    (b) Contents.--The Fund shall consist of the following:
            (1) Gifts, devises, and bequests of funds accepted under 
        section 4(c)(2).
            (2) Amounts received by the United States from the rental 
        or leasing of space within the Museum under section 4(a).
            (3) Interest credited under subsection (d).
            (4) Amounts deposited under section 4(b)(3)(C).
    (c) Use.--The Commandant may make disbursements from the Fund for 
the establishment, operation, or maintenance of the Museum, without 
further Act of appropriation and without fiscal year limitation.
    (d) Investment.--
            (1) In general.--Upon request of the Commandant, the 
        Secretary of the Treasury may invest amounts in the Fund in 
        securities of, or in securities whose principal and interest 
        are guaranteed by, the United States Government.
            (2) Interest.--The interest and profits accruing from 
        investments under this subsection shall be deposited to the 
        credit of the Fund.
Example Output: National Coast Guard Museum Act of 2001 - Authorizes the Commandant of the Coast Guard to establish, operate, and maintain a National Coast Guard Museum on Federal lands that are administered by the Coast Guard and specified by the Commandant.Establishes in the Treasury the National Coast Guard Museum Fund.

Example Input: SECTION 1. SHORT TITLE; FINDINGS.

    (a) Short Title.--This Act may be cited as the ``Federal Health 
Program Benefit Change Accountability Act''.
    (b) Findings.--The Congress finds that--
            (1) effective beginning in 1996, Federal retirees enrolled 
        in the Governmentwide service benefit plan under chapter 89 of 
        title 5, United States Code, are subject to a copayment for 
        prescription drugs obtained from a retail pharmacy, but are 
        exempt from such copayment if they instead use a plan's mail 
        order pharmacy;
            (2) that difference in policy--
                    (A) increases out-of-pocket health care costs for 
                and imposes financial penalties on the large majority 
                of Federal retirees who use their local pharmacies to 
                have prescriptions filled;
                    (B) fails to recognize the integral role of local 
                pharmacies in contributing to the health of their 
                patrons, such as through face-to-face counseling;
                    (C) unfairly discriminates in favor of out-of-state 
                mail order pharmacies at the expense of local retail 
                pharmacies;
                    (D) transfers millions of dollars in wages and tax 
                revenues out of State, and therefore hurts local 
                economies and small businesses; and
                    (E) reduces the accessibility of local pharmacies 
                for all individuals, particularly those living in rural 
                areas;
            (3) in making this major change, it appears that the Office 
        of Personnel Management--
                    (A) did not determine the impact on the quality of 
                pharmacy care provided to Federal retirees, who use a 
                disproportionate share of prescription medications, but 
                instead focused primarily on economic considerations;
                    (B) did not consider alternative cost containment 
                options in the prescription drug program, which has 
                disproportionately focused its cost containment 
                approaches on retail pharmacies;
                    (C) did not determine, and has not yet 
                demonstrated, whether the anticipated savings result 
                from lower costs of mail order drug products or because 
                retirees are simply paying more in copayments for their 
                prescription at local pharmacies;
                    (D) did not determine whether such change was 
                consistent with the structure of current private market 
                prescription drug programs, which traditionally give 
                retirees a fair economic choice of using mail order 
                pharmacies or retail pharmacies;
                    (E) did not assess the ability of the contractor to 
                fulfill the terms of the contract for mail order 
                prescriptions, given that thousands of retirees were 
                inconvenienced when the mail order pharmacies were 
                unable to meet the demand for prescriptions; and
                    (F) did not assess the impact of the change on the 
                overall health care marketplace, given that the Office 
                of Personnel Management is a major payor of health care 
                services and products; and
            (4) the Office of Personnel Management should be held more 
        accountable for major changes made in Federal health care 
        program benefit designs, and should be required to justify the 
        impact of such changes in terms of cost savings, access, and 
        quality of care, before such changes are implemented.

SEC. 2. REPORTING REQUIREMENT.

    (a) In General.--Section 8910 of title 5, United States Code, is 
amended by adding at the end the following:
    ``(e)(1) The Office shall prepare an annual report in which it 
shall describe, to the extent practicable, any substantial changes in 
maximums, limitations, exclusions, or other definitions of benefits 
that it intends to propose for implementation in the upcoming contract 
year.
    ``(2) Included in a report under this subsection shall be, with 
respect to each such change--
            ``(A) a statement of justification for the change;
            ``(B) an analysis of the anticipated savings, to the extent 
        that the change would be justified on the basis of cost 
        savings, as well as any alternative options considered and the 
        reasons why the proposed change is considered preferable;
            ``(C) a description of the anticipated impact of the 
        proposed change on access to and quality of care, and on costs 
        to enrollees likely to be affected;
            ``(D) an assessment of the ability of carriers to implement 
        the proposed change in a manner that is efficient and that 
        promotes the interests referred to in subparagraph (C); and
            ``(E) an analysis of the anticipated economic impact of the 
        proposed change with respect to providers and enrollees, 
        respectively.
    ``(3) The Office shall have each report under this subsection 
published in the Federal Register, and shall submit a copy of each such 
report to both Houses of Congress, as early in the year as possible, 
consistent with the goal of affording interested persons a meaningful 
opportunity to comment.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to changes taking effect in any contract year 
beginning later than 6 months after the date of the enactment of this 
Act.
Example Output:
Federal Health Program Benefit Change Accountability Act - Amends Federal law to require that the Office of Personnel Management (OPM) prepare an annual report concerning the health benefits program for Federal employees which shall describe any substantial changes in maximums, limitations, exclusions, or other definitions of benefits that it intends to propose for implementation in the upcoming contract year.  Directs that OPM publish each report in the Federal Register and submit a copy of each such report to both Houses of the Congress as early in the year as possible.