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

[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``529 and ABLE Account Improvement Act 
of 2016''.

SEC. 2. EMPLOYER CONTRIBUTIONS TO QUALIFIED TUITION PROGRAMS AND 
              QUALIFIED ABLE PROGRAMS.

    (a) In General.--Subsection (a) of section 132 of the Internal 
Revenue Code of 1986 is amended by striking ``or'' at the end of 
paragraph (7), by striking the period at the end of paragraph (8) and 
inserting ``, or'', and by adding at the end the following new 
paragraph:
            ``(9) qualified tuition program and qualified ABLE program 
        contributions.''.
    (b) Qualified Tuition Program and Qualified ABLE Program 
Contributions Defined.--Section 132 of such Code is amended by 
redesignating subsection (o) as subsection (p) and inserting after 
subsection (n) the following new subsection:
    ``(o) Qualified Tuition Program and Qualified ABLE Program 
Contributions Defined.--
            ``(1) In general.--For purposes of this section, the term 
        `qualified tuition and qualified ABLE program contributions' 
        means contributions (including matching contributions) made by 
        an employer directly to a qualified tuition program (as 
        described in section 529) or qualified ABLE program (as 
        described in section 529A) designated by an employee if--
                    ``(A) such contribution is made to an account under 
                such program for which the designated beneficiary is 
                the employee or a member of the family of the employee 
                (within the meaning of section 529(e)(2)), and
                    ``(B) such contribution is made in connection with 
                a qualified payroll deduction contribution program 
                established by the employer.
            ``(2) Qualified payroll deduction contribution program.--
        For purposes of this subsection, the term `qualified payroll 
        deduction contribution program' means a program established by 
        an employer--
                    ``(A) under which employees may elect to make 
                contributions to accounts described in paragraph (1)(A) 
                which reduce the amount of wages received directly by 
                such employee by the amount of such contribution, and
                    ``(B) which is made available on substantially the 
                same terms to each member of a group of employees which 
                is defined under a reasonable classification set up by 
                the employer which does not discriminate in favor of 
                highly compensated employees (as defined in section 
                414(q)).
            ``(3) Limitation on exclusion.--The amount of qualified 
        tuition and qualified ABLE program contributions which may be 
        excluded from gross income under subsection (a)(9) with respect 
        to any employee shall not exceed $100 in any calendar year.
            ``(4) Nondiscrimination rule for employer contributions.--
        Subsection (a)(9) shall only apply to contributions provided 
        with respect to a highly compensated employee if such 
        contributions meet the requirements of paragraph (2)(B).
            ``(5) Inflation adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2016, the $100 
                amount contained in paragraph (3) 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 2015' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--Any increase determined under 
                subparagraph (A) shall be rounded to the nearest 
                multiple of $25.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to contributions made after December 31, 2016.

SEC. 3. TAX CREDIT FOR SMALL EMPLOYER COSTS OF ESTABLISHING DIRECT 
              PAYROLL DEDUCTION INTO QUALIFIED TUITION PROGRAMS AND 
              QUALIFIED ABLE PROGRAMS.

    (a) In General.--Section 45E of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(f) Application to Programs for Payroll Deduction Contributions 
to Qualified Tuition Programs and Qualified ABLE Programs.--In the case 
of a qualified payroll deduction contribution program (as defined in 
section 132(o)(2)) established by an employer--
            ``(1) such program shall be treated as an eligible employer 
        plan for purposes of this section,
            ``(2) this section (including the limitation of subsection 
        (b)) shall be applied separately with respect to such programs 
        and any other eligible employer plans of the employer, and
            ``(3) subsection (d)(1)(A)(ii) shall be applied by 
        substituting `education' for `retirement-related education'.''.
    (b) Clerical Amendments.--
            (1) The heading for section 45E of such Code is amended by 
        striking ``pension''.
            (2) The table of sections for subpart D of part IV of 
        subchapter A of chapter 1 of such Code is amended by striking 
        the item relating to section 45E and inserting the following 
        new item:

``Sec. 45E. Small employer plan startup costs.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to costs paid or incurred in taxable years beginning after the 
date of the enactment of this Act.

SEC. 4. EXEMPTIONS FROM ADDITIONAL TAX FOR CERTAIN DISTRIBUTIONS FROM 
              QUALIFIED TUITION PROGRAMS.

    (a) In General.--Section 529(c)(6) of the Internal Revenue Code of 
1986 is amended by striking the last sentence and inserting the 
following: ``This paragraph shall not apply to the extent that--
                    ``(A) a payment or distribution is contributed to 
                an individual retirement plan of the account owner or 
                the designated beneficiary with respect to the calendar 
                year in which the payment or distribution is received,
                    ``(B) a payment or distribution is used (within 90 
                days of the payment or distribution) to make a payment 
                of interest or principal on a qualified education loan 
                (as defined in section 222(d)(1)) on behalf of the 
                designated beneficiary or a member of the family of 
                such designated beneficiary within the meaning of 
                section 529(e)(2)), or
                    ``(C) the recipient of a payment or distribution 
                makes (within 90 days of the receipt of the payment or 
                distribution) a contribution to an organization 
                described in section 170(b)(1)(A) (other than any 
                organization described in section 509(a)(3) or any fund 
                or account described in section 4966(d)(2)), but only 
                if--
                            ``(i) a deduction for the entire payment or 
                        distribution is allowable under section 170, 
                        and
                            ``(ii) the total payments and distributions 
                        taken into account under this subparagraph with 
                        respect to such recipient for any taxable year 
                        does not exceed $1,000.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to distributions after the date of the enactment of this Act.

SEC. 5. CLARIFICATION REGARDING INVESTMENT DIRECTION IN QUALIFIED 
              TUITION PROGRAMS AND QUALIFIED ABLE PROGRAMS.

    (a) Investment Direction in Qualified Tuition Programs.--Paragraph 
(4) of section 529(b) of the Internal Revenue Code of 1986 is amended 
by adding at the end the following: ``For purposes of this paragraph, 
rebalancing investments among broad-based investment strategies 
established under the program shall not be treated as investment 
direction by a contributor or designated beneficiary unless the 
specific investments within those broad-based strategies are directed 
by the contributor or designated beneficiary.''.
    (b) Investment Direction in Qualified ABLE Programs.--Paragraph (4) 
of section 529A(b) of such Code is amended by adding at the end the 
following: ``For purposes of this paragraph, rebalancing investments 
among broad-based investment strategies established under the program 
shall not be treated as investment direction by a designated 
beneficiary unless the specific investments within those broad-based 
strategies are directed by the designated beneficiary.''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to calendar years beginning after the date of the 
enactment of this Act.

SEC. 6. ROLLOVERS BETWEEN QUALIFIED TUITION PROGRAMS AND QUALIFIED ABLE 
              PROGRAMS.

    (a) Rollovers From Qualified Tuition Programs to Qualified ABLE 
Programs.--Clause (i) of section 529(c)(3)(C) of the Internal Revenue 
Code of 1986 is amended by striking ``or'' at the end of subclause (I), 
by striking the period at the end of subclause (II) and inserting ``, 
or'', and by adding at the end the following new subclause:
                                    ``(III) to an ABLE account (as 
                                defined in section 529A(e)(6)) of the 
                                designated beneficiary or a member of 
                                the family of the designated 
                                beneficiary.
                        Subclause (III) shall not apply to so much of a 
                        distribution which, when added to all other 
                        contributions made to the ABLE account for the 
                        taxable year, exceeds the limitation under 
                        section 529A(b)(2)(B).''.
    (b) Rollovers From Qualified ABLE Programs to Qualified Tuition 
Programs.--Clause (i) of section 529A(c)(1)(C) of such Code is 
amended--
            (1) by striking ``such payment or distribution, into 
        another'' and inserting ``such payment or distribution--
                                    ``(I) into another'';
            (2) by striking the period at the end and inserting ``, 
        or'', and
            (3) by adding at the end the following new subclause:
                                    ``(II) to a qualified tuition 
                                program (as described in section 529) 
                                for the benefit of the same designated 
                                beneficiary or a member of the family 
                                of such designated beneficiary.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to distributions after the date of the enactment of this Act.
[A]: 529 and ABLE Account Improvement Act of 2016  This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans) and ABLE accounts. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)  The bill excludes from gross income a fringe benefit consisting of up to $100 per year (adjusted for inflation after 2016) of employer contributions to an employee's 529 or ABLE account. The employer contribution must be made: (1) to an account for which the designated beneficiary is the employee or a member of the employee's family, and (2) in connection with a payroll deduction contribution program established by the employer.  The bill also: (1) expands the tax credit for small employer pension plan startup costs to include the costs of establishing a payroll deduction contribution program for 529 plans and ABLE accounts;(2) permits 529 funds to be used for transfers to an Individual Retirement Account (IRA), education loan payments, or charitable contributions without being subject to the additional tax for distributions that are not used for qualified higher education expenses; and (3) permits tax-free rollovers of funds between 529 and ABLE accounts for the benefit of the same beneficiary or a family member of the beneficiary. For the purpose of current law restrictions on the frequency of investment directions that a beneficiary or contributor may provide for a 529 or ABLE account, rebalancing investments among broad-based investment strategies established under the program is not an investment direction unless the beneficiary or contributor directs the specific investments within the strategies. 


[Q]: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension Interest Rate Relief Act of 
2002''.

SEC. 2. INTEREST RATE RANGE FOR ADDITIONAL FUNDING REQUIREMENTS.

    (a) Amendments to the Internal Revenue Code of 1986.--
            (1) Special rule.--Clause (i) of section 412(l)(7)(C) of 
        the Internal Revenue Code of 1986 (relating to interest rate) 
        is amended by adding at the end the following new subclause:
                                    ``(III) Special rule for 2001 
                                through 2004.--For a plan year 
                                beginning in 2001, 2002, 2003 or 2004, 
                                notwithstanding subclause (I), in the 
                                case that the rate of interest used 
                                under subsection (b)(5) exceeds the 
                                highest rate permitted under subclause 
                                (I), the rate of interest used to 
                                determine current liability under this 
                                subsection may exceed the rate of 
                                interest otherwise permitted under 
                                subclause (I); except that such rate of 
                                interest shall not exceed 120 percent 
                                of the weighted average referred to in 
                                subsection (b)(5)(B)(ii).''
            (2) Quarterly contributions.--Subsection (m) of section 412 
        of such Code is amended by adding at the end the following new 
        paragraph:
            ``(7) Special rule for 2005.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (l)(7)(C)(i)(III) for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005, 
        the current liability for the preceding plan year shall be 
        redetermined using 105 percent as the specified percentage 
        determined under subsection (l)(7)(C)(i)(II).''
    (b) Amendments to the Employee Retirement Income Security Act of 
1974.--
            (1) Special rule.--Clause (i) of section 302(d)(7)(C) of 
        the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1082(d)(7)(C)) is amended by adding at the end the following 
        new subclause:
                                    ``(III) Special rule for 2001 
                                through 2004.--For a plan year 
                                beginning in 2001, 2002, 2003 or 2004, 
                                notwithstanding subclause (I), in the 
                                case that the rate of interest used 
                                under subsection (b)(5) exceeds the 
                                highest rate permitted under subclause 
                                (I), the rate of interest used to 
                                determine current liability under this 
                                subsection may exceed the rate of 
                                interest otherwise permitted under 
                                subclause (I); except that such rate of 
                                interest shall not exceed 120 percent 
                                of the weighted average referred to in 
                                subsection (b)(5)(B)(ii).''
            (2) Quarterly contributions.--Subsection (e) of section 302 
        of such Act (29 U.S.C. 1082) is amended by adding at the end 
        the following new paragraph:
            ``(7) Special rule for 2005.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (d)(7)(C)(i)(III) for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005, 
        the current liability for the preceding plan year shall be 
        redetermined using 105 percent as the specified percentage 
        determined under subsection (d)(7)(C)(i)(II).''
    (c) PBGC.--Clause (iii) of section 4006(a)(3)(E) of the Employee 
Retirement Income Security of Act 1974 (29 U.S.C. 1306(a)(3)(E)) is 
amended by adding at the end the following new subclause:
    ``(IV) In the case of plan years beginning after December 31, 2001, 
and before January 1, 2005, subclause (II) shall be applied by 
substituting `100 percent' for `85 percent' and by substituting `115 
percent' for `100 percent'. Subclause (III) shall be applied for such 
years without regard to the preceding sentence. Any reference to this 
clause by any other sections or subsections (other than sections 4010, 
4011 and 4043) shall be treated as a reference to this clause without 
regard to this subclause.''
    (d) Amendments to Retirement Protection Act of 1994.--
            (1) Transition rule made permanent.--Paragraph (1) of 
        section 769(c) of the Retirement Protection Act of 1994 is 
        amended--
                    (A) by striking ``transition'' each place it 
                appears in the heading and the text, and
                    (B) by striking ``for any plan year beginning after 
                1996 and before 2010''.
            (2) Special rules.--Paragraph (2) of section 769(c) of the 
        Retirement Protection Act of 1994 is amended to read as 
        follows:
            ``(2) Special rules.--The rules described in this paragraph 
        are as follows:
                    ``(A) For purposes of section 412(l)(9)(A) of the 
                Internal Revenue Code of 1986 and section 302(d)(9)(A) 
                of the Employee Retirement Income Security Act of 1974, 
                the funded current liability percentage for any plan 
                year shall be treated as not less than 90 percent.
                    ``(B) For purposes of section 412(m) of the 
                Internal Revenue Code of 1986 and section 302(e)(9) of 
                the Employee Retirement Income Security Act of 1974, 
                the funded current liability percentage for any plan 
                year shall be treated as not less than 100 percent.
                    ``(C) For purposes of determining unfunded vested 
                benefits under section 4006(a)(3)(E)(iii) of the 
                Employee Retirement Income Security Act of 1974, the 
                mortality table shall be the mortality table used by 
                the plan.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to plan years beginning after December 31, 2001.
[A]: Pension Interest Rate Relief Act of 2002 - Amends the Internal Revenue Code and Employee Retirement Income Security Act of 1974 by increasing, for plan years beginning 2001 through 2004, the permissible interest rate range used to determine additional funding requirements for certain benefit plans which are not multiemployer plans.Sets forth a special rule regarding the interest rate used to determine liability for plan years beginning in 2005.Amends the Retirement Protection Act of 1994 to establish special rules relating to funding liability percentages and the mortality table to be used for purposes of determining unfunded vested benefits.


[Q]: SECTION 1. ACCREDITED LENDERS PROGRAM.

    Title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 
et seq.) is amended by inserting after section 504 the following new 
section:

``SEC. 504A. ACCREDITED LENDERS PROGRAM.

    ``(a) In General.--The Administration shall establish an Accredited 
Lenders Program for qualified State or local development companies that 
meet the requirements of subsection (b).
    ``(b) Designation of Accredited Lenders.--The Administration shall 
designate a qualified State or local development company as an 
accredited lender if such company--
            ``(1) demonstrates adequate knowledge of applicable laws 
        and regulations concerning the guaranteed loan program under 
        section 504;
            ``(2) demonstrates proficiency in meeting the requirements 
        of such guaranteed loan program; and
            ``(3) meets such other requirements as the Administration 
        may prescribe by regulation.
    ``(c) Expedited Processing.--The Administration may expedite the 
processing of any loan application or servicing action submitted by a 
qualified State or local development company that has been designated 
as an accredited lender in accordance with subsection (b).
    ``(d) Suspension or Revocation of Designation.--The designation of 
a qualified State or local development company as an accredited lender 
shall be suspended or revoked if the Administration determines that--
            ``(1) the development company is not adhering to the 
        Administration's rules and regulations or is violating any 
        other applicable provision of law; or
            ``(2) the loss experience of the development company is 
        excessive as compared to other lenders;
but such suspension or revocation shall not affect any outstanding loan 
guarantee.
    ``(e) Definition.--For purposes of this section, the term 
`qualified State or local development company' has the same meaning as 
in section 503(e).
    ``(f) Regulations.--The Administration shall promulgate such 
regulations as may be necessary to carry out this section.''.

SEC. 2. ACCREDITED LOAN PACKAGERS PILOT PROGRAM.

    Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is 
amended by adding at the end the following new paragraph:
            ``(22) Accredited loan packagers pilot program.--
                    ``(A) In general.--The Administration shall 
                establish an Accredited Loan Packagers Pilot Program 
                (hereafter in this paragraph referred to as the 
                `Program') for loan packagers, which shall be 
                administered in accordance with subparagraphs (B) 
                through (G).
                    ``(B) Designation of accredited loan packagers.--
                            ``(i) Qualifications.--Subject to the 
                        limitation contained in clause (ii), the 
                        Administration may designate a loan packager as 
                        an accredited loan packager if such loan 
                        packager--
                                    ``(I) is located in a rural area in 
                                which, in the determination of the 
                                Administration, there is a severe 
                                shortage or an absence of lenders that 
                                have been designated as--
                                            ``(aa) certified lenders 
                                        under the Certified Lenders 
                                        Program authorized by paragraph 
                                        (19); or
                                            ``(bb) preferred lenders 
                                        under the Preferred Lenders 
                                        Program authorized by section 
                                        5(b)(7);
                                    ``(II) demonstrates adequate 
                                knowledge of applicable laws and 
                                regulations concerning guaranteed loan 
                                programs under this subsection;
                                    ``(III) demonstrates proficiency in 
                                meeting the requirements of such 
                                guaranteed loan programs; and
                                    ``(IV) meets such other 
                                requirements as the Administration may 
                                prescribe by regulation.
                            ``(ii) Total number.--In carrying out the 
                        Program, the Administration shall designate not 
                        less than 10 and not more than 15 loan 
                        packagers as accredited loan packagers.
                    ``(C) Expedited processing.--During the 3-year 
                period described in subparagraph (G), the 
                Administration may expedite the processing of any loan 
                application or servicing action prepared by a loan 
                packager that has been designated as an accredited loan 
                packager in accordance with subparagraph (B).
                    ``(D) Suspension or revocation of designation.--The 
                designation of a loan packager as an accredited loan 
                packager shall be suspended or revoked if the 
                Administration determines that--
                            ``(i) the loan packager is not adhering to 
                        the Administration's rules and regulations or 
                        is violating any other applicable provision of 
                        law; or
                            ``(ii) the loss experience of the loan 
                        packager is excessive as compared to other loan 
                        packagers;
                but such suspension or revocation shall not affect any 
                outstanding loan guarantee.
                    ``(E) Definition.--For purposes of this paragraph, 
                the term `loan packager' means any--
                            ``(i) qualified State or local development 
                        company, as such term is defined in section 
                        503(e) of the Small Business Investment Act of 
                        1958; or
                            ``(ii) other regional or local development 
                        organization selected by the Administration.
                    ``(F) Regulations.--The Administration shall 
                promulgate such regulations as may be necessary to 
                carry out this paragraph.
                    ``(G) Sunset.--The Program shall terminate 3 years 
                after the date of enactment of this paragraph.''.
[A]:
Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to establish an Accredited Lenders Program which designates a State or local development company as an accredited lender if it demonstrates:  (1) adequate knowledge of the SBA guaranteed loan program; and (2) proficiency in meeting the requirements of such program and any other applicable requirements.  Authorizes the Administrator to expedite the processing of any loan application or servicing action submitted by a development company so designated. Suspends or revokes such designation upon certain determinations by the Administrator. 
Amends the Small Business Act to direct the Administrator to establish an Accredited Loan Packagers Pilot Program under which loan packagers shall be designated as accredited loan packagers upon meeting certain requirements with respect to loan packaging under the SBA guaranteed loan program.  Requires at least ten but no more than 15 loan packagers to be so designated.  Authorizes the Administrator, during a three-year period, to expedite the processing of any loan application or servicing action prepared by a loan packager so designated.  Suspends or revokes such designation upon certain determinations by the Administrator.