Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. TREATMENT OF CERTAIN CONTRIBUTIONS MADE PURSUANT TO
VETERANS' REEMPLOYMENT RIGHTS.

(a) In General.--Section 414 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
''(u) Special Rules Relating to Veterans' Reemployment Rights.--
''(1) Treatment of certain required contributions.--If any
contribution is made by an employer under an individual account
plan with respect to an employee and such contribution is
required by reason of such employee's rights under chapter 43
of title 38, United States Code, resulting from qualified
military service--
''(A) such contribution shall not be subject to any
otherwise applicable limitation contained in section
402(g), 403(b), 404(a), 408, 415, or 457, and
''(B) such plan shall not be treated as failing to
meet any requirement of this part or section 457 by
reason of the making of such contribution and such
contribution shall not be taken into account in
applying the limitations referred to in subparagraph
(A) to other contributions.
For purposes of the preceding sentence, any additional elective
deferral made under paragraph (2) shall be treated as an
employer contribution required by reason of the employee's
rights under such chapter 43.
''(2) Reemployment rights with respect to elective
deferrals.--
''(A) In general.--If an employee is entitled to
the benefits of chapter 43 of title 38, United States
Code, with respect to any plan which provides for
elective deferrals, such employer shall be treated as
meeting the requirements of such chapter 43 with
respect to such elective deferrals if such employer--
''(i) permits such employee to make
additional elective deferrals under such plan
(in the amount determined under subparagraph
(B)) during the period which begins on the date
of the reemployment and whose duration is the
lesser of--
''(I) 5 years; or
''(II) 3 times the period of
qualified military service which
resulted in such rights; and
''(ii) makes a matching contribution in
respect of any additional elective deferral
made pursuant to clause (i) which would have
been required had such deferral actually been
made during the period of such qualified
military service.
''(B) Amount of makeup required.--The amount
determined under this subparagraph is the maximum
amount of elective deferrals that the individual would
have been permitted to make under the plan during his
period of qualified military service if he had
continued to be employed by the employer during such
period and received compensation at the rate computed
in accordance with section 4318(b)(3) of title 38.
Proper adjustment shall be made to the amount
determined under the preceding sentence for any
elective deferrals actually made during the period of
such qualified military service.
''(C) Elective deferral.--For purposes of this
paragraph, the term 'elective deferral' has the meaning
given to such term by section 402(g)(3); except that
such term shall include any deferral of compensation
under an eligible deferred compensation plan (as
defined in section 457(b)).
''(3) Loan repayment suspensions permitted.--If any plan
suspends the repayment of any loan made to an individual for
the period while such individual is performing qualified
military service, such suspension shall not be taken into
account for purposes of section 72(p).
''(4) Qualified military service.--For purposes of this
subsection, the term 'qualified military service' means any
service in the uniformed services (as defined in chapter 43 of
title 38, United States Code) by any individual if such
individual is entitled to reemployment rights under such
chapter 43, with respect to such service.
''(5) Individual account plan.--For purposes of this
subsection, the term 'individual account plan' means any
defined contribution plan and any eligible deferred
compensation plan (as defined in section 457(b)).''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect as of September 2, 1974, and shall apply to plans as if
such amendment were enacted on such date as part of section 414 of the
Internal Revenue Code of 1954.
Output:
Amends the Internal Revenue Code to prescribe rules regarding limitations on employer contributions under defined contribution plans and eligible deferred compensation plans which are required by reason of veterans' reemployment rights. Treats an employer of a veteran entitled to such rights as meeting such reemployment requirements if the employer permits certain additional elective deferrals from the date of reemployment and makes a matching contribution which would have been required during the period of military service.