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108hr5398ih | (f) Special rules
(1) Disallowance of deduction
No deduction shall be allowed for that portion of the qualified employer contributions paid or incurred for the taxable year which is equal to the credit determined under subsection (a). (2) Election not to claim credit
This section shall not apply to a taxpayer for an... |
108hr5398ih | (g) Recapture of credit on forfeited contributions
If any accrued benefit which is forfeitable by reason of subsection (d)(3) is forfeited, the employer’s tax imposed by this chapter for the taxable year in which the forfeiture occurs shall be increased by 35 percent of the employer contributions from which such benef... |
108hr5398ih | (i) Termination
This section shall not apply to any plan established after December 31, 2012. 303. Notice
The Secretary of the Treasury shall establish an ongoing program, in coordination with employers, under which the Secretary shall ensure that employees and other affected individuals remain fully and effectively ... |
108hr5398ih | Modifications of joint and survivor annuity requirements
(a) Amount of annuity
(1) Option to elect qualified alternative joint and survivor annuity form of benefit upon waiver of qualified joint and survivor annuity form of benefit
Section 417(a)(1)(A) of the Internal Revenue Code of 1986 is amended to read as follo... |
108hr5398ih | (ii) may elect at any time during the applicable election period to waive the qualified preretirement survivor annuity form of benefit, (iii) may elect at any time during the applicable election period, in any case in which the qualified joint and survivor annuity form of benefit is not provided by reason of a waiver u... |
108hr5398ih | (2) Qualified alternative joint and survivor annuity defined
Section 417 of such Code is amended by adding at the end the following new subsection: (i) Definition of qualified optional survivor annuity
(1) In general
For purposes of this section, |
108hr5398ih | the term qualified alternative joint and survivor annuity means an annuity— (A) for the life of the participant with a survivor annuity for the life of the spouse which is equal to the applicable percentage (determined under paragraph (2)) of (and not greater than 100 percent of) the amount of the annuity which is paya... |
108hr5398ih | (2) Applicable percentage
(A) In general
For purposes of paragraph (1)— (i) if the base survivor annuity percentage is less than 75 percent, the applicable percentage is 75 percent, and (ii) if the base survivor annuity percentage is equal to at least 75 percent, the applicable percentage is 50 percent. (B) Survivor ... |
108hr5398ih | the term survivor annuity percentage means the percentage which the survivor annuity under the plan’s qualified joint and survivor annuity form of benefit bears to the annuity payable during the joint lives of the participant and the spouse under such form of benefit. (b) Exemption in the case of plans offering fully s... |
108hr5398ih | and (2) by inserting after subparagraph (A) the following new subparagraph: (B) Qualified alternative joint and survivor annuities
The requirements of this subsection shall not apply with respect to the qualified alternative joint and survivor annuity form of benefit if the plan fully subsidizes the costs of the quali... |
108hr5398ih | the terms and conditions of the qualified preretirement survivor annuity form of benefit offered by the plan, and the terms and conditions of the qualified alternative joint and survivor annuity form of benefit offered by the plan, accompanied by an illustration of the benefits under each such form of benefit for the p... |
108hr5398ih | (d) Rule of construction
For purposes of section 411(d)(6) of the Internal Revenue Code of 1986, a plan shall not be treated as having decreased the accrued benefit of a participant solely by reason of the adoption of a plan amendment under which a qualified alternative joint and survivor annuity form of benefit is ad... |
108hr5398ih | Entitlement of divorced spouses to railroad retirement annuities independent of actual entitlement of employee
(a) In general
Section 2 of the Railroad Retirement Act of 1974 ( 45 U.S.C. 231a ) is amended— (1) in subsection (c)(4)(i), by striking (A) is entitled to an annuity under subsection (a)(1) and (B) ; and (2)... |
108hr5398ih | (b) Effective date
The amendments made by this section shall take effect 1 year after the date of the enactment of this Act. 403. Extension of tier II railroad retirement benefits to surviving former spouses pursuant to divorce agreements
(a) In general
Section 5 of the Railroad Retirement Act of 1974 ( 45 U.S.C. |
108hr5398ih | 231d ) is amended by adding at the end the following: (d) Notwithstanding any other provision of law, the payment of any portion of an annuity computed under section 3(b) to a surviving former spouse in accordance with a court decree of divorce, annulment, or legal separation or the terms of any court-approved property... |
108hr5398ih | (b) Effective date
The amendment made by this section shall take effect 1 year after the date of the enactment of this Act. 501. Defined benefit plan with deferred compensation arrangement in a single plan
(a) Defined benefit plan permitted to have 401(k) arrangement
(1) In general
Paragraphs (1) and (2) of section... |
108hr5398ih | (2) Adjustment of 401(k) rules
Section 401(k) of such Code is amended— (A) in paragraph (2)(B)(i)(III), by striking in the case of a profit-sharing or stock bonus plan, , (B) in paragraph (2)(B)(i)(IV), by striking to a profit-sharing or stock bonus plan , and (C) in paragraph (10)(A), by inserting before the period a... |
108hr5398ih | (b) Qualified cash or deferred arrangement under defined benefit plan satisfies definitely determinable benefit requirement
Subsection (a) of section 401 of such Code is amended by inserting after paragraph (34) the following new paragraph: (35) Qualified cash or deferred arrangement under defined benefit plan satisfi... |
108hr5398ih | (c) Clarification of extent to which defined contribution and defined benefit rules apply
(1) Treatment as defined benefit plan
Subsection (j) of section 414 of such Code is amended to read as follows: (j) Defined benefit plan
For purposes of this part— (1) In general
The term defined benefit plan means any plan wh... |
108hr5398ih | (2) Plans including qualified cash and deferred arrangements
Except as otherwise provided in this title— (A) a pension plan which provides benefits other than benefits described in subsection (i) shall not be treated as a defined contribution plan on the basis of the inclusion in the plan of a qualified cash or deferr... |
108hr5398ih | (B), and (C), respectively, and by moving such subparagraphs 2 ems to the right, (B) by striking A defined benefit plan and inserting the following: (1) Plans with separate accounts
A defined benefit plan , and (C) by adding at the end the following new paragraph: (2) Plans with cash or deferred arrangements
In the c... |
108hr5398ih | (B) for purposes of section 401(a)(4) (relating to nondiscrimination testing), section 401(a)(9) (relating to required distributions), section 401(a)(26) (relating to additional participation requirements), section 401(a)(31) (relating to direct transfer of eligible rollover distributions), section 404 (relating to ded... |
108hr5398ih | section 414(l) (relating to merger and consolidations of plans or transfers of plan assets), and section 416 (relating to special rules for top-heavy plans), such plan shall be treated as consisting of a defined contribution plan to the extent benefits are attributable to such arrangement and as a defined benefit plan ... |
108hr5398ih | (d) Application of pre-termination restrictions
The Secretary of the Treasury shall amend Treasury Regulation section 1.401(a)(4)-5(b) to provide that, in the case of a defined benefit plan which includes a qualified cash or deferred arrangement— (1) the provisions of such section shall not apply to such arrangement, ... |
108hr5398ih | (e) Treatment as single plan for information reporting
Subsection (a) of section 6058 of such Code is amended by adding at the end the following: For purposes of the preceding sentence, a defined benefit plan which includes a qualified cash or deferred arrangement shall be treated as a single plan. (f) Rules for incom... |
108hr5398ih | employer contributions made with respect to a qualified cash or deferred arrangement which is part of a defined benefit plan shall be treated in the same manner as contributions to a stock bonus or profit-sharing plan. (2) Special deduction limit for defined benefit plan
Paragraph (1) of section 404(a) is amended by r... |
108hr5398ih | and by inserting after subparagraph (D) the following new subparagraph: (E) Special rule for defined benefit plans with qualified cash or deferred arrangements
In the case of a defined benefit plan which includes a qualified cash or deferred arrangement, the maximum amount deductible under this section (notwithstandin... |
108hr5398ih | (g) Allowable reductions in rate of benefit accrual
Subsection (e) of section 4980F of such Code is amended by adding at the end the following new paragraph: (6) Exception for qualified cash or deferred arrangements
A plan shall not be treated as failing to meet the requirements of paragraph (1) merely because of a r... |
108hr5398ih | (h) Defined benefit funding standards not to apply to qualified cash or deferred arrangements
Subsection (h) of section 412 of such Code is amended by striking or at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , or , and by inserting after paragraph (6) the following new ... |
108hr5398ih | (i) Inclusion in cafeteria plan
Subparagraph (B) of section 125(d)(2) of such Code is amended by striking or rural cooperative plan (within the meaning of section 401(k)(7)) and inserting rural cooperative plan (within the meaning of section 401(k)(7)), or a defined benefit plan. |
108hr5398ih | (j) Vesting requirements
Section 411(a) is amended by adding the following new paragraph: (13) Faster vesting for accruals under defined benefit plans with cash or deferred arrangements
In the case of a defined benefit plan which includes a qualified cash or deferred arrangement, benefit accruals and employer contrib... |
108hr5398ih | Defined benefit accruals satisfy 401(k) safe harbor
(a) In general
Paragraph (12) of section 401(k) of the Internal Revenue Code of 1986 is amended— (1) in subparagraph (A)(i) by inserting or the benefit accrual requirements of subparagraph (D) after or (C) , and (2) by redesignating subparagraphs (D), (E), and (F) a... |
108hr5398ih | and by inserting after subparagraph (C) the following new subparagraph: (D) Benefit accruals
(i) In general
The requirements of this subparagraph are met if the requirements of clause (ii) or (iii) are met. (ii) Traditional formula
(I) In general
The requirements of this clause are met if, under the arrangement, th... |
108hr5398ih | Such accrual shall be for each year in which the participant is eligible for the arrangement, and the plan is satisfying the requirements of this subparagraph, in an amount equal to at least 1 percent of average compensation multiplied by years of service, payable as a life annuity commencing at age 65. The plan may ca... |
108hr5398ih | (II) Average compensation
For purposes of subclause (I), the term average compensation means the average compensation (as defined by section 414(s)) received by the participant during the testing period. The plan may define the testing period as all years of service of the participant, as a period of consecutive years... |
108hr5398ih | (III) Years of service
For purposes of this clause, a year of service shall be determined under paragraphs (4), (5), and (6) of section 411(a), except the plan need not include as a year of service any year of service ending in a plan year that began before the employee became a participant in the plan, or any year of... |
108hr5398ih | (IV) Adjustments for early and late retirement
The amount determined under subclause (I) shall be adjusted actuarially if benefits under the plan commence later than age 65. Such amount may (but is not required to) be adjusted for early retirement if benefits commence (or normal retirement age is) earlier than age 65. |
108hr5398ih | (iii) Cash balance formula
(I) In general
The requirements of this clause are met if, under the arrangement, the employer is required, without regard to whether the employee makes an elective contribution or employee contribution, to provide a hypothetical allocation under a cash balance plan on behalf of each employ... |
108hr5398ih | (II) Cash balance contribution percentage
For purposes of subclause (I), the term cash balance contribution percentage means, with respect to any employee, 2 percent if such employee has not attained age 31, 4 percent if such employee has attained age 31 but has not attained age 40, 6 percent if such employee has atta... |
108hr5398ih | (III) Cash balance plan defined
For purposes of subclause (I), a cash balance plan is a defined benefit plan that defines an employee’s benefits by reference to the employee’s hypothetical account. Such hypothetical account is determined by reference, first, to hypothetical contribution allocations, and, second, to hy... |
108hr5398ih | during the 3-year period immediately preceding the effective date of a cash balance plan meeting the requirements of subclause (I), the employer (or any related employer, within the meaning of subsection (b), (c), (m), or (o) of section 414), maintained a defined benefit plan that was not a cash balance plan and which ... |
108hr5398ih | (2) Section 401(k)(12)(F)(i) of such Code (as redesignated by subsection (a)) is amended by adding at the end the following: An arrangement shall not be treated as meeting the requirements of subparagraph (D) of this paragraph unless the requirements of paragraph (2)(B) are met with respect to the benefit accruals prov... |
108hr5398ih | (3) Section 401(k)(12)(F)(ii) of such Code (as redesignated by subsection (a)) is amended— (A) by striking subparagraph (B) or (C) the first place it appears and inserting subparagraph (B), (C), or (D) , and (B) by inserting and benefit accruals under subparagraph (D) after subparagraph (B) or (C) the second place it a... |
108hr5398ih | (4) Section 416(g)(4)(H) of such Code is amended to read as follows: (H) Cash or deferred arrangements using alternative methods of meeting nondiscrimination requirements
(i) In general
The term top-heavy plan shall not include a plan described in clause (ii) or (iii). |
108hr5398ih | (ii) Defined contribution plan
The plan described in this clause is a defined contribution plan which consists solely of— (I) a cash or deferred arrangement which meets the requirements of section 401(k)(12), and (II) matching contributions with respect to which the requirements of section 401(m)(11) are met. |
108hr5398ih | (iii) Defined benefit plan
The plan described in this clause is a defined benefit plan which consists exclusively of one or more— (I) cash or deferred arrangements which meet the requirements of section 401(k)(12), and (II) qualified matching accruals, as described in section 401(m)(12). If, but for this subparagraph,... |
108hr5398ih | contributions or benefits under the plan may be taken into account in determining whether any other plan in the group meets the requirements of subsection (c) and, a plan meeting the requirements of section 401(k)(12)(D) shall be deemed to satisfy the requirements of subsection (c). (5) Special rule for plan with multi... |
108hr5398ih | the requirements of this paragraph may be satisfied separately for each formula. (ii) Certain benefit accruals treated as multiple accruals treated as multiple accrual formulas
For purposes of this subparagraph, a plan has multiple accrual formulas if a participant’s accrued benefit is determined either as the greater... |
108hr5398ih | (iii) Certain formulas treated as separate accrual formulas
For purposes of clause (i), the benefit formulas described in section 401(k)(12)(D) and section 401(m)(12) shall be treated as separate from the minimum benefit formula described in section 416(c)(1).. (c) Effective date
(1) In general
Except as provided in... |
108hr5398ih | (2) Cash balance formula
Section 401(k)(12)(D)(iii) of the Internal Revenue Code of 1986, as added by subsection (a)(2), shall not apply to plan years beginning before the effective date of an Act which provides for the application of section 411(b)(1)(H) of such Code to cash balance plans. 503. |
108hr5398ih | Additional accruals under defined benefit plan provided as matching contributions
(a) Certain arrangements under defined benefit plan satisfy definitely determinable benefit requirement
Paragraph (35) of section 401(a) of the Internal Revenue Code of 1986 (as added by section 2(b)) is amended by inserting or qualifie... |
108hr5398ih | paragraph: (12) Special rules relating to qualified matching accruals under a defined benefit plan
For purposes of this section— (A) Qualified matching accrual
The term qualified matching accrual means an amount funded by an employer in the form of a benefit accrual under a defined benefit plan to match elective defe... |
108hr5398ih | For purposes of determining such benefit accrual, the amount of elective deferrals taken into account under such formula may be limited under the plan. (B) Formula requirements
A benefit accrual meets the requirements of this subparagraph if such accrual is a hypothetical contribution that is added to a participant’s ... |
108hr5398ih | Matching accruals under the formula may vary with age or other employment-related factors. (C) Coordinate with employer contributions
For purposes of paragraph (4), the term employer contributions shall not include any amount contributed by an employer to a defined benefit plan for the purpose of funding any qualified... |
108hr5398ih | (i) Elective deferrals at or above maximum matchable rate
For an employee who makes elective deferrals at or above the maximum matchable rate, the qualified matching benefit accrual for the plan year is a hypothetical allocation under a cash balance plan (as defined in section 401(k)(12)(D)(iii)(III)) that equals a pe... |
108hr5398ih | (ii) Elective deferrals below maximum matchable rate
For employees who make elective deferrals at a rate that is below the maximum matchable rate, the qualified matching benefit accrual for such plan year shall be prorated. The plan may prorate the qualified benefit accrual on the basis of whole percentages, and the p... |
108hr5398ih | (iii) Maximum matchable rate
For purposes of this subparagraph, the maximum matchable rate must be a specified percentage of compensation which does not exceed 4 percent.. (c) Exception to benefit contingency rule
Subparagraph (A) of section 401(k)(4) of such Code is amended by inserting or qualified matching accrual... |
108hr5398ih | (d) Forfeitures by reason of excess deferral
Subparagraph (G) of section 411(a)(3) of the Code is amended by adding at the end the following: A rule similar to the rule of the preceding sentence shall apply with respect to qualified matching accruals (as defined in section 401(m)(12)). |
108hr5398ih | (e) Accrued benefit requirement with respect to Matching accruals
Paragraph (1) of section 411(b) of such Code is amended by adding at the end the following new subparagraph: (J) In the case of qualified matching accruals (as defined in section 401(m)(12)), the requirements for accrued benefits set forth in subparagra... |
108hr5398ih | (f) Participation requirements with respect to qualified Matching accruals
Paragraph (26) of section 401(a) of such Code is amended by redesignating subparagraph (I) as subparagraph (J), and by inserting after subparagraph (H) the following new subparagraph: (I) Special testing rules for qualified Matching accruals
(... |
108hr5398ih | (ii) Qualified Matching accruals only benefit formula
If the only benefit formula in the defined benefit plan is a qualified matching accrual formula, the requirements of this paragraph shall be applied by treating a participant’s annual benefit accrual as the maximum accrual that was available to the participant for ... |
108hr5398ih | If the qualified matching accrual formula applies to elective deferrals in excess of 6 percent of compensation, then the requirements of this paragraph must be applied by taking into account the actual matching accruals earned by participants for the plan year. (iii) Multiple formulas
If the defined benefit plan inclu... |
108hr5398ih | (g) Regulations for meeting nondiscrimination requirements
(1) In general
The Secretary of the Treasury shall prescribe regulations on ways in which qualified matching accruals (as defined by section 401(m)(12) of the the Internal Revenue Code of 1986, as added by this section) that do not satisfy the formula require... |
108hr5398ih | The regulations may prescribe safe harbor formulas in addition to those prescribed by section 401(m)(12)(D). (2) Temporary and final form
The Secretary shall prescribe the regulations required by paragraph (1) in temporary form not later than 6 months after the effective date of this section and in final form not late... |
108hr5398ih | (h) Plan years beginning before issuance of regulations
For plan years beginning prior to the date the regulations described in subsection (g) are issued in final form, a plan’s qualified matching accrual formula must satisfy a reasonable, good faith, interpretation of section 401(a)(4) of such Code. (i) Effective dat... |
108hr5398ih | Limitation on deductions where combination of defined contribution plan and defined benefit plan
(a) Elective deferrals
Clause (ii) of section 404(a)(7)(C) of the Internal Revenue Code of 1986 (relating to elective deferrals) is amended to read as follows: (ii) Elective deferrals
For purposes of this paragraph, an e... |
108hr5398ih | (b) Limitation not applicable to defined benefit plans with cash or deferred arrangement
Subparagraph (C) of section 404(a)(7) is amended by adding at the end the following: (iii) Defined benefit plan with cash or deferred arrangement
For purposes of this paragraph, an employee shall not be treated as a beneficiary o... |
108hr5398ih | 505. Conforming amendments to the Employee Retirement Income Security Act of 1974
(a) Definition
Section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 ) is amended by adding at the end the following new paragraph: (42) The term qualified cash or deferred arrangement has the meaning provide... |
108hr5398ih | 1002(35) ) is amended— (1) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; (2) by inserting (A) after (35) ; and (3) by adding at the end the following new subparagraph: (B) (i) Except as provided in this title— (I) a pension plan which provides benefits other than benefits described i... |
108hr5398ih | and (II) any such pension plan which includes such an arrangement shall be treated as a single plan. (ii) Any pension plan which provides benefits other than benefits described in paragraph (34) and which includes a qualified cash or deferred arrangement— (I) for purposes of section 202, shall be treated as an individu... |
108hr5398ih | and (III) for purposes of sections 406, 407, and 408, shall, in any case in which the arrangement (if treated as a separate plan) would be an eligible individual account plan (as defined in section 407(d)(3)), be treated as an individual account plan or defined contribution plan with respect to assets attributable to s... |
108hr5398ih | (c) Valuation of benefits attributable to separate accounts
(1) Restrictions on immediate distribution
Section 203(e) of such Act ( 29 U.S.C. 1053(e) ) is amended by adding at the end the following new paragraph: (5) In the case of a defined benefit plan which provides a benefit derived from employer contributions (i... |
108hr5398ih | the present value of the portion of the benefit attributable to such arrangement shall be deemed to be an amount equal to the fair market value of such arrangement. (2) Survivor benefits
Section 205 of such Act ( 29 U.S.C. 1055 ) is amended— (A) by redesignating subsection (l) as subsection (m); |
108hr5398ih | and (B) by inserting after subsection (k) the following new subsection: (l) In the case of a defined benefit plan which provides a benefit derived from employer contributions (including elective deferrals (as defined in section 402(g)(3) of the Internal Revenue Code of 1986)) under a qualified cash or deferred arrangem... |
108hr5398ih | (d) Allowable reductions in rate of benefit accrual
Section 204(h) of such Act ( 29 U.S.C. 1054(h) ) is amended by adding at the end the following new paragraph: (10) A plan shall not be treated as failing to meet the requirements of this subsection merely because of a reduction in, or elimination of, any contribution... |
108hr5398ih | 1081(a) ) is amended by adding at the end the following new paragraph: (11) any qualified cash or deferred arrangement which is part of a defined benefit plan.. (2) Continued application of standard to other portion of defined benefit plan
Section 302(c) of such Act ( 29 U.S.C. |
108hr5398ih | 1082(c) ) is amended by adding at the end the following new paragraph: (13) Continued application of standard to other portion of defined benefit plan
This section shall be applied to a defined benefit plan by disregarding the value of the trust attributable to any qualified cash or deferred arrangement.. (f) Vesting ... |
108hr5398ih | 1053(a)(3)(F) ) is amended by adding at the end the following new subparagraph: (G) Faster vesting for accruals under defined benefit plans with cash or deferred arrangements
In the case of a defined benefit plan which includes a qualified cash or deferred arrangement, the rules described in subparagraph (F) shall be ... |
108hr5398ih | 1054(b)(1) ) is amended by adding at the end the following new subparagraph: (I) In the case of qualified matching accruals (as defined in section 401(m)(12) of the Internal Revenue Code of 1986), the requirements for accrued benefits set forth in subparagraphs (A) through (H) of this paragraph shall be applied on the ... |
108hr5398ih | (h) Multiple accrual formulas
Section 204(b)(1) of such Act (as amended by subsection (g)) is further amended by adding at the end the following new subparagraph: (J) (i) If a defined benefit plan contains multiple accrual formulas, the requirements of this paragraph may be satisfied separately for each formula. (ii) ... |
108hr5398ih | (iii) For purposes of clause (i), the benefit formulas described in section 401(k)(12)(D) and section 401(m)(12) of the Internal Revenue Code of 1986 shall be treated as separate from the minimum benefit formula described in section 416(c)(1) of such Code.. (i) Forfeitures by reason of excess deferral
Subparagraph (F)... |
108hr5398ih | 1053(a)(3)(F) ) is amended by adding at the end the following: A rule similar to the rule of the preceding sentence shall apply with respect to qualified matching accruals (as defined in section 401(m)(12) of the Internal Revenue Code of 1986). (j) Effective date
The amendments made by this section shall apply to plan... |
108hr5398ih | Exemption from prohibited transaction rules for certain aborted emergent transactions
(a) In general
Section 4975(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (7) Special rule for certain aborted emergent transactions
(A) In general
Pursuant to regulations iss... |
108hr5398ih | not later than 60 days after the date of the transaction, an application for an exemption under paragraph (2) from such restriction in the case of such transaction, (ii) the Secretary determines not to grant the exemption, and (iii) the transaction is reversed within 60 days after the date of the Secretary’s determinat... |
108hr5398ih | a transaction between an employee benefit plan and such eligible person constituting the purchase or sale of a financial product, if— (i) prior to engaging in the transaction, the plan acquires from the eligible person a sufficient guarantee, consisting of a letter of credit or other form of written guarantee, issued b... |
108hr5398ih | to not less than 100 percent of the amount of plan assets involved in the transaction, plus interest on that amount at a rate determined by the parties to the transaction, or in the absence of such determination, an interest rate equal to the underpayment rate defined in section 6621(a)(2), (ii) the eligible person rec... |
108hr5398ih | and (iv) immediately after the acquisition of the financial product— (I) the fair market value of such financial product does not exceed 1 percent of the fair market value of the assets of the plan, and (II) the aggregate fair market value of all outstanding financial products acquired by the plan from the eligible per... |
108hr5398ih | (C) Sufficient guarantee
A guarantee referred to in subparagraph (B) is sufficient if such guarantee is irrevocable and, under the terms of the guarantee, if the Secretary determines not to grant the exemption, the plan has the unconditional right to apply the amounts under the guarantee to any losses suffered and to ... |
108hr5398ih | (D) Eligible person
The term eligible person means a person that— (i) consists of— (I) a bank as defined in section 202(a)(2) of the Investment Advisers Act of 1940 , (II) an investment adviser registered under the Investment Advisers Act of 1940 , (III) an insurance company which is qualified to do business in more t... |
108hr5398ih | and (iii) is not described in section 411 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1111 ).. (b) Effective date
The amendment made by this section shall apply with respect to transactions occurring after December 31, 2005. 602. |
108hr5398ih | Loans from retirement plans for health insurance and job training expenses
(a) Qualification requirement for pension plans
Paragraph (13) of section 401(a) of the Internal Revenue Code of 1986 (relating to assignment and alienation) is amended by adding at the end the following new subparagraph: (E) Loans from retire... |
108hr5398ih | obtain a loan from the plan the proceeds of which are to be used within 6 months after the date of such loan— (i) for payments for insurance which constitutes medical care for the taxpayer and the taxpayer’s spouse and dependents, or (ii) for job training expenses. (b) Prohibited transaction exemption
Section 4975(d) ... |
108hr5398ih | and by inserting after paragraph (15) the following new paragraph: (16) any loan— (A) from an individual retirement plan for the payment of health insurance premiums or job training expenses that is a qualified loan (as defined in section 408 of the Employee Retirement Income Security Act of 1974 ), or (B) made by the ... |
108hr5398ih | (c) Effective date
The amendments made by this section shall apply to loans made after the effective date specified in section 501. 603. |
108hr5398ih | Treatment of unclaimed benefits
(a) In general
Section 401(a)(34) of the Internal Revenue Code of 1986 (relating to benefits of missing participants) is amended to read as follows: (34) Unclaimed benefits
A trust forming part of a plan shall not be treated as failing to constitute a qualified trust under this sectio... |
108hr5398ih | (b) Requirements
Section 414 of such Code (relating to definitions and special rules) is amended by adding at the end the following new subsection: (w) Unclaimed benefits
(1) In general
A plan meets the requirements of this subsection only if— (A) Ongoing plans
In the case of an ongoing plan, the plan provides for ... |
108hr5398ih | (ii) A transfer to the Pension Benefit Guaranty Corporation, in accordance with section 4050(e) of the Employee Retirement Income Security Act of 1974. (iii) Any other treatment permitted under rules prescribed by the Secretary. |
108hr5398ih | (B) Terminated plans
In the case of a terminated plan, the plan provides for the following with respect to unclaimed benefits: (i) Defined benefit plans
In the case of a defined benefit plan, one or more of the following: (I) In the case of an unclaimed benefit to which section 401(a)(31)(B) applies, a transfer under... |
108hr5398ih | (III) The purchase of an annuity contract to provide for an individual’s unclaimed benefit. (IV) A transfer to the Pension Benefit Guaranty Corporation in accordance with section 4050(a) or 4050(e) (as applicable) of the Employee Retirement Income Security Act of 1974. (V) Any other treatment permitted under rules pres... |
108hr5398ih | (ii) Defined contribution plans
In the case of a defined contribution plan, one or more of the following: (I) In the case of an unclaimed benefit to which section 401(a)(31)(B) applies, a transfer under section 401(a)(31)(B). (II) A transfer of the unclaimed benefit to another defined contribution plan maintained by t... |
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