Us Congress 2025-2026 Regular Session

Us Congress House Bill HB5 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 185
5	5	To advance responsible policies.
6	6	IN THE HOUSE OF REPRESENTATIVES
7	7	JANUARY3, 2025
8	8	Mr. M
9	9	CGOVERNintroduced the following bill; which was referred to the Com-
10	10	mittee on Ways and Means, and in addition to the Committees on Agri-
11	11	culture, Armed Services, Veterans’ Affairs, Oversight and Government
12	12	Reform, Intelligence (Permanent Select), Foreign Affairs, Education and
13	13	Workforce, Small Business, the Judiciary, Natural Resources, House Ad-
14	14	ministration, Energy and Commerce, Homeland Security, Science, Space,
15	15	and Technology, Appropriations, Rules, Ethics, Transportation and Infra-
16	16	structure, the Budget, and Financial Services, for a period to be subse-
17	17	quently determined by the Speaker, in each case for consideration of such
18	18	provisions as fall within the jurisdiction of the committee concerned
19	19	A BILL
20	20	To advance responsible policies.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Responsible Legis-4
25	25	lating Act’’. 5
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28	28	•HR 185 IH
29	29	TITLE I 1
30	30	SEC. 101. LIVESTOCK MANDATORY REPORTING EXTENSION. 2
31	31	(a) I
32	32	NGENERAL.—Section 260 of the Agricultural 3
33	33	Marketing Act of 1946 (7 U.S.C. 1636i) is amended by 4
34	34	striking ‘‘2024’’ and inserting ‘‘2025’’. 5
35	35	(b) C
36	36	ONFORMINGAMENDMENT.—Section 942 of the 6
37	37	Livestock Mandatory Reporting Act of 1999 (7 U.S.C. 7
38	38	1635 note; Public Law 106–78) is amended by striking 8
39	39	‘‘2024’’ and inserting ‘‘2025’’. 9
40	40	TITLE II 10
41	41	SEC. 201. EDUCATION FOR SEPARATING MEMBERS OF THE 11
42	42	ARMED FORCES REGARDING REGISTERED 12
43	43	APPRENTICESHIPS. 13
44	44	Section 1144(b)(1) of title 10, United States Code, 14
45	45	is amended by inserting ‘‘(including apprenticeship pro-15
46	46	grams registered under the Act of August 16, 1937 (50 16
47	47	Stat. 664; commonly referred to as the ‘National Appren-17
48	48	ticeship Act’) and approved under chapters 30 through 36 18
49	49	of title 38)’’ after ‘‘employment opportunities’’. 19
50	50	SEC. 202. WEBSITES REGARDING APPRENTICESHIP PRO-20
51	51	GRAMS. 21
52	52	(a) W
53	53	EBSITEUNDER THEJURISDICTION OFSEC-22
54	54	RETARY OFLABOR.—The Assistant Secretary of Labor 23
55	55	for Veterans’ Employment and Training, in coordination 24
56	56	with the Secretary of Veterans Affairs, shall establish a 25
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59	59	•HR 185 IH
60	60	user-friendly website (or update an existing website) that 1
61	61	is available to the public on which veterans can find infor-2
62	62	mation about apprenticeship programs registered under 3
63	63	the Act of August 16, 1937 (50 Stat. 664; commonly re-4
64	64	ferred to as the ‘‘National Apprenticeship Act’’) and ap-5
65	65	proved under chapters 30 through 36 of title 38, United 6
66	66	States Code. Such information shall be searchable and 7
67	67	sortable by occupation and location, and include, with re-8
68	68	gard to each such program, the following: 9
69	69	(1) A description, including any cost to a vet-10
70	70	eran. 11
71	71	(2) Contact information. 12
72	72	(3) Whether the program has been endorsed by 13
73	73	a veterans service organization or nonprofit organi-14
74	74	zation that caters to veterans. 15
75	75	(4) Whether the program prefers to hire vet-16
76	76	erans. 17
77	77	(5) Each certification or degree an individual 18
78	78	earns by completing the program. 19
79	79	(b) C
80	80	OORDINATIONWITHOTHERWEBSITE.—The 20
81	81	Assistant Secretary shall update all information regarding 21
82	82	programs for veterans listed on apprenticeship.gov (or any 22
83	83	successor website) to include the information specified 23
84	84	under subsection (a). 24
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87	87	•HR 185 IH
88	88	TITLE III 1
89	89	SEC. 301. SENSE OF CONGRESS. 2
90	90	It is the sense of Congress that— 3
91	91	(1) it is in the best national and homeland se-4
92	92	curity interests of the United States for Federal 5
93	93	agencies to retain the specialized knowledge and ex-6
94	94	perience of individuals who suffer an injury or illness 7
95	95	while serving in a covered position (as defined under 8
96	96	the amendments made by this Act); and 9
97	97	(2) Federal agencies should ensure, to the 10
98	98	greatest extent possible, that an individual who can 11
99	99	no longer carry out the duties of a covered position, 12
100	100	and is reappointed to a position in the civil service 13
101	101	that is not a covered position, is reappointed within 14
102	102	the same Federal agency, in the same geographic lo-15
103	103	cation, and at a level of pay commensurate to the 16
104	104	position which the individual held immediately prior 17
105	105	to such injury or illness. 18
106	106	SEC. 302. RETIREMENT FOR CERTAIN EMPLOYEES. 19
107	107	(a) CSRS.—Section 8336(c) of title 5, United States 20
108	108	Code, is amended by adding at the end the following: 21
109	109	‘‘(3)(A) In this paragraph— 22
110	110	‘‘(i) the term ‘affected individual’ means 23
111	111	an individual covered under this subchapter 24
112	112	who— 25
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115	115	•HR 185 IH
116	116	‘‘(I) is performing service in a covered 1
117	117	position; 2
118	118	‘‘(II) while on duty, becomes ill or is 3
119	119	injured as a direct result of the perform-4
120	120	ance of such duties before the date on 5
121	121	which the individual becomes entitled to an 6
122	122	annuity under paragraph (1) of this sub-7
123	123	section or subsection (e), (m), or (n), as 8
124	124	applicable; 9
125	125	‘‘(III) because of the illness or injury 10
126	126	described in subclause (II), is permanently 11
127	127	unable to render useful and efficient serv-12
128	128	ice in the employee’s covered position, as 13
129	129	determined by the agency in which the in-14
130	130	dividual was serving when such individual 15
131	131	incurred the illness or injury; and 16
132	132	‘‘(IV) is appointed to a position in the 17
133	133	civil service that— 18
134	134	‘‘(aa) is not a covered position; 19
135	135	and 20
136	136	‘‘(bb) is within an agency that 21
137	137	regularly appoints individuals to su-22
138	138	pervisory or administrative positions 23
139	139	related to the activities of the former 24
140	140	covered position of the individual; 25
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143	143	•HR 185 IH
144	144	‘‘(ii) the term ‘covered position’ means a 1
145	145	position as a law enforcement officer, customs 2
146	146	and border protection officer, firefighter, air 3
147	147	traffic controller, nuclear materials courier, 4
148	148	member of the Capitol Police, or member of the 5
149	149	Supreme Court Police. 6
150	150	‘‘(B) Unless an affected individual files an 7
151	151	election described in subparagraph (E), cred-8
152	152	itable service by the affected individual in a po-9
153	153	sition described in subparagraph (A)(i)(IV) 10
154	154	shall be treated as creditable service in a cov-11
155	155	ered position for purposes of this chapter and 12
156	156	determining the amount to be deducted and 13
157	157	withheld from the pay of the affected individual 14
158	158	under section 8334. 15
159	159	‘‘(C) Subparagraph (B) shall only apply if 16
160	160	the affected employee transitions to a position 17
161	161	described in subparagraph (A)(i)(IV) without a 18
162	162	break in service exceeding 3 days. 19
163	163	‘‘(D) The service of an affected individual 20
164	164	shall no longer be eligible for treatment under 21
165	165	subparagraph (B) if such service occurs after 22
166	166	the individual— 23
167	167	‘‘(i) is transferred to a supervisory or 24
168	168	administrative position related to the ac-25
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171	171	•HR 185 IH
172	172	tivities of the former covered position of 1
173	173	the individual; or 2
174	174	‘‘(ii) meets the age and service re-3
175	175	quirements that would subject the indi-4
176	176	vidual to mandatory separation under sec-5
177	177	tion 8335 if such individual had remained 6
178	178	in the former covered position. 7
179	179	‘‘(E) In accordance with procedures estab-8
180	180	lished by the Director of the Office of Personnel 9
181	181	Management, an affected individual may file an 10
182	182	election to have any creditable service per-11
183	183	formed by the affected individual treated in ac-12
184	184	cordance with this chapter without regard to 13
185	185	subparagraph (B). 14
186	186	‘‘(F) Nothing in this paragraph shall be 15
187	187	construed to apply to such affected individual 16
188	188	any other pay-related laws or regulations appli-17
189	189	cable to a covered position.’’. 18
190	190	(b) FERS.— 19
191	191	(1) I
192	192	N GENERAL.—Section 8412(d) of title 5, 20
193	193	United States Code, is amended— 21
194	194	(A) by redesignating paragraphs (1) and 22
195	195	(2) as subparagraphs (A) and (B), respectively; 23
196	196	(B) by inserting ‘‘(1)’’ before ‘‘An em-24
197	197	ployee’’; and 25
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200	200	•HR 185 IH
201	201	(C) by adding at the end the following: 1
202	202	‘‘(2)(A) In this paragraph— 2
203	203	‘‘(i) the term ‘affected individual’ means 3
204	204	an individual covered under this chapter who— 4
205	205	‘‘(I) is performing service in a covered 5
206	206	position; 6
207	207	‘‘(II) while on duty, becomes ill or is 7
208	208	injured as a direct result of the perform-8
209	209	ance of such duties before the date on 9
210	210	which the individual becomes entitled to an 10
211	211	annuity under paragraph (1) of this sub-11
212	212	section or subsection (e), as applicable; 12
213	213	‘‘(III) because of the illness or injury 13
214	214	described in subclause (II), is permanently 14
215	215	unable to render useful and efficient serv-15
216	216	ice in the employee’s covered position, as 16
217	217	determined by the agency in which the in-17
218	218	dividual was serving when such individual 18
219	219	incurred the illness or injury; and 19
220	220	‘‘(IV) is appointed to a position in the 20
221	221	civil service that— 21
222	222	‘‘(aa) is not a covered position; 22
223	223	and 23
224	224	‘‘(bb) is within an agency that 24
225	225	regularly appoints individuals to su-25
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228	228	•HR 185 IH
229	229	pervisory or administrative positions 1
230	230	related to the activities of the former 2
231	231	covered position of the individual; 3
232	232	‘‘(ii) the term ‘covered position’ means a 4
233	233	position as a law enforcement officer, customs 5
234	234	and border protection officer, firefighter, air 6
235	235	traffic controller, nuclear materials courier, 7
236	236	member of the Capitol Police, or member of the 8
237	237	Supreme Court Police. 9
238	238	‘‘(B) Unless an affected individual files an 10
239	239	election described in subparagraph (E), cred-11
240	240	itable service by the affected individual in a po-12
241	241	sition described in subparagraph (A)(i)(IV) 13
242	242	shall be treated as creditable service in a cov-14
243	243	ered position for purposes of this chapter and 15
244	244	determining the amount to be deducted and 16
245	245	withheld from the pay of the affected individual 17
246	246	under section 8422. 18
247	247	‘‘(C) Subparagraph (B) shall only apply if 19
248	248	the affected employee transitions to a position 20
249	249	described in subparagraph (A)(i)(IV) without a 21
250	250	break in service exceeding 3 days. 22
251	251	‘‘(D) The service of an affected individual 23
252	252	shall no longer be eligible for treatment under 24
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255	255	•HR 185 IH
256	256	subparagraph (B) if such service occurs after 1
257	257	the individual— 2
258	258	‘‘(i) is transferred to a supervisory or 3
259	259	administrative position related to the ac-4
260	260	tivities of the former covered position of 5
261	261	the individual; or 6
262	262	‘‘(ii) meets the age and service re-7
263	263	quirements that would subject the indi-8
264	264	vidual to mandatory separation under sec-9
265	265	tion 8425 if such individual had remained 10
266	266	in the former covered position. 11
267	267	‘‘(E) In accordance with procedures estab-12
268	268	lished by the Director of the Office of Personnel 13
269	269	Management, an affected individual may file an 14
270	270	election to have any creditable service per-15
271	271	formed by the affected individual treated in ac-16
272	272	cordance with this chapter without regard to 17
273	273	subparagraph (B). 18
274	274	‘‘(F) Nothing in this paragraph shall be 19
275	275	construed to apply to such affected individual 20
276	276	any other pay-related laws or regulations appli-21
277	277	cable to a covered position.’’. 22
278	278	(2) T
279	279	ECHNICAL AND CONFORMING AMEND -23
280	280	MENTS.— 24
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283	283	•HR 185 IH
284	284	(A) Chapter 84 of title 5, United States 1
285	285	Code, is amended— 2
286	286	(i) in section 8414(b)(3), by inserting 3
287	287	‘‘(1)’’ after ‘‘subsection (d)’’; 4
288	288	(ii) in section 8415— 5
289	289	(I) in subsection (e), in the mat-6
290	290	ter preceding paragraph (1), by in-7
291	291	serting ‘‘(1)’’ after ‘‘subsection (d)’’; 8
292	292	and 9
293	293	(II) in subsection (h)(2)(A), by 10
294	294	striking ‘‘(d)(2)’’ and inserting 11
295	295	‘‘(d)(1)(B)’’; 12
296	296	(iii) in section 8421(a)(1), by insert-13
297	297	ing ‘‘(1)’’ after ‘‘(d)’’; 14
298	298	(iv) in section 8421a(b)(4)(B)(ii), by 15
299	299	inserting ‘‘(1)’’ after ‘‘section 8412(d)’’; 16
300	300	(v) in section 8425, by inserting ‘‘(1)’’ 17
301	301	after ‘‘section 8412(d)’’ each place it ap-18
302	302	pears; and 19
303	303	(vi) in section 8462(c)(3)(B)(ii), by 20
304	304	inserting ‘‘(1)’’ after ‘‘subsection (d)’’. 21
305	305	(B) Title VIII of the Foreign Service Act 22
306	306	of 1980 (22 U.S.C. 4041 et seq.) is amended— 23
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309	309	•HR 185 IH
310	310	(i) in section 805(d)(5) (22 U.S.C. 1
311	311	4045(d)(5)), by inserting ‘‘(1)’’ after ‘‘or 2
312	312	8412(d)’’; and 3
313	313	(ii) in section 812(a)(2)(B) (22 4
314	314	U.S.C. 4052(a)(2)(B)), by inserting ‘‘(1)’’ 5
315	315	after ‘‘or 8412(d)’’. 6
316	316	(c) CIA E
317	317	MPLOYEES.—Section 302 of the Central In-7
318	318	telligence Agency Retirement Act (50 U.S.C. 2152) is 8
319	319	amended by adding at the end the following: 9
320	320	‘‘(d) E
321	321	MPLOYEESDISABLED ONDUTY.— 10
322	322	‘‘(1) D
323	323	EFINITIONS.—In this subsection— 11
324	324	‘‘(A) the term ‘affected employee’ means 12
325	325	an employee of the Agency covered under sub-13
326	326	chapter II of chapter 84 of title 5, United 14
327	327	States Code, who— 15
328	328	‘‘(i) is performing service in a position 16
329	329	designated under subsection (a); 17
330	330	‘‘(ii) while on duty in the position des-18
331	331	ignated under subsection (a), becomes ill 19
332	332	or is injured as a direct result of the per-20
333	333	formance of such duties before the date on 21
334	334	which the employee becomes entitled to an 22
335	335	annuity under section 233 of this Act or 23
336	336	section 8412(d)(1) of title 5, United States 24
337	337	Code; 25
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340	340	•HR 185 IH
341	341	‘‘(iii) because of the illness or injury 1
342	342	described in clause (ii), is permanently un-2
343	343	able to render useful and efficient service 3
344	344	in the employee’s covered position, as de-4
345	345	termined by the Director; and 5
346	346	‘‘(iv) is appointed to a position in the 6
347	347	civil service that is not a covered position 7
348	348	but is within the Agency; and 8
349	349	‘‘(B) the term ‘covered position’ means a 9
350	350	position as— 10
351	351	‘‘(i) a law enforcement officer de-11
352	352	scribed in section 8331(20) or 8401(17) of 12
353	353	title 5, United States Code; 13
354	354	‘‘(ii) a customs and border protection 14
355	355	officer described in section 8331(31) or 15
356	356	8401(36) of title 5, United States Code; 16
357	357	‘‘(iii) a firefighter described in section 17
358	358	8331(21) or 8401(14) of title 5, United 18
359	359	States Code; 19
360	360	‘‘(iv) an air traffic controller described 20
361	361	in section 8331(30) or 8401(35) of title 5, 21
362	362	United States Code; 22
363	363	‘‘(v) a nuclear materials courier de-23
364	364	scribed in section 8331(27) or 8401(33) of 24
365	365	title 5, United States Code; 25
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368	368	•HR 185 IH
369	369	‘‘(vi) a member of the United States 1
370	370	Capitol Police; 2
371	371	‘‘(vii) a member of the Supreme Court 3
372	372	Police; 4
373	373	‘‘(viii) an affected employee; or 5
374	374	‘‘(ix) a special agent described in sec-6
375	375	tion 804(15) of the Foreign Service Act of 7
376	376	1980 (22 U.S.C. 4044(15)). 8
377	377	‘‘(2) T
378	378	REATMENT OF SERVICE AFTER DIS -9
379	379	ABILITY.—Unless an affected employee files an elec-10
380	380	tion described in paragraph (3), creditable service by 11
381	381	the affected employee in a position described in 12
382	382	paragraph (1)(A)(iv) shall be treated as creditable 13
383	383	service in a covered position for purposes of this Act 14
384	384	and chapter 84 of title 5, United States Code, in-15
385	385	cluding eligibility for an annuity under section 233 16
386	386	of this Act or 8412(d)(1) of title 5, United States 17
387	387	Code, and determining the amount to be deducted 18
388	388	and withheld from the pay of the affected employee 19
389	389	under section 8422 of title 5, United States Code. 20
390	390	‘‘(3) B
391	391	REAK IN SERVICE.—Paragraph (2) shall 21
392	392	only apply if the affected employee transitions to a 22
393	393	position described in paragraph (1)(A)(iv) without a 23
394	394	break in service exceeding 3 days. 24
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397	397	•HR 185 IH
398	398	‘‘(4) LIMITATION ON TREATMENT OF SERV -1
399	399	ICE.—The service of an affected employee shall no 2
400	400	longer be eligible for treatment under paragraph (2) 3
401	401	if such service occurs after the employee is trans-4
402	402	ferred to a supervisory or administrative position re-5
403	403	lated to the activities of the former covered position 6
404	404	of the employee. 7
405	405	‘‘(5) O
406	406	PT OUT.—An affected employee may file 8
407	407	an election to have any creditable service performed 9
408	408	by the affected employee treated in accordance with 10
409	409	chapter 84 of title 5, United States Code, without 11
410	410	regard to paragraph (2).’’. 12
411	411	(d) F
412	412	OREIGNSERVICERETIREMENT AND DIS-13
413	413	ABILITYSYSTEM.—Section 806(a)(6) of the Foreign Serv-14
414	414	ice Act of 1980 (22 U.S.C. 4046(a)(6)) is amended by 15
415	415	adding at the end the following: 16
416	416	‘‘(D)(i) In this subparagraph— 17
417	417	‘‘(I) the term ‘affected special agent’ 18
418	418	means an individual covered under this 19
419	419	subchapter who— 20
420	420	‘‘(aa) is performing service as a 21
421	421	special agent; 22
422	422	‘‘(bb) while on duty as a special 23
423	423	agent, becomes ill or is injured as a 24
424	424	direct result of the performance of 25
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427	427	•HR 185 IH
428	428	such duties before the date on which 1
429	429	the individual becomes entitled to an 2
430	430	annuity under section 811; 3
431	431	‘‘(cc) because of the illness or in-4
432	432	jury described in item (bb), is perma-5
433	433	nently unable to render useful and ef-6
434	434	ficient service in the employee’s cov-7
435	435	ered position, as determined by the 8
436	436	Secretary; and 9
437	437	‘‘(dd) is appointed to a position 10
438	438	in the Foreign Service that is not a 11
439	439	covered position; and 12
440	440	‘‘(II) the term ‘covered position’ 13
441	441	means a position as— 14
442	442	‘‘(aa) a law enforcement officer 15
443	443	described in section 8331(20) or 16
444	444	8401(17) of title 5, United States 17
445	445	Code; 18
446	446	‘‘(bb) a customs and border pro-19
447	447	tection officer described in section 20
448	448	8331(31) or 8401(36) of title 5, 21
449	449	United States Code; 22
450	450	‘‘(cc) a firefighter described in 23
451	451	section 8331(21) or 8401(14) of title 24
452	452	5, United States Code; 25
453	453	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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455	455	•HR 185 IH
456	456	‘‘(dd) an air traffic controller de-1
457	457	scribed in section 8331(30) or 2
458	458	8401(35) of title 5, United States 3
459	459	Code; 4
460	460	‘‘(ee) a nuclear materials courier 5
461	461	described in section 8331(27) or 6
462	462	8401(33) of title 5, United States 7
463	463	Code; 8
464	464	‘‘(ff) a member of the United 9
465	465	States Capitol Police; 10
466	466	‘‘(gg) a member of the Supreme 11
467	467	Court Police; 12
468	468	‘‘(hh) an employee of the Agency 13
469	469	designated under section 302(a) of the 14
470	470	Central Intelligence Agency Retire-15
471	471	ment Act (50 U.S.C. 2152(a)); or 16
472	472	‘‘(ii) a special agent. 17
473	473	‘‘(ii) Unless an affected special agent 18
474	474	files an election described in clause (iv), 19
475	475	creditable service by the affected special 20
476	476	agent in a position described in clause 21
477	477	(i)(I)(dd) shall be treated as creditable 22
478	478	service as a special agent for purposes of 23
479	479	this subchapter, including determining the 24
480	480	amount to be deducted and withheld from 25
481	481	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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483	483	•HR 185 IH
484	484	the pay of the individual under section 1
485	485	805. 2
486	486	‘‘(iii) Clause (ii) shall only apply if the 3
487	487	special agent transitions to a position de-4
488	488	scribed in clause (i)(I)(dd) without a break 5
489	489	in service exceeding 3 days. 6
490	490	‘‘(iv) The service of an affected em-7
491	491	ployee shall no longer be eligible for treat-8
492	492	ment under clause (ii) if such service oc-9
493	493	curs after the employee is transferred to a 10
494	494	supervisory or administrative position re-11
495	495	lated to the activities of the former covered 12
496	496	position of the employee. 13
497	497	‘‘(v) In accordance with procedures 14
498	498	established by the Secretary, an affected 15
499	499	special agent may file an election to have 16
500	500	any creditable service performed by the af-17
501	501	fected special agent treated in accordance 18
502	502	with this subchapter, without regard to 19
503	503	clause (ii).’’. 20
504	504	(e) I
505	505	MPLEMENTATION.— 21
506	506	(1) O
507	507	FFICE OF PERSONNEL MANAGEMENT .— 22
508	508	Not later than 1 year after the date of enactment 23
509	509	of this Act, the Director of the Office of Personnel 24
510	510	Management shall promulgate regulations to carry 25
511	511	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
512	512	kjohnson on DSK7ZCZBW3PROD with $$_JOB 19
513	513	•HR 185 IH
514	514	out the amendments made by subsections (a) and 1
515	515	(b). 2
516	516	(2) CIA
517	517	EMPLOYEES.—The Director of the 3
518	518	Central Intelligence Agency shall promulgate regula-4
519	519	tions to carry out the amendment made by sub-5
520	520	section (c). 6
521	521	(3) F
522	522	OREIGN SERVICE RETIREMENT AND DIS -7
523	523	ABILITY SYSTEM.—The Secretary of State shall pro-8
524	524	mulgate regulations to carry out the amendment 9
525	525	made by subsection (d). 10
526	526	(4) A
527	527	GENCY CERTIFICATION .—The regulations 11
528	528	promulgated to carry out the amendments made by 12
529	529	this Act shall include a requirement that the head 13
530	530	of the agency at which an affected employee or spe-14
531	531	cial agent (as the case may be) incurred the applica-15
532	532	ble illness or injury certifies that such illness or in-16
533	533	jury— 17
534	534	(A) was incurred in the course of the em-18
535	535	ployee’s or special agent’s duties; and 19
536	536	(B) permanently precludes the employee or 20
537	537	special agent from rendering useful and effi-21
538	538	cient service in the covered position but would 22
539	539	not preclude the employee or special agent from 23
540	540	continuing to serve in the Federal service. 24
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543	543	•HR 185 IH
544	544	(5) AGENCY REAPPOINTMENT .—The regula-1
545	545	tions promulgated to carry out the amendments 2
546	546	made by this Act shall ensure that, to the greatest 3
547	547	extent possible, the head of each agency appoints af-4
548	548	fected employees or special agents to supervisory or 5
549	549	administrative positions related to the activities of 6
550	550	the former covered position of the employee or spe-7
551	551	cial agent. 8
552	552	(6) T
553	553	REATMENT OF SERVICE .—The regulations 9
554	554	promulgated to carry out the amendments made by 10
555	555	this Act shall ensure that the creditable service of an 11
556	556	affected employee or special agent (as the case may 12
557	557	be) that is not in a covered position pursuant to an 13
558	558	election made under such amendments shall be 14
559	559	treated as the same type of service as the covered 15
560	560	position in which the employee or agent suffered the 16
561	561	qualifying illness or injury. 17
562	562	(f) E
563	563	FFECTIVEDATE; APPLICABILITY.—The amend-18
564	564	ments made by this Act— 19
565	565	(1) shall take effect on the date of enactment 20
566	566	of this Act; and 21
567	567	(2) shall apply to an individual who suffers an 22
568	568	illness or injury described in section 23
569	569	8336(c)(3)(A)(i)(II) or section 8412(d)(2)(A)(i)(II) 24
570	570	of title 5, United States Code, as amended by this 25
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573	573	•HR 185 IH
574	574	section, section 302(d)(1)(A)(ii) of the Central Intel-1
575	575	ligence Agency Retirement Act, as amended by this 2
576	576	section, or section 806(a)(6)(D)(i)(I)(bb) of the For-3
577	577	eign Service Act of 1980, as amended by this sec-4
578	578	tion, on or after the date that is 2 years after the 5
579	579	date of enactment of this Act. 6
580	580	TITLE IV 7
581	581	SEC. 401. EXPANDING AUTOMATIC ENROLLMENT IN RE-8
582	582	TIREMENT PLANS. 9
583	583	(a) I
584	584	NGENERAL.—Subpart B of part I of subchapter 10
585	585	D of chapter 1 of the Internal Revenue Code of 1986 is 11
586	586	amended by inserting after section 414 the following new 12
587	587	section: 13
588	588	‘‘SEC. 414A. REQUIREMENTS RELATED TO AUTOMATIC EN-14
589	589	ROLLMENT. 15
590	590	‘‘(a) I
591	591	NGENERAL.—Except as otherwise provided in 16
592	592	this section— 17
593	593	‘‘(1) an arrangement shall not be treated as a 18
594	594	qualified cash or deferred arrangement described in 19
595	595	section 401(k) unless such arrangement meets the 20
596	596	automatic enrollment requirements of subsection (b), 21
597	597	and 22
598	598	‘‘(2) an annuity contract otherwise described in 23
599	599	section 403(b)(1) which is purchased under a salary 24
600	600	reduction agreement shall not be treated as de-25
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603	603	•HR 185 IH
604	604	scribed in such section unless such agreement meets 1
605	605	the automatic enrollment requirements of subsection 2
606	606	(b). 3
607	607	‘‘(b) A
608	608	UTOMATICENROLLMENTREQUIREMENTS.— 4
609	609	‘‘(1) I
610	610	N GENERAL.—An arrangement or agree-5
611	611	ment meets the requirements of this subsection if 6
612	612	such arrangement or agreement is an eligible auto-7
613	613	matic contribution arrangement (as defined in sec-8
614	614	tion 414(w)(3)) which meets the requirements of 9
615	615	paragraphs (2) through (4). 10
616	616	‘‘(2) A
617	617	LLOWANCE OF PERMISSIBLE WITH -11
618	618	DRAWALS.—An eligible automatic contribution ar-12
619	619	rangement meets the requirements of this paragraph 13
620	620	if such arrangement allows employees to make per-14
621	621	missible withdrawals (as defined in section 15
622	622	414(w)(2)). 16
623	623	‘‘(3) M
624	624	INIMUM CONTRIBUTION PERCENTAGE .— 17
625	625	‘‘(A) I
626	626	N GENERAL.—An eligible automatic 18
627	627	contribution arrangement meets the require-19
628	628	ments of this paragraph if— 20
629	629	‘‘(i) the uniform percentage of com-21
630	630	pensation contributed by the participant 22
631	631	under such arrangement during the first 23
632	632	year of participation is not less than 3 per-24
633	633	cent and not more than 10 percent (unless 25
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636	636	•HR 185 IH
637	637	the participant specifically elects not to 1
638	638	have such contributions made or to have 2
639	639	such contributions made at a different per-3
640	640	centage), and 4
641	641	‘‘(ii) effective for the first day of each 5
642	642	plan year starting after each completed 6
643	643	year of participation under such arrange-7
644	644	ment such uniform percentage is increased 8
645	645	by 1 percentage point (to at least 10 per-9
646	646	cent, but not more than 15 percent) unless 10
647	647	the participant specifically elects not to 11
648	648	have such contributions made or to have 12
649	649	such contributions made at a different per-13
650	650	centage. 14
651	651	‘‘(B) I
652	652	NITIAL REDUCED CEILING FOR CER -15
653	653	TAIN PLANS.—In the case of any eligible auto-16
654	654	matic contribution arrangement (other than an 17
655	655	arrangement that meets the requirements of 18
656	656	paragraph (12) or (13) of section 401(k)), for 19
657	657	plan years ending before January 1, 2027, sub-20
658	658	paragraph (A)(ii) shall be applied by sub-21
659	659	stituting ‘10 percent’ for ‘15 percent’. 22
660	660	‘‘(4) I
661	661	NVESTMENT REQUIREMENTS .—An eligible 23
662	662	automatic contribution arrangement meets the re-24
663	663	quirements of this paragraph if amounts contributed 25
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666	666	•HR 185 IH
667	667	pursuant to such arrangement, and for which no in-1
668	668	vestment is elected by the participant, are invested 2
669	669	in accordance with the requirements of section 3
670	670	2550.404c-5 of title 29, Code of Federal Regulations 4
671	671	(or any successor regulations). 5
672	672	‘‘(c) E
673	673	XCEPTIONS.—For purposes of this section— 6
674	674	‘‘(1) S
675	675	IMPLE PLANS.—Subsection (a) shall not 7
676	676	apply to any simple plan (within the meaning of sec-8
677	677	tion 401(k)(11)). 9
678	678	‘‘(2) E
679	679	XCEPTION FOR PLANS OR ARRANGE -10
680	680	MENTS ESTABLISHED BEFORE ENACTMENT OF SEC -11
681	681	TION.— 12
682	682	‘‘(A) I
683	683	N GENERAL.—Subsection (a) shall 13
684	684	not apply to— 14
685	685	‘‘(i) any qualified cash or deferred ar-15
686	686	rangement established before the date of 16
687	687	the enactment of this section, or 17
688	688	‘‘(ii) any annuity contract purchased 18
689	689	under a plan established before the date of 19
690	690	the enactment of this section. 20
691	691	‘‘(B) P
692	692	OST-ENACTMENT ADOPTION OF 21
693	693	MULTIPLE EMPLOYER PLAN .—Subparagraph 22
694	694	(A) shall not apply in the case of an employer 23
695	695	adopting after such date of enactment a plan 24
696	696	maintained by more than one employer, and 25
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699	699	•HR 185 IH
700	700	subsection (a) shall apply with respect to such 1
701	701	employer as if such plan were a single plan. 2
702	702	‘‘(3) E
703	703	XCEPTION FOR GOVERNMENTAL AND 3
704	704	CHURCH PLANS.—Subsection (a) shall not apply to 4
705	705	any governmental plan (within the meaning of sec-5
706	706	tion 414(d)) or any church plan (within the meaning 6
707	707	of section 414(e)). 7
708	708	‘‘(4) E
709	709	XCEPTION FOR NEW AND SMALL BUSI -8
710	710	NESSES.— 9
711	711	‘‘(A) N
712	712	EW BUSINESS.—Subsection (a) 10
713	713	shall not apply to any qualified cash or deferred 11
714	714	arrangement, or any annuity contract pur-12
715	715	chased under a plan, while the employer main-13
716	716	taining such plan (and any predecessor em-14
717	717	ployer) has been in existence for less than 3 15
718	718	years. 16
719	719	‘‘(B) S
720	720	MALL BUSINESSES.—Subsection (a) 17
721	721	shall not apply to any qualified cash or deferred 18
722	722	arrangement, or any annuity contract pur-19
723	723	chased under a plan, earlier than the date that 20
724	724	is 1 year after the close of the first taxable year 21
725	725	with respect to which the employer maintaining 22
726	726	the plan normally employed more than 10 em-23
727	727	ployees. 24
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730	730	•HR 185 IH
731	731	‘‘(C) TREATMENT OF MULTIPLE EM -1
732	732	PLOYER PLANS.—In the case of a plan main-2
733	733	tained by more than 1 employer, subparagraphs 3
734	734	(A) and (B) shall be applied separately with re-4
735	735	spect to each such employer, and all such em-5
736	736	ployers to which subsection (a) applies (after 6
737	737	the application of this paragraph) shall be 7
738	738	treated as maintaining a separate plan for pur-8
739	739	poses of this section.’’. 9
740	740	(b) C
741	741	LERICALAMENDMENT.—The table of sections 10
742	742	for subpart B of part I of subchapter D of chapter 1 of 11
743	743	such Code is amended by inserting after the item relating 12
744	744	to section 414 the following new item: 13
745	745	‘‘Sec. 414A. Requirements related to automatic enrollment.’’.
746	746	(c) EFFECTIVEDATE.—The amendments made by 14
747	747	this section shall apply to plan years beginning after De-15
748	748	cember 31, 2025. 16
749	749	SEC. 402. MODIFICATION OF CREDIT FOR SMALL EM-17
750	750	PLOYER PENSION PLAN STARTUP COSTS. 18
751	751	(a) I
752	752	NCREASE INCREDITPERCENTAGE FOR SMALL-19
753	753	EREMPLOYERS.—Section 45E(e) of the Internal Revenue 20
754	754	Code of 1986 is amended by adding at the end the fol-21
755	755	lowing new paragraph: 22
756	756	‘‘(4) I
757	757	NCREASED CREDIT FOR CERTAIN SMALL 23
758	758	EMPLOYERS.—In the case of an employer which 24
759	759	would be an eligible employer under subsection (c) if 25
760	760	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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762	762	•HR 185 IH
763	763	section 408(p)(2)(C)(i) was applied by substituting 1
764	764	‘50 employees’ for ‘100 employees’, subsection (a) 2
765	765	shall be applied by substituting ‘100 percent’ for ‘50 3
766	766	percent’.’’. 4
767	767	(b) A
768	768	DDITIONALCREDIT FOREMPLOYERCONTRIBU-5
769	769	TIONS BYCERTAINSMALLEMPLOYERS.—Section 45E of 6
770	770	such Code, as amended by subsection (a), is amended by 7
771	771	adding at the end the following new subsection: 8
772	772	‘‘(f) A
773	773	DDITIONALCREDIT FOR EMPLOYERCON-9
774	774	TRIBUTIONS BYCERTAINELIGIBLEEMPLOYERS.— 10
775	775	‘‘(1) I
776	776	N GENERAL.—In the case of an eligible 11
777	777	employer, the credit allowed for the taxable year 12
778	778	under subsection (a) (determined without regard to 13
779	779	this subsection) shall be increased by an amount 14
780	780	equal to the applicable percentage of employer con-15
781	781	tributions (other than any elective deferrals (as de-16
782	782	fined in section 402(g)(3)) by the employer to an eli-17
783	783	gible employer plan (other than a defined benefit 18
784	784	plan (as defined in section 414(j))). 19
785	785	‘‘(2) L
786	786	IMITATIONS.— 20
787	787	‘‘(A) D
788	788	OLLAR LIMITATION.—The amount 21
789	789	determined under paragraph (1) (before the ap-22
790	790	plication of subparagraph (B)) with respect to 23
791	791	any employee of the employer shall not exceed 24
792	792	$1,000. 25
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795	795	•HR 185 IH
796	796	‘‘(B) CREDIT PHASE-IN.—In the case of 1
797	797	any eligible employer which had for the pre-2
798	798	ceding taxable year more than 50 employees, 3
799	799	the amount determined under paragraph (1) 4
800	800	(without regard to this subparagraph) shall be 5
801	801	reduced by an amount equal to the product 6
802	802	of— 7
803	803	‘‘(i) the amount otherwise so deter-8
804	804	mined under paragraph (1), multiplied by 9
805	805	‘‘(ii) a percentage equal to 2 percent-10
806	806	age points for each employee of the em-11
807	807	ployer for the preceding taxable year in ex-12
808	808	cess of 50 employees. 13
809	809	‘‘(3) A
810	810	PPLICABLE PERCENTAGE .—For purposes 14
811	811	of this section, the applicable percentage for the tax-15
812	812	able year during which the eligible employer plan is 16
813	813	established with respect to the eligible employer shall 17
814	814	be 100 percent, and for taxable years thereafter 18
815	815	shall be determined under the following table: 19
816	816	‘‘In the case of the following
817	817	taxable year beginning
818	818	after the taxable year
819	819	during which plan is es-
820	820	tablished with respect to
821	821	the eligible employer:
822	822	The applicable percentage shall
823	823	be:
824	824	1st ................................................................................................ 100%
825	825	2nd ............................................................................................... 75%
826	826	3rd ............................................................................................... 50%
827	827	4th ................................................................................................ 25%
828	828	Any taxable year thereafter ......................................................... 0%
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831	831	•HR 185 IH
832	832	‘‘(4) DETERMINATION OF ELIGIBLE EMPLOYER ; 1
833	833	NUMBER OF EMPLOYEES .—For purposes of this sub-2
834	834	section, whether an employer is an eligible employer 3
835	835	and the number of employees of an employer shall 4
836	836	be determined under the rules of subsection (c), ex-5
837	837	cept that paragraph (2) thereof shall only apply to 6
838	838	the taxable year during which the eligible employer 7
839	839	plan to which this section applies is established with 8
840	840	respect to the eligible employer.’’. 9
841	841	(c) D
842	842	ISALLOWANCE OF DEDUCTION.—Section 10
843	843	45E(e)(2) of such Code is amended to read as follows: 11
844	844	‘‘(2) D
845	845	ISALLOWANCE OF DEDUCTION .—No de-12
846	846	duction shall be allowed— 13
847	847	‘‘(A) for that portion of the qualified start-14
848	848	up costs paid or incurred for the taxable year 15
849	849	which is equal to so much of the portion of the 16
850	850	credit determined under subsection (a) as is 17
851	851	properly allocable to such costs, and 18
852	852	‘‘(B) for that portion of the employer con-19
853	853	tributions by the employer for the taxable year 20
854	854	which is equal to so much of the credit increase 21
855	855	determined under subsection (f) as is properly 22
856	856	allocable to such contributions.’’. 23
857	857	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00029 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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859	859	•HR 185 IH
860	860	(d) EFFECTIVEDATE.—The amendments made by 1
861	861	this section shall apply to taxable years beginning after 2
862	862	December 31, 2024. 3
863	863	SEC. 403. PROMOTION OF SAVER’S CREDIT. 4
864	864	(a) I
865	865	NGENERAL.—The Secretary of the Treasury 5
866	866	shall take such steps as the Secretary determines are nec-6
867	867	essary and appropriate to increase public awareness of the 7
868	868	credit provided under section 25B of the Internal Revenue 8
869	869	Code of 1986. 9
870	870	(b) R
871	871	EPORT TOCONGRESS.— 10
872	872	(1) I
873	873	N GENERAL.—Not later than 90 days after 11
874	874	the date of the enactment of this Act, the Secretary 12
875	875	shall provide a report to Congress to summarize the 13
876	876	anticipated promotion efforts of the Treasury under 14
877	877	subsection (a). 15
878	878	(2) C
879	879	ONTENTS.—Such report shall include— 16
880	880	(A) a description of plans for— 17
881	881	(i) the development and distribution 18
882	882	of digital and print materials, including the 19
883	883	distribution of such materials to States for 20
884	884	participants in State facilitated retirement 21
885	885	savings programs; and 22
886	886	(ii) the translation of such materials 23
887	887	into the 10 most commonly spoken lan-24
888	888	guages in the United States after English 25
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891	891	•HR 185 IH
892	892	(as determined by reference to the most re-1
893	893	cent American Community Survey of the 2
894	894	Bureau of the Census); and 3
895	895	(B) such other information as the Sec-4
896	896	retary determines is necessary 5
897	897	SEC. 404. ENHANCEMENT OF SAVER’S CREDIT. 6
898	898	(a) 50 P
899	899	ERCENTCREDITRATE.—Section 25B(a) of 7
900	900	the Internal Revenue Code of 1986 is amended by striking 8
901	901	‘‘the applicable percentage’’ and inserting ‘‘50 percent’’. 9
902	902	(b) A
903	903	DJUSTEDGROSSINCOMEPHASEOUTS.—Section 10
904	904	25B(b) of such Code is amended to read as follows: 11
905	905	‘‘(b) L
906	906	IMITATION.—For purposes of this section— 12
907	907	‘‘(1) I
908	908	N GENERAL.—The amount of credit al-13
909	909	lowable under subsection (a) (determined without re-14
910	910	gard to this subsection) shall be reduced (but not 15
911	911	below zero) by an amount which bears the same 16
912	912	ratio to the credit otherwise so allowable as— 17
913	913	‘‘(A) the excess (if any) of— 18
914	914	‘‘(i) adjusted gross income of the tax-19
915	915	payer, over 20
916	916	‘‘(ii) the threshold amount, bears to 21
917	917	‘‘(B) the phaseout amount. 22
918	918	‘‘(2) T
919	919	HRESHOLD AMOUNT .—The term ‘thresh-23
920	920	old amount’ means— 24
921	921	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
922	922	kjohnson on DSK7ZCZBW3PROD with $$_JOB 32
923	923	•HR 185 IH
924	924	‘‘(A) in the case of a joint return or a sur-1
925	925	viving spouse (as defined in section 2(a)), 2
926	926	$48,000, 3
927	927	‘‘(B) in the case of a head of household, 75 4
928	928	percent of the amount in effect for the taxable 5
929	929	year under subparagraph (A), and 6
930	930	‘‘(C) in the case of any other individual, 50 7
931	931	percent of the amount in effect for the taxable 8
932	932	year under subparagraph (A). 9
933	933	‘‘(3) P
934	934	HASEOUT AMOUNT .—The term ‘phaseout 10
935	935	amount’ means— 11
936	936	‘‘(A) in the case of a joint return or a sur-12
937	937	viving spouse (as defined in 2(a)), $35,000, 13
938	938	‘‘(B) in the case of a head of household (as 14
939	939	defined in section 2(b)), 75 percent of the 15
940	940	amount in effect for the taxable year under sub-16
941	941	paragraph (A), and 17
942	942	‘‘(C) in the case of any other individual, 50 18
943	943	percent of the amount in effect for the taxable 19
944	944	year under subparagraph (A). 20
945	945	‘‘(4) I
946	946	NFLATION ADJUSTMENT .— 21
947	947	‘‘(A) I
948	948	N GENERAL.—In the case of any 22
949	949	taxable year beginning in a calendar year after 23
950	950	2028, the $48,000 dollar amount in paragraph 24
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953	953	•HR 185 IH
954	954	(2) and the $35,000 in paragraph (3) shall 1
955	955	each be increased by an amount equal to— 2
956	956	‘‘(i) such dollar amount, multiplied by 3
957	957	‘‘(ii) the cost-of-living adjustment de-4
958	958	termined under section 1(f)(3) for the cal-5
959	959	endar year in which the taxable year be-6
960	960	gins, determined by substituting ‘calendar 7
961	961	year 2024’ for ‘calendar year 2016’ in sub-8
962	962	paragraph (A)(ii) thereof. 9
963	963	‘‘(B) R
964	964	OUNDING.—Any increase deter-10
965	965	mined under subparagraph (A) that is not a 11
966	966	multiple of $500 shall be rounded to the near-12
967	967	est multiple of $500.’’. 13
968	968	(c) E
969	969	FFECTIVEDATE.—The amendments made by 14
970	970	this section shall apply to taxable years beginning after 15
971	971	December 31, 2028. 16
972	972	SEC. 405. ENHANCEMENT OF 403(B) PLANS. 17
973	973	(a) I
974	974	NGENERAL.—Section 403(b)(7)(A) of the Inter-18
975	975	nal Revenue Code of 1986 is amended by striking ‘‘if the 19
976	976	amounts are to be invested in regulated investment com-20
977	977	pany stock to be held in that custodial account’’ and in-21
978	978	serting ‘‘if the amounts are to be held in that custodial 22
979	979	account and invested in regulated investment company 23
980	980	stock or a group trust intended to satisfy the requirements 24
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983	983	•HR 185 IH
984	984	of Internal Revenue Service Revenue Ruling 81–100 (or 1
985	985	any successor guidance)’’. 2
986	986	(b) C
987	987	ONFORMING AMENDMENT.—The heading of 3
988	988	paragraph (7) of section 403(b) of such Code is amended 4
989	989	by striking ‘‘
990	990	FOR REGULATED INVESTMENT COMPANY 5
991	991	STOCK’’. 6
992	992	(c) E
993	993	FFECTIVEDATE.—The amendments made by 7
994	994	this section shall apply to amounts invested after Decem-8
995	995	ber 31, 2024. 9
996	996	SEC. 406. INCREASE IN AGE FOR REQUIRED BEGINNING 10
997	997	DATE FOR MANDATORY DISTRIBUTIONS. 11
998	998	(a) I
999	999	NGENERAL.—Section 401(a)(9)(C)(i)(I) of the 12
1000	1000	Internal Revenue Code of 1986 is amended by striking 13
1001	1001	‘‘age 72’’ and inserting ‘‘the applicable age’’. 14
1002	1002	(b) S
1003	1003	POUSEBENEFICIARIES; SPECIALRULE FOR 15
1004	1004	O
1005	1005	WNERS.—Subparagraphs (B)(iv)(I) and (C)(ii)(I) of sec-16
1006	1006	tion 401(a)(9) of such Code are each amended by striking 17
1007	1007	‘‘age 72’’ and inserting ‘‘the applicable age’’. 18
1008	1008	(c) A
1009	1009	PPLICABLEAGE.—Section 401(a)(9)(C) of such 19
1010	1010	Code is amended by adding at the end the following new 20
1011	1011	clause: 21
1012	1012	‘‘(v) A
1013	1013	PPLICABLE AGE.— 22
1014	1014	‘‘(I) In the case of an individual 23
1015	1015	who attains age 72 after December 24
1016	1016	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1018	1018	•HR 185 IH
1019	1019	31, 2024, and age 73 before January 1
1020	1020	1, 2032, the applicable age is 73. 2
1021	1021	‘‘(II) In the case of an individual 3
1022	1022	who attains age 73 after December 4
1023	1023	31, 2031, and age 74 before January 5
1024	1024	1, 2035, the applicable age is 74. 6
1025	1025	‘‘(III) In the case of an indi-7
1026	1026	vidual who attains age 74 after De-8
1027	1027	cember 31, 2034, the applicable age is 9
1028	1028	75.’’. 10
1029	1029	(d) C
1030	1030	ONFORMINGAMENDMENTS.—The last sentence 11
1031	1031	of section 408(b) of such Code is amended by striking 12
1032	1032	‘‘age 72’’ and inserting ‘‘the applicable age (determined 13
1033	1033	under section 401(a)(9)(C)(v) for the calendar year in 14
1034	1034	which such taxable year begins)’’. 15
1035	1035	(e) E
1036	1036	FFECTIVEDATE.—The amendments made by 16
1037	1037	this section shall apply to distributions required to be 17
1038	1038	made after December 31, 2024, with respect to individuals 18
1039	1039	who attain age 72 after such date. 19
1040	1040	SEC. 407. INDEXING IRA CATCH-UP LIMIT. 20
1041	1041	(a) I
1042	1042	NGENERAL.—Subparagraph (C) of section 21
1043	1043	219(b)(5) of the Internal Revenue Code of 1986 is amend-22
1044	1044	ed by adding at the end the following new clause: 23
1045	1045	‘‘(iii) I
1046	1046	NDEXING OF CATCH-UP LIMITA-24
1047	1047	TION.—In the case of any taxable year be-25
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1051	1051	ginning in a calendar year after 2025, the 1
1052	1052	$1,000 amount under subparagraph (B)(ii) 2
1053	1053	shall be increased by an amount equal to— 3
1054	1054	‘‘(I) such dollar amount, multi-4
1055	1055	plied by 5
1056	1056	‘‘(II) the cost-of-living adjust-6
1057	1057	ment determined under section 1(f)(3) 7
1058	1058	for the calendar year in which the tax-8
1059	1059	able year begins, determined by sub-9
1060	1060	stituting ‘calendar year 2024’ for ‘cal-10
1061	1061	endar year 2016’ in subparagraph 11
1062	1062	(A)(ii) thereof. 12
1063	1063	If any amount after adjustment under the 13
1064	1064	preceding sentence is not a multiple of 14
1065	1065	$100, such amount shall be rounded to the 15
1066	1066	next lower multiple of $100.’’. 16
1067	1067	(b) E
1068	1068	FFECTIVEDATE.—The amendments made by 17
1069	1069	this section shall apply to taxable years beginning after 18
1070	1070	December 31, 2025. 19
1071	1071	SEC. 408. HIGHER CATCH-UP LIMIT TO APPLY AT AGE 62, 63, 20
1072	1072	AND 64. 21
1073	1073	(a) I
1074	1074	NGENERAL.— 22
1075	1075	(1) P
1076	1076	LANS OTHER THAN SIMPLE PLANS .—Sec-23
1077	1077	tion 414(v)(2)(B)(i) of the Internal Revenue Code of 24
1078	1078	1986 is amended by inserting the following before 25
1079	1079	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00036 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1081	1081	•HR 185 IH
1082	1082	the period: ‘‘($10,000, in the case of an eligible par-1
1083	1083	ticipant who would attain age 62, but not age 65, 2
1084	1084	before the close of the taxable year)’’. 3
1085	1085	(2) S
1086	1086	IMPLE PLANS.—Section 414(v)(2)(B)(ii) of 4
1087	1087	such Code is amended by inserting the following be-5
1088	1088	fore the period: ‘‘($5,000, in the case of an eligible 6
1089	1089	participant who would attain age 62, but not age 65, 7
1090	1090	before the close of the taxable year)’’. 8
1091	1091	(b) C
1092	1092	OST-OF-LIVINGADJUSTMENTS.—Subparagraph 9
1093	1093	(C) of section 414(v)(2) of such Code is amended by add-10
1094	1094	ing at the end the following: ‘‘In the case of a year begin-11
1095	1095	ning after December 31, 2023, the Secretary shall adjust 12
1096	1096	annually the $10,000 amount in subparagraph (B)(i) and 13
1097	1097	the $5,000 amount in subparagraph (B)(ii) for increases 14
1098	1098	in the cost-of-living at the same time and in the same 15
1099	1099	manner as adjustments under the preceding sentence; ex-16
1100	1100	cept that the base period taken into account shall be the 17
1101	1101	calendar quarter beginning July 1, 2022.’’. 18
1102	1102	(c) E
1103	1103	FFECTIVEDATE.—The amendments made by 19
1104	1104	this section shall apply to taxable years beginning after 20
1105	1105	December 31, 2025. 21
1106	1106	SEC. 409. POOLED EMPLOYER PLANS MODIFICATION. 22
1107	1107	(a) I
1108	1108	NGENERAL.—Section 3(43)(B)(ii) of the Em-23
1109	1109	ployee Retirement Income Security Act of 1974 (29 24
1110	1110	U.S.C. 1002(43)(B)(ii)) is amended to read as follows: 25
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1113	1113	•HR 185 IH
1114	1114	‘‘(ii) designate a named fiduciary 1
1115	1115	(other than an employer in the plan) to be 2
1116	1116	responsible for collecting contributions to 3
1117	1117	the plan and require such fiduciary to im-4
1118	1118	plement written contribution collection pro-5
1119	1119	cedures that are reasonable, diligent, and 6
1120	1120	systematic;’’. 7
1121	1121	(b) E
1122	1122	FFECTIVEDATE.—The amendments made by 8
1123	1123	this section shall apply to plan years beginning after De-9
1124	1124	cember 31, 2024. 10
1125	1125	SEC. 410. MULTIPLE EMPLOYER 403(B) PLANS. 11
1126	1126	(a) I
1127	1127	NGENERAL.—Section 403(b) of the Internal 12
1128	1128	Revenue Code of 1986 is amended by adding at the end 13
1129	1129	the following new paragraph: 14
1130	1130	‘‘(15) M
1131	1131	ULTIPLE EMPLOYER PLANS .— 15
1132	1132	‘‘(A) I
1133	1133	N GENERAL.—Except in the case of 16
1134	1134	a church plan, this subsection shall not be 17
1135	1135	treated as failing to apply to an annuity con-18
1136	1136	tract solely by reason of such contract being 19
1137	1137	purchased under a plan maintained by more 20
1138	1138	than 1 employer. 21
1139	1139	‘‘(B) T
1140	1140	REATMENT OF EMPLOYERS FAILING 22
1141	1141	TO MEET REQUIREMENTS OF PLAN .— 23
1142	1142	‘‘(i) I
1143	1143	N GENERAL.—In the case of a 24
1144	1144	plan maintained by more than 1 employer, 25
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1147	1147	•HR 185 IH
1148	1148	this subsection shall not be treated as fail-1
1149	1149	ing to apply to an annuity contract held 2
1150	1150	under such plan merely because of one or 3
1151	1151	more employers failing to meet the require-4
1152	1152	ments of this subsection if such plan satis-5
1153	1153	fies rules similar to the rules of section 6
1154	1154	413(e)(2) with respect to any such em-7
1155	1155	ployer failure. 8
1156	1156	‘‘(ii) A
1157	1157	DDITIONAL REQUIREMENTS IN 9
1158	1158	CASE OF NON-GOVERNMENTAL PLANS .—A 10
1159	1159	plan shall not be treated as meeting the re-11
1160	1160	quirements of this subparagraph unless the 12
1161	1161	plan satisfies rules similar to the rules of 13
1162	1162	subparagraph (A) or (B) of section 14
1163	1163	413(e)(1), except in the case of a multiple 15
1164	1164	employer plan maintained solely by any of 16
1165	1165	the following: A State, a political subdivi-17
1166	1166	sion of a State, or an agency or instrumen-18
1167	1167	tality of any one or more of the fore-19
1168	1168	going.’’. 20
1169	1169	(b) A
1170	1170	NNUALREGISTRATION FOR 403(b) MULTIPLE 21
1171	1171	E
1172	1172	MPLOYERPLAN.—Section 6057 of such Code is amend-22
1173	1173	ed by redesignating subsection (g) as subsection (h) and 23
1174	1174	by inserting after subsection (f) the following new sub-24
1175	1175	section: 25
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1179	1179	‘‘(g) 403(b) MULTIPLEEMPLOYERPLANSTREATED 1
1180	1180	ASONEPLAN.—In the case of annuity contracts to which 2
1181	1181	this section applies and to which section 403(b) applies 3
1182	1182	by reason of the plan under which such contracts are pur-4
1183	1183	chased meeting the requirements of paragraph (15) there-5
1184	1184	of, such plan shall be treated as a single plan for purposes 6
1185	1185	of this section.’’. 7
1186	1186	(c) A
1187	1187	NNUALINFORMATION RETURNS FOR 403(b) 8
1188	1188	M
1189	1189	ULTIPLEEMPLOYERPLAN.—Section 6058 of such Code 9
1190	1190	is amended by redesignating subsection (f) as subsection 10
1191	1191	(g) and by inserting after subsection (e) the following new 11
1192	1192	subsection: 12
1193	1193	‘‘(f) 403(b) M
1194	1194	ULTIPLEEMPLOYERPLANSTREATED 13
1195	1195	ASONEPLAN.—In the case of annuity contracts to which 14
1196	1196	this section applies and to which section 403(b) applies 15
1197	1197	by reason of the plan under which such contracts are pur-16
1198	1198	chased meeting the requirements of paragraph (15) there-17
1199	1199	of, such plan shall be treated as a single plan for purposes 18
1200	1200	of this section.’’. 19
1201	1201	(d) A
1202	1202	MENDMENTS TO EMPLOYEERETIREMENTIN-20
1203	1203	COMESECURITYACT OF1974.— 21
1204	1204	(1) I
1205	1205	N GENERAL.—Section 3(43)(A) of the Em-22
1206	1206	ployee Retirement Income Security Act of 1974 is 23
1207	1207	amended— 24
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1210	1210	•HR 185 IH
1211	1211	(A) in clause (ii), by striking ‘‘section 1
1212	1212	501(a) of such Code or’’ and inserting ‘‘section 2
1213	1213	501(a) of such Code, a plan that consists of 3
1214	1214	contracts described in section 403(b) of such 4
1215	1215	Code, or’’; and 5
1216	1216	(B) in the flush text at the end, by striking 6
1217	1217	‘‘the plan.’’ and inserting ‘‘the plan, but such 7
1218	1218	term shall include any program (other than a 8
1219	1219	governmental plan) maintained for the benefit 9
1220	1220	of the employees of more than 1 employer that 10
1221	1221	consists of contracts described in section 403(b) 11
1222	1222	of such Code and that meets the requirements 12
1223	1223	of subparagraph (A) or (B) of section 413(e)(1) 13
1224	1224	of such Code.’’. 14
1225	1225	(2) C
1226	1226	ONFORMING AMENDMENTS .—Sections 15
1227	1227	3(43)(B)(v)(II) and 3(44)(A)(i)(I) of the Employee 16
1228	1228	Retirement Income Security Act of 1974 are each 17
1229	1229	amended by striking ‘‘section 401(a) of such Code 18
1230	1230	or’’ and inserting ‘‘section 401(a) of such Code, a 19
1231	1231	plan that consists of contracts described in section 20
1232	1232	403(b) of such Code, or’’. 21
1233	1233	(e) R
1234	1234	EGULATIONSRELATING TOEMPLOYERFAIL-22
1235	1235	URETOMEETMULTIPLEEMPLOYERPLANREQUIRE-23
1236	1236	MENTS.—The Secretary of the Treasury (or the Sec-24
1237	1237	retary’s delegate) shall prescribe such regulations as may 25
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1240	1240	•HR 185 IH
1241	1241	be necessary to clarify, in the case of plans to which sec-1
1242	1242	tion 403(b)(15) of the Internal Revenue Code of 1986 ap-2
1243	1243	plies, the treatment of an employer departing such plan 3
1244	1244	in connection with such employer’s failure to meet mul-4
1245	1245	tiple employer plan requirements. 5
1246	1246	(f) M
1247	1247	ODIFICATION OF MODELPLANLANGUAGE, 6
1248	1248	ETC.— 7
1249	1249	(1) P
1250	1250	LAN NOTIFICATIONS.—The Secretary of 8
1251	1251	the Treasury (or the Secretary’s delegate) shall mod-9
1252	1252	ify the model plan language published under section 10
1253	1253	413(e)(5) of the Internal Revenue Code of 1986 to 11
1254	1254	include language that notifies participating employ-12
1255	1255	ers described in section 501(c)(3), and which are ex-13
1256	1256	empt from tax under section 501(a), that the plan 14
1257	1257	is subject to the Employee Retirement Income Secu-15
1258	1258	rity Act of 1974 and that such employer is a plan 16
1259	1259	sponsor with respect to its employees participating 17
1260	1260	in the multiple employer plan and, as such, has cer-18
1261	1261	tain fiduciary duties with respect to the plan and to 19
1262	1262	its employees. 20
1263	1263	(2) M
1264	1264	ODEL PLANS FOR MULTIPLE EMPLOYER 21
1265	1265	403(B) NON-GOVERNMENTAL PLANS .—For plans to 22
1266	1266	which section 403(b)(15)(A) of the Internal Revenue 23
1267	1267	Code of 1986 applies (other than a plan maintained 24
1268	1268	for its employees by a State, a political subdivision 25
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1271	1271	•HR 185 IH
1272	1272	of a State, or an agency or instrumentality of any 1
1273	1273	one or more of the foregoing), the Secretary of the 2
1274	1274	Treasury shall publish model plan language similar 3
1275	1275	to model plan language published under section 4
1276	1276	413(e)(5) of such Code. 5
1277	1277	(3) E
1278	1278	DUCATIONAL OUTREACH TO EMPLOYERS 6
1279	1279	EXEMPT FROM TAX .—The Secretary of the Treasury 7
1280	1280	(or the Secretary’s delegate) shall provide education 8
1281	1281	and outreach to increase awareness to employers de-9
1282	1282	scribed in section 501(c)(3) of the Internal Revenue 10
1283	1283	Code of 1986, and which are exempt from tax under 11
1284	1284	section 501(a) of such Code, that multiple employer 12
1285	1285	plans are subject to the Employee Retirement In-13
1286	1286	come Security Act of 1974 and that such employer 14
1287	1287	is a plan sponsor with respect to its employees par-15
1288	1288	ticipating in the multiple employer plan and, as 16
1289	1289	such, has certain fiduciary duties with respect to the 17
1290	1290	plan and to its employees. 18
1291	1291	(g) N
1292	1292	OINFERENCEWITHRESPECT TOCHURCH 19
1293	1293	P
1294	1294	LANS.—Regarding any application of section 403(b) of 20
1295	1295	the Internal Revenue Code of 1986 to an annuity contract 21
1296	1296	purchased under a church plan (as defined in section 22
1297	1297	414(e) of such Code) maintained by more than 1 em-23
1298	1298	ployer, or to any application of rules similar to section 24
1299	1299	413(e) of such Code to such a plan, no inference shall 25
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1302	1302	•HR 185 IH
1303	1303	be made from section 403(b)(15)(A) of such Code (as 1
1304	1304	added by this Act) not applying to such plans. 2
1305	1305	(h) E
1306	1306	FFECTIVEDATE.— 3
1307	1307	(1) I
1308	1308	N GENERAL.—The amendments made by 4
1309	1309	this section shall apply to plan years beginning after 5
1310	1310	December 31, 2024. 6
1311	1311	(2) R
1312	1312	ULE OF CONSTRUCTION .—Nothing in the 7
1313	1313	amendments made by subsection (a) shall be con-8
1314	1314	strued as limiting the authority of the Secretary of 9
1315	1315	the Treasury or the Secretary’s delegate (determined 10
1316	1316	without regard to such amendment) to provide for 11
1317	1317	the proper treatment of a failure to meet any re-12
1318	1318	quirement applicable under the Internal Revenue 13
1319	1319	Code of 1986 with respect to one employer (and its 14
1320	1320	employees) in the case of a plan to which section 15
1321	1321	403(b)(15) of the Internal Revenue Code of 1986 16
1322	1322	applies. 17
1323	1323	SEC. 411. TREATMENT OF STUDENT LOAN PAYMENTS AS 18
1324	1324	ELECTIVE DEFERRALS FOR PURPOSES OF 19
1325	1325	MATCHING CONTRIBUTIONS. 20
1326	1326	(a) I
1327	1327	NGENERAL.—Section 401(m)(4)(A) of the In-21
1328	1328	ternal Revenue Code of 1986 is amended by striking 22
1329	1329	‘‘and’’ at the end of clause (i), by striking the period at 23
1330	1330	the end of clause (ii) and inserting ‘‘, and’’, and by adding 24
1331	1331	at the end the following new clause: 25
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1334	1334	•HR 185 IH
1335	1335	‘‘(iii) subject to the requirements of 1
1336	1336	paragraph (13), any employer contribution 2
1337	1337	made to a defined contribution plan on be-3
1338	1338	half of an employee on account of a quali-4
1339	1339	fied student loan payment.’’ 5
1340	1340	(b) Q
1341	1341	UALIFIEDSTUDENTLOANPAYMENT.—Section 6
1342	1342	401(m)(4) of such Code is amended by adding at the end 7
1343	1343	the following new subparagraph: 8
1344	1344	‘‘(D) Q
1345	1345	UALIFIED STUDENT LOAN PAY -9
1346	1346	MENT.—The term ‘qualified student loan pay-10
1347	1347	ment’ means a payment made by an employee 11
1348	1348	in repayment of a qualified education loan (as 12
1349	1349	defined section 221(d)(1)) incurred by the em-13
1350	1350	ployee to pay qualified higher education ex-14
1351	1351	penses, but only— 15
1352	1352	‘‘(i) to the extent such payments in 16
1353	1353	the aggregate for the year do not exceed 17
1354	1354	an amount equal to— 18
1355	1355	‘‘(I) the limitation applicable 19
1356	1356	under section 402(g) for the year (or, 20
1357	1357	if lesser, the employee’s compensation 21
1358	1358	(as defined in section 415(c)(3)) for 22
1359	1359	the year), reduced by 23
1360	1360	‘‘(II) the elective deferrals made 24
1361	1361	by the employee for such year, and 25
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1364	1364	•HR 185 IH
1365	1365	‘‘(ii) if the employee certifies to the 1
1366	1366	employer making the matching contribu-2
1367	1367	tion under this paragraph that such pay-3
1368	1368	ment has been made on such loan. 4
1369	1369	For purposes of this subparagraph, the term 5
1370	1370	‘qualified higher education expenses’ means the 6
1371	1371	cost of attendance (as defined in section 472 of 7
1372	1372	the Higher Education Act of 1965, as in effect 8
1373	1373	on the day before the date of the enactment of 9
1374	1374	the Taxpayer Relief Act of 1997) at an eligible 10
1375	1375	educational institution (as defined in section 11
1376	1376	221(d)(2)).’’. 12
1377	1377	(c) M
1378	1378	ATCHINGCONTRIBUTIONS FOR QUALIFIED 13
1379	1379	S
1380	1380	TUDENTLOANPAYMENTS.—Section 401(m) of such 14
1381	1381	Code is amended by redesignating paragraph (13) as para-15
1382	1382	graph (14), and by inserting after paragraph (12) the fol-16
1383	1383	lowing new paragraph: 17
1384	1384	‘‘(13) M
1385	1385	ATCHING CONTRIBUTIONS FOR QUALI -18
1386	1386	FIED STUDENT LOAN PAYMENTS .— 19
1387	1387	‘‘(A) I
1388	1388	N GENERAL.—For purposes of para-20
1389	1389	graph (4)(A)(iii), an employer contribution 21
1390	1390	made to a defined contribution plan on account 22
1391	1391	of a qualified student loan payment shall be 23
1392	1392	treated as a matching contribution for purposes 24
1393	1393	of this title if— 25
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1396	1396	•HR 185 IH
1397	1397	‘‘(i) the plan provides matching con-1
1398	1398	tributions on account of elective deferrals 2
1399	1399	at the same rate as contributions on ac-3
1400	1400	count of qualified student loan payments, 4
1401	1401	‘‘(ii) the plan provides matching con-5
1402	1402	tributions on account of qualified student 6
1403	1403	loan payments only on behalf of employees 7
1404	1404	otherwise eligible to receive matching con-8
1405	1405	tributions on account of elective deferrals, 9
1406	1406	‘‘(iii) under the plan, all employees el-10
1407	1407	igible to receive matching contributions on 11
1408	1408	account of elective deferrals are eligible to 12
1409	1409	receive matching contributions on account 13
1410	1410	of qualified student loan payments, and 14
1411	1411	‘‘(iv) the plan provides that matching 15
1412	1412	contributions on account of qualified stu-16
1413	1413	dent loan payments vest in the same man-17
1414	1414	ner as matching contributions on account 18
1415	1415	of elective deferrals. 19
1416	1416	‘‘(B) T
1417	1417	REATMENT FOR PURPOSES OF NON -20
1418	1418	DISCRIMINATION RULES, ETC.— 21
1419	1419	‘‘(i) N
1420	1420	ONDISCRIMINATION RULES .— 22
1421	1421	For purposes of subparagraph (A)(iii), 23
1422	1422	subsection (a)(4), and section 410(b), 24
1423	1423	matching contributions described in para-25
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1426	1426	•HR 185 IH
1427	1427	graph (4)(A)(iii) shall not fail to be treated 1
1428	1428	as available to an employee solely because 2
1429	1429	such employee does not have debt incurred 3
1430	1430	under a qualified education loan (as de-4
1431	1431	fined in section 221(d)(1)). 5
1432	1432	‘‘(ii) S
1433	1433	TUDENT LOAN PAYMENTS NOT 6
1434	1434	TREATED AS PLAN CONTRIBUTION .—Ex-7
1435	1435	cept as provided in clause (iii), a qualified 8
1436	1436	student loan payment shall not be treated 9
1437	1437	as a contribution to a plan under this title. 10
1438	1438	‘‘(iii) M
1439	1439	ATCHING CONTRIBUTION 11
1440	1440	RULES.—Solely for purposes of meeting 12
1441	1441	the requirements of paragraph (11)(B) or 13
1442	1442	(12) of this subsection, or paragraph 14
1443	1443	(11)(B)(i)(II), (12)(B), or (13)(D) of sub-15
1444	1444	section (k), a plan may treat a qualified 16
1445	1445	student loan payment as an elective defer-17
1446	1446	ral or an elective contribution, whichever is 18
1447	1447	applicable. 19
1448	1448	‘‘(iv) A
1449	1449	CTUAL DEFERRAL PERCENT -20
1450	1450	AGE TESTING.—In determining whether a 21
1451	1451	plan meets the requirements of subsection 22
1452	1452	(k)(3)(A)(ii) for a plan year, the plan may 23
1453	1453	apply the requirements of such subsection 24
1454	1454	separately with respect to all employees 25
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1457	1457	•HR 185 IH
1458	1458	who receive matching contributions de-1
1459	1459	scribed in paragraph (4)(A)(iii) for the 2
1460	1460	plan year. 3
1461	1461	‘‘(C) E
1462	1462	MPLOYER MAY RELY ON EMPLOYEE 4
1463	1463	CERTIFICATION.—The employer may rely on an 5
1464	1464	employee certification of payment under para-6
1465	1465	graph (4)(D)(ii).’’. 7
1466	1466	(d) S
1467	1467	IMPLERETIREMENT ACCOUNTS.—Section 8
1468	1468	408(p)(2) of such Code is amended by adding at the end 9
1469	1469	the following new subparagraph: 10
1470	1470	‘‘(F) M
1471	1471	ATCHING CONTRIBUTIONS FOR 11
1472	1472	QUALIFIED STUDENT LOAN PAYMENTS .— 12
1473	1473	‘‘(i) I
1474	1474	N GENERAL.—Subject to the 13
1475	1475	rules of clause (iii), an arrangement shall 14
1476	1476	not fail to be treated as meeting the re-15
1477	1477	quirements of subparagraph (A)(iii) solely 16
1478	1478	because under the arrangement, solely for 17
1479	1479	purposes of such subparagraph, qualified 18
1480	1480	student loan payments are treated as 19
1481	1481	amounts elected by the employee under 20
1482	1482	subparagraph (A)(i)(I) to the extent such 21
1483	1483	payments do not exceed— 22
1484	1484	‘‘(I) the applicable dollar amount 23
1485	1485	under subparagraph (E) (after appli-24
1486	1486	cation of section 414(v)) for the year 25
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1489	1489	•HR 185 IH
1490	1490	(or, if lesser, the employee’s com-1
1491	1491	pensation (as defined in section 2
1492	1492	415(c)(3)) for the year), reduced by 3
1493	1493	‘‘(II) any other amounts elected 4
1494	1494	by the employee under subparagraph 5
1495	1495	(A)(i)(I) for the year. 6
1496	1496	‘‘(ii) Q
1497	1497	UALIFIED STUDENT LOAN PAY -7
1498	1498	MENT.—For purposes of this subpara-8
1499	1499	graph— 9
1500	1500	‘‘(I) I
1501	1501	N GENERAL.—The term 10
1502	1502	‘qualified student loan payment’ 11
1503	1503	means a payment made by an em-12
1504	1504	ployee in repayment of a qualified 13
1505	1505	education loan (as defined in section 14
1506	1506	221(d)(1)) incurred by the employee 15
1507	1507	to pay qualified higher education ex-16
1508	1508	penses, but only if the employee cer-17
1509	1509	tifies to the employer making the 18
1510	1510	matching contribution that such pay-19
1511	1511	ment has been made on such a loan. 20
1512	1512	‘‘(II) Q
1513	1513	UALIFIED HIGHER EDU -21
1514	1514	CATION EXPENSES.—The term ‘quali-22
1515	1515	fied higher education expenses’ has 23
1516	1516	the same meaning as when used in 24
1517	1517	section 401(m)(4)(D). 25
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1520	1520	•HR 185 IH
1521	1521	‘‘(iii) APPLICABLE RULES.—Clause (i) 1
1522	1522	shall apply to an arrangement only if, 2
1523	1523	under the arrangement— 3
1524	1524	‘‘(I) matching contributions on 4
1525	1525	account of qualified student loan pay-5
1526	1526	ments are provided only on behalf of 6
1527	1527	employees otherwise eligible to elect 7
1528	1528	contributions under subparagraph 8
1529	1529	(A)(i)(I), and 9
1530	1530	‘‘(II) all employees otherwise eli-10
1531	1531	gible to participate in the arrange-11
1532	1532	ment are eligible to receive matching 12
1533	1533	contributions on account of qualified 13
1534	1534	student loan payments.’’. 14
1535	1535	(e) 403(b) P
1536	1536	LANS.—Section 403(b)(12)(A) of such 15
1537	1537	Code is amended by adding at the end the following: ‘‘The 16
1538	1538	fact that the employer offers matching contributions on 17
1539	1539	account of qualified student loan payments as described 18
1540	1540	in section 401(m)(13) shall not be taken into account in 19
1541	1541	determining whether the arrangement satisfies the re-20
1542	1542	quirements of clause (ii) (and any regulation there-21
1543	1543	under).’’. 22
1544	1544	(f) 457(b) P
1545	1545	LANS.—Section 457(b) of such Code is 23
1546	1546	amended by adding at the end the following: ‘‘A plan 24
1547	1547	which is established and maintained by an employer which 25
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1550	1550	•HR 185 IH
1551	1551	is described in subsection (e)(1)(A) shall not be treated 1
1552	1552	as failing to meet the requirements of this subsection sole-2
1553	1553	ly because the plan, or another plan maintained by the 3
1554	1554	employer which meets the requirements of section 401(a) 4
1555	1555	or 403(b), provides for matching contributions on account 5
1556	1556	of qualified student loan payments as described in section 6
1557	1557	401(m)(13).’’. 7
1558	1558	(g) R
1559	1559	EGULATORYAUTHORITY.—The Secretary shall 8
1560	1560	prescribe regulations for purposes of implementing the 9
1561	1561	amendments made by this section, including regulations— 10
1562	1562	(1) permitting a plan to make matching con-11
1563	1563	tributions for qualified student loan payments, as 12
1564	1564	defined in sections 401(m)(4)(D) and 408(p)(2)(F) 13
1565	1565	of the Internal Revenue Code of 1986, as added by 14
1566	1566	this section, at a different frequency than matching 15
1567	1567	contributions are otherwise made under the plan, 16
1568	1568	provided that the frequency is not less than annu-17
1569	1569	ally; 18
1570	1570	(2) permitting employers to establish reasonable 19
1571	1571	procedures to claim matching contributions for such 20
1572	1572	qualified student loan payments under the plan, in-21
1573	1573	cluding an annual deadline (not earlier than 3 22
1574	1574	months after the close of each plan year) by which 23
1575	1575	a claim must be made; and 24
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1578	1578	•HR 185 IH
1579	1579	(3) promulgating model amendments which 1
1580	1580	plans may adopt to implement matching contribu-2
1581	1581	tions on such qualified student loan payments for 3
1582	1582	purposes of sections 401(m), 408(p), 403(b), and 4
1583	1583	457(b) of the Internal Revenue Code of 1986. 5
1584	1584	(h) E
1585	1585	FFECTIVEDATE.—The amendments made by 6
1586	1586	this section shall apply to contributions made for plan 7
1587	1587	years beginning after December 31, 2024. 8
1588	1588	SEC. 412. APPLICATION OF CREDIT FOR SMALL EMPLOYER 9
1589	1589	PENSION PLAN STARTUP COSTS TO EMPLOY-10
1590	1590	ERS WHICH JOIN AN EXISTING PLAN. 11
1591	1591	(a) I
1592	1592	NGENERAL.—Section 45E(d)(3)(A) of the In-12
1593	1593	ternal Revenue Code of 1986 is amended by striking ‘‘ef-13
1594	1594	fective’’ and inserting ‘‘effective with respect to the eligible 14
1595	1595	employer’’. 15
1596	1596	(b) E
1597	1597	FFECTIVEDATE.—The amendment made by 16
1598	1598	this section shall take effect as if included in the enact-17
1599	1599	ment of section 104 of the Setting Every Community Up 18
1600	1600	for Retirement Enhancement Act of 2019. 19
1601	1601	SEC. 413. MILITARY SPOUSE RETIREMENT PLAN ELIGI-20
1602	1602	BILITY CREDIT FOR SMALL EMPLOYERS. 21
1603	1603	(a) I
1604	1604	NGENERAL.—Subpart D of part IV of sub-22
1605	1605	chapter A of chapter 1 of the Internal Revenue Code of 23
1606	1606	1986 is amended by adding at the end the following new 24
1607	1607	section: 25
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1610	1610	•HR 185 IH
1611	1611	‘‘SEC. 45U. MILITARY SPOUSE RETIREMENT PLAN ELIGI-1
1612	1612	BILITY CREDIT FOR SMALL EMPLOYERS. 2
1613	1613	‘‘(a) I
1614	1614	NGENERAL.—For purposes of section 38, in 3
1615	1615	the case of any eligible small employer, the military spouse 4
1616	1616	retirement plan eligibility credit determined under this 5
1617	1617	section for any taxable year is an amount equal to the 6
1618	1618	sum of— 7
1619	1619	‘‘(1) $250 with respect to each military spouse 8
1620	1620	who is an employee of such employer and who is eli-9
1621	1621	gible to participate in an eligible defined contribu-10
1622	1622	tion plan of such employer at any time during such 11
1623	1623	taxable year, plus 12
1624	1624	‘‘(2) so much of the contributions made by such 13
1625	1625	employer to all such plans with respect to such em-14
1626	1626	ployee during such taxable year as do not exceed 15
1627	1627	$250. 16
1628	1628	‘‘(b) L
1629	1629	IMITATION.—An individual shall only be taken 17
1630	1630	into account as a military spouse under subsection (a) for 18
1631	1631	the taxable year which includes the date on which such 19
1632	1632	individual began participating in the eligible defined con-20
1633	1633	tribution plan of the employer and the 2 succeeding tax-21
1634	1634	able years. 22
1635	1635	‘‘(c) E
1636	1636	LIGIBLESMALLEMPLOYER.—For purposes of 23
1637	1637	this section— 24
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1640	1640	•HR 185 IH
1641	1641	‘‘(1) IN GENERAL.—The term ‘eligible small 1
1642	1642	employer’ means an eligible employer (as defined in 2
1643	1643	section 408(p)(2)(C)(i)(I)). 3
1644	1644	‘‘(2) A
1645	1645	PPLICATION OF 2-YEAR GRACE PERIOD.— 4
1646	1646	A rule similar to the rule of section 5
1647	1647	408(p)(2)(C)(i)(II) shall apply for purposes of this 6
1648	1648	section. 7
1649	1649	‘‘(d) M
1650	1650	ILITARYSPOUSE.—For purposes of this sec-8
1651	1651	tion— 9
1652	1652	‘‘(1) I
1653	1653	N GENERAL.—The term ‘military spouse’ 10
1654	1654	means, with respect to any employer, any individual 11
1655	1655	who is married (within the meaning of section 7703 12
1656	1656	as of the first date that the employee is employed by 13
1657	1657	the employer) to an individual who is a member of 14
1658	1658	the uniformed services (as defined section 101(a)(5) 15
1659	1659	of title 10, United States Code). For purposes of 16
1660	1660	this section, an employer may rely on an employee’s 17
1661	1661	certification that such employee’s spouse is a mem-18
1662	1662	ber of the uniformed services if such certification 19
1663	1663	provides the name, rank, and service branch of such 20
1664	1664	spouse. 21
1665	1665	‘‘(2) E
1666	1666	XCLUSION OF HIGHLY COMPENSATED 22
1667	1667	EMPLOYEES.—With respect to any employer, the 23
1668	1668	term ‘military spouse’ shall not include any indi-24
1669	1669	vidual if such individual is a highly compensated em-25
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1672	1672	•HR 185 IH
1673	1673	ployee of such employer (within the meaning of sec-1
1674	1674	tion 414(q)). 2
1675	1675	‘‘(e) E
1676	1676	LIGIBLEDEFINEDCONTRIBUTIONPLAN.— 3
1677	1677	For purposes of this section, the term ‘eligible defined con-4
1678	1678	tribution plan’ means, with respect to any eligible small 5
1679	1679	employer, any defined contribution plan (as defined in sec-6
1680	1680	tion 414(i)) of such employer if, under the terms of such 7
1681	1681	plan— 8
1682	1682	‘‘(1) military spouses employed by such em-9
1683	1683	ployer are eligible to participate in such plan not 10
1684	1684	later than the date which is 2 months after the date 11
1685	1685	on which such individual begins employment with 12
1686	1686	such employer, and 13
1687	1687	‘‘(2) military spouses who are eligible to partici-14
1688	1688	pate in such plan— 15
1689	1689	‘‘(A) are immediately eligible to receive an 16
1690	1690	amount of employer contributions under such 17
1691	1691	plan which is not less the amount of such con-18
1692	1692	tributions that a similarly situated participant 19
1693	1693	who is not a military spouse would be eligible 20
1694	1694	to receive under such plan after 2 years of serv-21
1695	1695	ice, and 22
1696	1696	‘‘(B) immediately have a nonforfeitable 23
1697	1697	right to the employee’s accrued benefit derived 24
1698	1698	from employer contributions under such plan. 25
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1701	1701	•HR 185 IH
1702	1702	‘‘(f) AGGREGATIONRULE.—All persons treated as a 1
1703	1703	single employer under subsection (b), (c), (m), or (o) of 2
1704	1704	section 414 shall be treated as one employer for purposes 3
1705	1705	of this section.’’. 4
1706	1706	(b) C
1707	1707	REDITALLOWED ASPART OFGENERALBUSI-5
1708	1708	NESSCREDIT.—Section 38(b) of such Code is amended 6
1709	1709	by striking ‘‘plus’’ at the end of paragraph (32), by strik-7
1710	1710	ing the period at the end of paragraph (33) and inserting 8
1711	1711	‘‘, plus’’, and by adding at the end the following new para-9
1712	1712	graph: 10
1713	1713	‘‘(34) in the case of an eligible small employer 11
1714	1714	(as defined in section 45U(c)), the military spouse 12
1715	1715	retirement plan eligibility credit determined under 13
1716	1716	section 45U(a).’’. 14
1717	1717	(c) S
1718	1718	PECIFIEDCREDIT FORPURPOSES OF CER-15
1719	1719	TIFIEDPROFESSIONAL EMPLOYERORGANIZATIONS.— 16
1720	1720	Section 3511(d)(2) of such Code is amended by redesig-17
1721	1721	nating subparagraphs (F), (G), and (H) as subparagraphs 18
1722	1722	(G), (H), and (I), respectively, and by inserting after sub-19
1723	1723	paragraph (E) the following new subparagraph: 20
1724	1724	‘‘(F) section 45U (military spouse retire-21
1725	1725	ment plan eligibility credit),’’. 22
1726	1726	(d) C
1727	1727	LERICALAMENDMENT.—The table of sections 23
1728	1728	for subpart D of part IV of subchapter A of chapter 1 24
1729	1729	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00057 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1731	1731	•HR 185 IH
1732	1732	of such Code is amended by adding at the end the fol-1
1733	1733	lowing new item: 2
1734	1734	‘‘Sec. 45U. Military spouse retirement plan eligibility credit for small employ-
1735	1735	ers.’’.
1736	1736	(e) EFFECTIVEDATE.—The amendments made by 3
1737	1737	this section shall apply to taxable years beginning after 4
1738	1738	the date of the enactment of this Act. 5
1739	1739	SEC. 414. SMALL IMMEDIATE FINANCIAL INCENTIVES FOR 6
1740	1740	CONTRIBUTING TO A PLAN. 7
1741	1741	(a) I
1742	1742	NGENERAL.—Subparagraph (A) of section 8
1743	1743	401(k)(4) of the Internal Revenue Code of 1986 is amend-9
1744	1744	ed by inserting ‘‘(other than a de minimis financial incen-10
1745	1745	tive)’’ after ‘‘any other benefit’’. 11
1746	1746	(b) S
1747	1747	ECTION403(b) PLANS.—Subparagraph (A) of 12
1748	1748	section 403(b)(12) of such Code, as amended by the pre-13
1749	1749	ceding provisions of this Act, is amended by adding at the 14
1750	1750	end the following: ‘‘A plan shall not fail to satisfy clause 15
1751	1751	(ii) solely by reason of offering a de minimis financial in-16
1752	1752	centive to employees to elect to have the employer make 17
1753	1753	contributions pursuant to a salary reduction agreement.’’. 18
1754	1754	(c) E
1755	1755	XEMPTIONFROMPROHIBITEDTRANSACTION 19
1756	1756	R
1757	1757	ULES.—Subsection (d) of section 4975 of such Code is 20
1758	1758	amended by striking ‘‘or’’ at the end of paragraph (22), 21
1759	1759	by striking the period at the end of paragraph (23) and 22
1760	1760	inserting ‘‘, or’’, and by adding at the end the following 23
1761	1761	new paragraph: 24
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1764	1764	•HR 185 IH
1765	1765	‘‘(24) the provision of a de minimis financial in-1
1766	1766	centive described in section 401(k)(4)(A).’’. 2
1767	1767	(d) A
1768	1768	MENDMENT OF EMPLOYEERETIREMENTIN-3
1769	1769	COMESECURITYACT OF1974.—Subsection (b) of section 4
1770	1770	408 of the Employee Retirement Income Security Act of 5
1771	1771	1974 (29 U.S.C. 1108(b)) is amended by adding at the 6
1772	1772	end the following new paragraph: 7
1773	1773	‘‘(21) The provision of a de minimis financial 8
1774	1774	incentive described in section 401(k)(4)(A) or sec-9
1775	1775	tion 403(b)(12)(A) of the Internal Revenue Code of 10
1776	1776	1986.’’. 11
1777	1777	(e) E
1778	1778	FFECTIVEDATE.—The amendments made by 12
1779	1779	this section shall apply with respect to plan years begin-13
1780	1780	ning after the date of enactment of this Act. 14
1781	1781	SEC. 415. SAFE HARBOR FOR CORRECTIONS OF EMPLOYEE 15
1782	1782	ELECTIVE DEFERRAL FAILURES. 16
1783	1783	(a) I
1784	1784	NGENERAL.—Section 414 of the Internal Rev-17
1785	1785	enue Code of 1986 is amended by adding at the end the 18
1786	1786	following new subsection: 19
1787	1787	‘‘(aa) C
1788	1788	ORRECTINGAUTOMATICCONTRIBUTIONER-20
1789	1789	RORS.— 21
1790	1790	‘‘(1) I
1791	1791	N GENERAL.—Any plan or arrangement 22
1792	1792	shall not fail to be treated as a plan described in 23
1793	1793	sections 401(a), 403(b), 408, or 457(b), as applica-24
1794	1794	ble, solely by reason of a corrected error. 25
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1797	1797	•HR 185 IH
1798	1798	‘‘(2) CORRECTED ERROR DEFINED .—For pur-1
1799	1799	poses of this subsection, the term ‘corrected error’ 2
1800	1800	means a reasonable administrative error in imple-3
1801	1801	menting an automatic enrollment or automatic esca-4
1802	1802	lation feature in accordance with the terms of an eli-5
1803	1803	gible automatic contribution arrangement (as de-6
1804	1804	fined under subsection (w)(3)), provided that such 7
1805	1805	implementation error— 8
1806	1806	‘‘(A) is corrected by the date that is 9
1807	1807	1
1808	1808	⁄2 9
1809	1809	months after the end of the plan year during 10
1810	1810	which the error occurred, 11
1811	1811	‘‘(B) is corrected in a manner that is fa-12
1812	1812	vorable to the participant, and 13
1813	1813	‘‘(C) is of a type which is so corrected for 14
1814	1814	all similarly situated participants in a non-15
1815	1815	discriminatory manner. 16
1816	1816	Such correction may occur before or after the partic-17
1817	1817	ipant has terminated employment and may occur 18
1818	1818	without regard to whether the error is identified by 19
1819	1819	the Secretary. 20
1820	1820	‘‘(3) R
1821	1821	EGULATIONS AND GUIDANCE FOR FAVOR -21
1822	1822	ABLE CORRECTION METHODS .—The Secretary shall, 22
1823	1823	by regulations or other guidance of general applica-23
1824	1824	bility, specify the correction methods that are in a 24
1825	1825	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00060 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1827	1827	•HR 185 IH
1828	1828	manner favorable to the participant for purposes of 1
1829	1829	paragraph (2)(B).’’. 2
1830	1830	(b) E
1831	1831	FFECTIVEDATE.—The amendment made by 3
1832	1832	this section shall apply with respect to any errors with 4
1833	1833	respect to which the date referred to in section 414(aa) 5
1834	1834	(as added by this section) is after the date of enactment 6
1835	1835	of this Act. 7
1836	1836	SEC. 416. IMPROVING COVERAGE FOR PART-TIME WORK-8
1837	1837	ERS. 9
1838	1838	(a) I
1839	1839	NGENERAL.—Section 202 of the Employee Re-10
1840	1840	tirement Income Security Act of 1974 (29 U.S.C. 1052) 11
1841	1841	is amended by adding at the end the following new sub-12
1842	1842	section: 13
1843	1843	‘‘(c) S
1844	1844	PECIALRULE FORCERTAINPART-TIMEEM-14
1845	1845	PLOYEES.— 15
1846	1846	‘‘(1) I
1847	1847	N GENERAL.—A pension plan that in-16
1848	1848	cludes either a qualified cash or deferred arrange-17
1849	1849	ment (as defined in section 401(k) of the Internal 18
1850	1850	Revenue Code of 1986) or a salary reduction agree-19
1851	1851	ment (as described in section 403(b) of such Code) 20
1852	1852	shall not require, as a condition of participation in 21
1853	1853	the arrangement or agreement, that an employee 22
1854	1854	complete a period of service with the employer (or 23
1855	1855	employers) maintaining the plan extending beyond 24
1856	1856	the close of the earlier of— 25
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1859	1859	•HR 185 IH
1860	1860	‘‘(A) the period permitted under subsection 1
1861	1861	(a)(1) (determined without regard to subpara-2
1862	1862	graph (B)(i) thereof); or 3
1863	1863	‘‘(B) the first 24-month period— 4
1864	1864	‘‘(i) consisting of 2 consecutive 12- 5
1865	1865	month periods during each of which the 6
1866	1866	employee has at least 500 hours of service; 7
1867	1867	and 8
1868	1868	‘‘(ii) by the close of which the em-9
1869	1869	ployee has attained the age of 21. 10
1870	1870	‘‘(2) E
1871	1871	XCEPTION.—Paragraph (1)(B) shall not 11
1872	1872	apply to any employee described in section 410(b)(3) 12
1873	1873	of the Internal Revenue Code of 1986. 13
1874	1874	‘‘(3) C
1875	1875	OORDINATION WITH OTHER RULES .— 14
1876	1876	‘‘(A) I
1877	1877	N GENERAL.—In the case of employ-15
1878	1878	ees who are eligible to participate in the ar-16
1879	1879	rangement or agreement solely by reason of 17
1880	1880	paragraph (1)(B): 18
1881	1881	‘‘(i) E
1882	1882	XCLUSIONS.—An employer may 19
1883	1883	elect to exclude such employees from the 20
1884	1884	application of subsections (a)(4), (k)(3), 21
1885	1885	(k)(12), (k)(13), and (m)(2) of section 401 22
1886	1886	of the Internal Revenue Code of 1986 and 23
1887	1887	section 410(b) of such Code. 24
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1890	1890	•HR 185 IH
1891	1891	‘‘(ii) NONDISCRIMINATION RULES .— 1
1892	1892	Notwithstanding paragraph (1), section 2
1893	1893	401(k)(15)(B)(i)(I) of such Code shall 3
1894	1894	apply. 4
1895	1895	‘‘(iii) T
1896	1896	IME OF PARTICIPATION.—The 5
1897	1897	rules of subsection (a)(4) shall apply to 6
1898	1898	such employees. 7
1899	1899	‘‘(B) T
1900	1900	OP-HEAVY RULES.—An employer 8
1901	1901	may elect to exclude all employees who are eligi-9
1902	1902	ble to participate in a plan maintained by the 10
1903	1903	employer solely by reason of paragraph (1)(B) 11
1904	1904	from the application of the vesting and benefit 12
1905	1905	requirements under subsections (b) and (c) of 13
1906	1906	section 416 of the Internal Revenue Code of 14
1907	1907	1986. 15
1908	1908	‘‘(4) 12-
1909	1909	MONTH PERIOD.—For purposes of this 16
1910	1910	subsection, 12-month periods shall be determined in 17
1911	1911	the same manner as under the last sentence of sub-18
1912	1912	section (a)(3)(A), except that 12-month periods be-19
1913	1913	ginning before January 1, 2023, shall not be taken 20
1914	1914	into account.’’ 21
1915	1915	(b) V
1916	1916	ESTING.—Section 203(b) of the Employee Re-22
1917	1917	tirement Income Security Act of 1974 (29 U.S.C. 23
1918	1918	1053(a)) is amended by redesignating paragraph (4) as 24
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1921	1921	•HR 185 IH
1922	1922	paragraph (5) and by inserting after paragraph (3) the 1
1923	1923	following new paragraph: 2
1924	1924	‘‘(4) P
1925	1925	ART-TIME EMPLOYEES.—For purposes of 3
1926	1926	determining whether an employee who is eligible to 4
1927	1927	participate in a qualified cash or deferred arrange-5
1928	1928	ment or a salary reduction agreement under a plan 6
1929	1929	solely by reason of section 202(c)(1)(B) has a non-7
1930	1930	forfeitable right to employer contributions— 8
1931	1931	‘‘(A) except as provided in subparagraph 9
1932	1932	(B), each 12-month period for which the em-10
1933	1933	ployee has at least 500 hours of service shall be 11
1934	1934	treated as a year of service; and 12
1935	1935	‘‘(B) paragraph (3) shall be applied by 13
1936	1936	substituting ‘at least 500 hours of service’ for 14
1937	1937	‘more than 500 hours of service’ in subpara-15
1938	1938	graph (A) thereof. 16
1939	1939	For purposes of this paragraph, 12-month periods 17
1940	1940	shall be determined in the same manner as under 18
1941	1941	the last sentence of section 202(a)(3)(A), except that 19
1942	1942	12-month periods beginning before January 1, 2023, 20
1943	1943	shall not be taken into account.’’. 21
1944	1944	(c) R
1945	1945	EDUCTION INPERIODSERVICEREQUIREMENT 22
1946	1946	FORQUALIFIEDCASH AND DEFERRED ARRANGE-23
1947	1947	MENTS.—Section 401(k)(2)(D)(ii) of the Internal Revenue 24
1948	1948	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00064 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1950	1950	•HR 185 IH
1951	1951	Code of 1986 is amended by striking ‘‘3’’ and inserting 1
1952	1952	‘‘2’’. 2
1953	1953	(d) P
1954	1954	RE-2021 SERVICE.—Section 112(b) of the Set-3
1955	1955	ting Every Community Up for Retirement Enhancement 4
1956	1956	Act of 2019 (26 U.S.C. 401 note) is amended by striking 5
1957	1957	‘‘section 401(k)(2)(D)(ii)’’ and inserting ‘‘paragraphs 6
1958	1958	(2)(D)(ii) and (15)(B)(iii) of section 401(k)’’. 7
1959	1959	(e) E
1960	1960	FFECTIVEDATES.— 8
1961	1961	(1) I
1962	1962	N GENERAL.—Except as provided in para-9
1963	1963	graph (2), the amendments made by this section 10
1964	1964	shall apply to plan years beginning after December 11
1965	1965	31, 2024. 12
1966	1966	(2) S
1967	1967	UBSECTION (D).—The amendment made 13
1968	1968	by subsection (d) shall take effect as if included in 14
1969	1969	the enactment of section 112 of the Setting Every 15
1970	1970	Community Up for Retirement Enhancement Act of 16
1971	1971	2019. 17
1972	1972	SEC. 417. DEFERRAL OF TAX FOR CERTAIN SALES OF EM-18
1973	1973	PLOYER STOCK TO EMPLOYEE STOCK OWN-19
1974	1974	ERSHIP PLAN SPONSORED BY S CORPORA-20
1975	1975	TION. 21
1976	1976	(a) I
1977	1977	NGENERAL.—Section 1042(c)(1)(A) of the In-22
1978	1978	ternal Revenue Code of 1986 is amended by striking ‘‘do-23
1979	1979	mestic C corporation’’ and inserting ‘‘domestic corpora-24
1980	1980	tion’’. 25
1981	1981	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00065 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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1983	1983	•HR 185 IH
1984	1984	(b) 10 PERCENTLIMITATION ONAPPLICATION OF 1
1985	1985	G
1986	1986	AIN ONSALE OFS CORPORATIONSTOCK.—Section 2
1987	1987	1042 of such Code is amended by adding at the end the 3
1988	1988	following new subsection: 4
1989	1989	‘‘(h) A
1990	1990	PPLICATION OFSECTION TOSALE OFSTOCK 5
1991	1991	INS CORPORATION.—In the case of the sale of qualified 6
1992	1992	securities of an S corporation, the election under sub-7
1993	1993	section (a) may be made with respect to not more than 8
1994	1994	10 percent of the amount realized on such sale for pur-9
1995	1995	poses of determining the amount of gain not recognized 10
1996	1996	and the extent to which (if at all) the amount realized 11
1997	1997	on such sale exceeds the cost of qualified replacement 12
1998	1998	property. The portion of adjusted basis that is properly 13
1999	1999	allocable to the portion of the amount realized with respect 14
2000	2000	to which the election is made under this subsection shall 15
2001	2001	be taken into account for purposes of the preceding sen-16
2002	2002	tence.’’. 17
2003	2003	(c) E
2004	2004	FFECTIVEDATE.—The amendments made by 18
2005	2005	this section shall apply to sales after December 31, 2029. 19
2006	2006	SEC. 418. CERTAIN SECURITIES TREATED AS PUBLICLY 20
2007	2007	TRADED IN CASE OF EMPLOYEE STOCK OWN-21
2008	2008	ERSHIP PLANS. 22
2009	2009	(a) I
2010	2010	NGENERAL.—Section 401(a)(35) of the Internal 23
2011	2011	Revenue Code of 1986 is amended by adding at the end 24
2012	2012	the following new subparagraph: 25
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2015	2015	•HR 185 IH
2016	2016	‘‘(I) ESOP RULES RELATING TO PUBLICLY 1
2017	2017	TRADED SECURITIES.—In the case of an appli-2
2018	2018	cable defined contribution plan which is an em-3
2019	2019	ployee stock ownership plan, an employer secu-4
2020	2020	rity shall be treated as described in subpara-5
2021	2021	graph (G)(v) if— 6
2022	2022	‘‘(i) the security is the subject of 7
2023	2023	priced quotations by at least 4 dealers, 8
2024	2024	published and made continuously available 9
2025	2025	on an interdealer quotation system (as 10
2026	2026	such term is used in section 13 of the Se-11
2027	2027	curities Exchange Act of 1934) which has 12
2028	2028	made the request described in section 6(j) 13
2029	2029	of such Act to be treated as an alternative 14
2030	2030	trading system, 15
2031	2031	‘‘(ii) the security is not a penny stock 16
2032	2032	(as defined by section 3(a)(51) of such 17
2033	2033	Act), 18
2034	2034	‘‘(iii) the security is issued by a cor-19
2035	2035	poration which is not a shell company (as 20
2036	2036	such term is used in section 4(d)(6) of the 21
2037	2037	Securities Act of 1933), a blank check 22
2038	2038	company (as defined in section 7(b)(3) of 23
2039	2039	such Act), or subject to bankruptcy pro-24
2040	2040	ceedings, 25
2041	2041	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00067 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2043	2043	•HR 185 IH
2044	2044	‘‘(iv) the security has a public float 1
2045	2045	(as such term is used in section 240.12b- 2
2046	2046	2 of title 17, Code of Federal Regulations) 3
2047	2047	which has a fair market value of at least 4
2048	2048	$1,000,000 and constitutes at least 10 per-5
2049	2049	cent of the total shares issued and out-6
2050	2050	standing. 7
2051	2051	‘‘(v) in the case of a security issued 8
2052	2052	by a domestic corporation, the issuer pub-9
2053	2053	lishes, not less frequently than annually, fi-10
2054	2054	nancial statements audited by an inde-11
2055	2055	pendent auditor registered with the Public 12
2056	2056	Company Accounting Oversight Board es-13
2057	2057	tablished under the Sarbanes-Oxley Act of 14
2058	2058	2002, and 15
2059	2059	‘‘(vi) in the case of a security issued 16
2060	2060	by a foreign corporation, the security is 17
2061	2061	represented by a depositary share (as de-18
2062	2062	fined under section 240.12b-2 of title 17, 19
2063	2063	Code of Federal Regulations), or is issued 20
2064	2064	by a foreign corporation incorporated in 21
2065	2065	Canada and readily tradeable on an estab-22
2066	2066	lished securities market in Canada, and 23
2067	2067	the issuer— 24
2068	2068	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00068 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2070	2070	•HR 185 IH
2071	2071	‘‘(I) is subject to, and in compli-1
2072	2072	ance with, the reporting requirements 2
2073	2073	of section 13 or 15(d) of the Securi-3
2074	2074	ties Exchange Act of 1934 (15 U.S.C. 4
2075	2075	78m or 78o(d)), 5
2076	2076	‘‘(II) is subject to, and in compli-6
2077	2077	ance with, the reporting requirements 7
2078	2078	of section 230.257 of title 17, Code of 8
2079	2079	Federal Regulations, or 9
2080	2080	‘‘(III) is exempt from such re-10
2081	2081	quirements under section 240.12g3– 11
2082	2082	2(b) of title 17, Code of Federal Reg-12
2083	2083	ulations.’’. 13
2084	2084	(b) E
2085	2085	FFECTIVEDATE.—The amendments made by 14
2086	2086	this section shall apply to plan years beginning after De-15
2087	2087	cember 31, 2029. 16
2088	2088	SEC. 419. REMOVE REQUIRED MINIMUM DISTRIBUTION 17
2089	2089	BARRIERS FOR LIFE ANNUITIES. 18
2090	2090	(a) I
2091	2091	NGENERAL.—Section 401(a)(9) of the Internal 19
2092	2092	Revenue Code of 1986 is amended by adding at the end 20
2093	2093	the following new subparagraph: 21
2094	2094	‘‘(J) C
2095	2095	ERTAIN INCREASES IN PAYMENTS 22
2096	2096	UNDER A COMMERCIAL ANNUITY .—Nothing in 23
2097	2097	this section shall prohibit a commercial annuity 24
2098	2098	(within the meaning of section 3405(e)(6)) that 25
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2101	2101	•HR 185 IH
2102	2102	is issued in connection with any eligible retire-1
2103	2103	ment plan (within the meaning of section 2
2104	2104	402(c)(8)(B), other than a defined benefit plan) 3
2105	2105	from providing one or more of the following 4
2106	2106	types of payments on or after the annuity start-5
2107	2107	ing date: 6
2108	2108	‘‘(i) annuity payments that increase 7
2109	2109	by a constant percentage, applied not less 8
2110	2110	frequently than annually, at a rate that is 9
2111	2111	less than 5 percent per year, 10
2112	2112	‘‘(ii) a lump sum payment that— 11
2113	2113	‘‘(I) results in a shortening of the 12
2114	2114	payment period with respect to an an-13
2115	2115	nuity or a full or partial commutation 14
2116	2116	of the future annuity payments, pro-15
2117	2117	vided that such lump sum is deter-16
2118	2118	mined using reasonable actuarial 17
2119	2119	methods and assumptions, as deter-18
2120	2120	mined in good faith by the issuer of 19
2121	2121	the contract, or 20
2122	2122	‘‘(II) accelerates the receipt of 21
2123	2123	annuity payments that are scheduled 22
2124	2124	to be received within the ensuing 12 23
2125	2125	months, regardless of whether such 24
2126	2126	acceleration shortens the payment pe-25
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2129	2129	•HR 185 IH
2130	2130	riod with respect to the annuity, re-1
2131	2131	duces the dollar amount of benefits to 2
2132	2132	be paid under the contract, or results 3
2133	2133	in a suspension of annuity payments 4
2134	2134	during the period being accelerated, 5
2135	2135	‘‘(iii) an amount which is in the na-6
2136	2136	ture of a dividend or similar distribution, 7
2137	2137	provided that the issuer of the contract de-8
2138	2138	termines such amount based on a reason-9
2139	2139	able comparison of the actuarial factors as-10
2140	2140	sumed when calculating the initial annuity 11
2141	2141	payments and the issuer’s experience with 12
2142	2142	respect to those factors, or 13
2143	2143	‘‘(iv) a final payment upon death that 14
2144	2144	does not exceed the excess of the total 15
2145	2145	amount of the consideration paid for the 16
2146	2146	annuity payments, less the aggregate 17
2147	2147	amount of prior distributions or payments 18
2148	2148	from or under the contract.’’. 19
2149	2149	(b) E
2150	2150	FFECTIVEDATE.—This section shall apply to 20
2151	2151	calendar years ending after the date of the enactment of 21
2152	2152	this Act. 22
2153	2153	SEC. 420. QUALIFYING LONGEVITY ANNUITY CONTRACTS. 23
2154	2154	(a) I
2155	2155	NGENERAL.—Not later than the date which is 24
2156	2156	1 year after the date of the enactment of this Act, the 25
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2159	2159	•HR 185 IH
2160	2160	Secretary of the Treasury or the Secretary’s delegate 1
2161	2161	(hereafter in this section referred to as the ‘‘Secretary’’) 2
2162	2162	shall amend the regulation issued by the Department of 3
2163	2163	the Treasury relating to ‘‘Longevity Annuity Contracts’’ 4
2164	2164	(79 Fed. Reg. 37633 (July 2, 2014)), as follows: 5
2165	2165	(1) R
2166	2166	EPEAL 25-PERCENT PREMIUM LIMIT .—The 6
2167	2167	Secretary shall amend Q&A–17(b)(3) of Treasury 7
2168	2168	Regulation section 1.401(a)(9)–6 and Q&A–12(b)(3) 8
2169	2169	of Treasury Regulation section 1.408–8 to eliminate 9
2170	2170	the requirement that premiums for qualifying lon-10
2171	2171	gevity annuity contracts be limited to a percentage 11
2172	2172	of an individual’s account balance, and to make such 12
2173	2173	corresponding changes to the regulations and related 13
2174	2174	forms as are necessary to reflect the elimination of 14
2175	2175	this requirement. 15
2176	2176	(2) F
2177	2177	ACILITATE JOINT AND SURVIVOR BENE -16
2178	2178	FITS.—The Secretary shall amend Q&A–17(c) of 17
2179	2179	Treasury Regulation section 1.401(a)(9)–6, and 18
2180	2180	make such corresponding changes to the regulations 19
2181	2181	and related forms as are necessary, to provide that, 20
2182	2182	in the case of a qualifying longevity annuity contract 21
2183	2183	which was purchased with joint and survivor annuity 22
2184	2184	benefits for the individual and the individual’s 23
2185	2185	spouse which were permissible under the regulations 24
2186	2186	at the time the contract was originally purchased, a 25
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2188	2188	kjohnson on DSK7ZCZBW3PROD with $$_JOB 73
2189	2189	•HR 185 IH
2190	2190	divorce occurring after the original purchase and be-1
2191	2191	fore the annuity payments commence under the con-2
2192	2192	tract will not affect the permissibility of the joint 3
2193	2193	and survivor annuity benefits or other benefits under 4
2194	2194	the contract, or require any adjustment to the 5
2195	2195	amount or duration of benefits payable under the 6
2196	2196	contract, provided that any qualified domestic rela-7
2197	2197	tions order (within the meaning of section 414(p) of 8
2198	2198	the Internal Revenue Code of 1986) or, in the case 9
2199	2199	of an arrangement not subject to section 414(p) of 10
2200	2200	such Code or section 206(d) of the Employee Retire-11
2201	2201	ment Income Security Act of 1974 (29 U.S.C. 12
2202	2202	1056(d)), any divorce or separation instrument (as 13
2203	2203	defined in subsection (b))— 14
2204	2204	(A) provides that the former spouse is en-15
2205	2205	titled to the survivor benefits under the con-16
2206	2206	tract; 17
2207	2207	(B) does not modify the treatment of the 18
2208	2208	former spouse as the beneficiary under the con-19
2209	2209	tract who is entitled to the survivor benefits; or 20
2210	2210	(C) does not modify the treatment of the 21
2211	2211	former spouse as the measuring life for the sur-22
2212	2212	vivor benefits under the contract. 23
2213	2213	(3) P
2214	2214	ERMIT SHORT FREE LOOK PERIOD .—The 24
2215	2215	Secretary shall amend Q&A–17(a)(4) of Treasury 25
2216	2216	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2218	2218	•HR 185 IH
2219	2219	Regulation section 1.401(a)(9)–6 to ensure that 1
2220	2220	such Q&A does not preclude a contract from includ-2
2221	2221	ing a provision under which an employee may re-3
2222	2222	scind the purchase of the contract within a period 4
2223	2223	not exceeding 90 days from the date of purchase. 5
2224	2224	(b) D
2225	2225	IVORCE ORSEPARATIONINSTRUMENT.—For 6
2226	2226	purposes of subsection (a)(2), the term ‘‘divorce or separa-7
2227	2227	tion instrument’’ means— 8
2228	2228	(1) a decree of divorce or separate maintenance 9
2229	2229	or a written instrument incident to such a decree, 10
2230	2230	(2) a written separation agreement, or 11
2231	2231	(3) a decree (not described in paragraph (1)) 12
2232	2232	requiring a spouse to make payments for the sup-13
2233	2233	port or maintenance of the other spouse. 14
2234	2234	(c) E
2235	2235	FFECTIVEDATES, ENFORCEMENT, ANDINTER-15
2236	2236	PRETATIONS.— 16
2237	2237	(1) E
2238	2238	FFECTIVE DATES.— 17
2239	2239	(A) Paragraph (1) of subsection (a) shall 18
2240	2240	be effective with respect to contracts purchased 19
2241	2241	or received in an exchange on or after the date 20
2242	2242	of the enactment of this Act. 21
2243	2243	(B) Paragraphs (2) and (3) of subsection 22
2244	2244	(a) shall be effective with respect to contracts 23
2245	2245	purchased or received in an exchange on or 24
2246	2246	after July 2, 2016. 25
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2249	2249	•HR 185 IH
2250	2250	(2) ENFORCEMENT AND INTERPRETATIONS .— 1
2251	2251	Prior to the date on which the Secretary issues final 2
2252	2252	regulations pursuant to subsection (a)— 3
2253	2253	(A) the Secretary (or delegate) shall ad-4
2254	2254	minister and enforce the law in accordance with 5
2255	2255	subsection (a) and the effective dates in para-6
2256	2256	graph (1) of this subsection; and 7
2257	2257	(B) taxpayers may rely upon their reason-8
2258	2258	able good faith interpretations of subsection (a). 9
2259	2259	(d) R
2260	2260	EGULATORYSUCCESSORPROVISION.—Any ref-10
2261	2261	erence to a regulation under this section shall be treated 11
2262	2262	as including a reference to any successor regulation there-12
2263	2263	to. 13
2264	2264	SEC. 421. INSURANCE-DEDICATED EXCHANGE-TRADED 14
2265	2265	FUNDS. 15
2266	2266	(a) I
2267	2267	NGENERAL.—Not later than the date which is 16
2268	2268	7 years after the date of the enactment of this Act, the 17
2269	2269	Secretary of the Treasury (or the Secretary’s delegate) 18
2270	2270	shall amend the regulation issued by the Department of 19
2271	2271	the Treasury relating to ‘‘Income Tax; Diversification Re-20
2272	2272	quirements for Variable Annuity, Endowment, and Life 21
2273	2273	Insurance Contracts’’, 54 Fed. Reg. 8728 (March 2, 22
2274	2274	1989), and make any necessary corresponding amend-23
2275	2275	ments to other regulations, in order to facilitate the use 24
2276	2276	of exchange-traded funds as investment options under 25
2277	2277	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00075 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2279	2279	•HR 185 IH
2280	2280	variable contracts within the meaning of section 817(d) 1
2281	2281	of the Internal Revenue Code of 1986, in accordance with 2
2282	2282	subsections (b) and (c) of this section. 3
2283	2283	(b) D
2284	2284	ESIGNATECERTAINAUTHORIZEDPARTICI-4
2285	2285	PANTS ANDMARKETMAKERS ASELIGIBLEINVESTORS.— 5
2286	2286	The Secretary of the Treasury (or the Secretary’s dele-6
2287	2287	gate) shall amend Treasury Regulation section 1.817– 7
2288	2288	5(f)(3) to provide that satisfaction of the requirements in 8
2289	2289	Treasury Regulation section 1.817–5(f)(2)(i) with respect 9
2290	2290	to an exchange-traded fund shall not be prevented by rea-10
2291	2291	son of beneficial interests in such a fund being held by 11
2292	2292	1 or more authorized participants or market makers. 12
2293	2293	(c) D
2294	2294	EFINERELEVANT TERMS.—In amending 13
2295	2295	Treasury Regulation section 1.817–5(f)(3) in accordance 14
2296	2296	with subsections (b) of this section, the Secretary of the 15
2297	2297	Treasury (or the Secretary’s delegate) shall provide defini-16
2298	2298	tions consistent with the following: 17
2299	2299	(1) E
2300	2300	XCHANGE-TRADED FUND.—The term ‘‘ex-18
2301	2301	change-traded fund’’ means a regulated investment 19
2302	2302	company, partnership, or trust— 20
2303	2303	(A) that is registered with the Securities 21
2304	2304	and Exchange Commission as an open-end in-22
2305	2305	vestment company or a unit investment trust; 23
2306	2306	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00076 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2308	2308	•HR 185 IH
2309	2309	(B) the shares of which can be purchased 1
2310	2310	or redeemed directly from the fund only by an 2
2311	2311	authorized participant; and 3
2312	2312	(C) the shares of which are traded 4
2313	2313	throughout the day on a national stock ex-5
2314	2314	change at market prices that may or may not 6
2315	2315	be the same as the net asset value of the 7
2316	2316	shares. 8
2317	2317	(2) A
2318	2318	UTHORIZED PARTICIPANT .—The term 9
2319	2319	‘‘authorized participant’’ means a financial institu-10
2320	2320	tion that is a member or participant of a clearing 11
2321	2321	agency registered under section 17A(b) of the Secu-12
2322	2322	rities Exchange Act of 1934 that enters into a con-13
2323	2323	tractual relationship with an exchange-traded fund 14
2324	2324	pursuant to which the financial institution is per-15
2325	2325	mitted to purchase and redeem shares directly from 16
2326	2326	the fund and to sell such shares to third parties, but 17
2327	2327	only if the contractual arrangement or applicable law 18
2328	2328	precludes the financial institution from— 19
2329	2329	(A) purchasing the shares for its own in-20
2330	2330	vestment purposes rather than for the exclusive 21
2331	2331	purpose of creating and redeeming such shares 22
2332	2332	on behalf of third parties; and 23
2333	2333	(B) selling the shares to third parties who 24
2334	2334	are not market makers or otherwise described 25
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2337	2337	•HR 185 IH
2338	2338	in paragraphs (2) and (3) of Treasury Regula-1
2339	2339	tion section 1.817–5(f). 2
2340	2340	(3) M
2341	2341	ARKET MAKER .—The term ‘‘market 3
2342	2342	maker’’ means a financial institution that is a reg-4
2343	2343	istered broker or dealer under section 15(b) of the 5
2344	2344	Securities Exchange Act of 1934 that maintains li-6
2345	2345	quidity for an exchange-traded fund on a national 7
2346	2346	stock exchange by being always ready to buy and sell 8
2347	2347	shares of such fund on the market, but only if the 9
2348	2348	financial institution is contractually or legally pre-10
2349	2349	cluded from selling or buying such shares to or from 11
2350	2350	persons who are not authorized participants or oth-12
2351	2351	erwise described in paragraphs (2) and (3) of Treas-13
2352	2352	ury Regulations section 1.817–5(f). 14
2353	2353	(d) E
2354	2354	FFECTIVEDATE.—Subsections (b) and (c) shall 15
2355	2355	apply to segregated asset account investments made on 16
2356	2356	or after the date that is 7 years after the date of the enact-17
2357	2357	ment of this Act. 18
2358	2358	SEC. 422. RECOVERY OF RETIREMENT PLAN OVERPAY-19
2359	2359	MENTS. 20
2360	2360	(a) O
2361	2361	VERPAYMENTSUNDERERISA.—Section 206 of 21
2362	2362	the Employee Retirement Income Security Act of 1974 22
2363	2363	(29 U.S.C. 1056) is amended by adding at the end the 23
2364	2364	following new subsection: 24
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2367	2367	•HR 185 IH
2368	2368	‘‘(h) SPECIALRULESAPPLICABLE TO BENEFIT 1
2369	2369	O
2370	2370	VERPAYMENTS.— 2
2371	2371	‘‘(1) G
2372	2372	ENERAL RULE.—In the case of an inad-3
2373	2373	vertent benefit overpayment by any pension plan, the 4
2374	2374	responsible plan fiduciary shall not be considered to 5
2375	2375	have failed to comply with the requirements of this 6
2376	2376	title merely because such fiduciary determines, in 7
2377	2377	the exercise of its fiduciary discretion, not to seek 8
2378	2378	recovery of all or part of such overpayment from— 9
2379	2379	‘‘(A) any participant or beneficiary, 10
2380	2380	‘‘(B) any plan sponsor of, or contributing 11
2381	2381	employer to— 12
2382	2382	‘‘(i) an individual account plan, pro-13
2383	2383	vided that the amount needed to prevent or 14
2384	2384	restore any impermissible forfeiture from 15
2385	2385	any participant’s or beneficiary’s account 16
2386	2386	arising in connection with the overpayment 17
2387	2387	is, separately from and independently of 18
2388	2388	the overpayment, allocated to such account 19
2389	2389	pursuant to the nonforfeitability require-20
2390	2390	ments of section 203 (for example, out of 21
2391	2391	the plan’s forfeiture account, additional 22
2392	2392	employer contributions, or recoveries from 23
2393	2393	those responsible for the overpayment), or 24
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2396	2396	•HR 185 IH
2397	2397	‘‘(ii) a defined benefit pension plan 1
2398	2398	subject to the funding rules in part 3 of 2
2399	2399	this subtitle B, unless the responsible plan 3
2400	2400	fiduciary determines, in the exercise of its 4
2401	2401	fiduciary discretion, that failure to recover 5
2402	2402	all or part of the overpayment faster than 6
2403	2403	required under such funding rules would 7
2404	2404	materially affect the plan’s ability to pay 8
2405	2405	benefits due to other participants and 9
2406	2406	beneficiaries, or 10
2407	2407	‘‘(C) any fiduciary of the plan, other than 11
2408	2408	a fiduciary (including a plan sponsor or contrib-12
2409	2409	uting employer acting in a fiduciary capacity) 13
2410	2410	whose breach of its fiduciary duties resulted in 14
2411	2411	such overpayment, provided that if the plan has 15
2412	2412	established prudent procedures to prevent and 16
2413	2413	minimize overpayment of benefits and the rel-17
2414	2414	evant plan fiduciaries have followed such proce-18
2415	2415	dures, an inadvertent benefit overpayment will 19
2416	2416	not give rise to a breach of fiduciary duty. 20
2417	2417	‘‘(2) R
2418	2418	EDUCTION IN FUTURE BENEFIT PAY -21
2419	2419	MENTS AND RECOVERY FROM RESPONSIBLE 22
2420	2420	PARTY.—Paragraph (1) shall not fail to apply with 23
2421	2421	respect to any inadvertent benefit overpayment 24
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2424	2424	•HR 185 IH
2425	2425	merely because, after discovering such overpayment, 1
2426	2426	the responsible plan fiduciary— 2
2427	2427	‘‘(A) reduces future benefit payments to 3
2428	2428	the correct amount provided for under the 4
2429	2429	terms of the plan, or 5
2430	2430	‘‘(B) seeks recovery from the person or 6
2431	2431	persons responsible for the overpayment. 7
2432	2432	‘‘(3) E
2433	2433	MPLOYER FUNDING OBLIGATIONS .— 8
2434	2434	Nothing in this subsection shall relieve an employer 9
2435	2435	of any obligation imposed on it to make contribu-10
2436	2436	tions to a plan to meet the minimum funding stand-11
2437	2437	ards under part 3 of this subtitle B or to prevent 12
2438	2438	or restore an impermissible forfeiture in accordance 13
2439	2439	with section 203. 14
2440	2440	‘‘(4) R
2441	2441	ECOUPMENT FROM PARTICIPANTS AND 15
2442	2442	BENEFICIARIES.—If the responsible plan fiduciary, 16
2443	2443	in the exercise of its fiduciary discretion, decides to 17
2444	2444	seek recoupment from a participant or beneficiary of 18
2445	2445	all or part of an inadvertent benefit overpayment 19
2446	2446	made by the plan to such participant or beneficiary, 20
2447	2447	it may do so, subject to the following conditions: 21
2448	2448	‘‘(A) No interest or other additional 22
2449	2449	amounts (such as collection costs or fees) are 23
2450	2450	sought on overpaid amounts for any period. 24
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2453	2453	•HR 185 IH
2454	2454	‘‘(B) If the plan seeks to recoup past over-1
2455	2455	payments of a non-decreasing periodic benefit 2
2456	2456	by reducing future benefit payments— 3
2457	2457	‘‘(i) the reduction ceases after the 4
2458	2458	plan has recovered the full dollar amount 5
2459	2459	of the overpayment, 6
2460	2460	‘‘(ii) the amount recouped each cal-7
2461	2461	endar year does not exceed 10 percent of 8
2462	2462	the full dollar amount of the overpayment, 9
2463	2463	and 10
2464	2464	‘‘(iii) future benefit payments are not 11
2465	2465	reduced to below 90 percent of the periodic 12
2466	2466	amount otherwise payable under the terms 13
2467	2467	of the plan. 14
2468	2468	Alternatively, if the plan seeks to recoup past 15
2469	2469	overpayments of a non-decreasing periodic ben-16
2470	2470	efit through one or more installment payments, 17
2471	2471	the sum of such installment payments in any 18
2472	2472	calendar year does not exceed the sum of the 19
2473	2473	reductions that would be permitted in such year 20
2474	2474	under the preceding sentence. 21
2475	2475	‘‘(C) If the plan seeks to recoup past over-22
2476	2476	payments of a benefit other than a non-decreas-23
2477	2477	ing periodic benefit, the plan satisfies require-24
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2480	2480	•HR 185 IH
2481	2481	ments developed by the Secretary for purposes 1
2482	2482	of this subparagraph. 2
2483	2483	‘‘(D) Efforts to recoup overpayments are— 3
2484	2484	‘‘(i) not accompanied by threats of 4
2485	2485	litigation, unless the responsible plan fidu-5
2486	2486	ciary reasonably believes it could prevail in 6
2487	2487	a civil action brought in Federal or State 7
2488	2488	court to recoup the overpayments, and 8
2489	2489	‘‘(ii) not made through a collection 9
2490	2490	agency or similar third party, unless the 10
2491	2491	participant or beneficiary ignores or rejects 11
2492	2492	efforts to recoup the overpayment following 12
2493	2493	either a final judgment in Federal or State 13
2494	2494	court or a settlement between the partici-14
2495	2495	pant or beneficiary and the plan, in either 15
2496	2496	case authorizing such recoupment. 16
2497	2497	‘‘(E) Recoupment of past overpayments to 17
2498	2498	a participant is not sought from any beneficiary 18
2499	2499	of the participant, including a spouse, surviving 19
2500	2500	spouse, former spouse, or other beneficiary. 20
2501	2501	‘‘(F) Recoupment may not be sought if the 21
2502	2502	first overpayment occurred more than 3 years 22
2503	2503	before the participant or beneficiary is first no-23
2504	2504	tified in writing of the error. 24
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2508	2508	‘‘(G) A participant or beneficiary from 1
2509	2509	whom recoupment is sought is entitled to con-2
2510	2510	test all or part of the recoupment pursuant to 3
2511	2511	the plan’s claims procedures. 4
2512	2512	‘‘(H) In determining the amount of 5
2513	2513	recoupment to seek, the responsible plan fidu-6
2514	2514	ciary may take into account the hardship that 7
2515	2515	recoupment likely would impose on the partici-8
2516	2516	pant or beneficiary. 9
2517	2517	‘‘(5) E
2518	2518	FFECT OF CULPABILITY .—Subpara-10
2519	2519	graphs (A) through (F) of paragraph (4) shall not 11
2520	2520	apply to protect a participant or beneficiary who is 12
2521	2521	culpable. For purposes of this paragraph, a partici-13
2522	2522	pant or beneficiary is culpable if the individual bears 14
2523	2523	responsibility for the overpayment (such as through 15
2524	2524	misrepresentations or omissions that led to the over-16
2525	2525	payment), or if the individual knew, or had good 17
2526	2526	reason to know under the circumstances, that the 18
2527	2527	benefit payment or payments were materially in ex-19
2528	2528	cess of the correct amount. Notwithstanding the pre-20
2529	2529	ceding sentence, an individual is not culpable merely 21
2530	2530	because the individual believed the benefit payment 22
2531	2531	or payments were or might be in excess of the cor-23
2532	2532	rect amount, if the individual raised that question 24
2533	2533	with an authorized plan representative and was told 25
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2536	2536	•HR 185 IH
2537	2537	the payment or payments were not in excess of the 1
2538	2538	correct amount. With respect to a culpable partici-2
2539	2539	pant or beneficiary, efforts to recoup overpayments 3
2540	2540	shall not be made through threats of litigation, un-4
2541	2541	less a lawyer for the plan could make the representa-5
2542	2542	tions required under Rule 11 of the Federal Rules 6
2543	2543	of Civil Procedure if the litigation were brought in 7
2544	2544	Federal court.’’. 8
2545	2545	(b) O
2546	2546	VERPAYMENTS UNDERINTERNALREVENUE 9
2547	2547	C
2548	2548	ODE OF1986.— 10
2549	2549	(1) Q
2550	2550	UALIFICATION REQUIREMENTS .—Section 11
2551	2551	414 of the Internal Revenue Code of 1986, as 12
2552	2552	amended by this preceding provisions of this Act, is 13
2553	2553	amended by adding at the end the following new 14
2554	2554	subsection: 15
2555	2555	‘‘(bb) S
2556	2556	PECIALRULESAPPLICABLE TO BENEFIT 16
2557	2557	O
2558	2558	VERPAYMENTS.— 17
2559	2559	‘‘(1) I
2560	2560	N GENERAL.—A plan shall not fail to be 18
2561	2561	treated as described in clause (i), (ii), (iii), or (iv) 19
2562	2562	of section 219(g)(5)(A) (and shall not fail to be 20
2563	2563	treated as satisfying the requirements of section 21
2564	2564	401(a) or 403) merely because— 22
2565	2565	‘‘(A) the plan fails to obtain payment from 23
2566	2566	any participant, beneficiary, employer, plan 24
2567	2567	sponsor, fiduciary, or other party on account of 25
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2570	2570	•HR 185 IH
2571	2571	any inadvertent benefit overpayment made by 1
2572	2572	the plan, or 2
2573	2573	‘‘(B) the plan sponsor amends the plan to 3
2574	2574	increase past or future benefit payments to af-4
2575	2575	fected participants and beneficiaries in order to 5
2576	2576	adjust for prior inadvertent benefit overpay-6
2577	2577	ments. 7
2578	2578	‘‘(2) R
2579	2579	EDUCTION IN FUTURE BENEFIT PAY -8
2580	2580	MENTS AND RECOVERY FROM RESPONSIBLE 9
2581	2581	PARTY.—Paragraph (1) shall not fail to apply to a 10
2582	2582	plan merely because, after discovering a benefit over-11
2583	2583	payment, such plan— 12
2584	2584	‘‘(A) reduces future benefit payments to 13
2585	2585	the correct amount provided for under the 14
2586	2586	terms of the plan, or 15
2587	2587	‘‘(B) seeks recovery from the person or 16
2588	2588	persons responsible for such overpayment. 17
2589	2589	‘‘(3) E
2590	2590	MPLOYER FUNDING OBLIGATIONS .— 18
2591	2591	Nothing in this subsection shall relieve an employer 19
2592	2592	of any obligation imposed on it to make contribu-20
2593	2593	tions to a plan to meet the minimum funding stand-21
2594	2594	ards under sections 412 and 430 or to prevent or re-22
2595	2595	store an impermissible forfeiture in accordance with 23
2596	2596	section 411. 24
2597	2597	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00086 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2599	2599	•HR 185 IH
2600	2600	‘‘(4) OBSERVANCE OF BENEFIT LIMITATIONS .— 1
2601	2601	Notwithstanding paragraph (1), a plan to which 2
2602	2602	paragraph (1) applies shall observe any limitations 3
2603	2603	imposed on it by section 401(a)(17) or 415. The 4
2604	2604	plan may enforce such limitations using any method 5
2605	2605	approved by the Secretary of the Treasury for re-6
2606	2606	couping benefits previously paid or allocations pre-7
2607	2607	viously made in excess of such limitations. 8
2608	2608	‘‘(5) C
2609	2609	OORDINATION WITH OTHER QUALIFICA -9
2610	2610	TION REQUIREMENTS .—The Secretary of the Treas-10
2611	2611	ury may issue regulations or other guidance of gen-11
2612	2612	eral applicability specifying how benefit overpay-12
2613	2613	ments and their recoupment or non-recoupment 13
2614	2614	from a participant or beneficiary shall be taken into 14
2615	2615	account for purposes of satisfying any requirement 15
2616	2616	applicable to a plan to which paragraph (1) applies.’’ 16
2617	2617	(2) R
2618	2618	OLLOVERS.—Section 402(c) of such Code 17
2619	2619	is amended by adding at the end the following new 18
2620	2620	paragraph: 19
2621	2621	‘‘(12) In the case of an inadvertent benefit 20
2622	2622	overpayment from a plan to which section 21
2623	2623	414(bb)(1) applies that is transferred to an eligible 22
2624	2624	retirement plan by or on behalf of a participant or 23
2625	2625	beneficiary— 24
2626	2626	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00087 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2628	2628	•HR 185 IH
2629	2629	‘‘(A) the portion of such overpayment with 1
2630	2630	respect to which recoupment is not sought on 2
2631	2631	behalf of the plan shall be treated as having 3
2632	2632	been paid in an eligible rollover distribution if 4
2633	2633	the payment would have been an eligible roll-5
2634	2634	over distribution but for being an overpayment, 6
2635	2635	and 7
2636	2636	‘‘(B) the portion of such overpayment with 8
2637	2637	respect to which recoupment is sought on behalf 9
2638	2638	of the plan shall be permitted to be returned to 10
2639	2639	such plan and in such case shall be treated as 11
2640	2640	an eligible rollover distribution transferred to 12
2641	2641	such plan by the participant or beneficiary who 13
2642	2642	received such overpayment (and the plans mak-14
2643	2643	ing and receiving such transfer shall be treated 15
2644	2644	as permitting such transfer). 16
2645	2645	In any case in which recoupment is sought on behalf 17
2646	2646	of the plan but is disputed by the participant or ben-18
2647	2647	eficiary who received such overpayment, such dispute 19
2648	2648	shall be subject to the claims procedures of the plan 20
2649	2649	that made such overpayment, such plan shall notify 21
2650	2650	the plan receiving the rollover of such dispute, and 22
2651	2651	the plan receiving the rollover shall retain such over-23
2652	2652	payment on behalf of the participant or beneficiary 24
2653	2653	(and shall be entitled to treat such overpayment as 25
2654	2654	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00088 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
2655	2655	kjohnson on DSK7ZCZBW3PROD with $$_JOB 89
2656	2656	•HR 185 IH
2657	2657	plan assets) pending the outcome of such proce-1
2658	2658	dures.’’. 2
2659	2659	(c) E
2660	2660	FFECTIVEDATE.—The amendments made by 3
2661	2661	this section shall apply as of the date of the enactment 4
2662	2662	of this Act. 5
2663	2663	(d) C
2664	2664	ERTAINACTIONSBEFOREDATE OFENACT-6
2665	2665	MENT.—Plans, fiduciaries, employers, and plan sponsors 7
2666	2666	are entitled to rely on— 8
2667	2667	(1) a good faith interpretation of then existing 9
2668	2668	administrative guidance for inadvertent benefit over-10
2669	2669	payment recoupments and recoveries that com-11
2670	2670	menced before the date of enactment of this Act, 12
2671	2671	and 13
2672	2672	(2) determinations made before the date of en-14
2673	2673	actment of this Act by the responsible plan fidu-15
2674	2674	ciary, in the exercise of its fiduciary discretion, not 16
2675	2675	to seek recoupment or recovery of all or part of an 17
2676	2676	inadvertent benefit overpayment. 18
2677	2677	In the case of a benefit overpayment that occurred prior 19
2678	2678	to the date of enactment of this Act, any installment pay-20
2679	2679	ments by the participant or beneficiary to the plan or any 21
2680	2680	reduction in periodic benefit payments to the participant 22
2681	2681	or beneficiary, which were made in recoupment of such 23
2682	2682	overpayment and which commenced prior to such date, 24
2683	2683	may continue after such date. Nothing in this subsection 25
2684	2684	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00089 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2686	2686	•HR 185 IH
2687	2687	shall relieve a fiduciary from responsibility for an overpay-1
2688	2688	ment that resulted from a breach of its fiduciary duties. 2
2689	2689	SEC. 423. REDUCTION IN EXCISE TAX ON CERTAIN ACCU-3
2690	2690	MULATIONS IN QUALIFIED RETIREMENT 4
2691	2691	PLANS. 5
2692	2692	(a) I
2693	2693	NGENERAL.—Section 4974(a) of the Internal 6
2694	2694	Revenue Code of 1986 is amended by striking ‘‘50 per-7
2695	2695	cent’’ and inserting ‘‘25 percent’’. 8
2696	2696	(b) R
2697	2697	EDUCTION INEXCISETAX ONFAILURESTO 9
2698	2698	T
2699	2699	AKEREQUIREDMINIMUMDISTRIBUTIONS.—Section 10
2700	2700	4974 of such Code is amended by adding at the end the 11
2701	2701	following new subsection: 12
2702	2702	‘‘(e) R
2703	2703	EDUCTION OFTAX INCERTAINCASES.— 13
2704	2704	‘‘(1) R
2705	2705	EDUCTION.—In the case of a taxpayer 14
2706	2706	who— 15
2707	2707	‘‘(A) corrects, during the correction win-16
2708	2708	dow, a shortfall of distributions from an indi-17
2709	2709	vidual retirement plan which resulted in imposi-18
2710	2710	tion of a tax under subsection (a), and 19
2711	2711	‘‘(B) submits a return, during the correc-20
2712	2712	tion window, reflecting such tax (as modified by 21
2713	2713	this subsection), 22
2714	2714	the first sentence of subsection (a) shall be applied 23
2715	2715	by substituting ‘10 percent’ for ‘25 percent’. 24
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2718	2718	•HR 185 IH
2719	2719	‘‘(2) CORRECTION WINDOW .—For purposes of 1
2720	2720	this subsection, the term ‘correction window’ means 2
2721	2721	the period of time beginning on the date on which 3
2722	2722	the tax under subsection (a) is imposed with respect 4
2723	2723	to a shortfall of distributions from an individual re-5
2724	2724	tirement plan, and ending on the earlier of— 6
2725	2725	‘‘(A) the date on which the Secretary initi-7
2726	2726	ates an audit, or otherwise demands payment, 8
2727	2727	with respect to the shortfall of distributions, or 9
2728	2728	‘‘(B) the last day of the second taxable 10
2729	2729	year that begins after the end of the taxable 11
2730	2730	year in which the tax under subsection (a) is 12
2731	2731	imposed.’’. 13
2732	2732	(c) E
2733	2733	FFECTIVEDATE.—The amendments made by 14
2734	2734	this section shall apply to taxable years beginning after 15
2735	2735	December 31, 2024. 16
2736	2736	SEC. 424. PERFORMANCE BENCHMARKS FOR ASSET ALLO-17
2737	2737	CATION FUNDS. 18
2738	2738	(a) I
2739	2739	NGENERAL.—Not later than 1 year after the 19
2740	2740	date of enactment of this Act, the Secretary of Labor shall 20
2741	2741	provide that, in the case of a designated investment alter-21
2742	2742	native that contains a mix of asset classes, the adminis-22
2743	2743	trator of a plan may, but is not required to, use a bench-23
2744	2744	mark that is a blend of different broad-based securities 24
2745	2745	market indices if— 25
2746	2746	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00091 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2748	2748	•HR 185 IH
2749	2749	(1) the blend is reasonably representative of the 1
2750	2750	asset class holdings of the designated investment al-2
2751	2751	ternative; 3
2752	2752	(2) for purposes of determining the blend’s re-4
2753	2753	turns for 1-, 5-, and 10-calendar-year periods (or for 5
2754	2754	the life of the alternative, if shorter), the blend is 6
2755	2755	modified at least once per year to reflect changes in 7
2756	2756	the asset class holdings of the designated investment 8
2757	2757	alternative; 9
2758	2758	(3) the blend is furnished to participants and 10
2759	2759	beneficiaries in a manner that is reasonably designed 11
2760	2760	to be understandable; and 12
2761	2761	(4) each securities market index that is used for 13
2762	2762	an associated asset class would separately satisfy the 14
2763	2763	requirements of such regulation for such asset class. 15
2764	2764	(b) S
2765	2765	TUDY.—Not later than 3 years after the date 16
2766	2766	of enactment of this Act, the Secretary of Labor shall de-17
2767	2767	liver a report to the Committees on Finance and Health, 18
2768	2768	Education, Labor, and Pensions of the Senate and the 19
2769	2769	Committees on Ways and Means and Education and 20
2770	2770	Labor of the House of Representatives regarding the utili-21
2771	2771	zation, effectiveness, and participants’ understanding of 22
2772	2772	the benchmarking requirements under this section. 23
2773	2773	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00092 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2776	2776	SEC. 425. REVIEW AND REPORT TO CONGRESS RELATING 1
2777	2777	TO REPORTING AND DISCLOSURE REQUIRE-2
2778	2778	MENTS. 3
2779	2779	(a) S
2780	2780	TUDY.—As soon as practicable after the date of 4
2781	2781	enactment of this Act, the Secretary of Labor, the Sec-5
2782	2782	retary of the Treasury, and the Director of the Pension 6
2783	2783	Benefit Guaranty Corporation shall review the reporting 7
2784	2784	and disclosure requirements as applicable to each such 8
2785	2785	agency head, of— 9
2786	2786	(1) the Employee Retirement Income Security 10
2787	2787	Act of 1974 applicable to pension plans (as defined 11
2788	2788	in section 3(2) of such Act (29 U.S.C. 1002(2)); and 12
2789	2789	(2) the Internal Revenue Code of 1986 applica-13
2790	2790	ble to qualified retirement plans (as defined in sec-14
2791	2791	tion 4974(c) of such Code, without regard to para-15
2792	2792	graphs (4) and (5) of such section). 16
2793	2793	(b) R
2794	2794	EPORT.— 17
2795	2795	(1) I
2796	2796	N GENERAL.—Not later than 2 years after 18
2797	2797	the date of enactment of this Act, the Secretary of 19
2798	2798	Labor, the Secretary of the Treasury, and the Direc-20
2799	2799	tor of the Pension Benefit Guaranty Corporation, 21
2800	2800	jointly, and after consultation with a balanced group 22
2801	2801	of participant and employer representatives, shall 23
2802	2802	with respect to plans referenced in subsection (a) re-24
2803	2803	port on the effectiveness of the applicable reporting 25
2804	2804	and disclosure requirements and make such rec-26
2805	2805	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00093 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2807	2807	•HR 185 IH
2808	2808	ommendations as may be appropriate to the Com-1
2809	2809	mittee on Education and Labor and the Committee 2
2810	2810	on Ways and Means of the House of Representatives 3
2811	2811	and the Committee on Health, Education, Labor, 4
2812	2812	and Pensions and the Committee on Finance of the 5
2813	2813	Senate to consolidate, simplify, standardize, and im-6
2814	2814	prove such requirements so as to simplify reporting 7
2815	2815	for such plans and ensure that plans can furnish 8
2816	2816	and participants and beneficiaries timely receive and 9
2817	2817	better understand the information they need to mon-10
2818	2818	itor their plans, plan for retirement, and obtain the 11
2819	2819	benefits they have earned. 12
2820	2820	(2) A
2821	2821	NALYSIS OF EFFECTIVENESS .—To assess 13
2822	2822	the effectiveness of the applicable reporting and dis-14
2823	2823	closure requirements, the report shall include an 15
2824	2824	analysis, based on plan data, of how participants 16
2825	2825	and beneficiaries are providing preferred contact in-17
2826	2826	formation, the methods by which plan sponsors and 18
2827	2827	plans are furnishing disclosures, and the rate at 19
2828	2828	which participants and beneficiaries (grouped by key 20
2829	2829	demographics) are receiving, accessing, under-21
2830	2830	standing, and retaining disclosures. 22
2831	2831	(3) C
2832	2832	OLLECTION OF INFORMATION .—The agen-23
2833	2833	cies shall conduct appropriate surveys and data col-24
2834	2834	lection to obtain any needed information. 25
2835	2835	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00094 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2837	2837	•HR 185 IH
2838	2838	SEC. 426. ELIMINATING UNNECESSARY PLAN REQUIRE-1
2839	2839	MENTS RELATED TO UNENROLLED PARTICI-2
2840	2840	PANTS. 3
2841	2841	(a) A
2842	2842	MENDMENT OF EMPLOYEERETIREMENTIN-4
2843	2843	COMESECURITYACT OF1974.— 5
2844	2844	(1) I
2845	2845	N GENERAL.—Part 1 of subtitle B of sub-6
2846	2846	chapter I of the Employee Retirement Income Secu-7
2847	2847	rity Act of 1974 is amended by redesignating section 8
2848	2848	111 as section 112 and by inserting after section 9
2849	2849	110 the following new section: 10
2850	2850	‘‘SEC. 111. ELIMINATING UNNECESSARY PLAN REQUIRE-11
2851	2851	MENTS RELATED TO UNENROLLED PARTICI-12
2852	2852	PANTS. 13
2853	2853	‘‘(a) I
2854	2854	NGENERAL.—Notwithstanding any other pro-14
2855	2855	vision of this title, with respect to any individual account 15
2856	2856	plan, no disclosure, notice, or other plan document (other 16
2857	2857	than the notices and documents described in paragraphs 17
2858	2858	(1) and (2)) shall be required to be furnished under this 18
2859	2859	title to any unenrolled participant if the unenrolled partici-19
2860	2860	pant receives— 20
2861	2861	‘‘(1) an annual reminder notice of such partici-21
2862	2862	pant’s eligibility to participate in such plan and any 22
2863	2863	applicable election deadlines under the plan; and 23
2864	2864	‘‘(2) any document requested by such partici-24
2865	2865	pant that the participant would be entitled to receive 25
2866	2866	notwithstanding this section. 26
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2870	2870	‘‘(b) UNENROLLEDPARTICIPANT.—For purposes of 1
2871	2871	this section, the term ‘unenrolled participant’ means an 2
2872	2872	employee who— 3
2873	2873	‘‘(1) is eligible to participate in an individual 4
2874	2874	account plan; 5
2875	2875	‘‘(2) has received— 6
2876	2876	‘‘(A) the summary plan description pursu-7
2877	2877	ant to section 104(b); and 8
2878	2878	‘‘(B) any other notices related to eligibility 9
2879	2879	under the plan required to be furnished under 10
2880	2880	this title, or the Internal Revenue Code of 11
2881	2881	1986, in connection with such participant’s ini-12
2882	2882	tial eligibility to participate in such plan; 13
2883	2883	‘‘(3) is not participating in such plan; 14
2884	2884	‘‘(4) does not have an account balance in the 15
2885	2885	plan; and 16
2886	2886	‘‘(5) satisfies such other criteria as the Sec-17
2887	2887	retary of Labor may determine appropriate, as pre-18
2888	2888	scribed in guidance issued in consultation with the 19
2889	2889	Secretary of Treasury. 20
2890	2890	For purposes of this section, any eligibility to participate 21
2891	2891	in the plan following any period for which such employee 22
2892	2892	was not eligible to participate shall be treated as initial 23
2893	2893	eligibility. 24
2894	2894	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00096 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2897	2897	‘‘(c) ANNUALREMINDERNOTICE.—For purposes of 1
2898	2898	this section, the term ‘annual reminder notice’ means a 2
2899	2899	notice provided in accordance with section 2520.104b–1 3
2900	2900	of title 29, Code of Federal Regulations (or any successor 4
2901	2901	regulation), which— 5
2902	2902	‘‘(1) is furnished in connection with the annual 6
2903	2903	open season election period with respect to the plan 7
2904	2904	or, if there is no such period, is furnished within a 8
2905	2905	reasonable period prior to the beginning of each plan 9
2906	2906	year; 10
2907	2907	‘‘(2) notifies the unenrolled participant of— 11
2908	2908	‘‘(A) the unenrolled participant’s eligibility 12
2909	2909	to participate in the plan; and 13
2910	2910	‘‘(B) the key benefits and rights under the 14
2911	2911	plan, with a focus on employer contributions 15
2912	2912	and vesting provisions; and 16
2913	2913	‘‘(3) provides such information in a prominent 17
2914	2914	manner calculated to be understood by the average 18
2915	2915	participant.’’. 19
2916	2916	(2) C
2917	2917	LERICAL AMENDMENT .—The table of con-20
2918	2918	tents in section 1 of the Employee Retirement In-21
2919	2919	come Security Act of 1974 is amended by striking 22
2920	2920	the item relating to section 111 and by inserting 23
2921	2921	after the item relating to section 110 the following 24
2922	2922	new items: 25
2923	2923	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00097 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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2925	2925	•HR 185 IH
2926	2926	‘‘Sec. 111. Eliminating unnecessary plan requirements related to unenrolled
2927	2927	participants.
2928	2928	‘‘Sec. 112. Repeal and effective date.’’.
2929	2929	(b) AMENDMENT OF INTERNALREVENUECODE OF 1
2930	2930	1986.—Section 414 of the Internal Revenue Code of 2
2931	2931	1986, as amended by the preceding provisions of this Act, 3
2932	2932	is amended by adding at the end the following new sub-4
2933	2933	section: 5
2934	2934	‘‘(cc) E
2935	2935	LIMINATINGUNNECESSARYPLANREQUIRE-6
2936	2936	MENTSRELATED TOUNENROLLEDPARTICIPANTS.— 7
2937	2937	‘‘(1) I
2938	2938	N GENERAL.—Notwithstanding any other 8
2939	2939	provision of this title, with respect to any defined 9
2940	2940	contribution plan, no disclosure, notice, or other plan 10
2941	2941	document (other than the notices and documents de-11
2942	2942	scribed in subparagraphs (A) and (B)) shall be re-12
2943	2943	quired to be furnished under this title to any 13
2944	2944	unenrolled participant if the unenrolled participant 14
2945	2945	receives— 15
2946	2946	‘‘(A) an annual reminder notice of such 16
2947	2947	participant’s eligibility to participate in such 17
2948	2948	plan and any applicable election deadlines under 18
2949	2949	the plan, and 19
2950	2950	‘‘(B) any document requested by such par-20
2951	2951	ticipant that the participant would be entitled 21
2952	2952	to receive notwithstanding this subsection. 22
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2956	2956	‘‘(2) UNENROLLED PARTICIPANT .—For pur-1
2957	2957	poses of this subsection, the term ‘unenrolled partici-2
2958	2958	pant’ means an employee who— 3
2959	2959	‘‘(A) is eligible to participate in a defined 4
2960	2960	contribution plan, 5
2961	2961	‘‘(B) has received— 6
2962	2962	‘‘(i) the summary plan description 7
2963	2963	pursuant to section 104(b) of the Em-8
2964	2964	ployee Retirement Income Security Act of 9
2965	2965	1974, and 10
2966	2966	‘‘(ii) any other notices related to eligi-11
2967	2967	bility under the plan and required to be 12
2968	2968	furnished under this title, or the Employee 13
2969	2969	Retirement Income Security Act of 1974, 14
2970	2970	in connection with such participant’s initial 15
2971	2971	eligibility to participate in such plan, 16
2972	2972	‘‘(C) is not participating in such plan, 17
2973	2973	‘‘(D) does not have an account balance in 18
2974	2974	the plan, and 19
2975	2975	‘‘(E) satisfies such other criteria as the 20
2976	2976	Secretary of the Treasury may determine ap-21
2977	2977	propriate, as prescribed in guidance issued in 22
2978	2978	consultation with the Secretary of Labor. 23
2979	2979	For purposes of this subsection, any eligibility to 24
2980	2980	participate in the plan following any period for 25
2981	2981	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00099 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
2982	2982	kjohnson on DSK7ZCZBW3PROD with $$_JOB 100
2983	2983	•HR 185 IH
2984	2984	which such employee was not eligible to participate 1
2985	2985	shall be treated as initial eligibility. 2
2986	2986	‘‘(3) A
2987	2987	NNUAL REMINDER NOTICE .—For pur-3
2988	2988	poses of this subsection, the term ‘annual reminder 4
2989	2989	notice’ means the notice described in section 111(c) 5
2990	2990	of the Employee Retirement Income Security Act of 6
2991	2991	1974.’’. 7
2992	2992	(c) E
2993	2993	FFECTIVEDATE.—The amendments made by 8
2994	2994	this section shall apply to plan years beginning after De-9
2995	2995	cember 31, 2024. 10
2996	2996	SEC. 427. RETIREMENT SAVINGS LOST AND FOUND. 11
2997	2997	(a) I
2998	2998	NGENERAL.— 12
2999	2999	(1) E
3000	3000	STABLISHMENT OF RETIREMENT SAVINGS 13
3001	3001	LOST AND FOUND .—Part 5 of title I of the Em-14
3002	3002	ployee Retirement Income Security Act of 1974 (29 15
3003	3003	U.S.C. 1341 et seq.) is amended by adding at the 16
3004	3004	end the following: 17
3005	3005	‘‘SEC. 523. RETIREMENT SAVINGS LOST AND FOUND. 18
3006	3006	‘‘(a) E
3007	3007	STABLISHMENT.— 19
3008	3008	‘‘(1) I
3009	3009	N GENERAL.—Not later than 2 years 20
3010	3010	after the date of the enactment of this section, the 21
3011	3011	Secretary of Labor, in consultation with the Sec-22
3012	3012	retary of the Treasury, shall establish an online 23
3013	3013	searchable database (to be managed by the Depart-24
3014	3014	ment of Labor in accordance with this section) to be 25
3015	3015	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00100 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3016	3016	kjohnson on DSK7ZCZBW3PROD with $$_JOB 101
3017	3017	•HR 185 IH
3018	3018	known as the ‘Retirement Savings Lost and Found’. 1
3019	3019	The Retirement Savings Lost and Found shall— 2
3020	3020	‘‘(A) allow an individual to search for in-3
3021	3021	formation that enables the individual to locate 4
3022	3022	the administrator of any plan described in para-5
3023	3023	graph (2) with respect to which the individual 6
3024	3024	is or was a participant or beneficiary, and pro-7
3025	3025	vide contact information for the administrator 8
3026	3026	of any such plan; 9
3027	3027	‘‘(B) allow the Department of Labor to as-10
3028	3028	sist such an individual in locating any such plan 11
3029	3029	of the individual; and 12
3030	3030	‘‘(C) allow the Department of Labor to 13
3031	3031	make any necessary changes to contact infor-14
3032	3032	mation on record for the administrator based 15
3033	3033	on any changes to the plan due to merger or 16
3034	3034	consolidation of the plan with any other plan, 17
3035	3035	division of the plan into two or more plans, 18
3036	3036	bankruptcy, termination, change in name of the 19
3037	3037	plan, change in name or address of the admin-20
3038	3038	istrator, or other causes. 21
3039	3039	The Retirement Savings Lost and Found established 22
3040	3040	under this paragraph shall include information re-23
3041	3041	ported under this section and other relevant infor-24
3042	3042	mation obtained by the Department of Labor. 25
3043	3043	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00101 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3044	3044	kjohnson on DSK7ZCZBW3PROD with $$_JOB 102
3045	3045	•HR 185 IH
3046	3046	‘‘(2) PLANS DESCRIBED.—A plan described in 1
3047	3047	this paragraph is a plan to which the vesting stand-2
3048	3048	ards of section 203 apply. 3
3049	3049	‘‘(b) A
3050	3050	DMINISTRATION.—The Retirement Savings 4
3051	3051	Lost and Found established under subsection (a) shall 5
3052	3052	provide individuals described in subsection (a)(1) only 6
3053	3053	with the ability to search for information that enables the 7
3054	3054	individual to locate the administrator and contact informa-8
3055	3055	tion for the administrator of any plan with respect to 9
3056	3056	which the individual is or was a participant or beneficiary, 10
3057	3057	sufficient to allow the individual to locate the individual’s 11
3058	3058	plan in order to recover any benefit owing to the individual 12
3059	3059	under the plan. 13
3060	3060	‘‘(c) S
3061	3061	AFEGUARDINGPARTICIPANTPRIVACY ANDSE-14
3062	3062	CURITY.—In establishing the Retirement Savings Lost 15
3063	3063	and Found under subsection (a), the Department of Labor 16
3064	3064	shall take all necessary and proper precautions to ensure 17
3065	3065	that individuals’ plan information maintained by the Re-18
3066	3066	tirement Savings Lost and Found is protected. 19
3067	3067	‘‘(d) D
3068	3068	EFINITION OFADMINISTRATOR.—For pur-20
3069	3069	poses of this section, the term ‘administrator’ has the 21
3070	3070	meaning given such term in section 3(16)(A). 22
3071	3071	‘‘(e) I
3072	3072	NFORMATIONCOLLECTIONFROMPLANS.—Ef-23
3073	3073	fective with respect to plan years beginning after the sec-24
3074	3074	ond December 31 occurring after the date of the enact-25
3075	3075	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00102 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3076	3076	kjohnson on DSK7ZCZBW3PROD with $$_JOB 103
3077	3077	•HR 185 IH
3078	3078	ment of this subsection, the administrator of a plan to 1
3079	3079	which the vesting standards of section 203 apply shall sub-2
3080	3080	mit to the Department of Labor, at such time and in such 3
3081	3081	form and manner as is prescribed in regulations— 4
3082	3082	‘‘(1) the information described in paragraphs 5
3083	3083	(1) through (4) of section 6057(b) of the Internal 6
3084	3084	Revenue Code of 1986; 7
3085	3085	‘‘(2) the information described in subpara-8
3086	3086	graphs (A) and (B) of section 6057(a)(2) of such 9
3087	3087	Code; 10
3088	3088	‘‘(3) the name and taxpayer identifying number 11
3089	3089	of each participant or former participant in the 12
3090	3090	plan— 13
3091	3091	‘‘(A) who, during the current plan year or 14
3092	3092	any previous plan year, was reported under sec-15
3093	3093	tion 6057(a)(2)(C) of such Code, and with re-16
3094	3094	spect to whom the benefits described in clause 17
3095	3095	(ii) thereof were fully paid during the plan year; 18
3096	3096	‘‘(B) with respect to whom any amount 19
3097	3097	was distributed under section 401(a)(31)(B) of 20
3098	3098	such Code during the plan year; or 21
3099	3099	‘‘(C) with respect to whom a deferred an-22
3100	3100	nuity contract was distributed during the plan 23
3101	3101	year; 24
3102	3102	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00103 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3103	3103	kjohnson on DSK7ZCZBW3PROD with $$_JOB 104
3104	3104	•HR 185 IH
3105	3105	‘‘(4) in the case of a participant or former par-1
3106	3106	ticipant to whom paragraph (3) applies— 2
3107	3107	‘‘(A) in the case of a participant described 3
3108	3108	in subparagraph (B) thereof, the name and ad-4
3109	3109	dress of the designated trustee or issuer de-5
3110	3110	scribed in section 401(a)(31)(B)(i) of such 6
3111	3111	Code and the account number of the individual 7
3112	3112	retirement plan to which the amount was dis-8
3113	3113	tributed; and 9
3114	3114	‘‘(B) in the case of a participant described 10
3115	3115	in subparagraph (C) thereof, the name and ad-11
3116	3116	dress of the issuer of such annuity contract and 12
3117	3117	the contract or certificate number; and 13
3118	3118	‘‘(5) such other information as the Secretary of 14
3119	3119	Labor may require. 15
3120	3120	‘‘(f) I
3121	3121	NFORMATION COLLECTIONFROMFEDERAL 16
3122	3122	A
3123	3123	GENCIES.—On request, the Secretary of Labor may ac-17
3124	3124	cess and receive such information collected by other Fed-18
3125	3125	eral agencies as may be necessary and appropriate to per-19
3126	3126	form work related to the Retirement Savings Lost and 20
3127	3127	Found. 21
3128	3128	‘‘(g) P
3129	3129	ROGRAMINTEGRITYAUDIT.—On an annual 22
3130	3130	basis for each of the first 5 years beginning one year after 23
3131	3131	the establishment of the database in subsection (a)(1) and 24
3132	3132	every 5 years thereafter, the Inspector General of the De-25
3133	3133	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00104 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3134	3134	kjohnson on DSK7ZCZBW3PROD with $$_JOB 105
3135	3135	•HR 185 IH
3136	3136	partment of Labor shall conduct an audit of the adminis-1
3137	3137	tration of the Retirement Savings Lost and Found.’’. 2
3138	3138	(3) C
3139	3139	ONFORMING AMENDMENT .—The table of 3
3140	3140	contents for the Employee Retirement Income Secu-4
3141	3141	rity Act of 1974 (29 U.S.C. 1001 et seq.) is amend-5
3142	3142	ed by inserting after the item relating to section 522 6
3143	3143	the following: 7
3144	3144	‘‘Sec. 523.Retirement Savings Lost and Found.’’.
3145	3145	SEC. 428. UPDATING DOLLAR LIMIT FOR MANDATORY DIS-
3146	3146	8
3147	3147	TRIBUTIONS. 9
3148	3148	(a) I
3149	3149	NGENERAL.—Section 203(e)(1) of the Em-10
3150	3150	ployee Retirement Income Security Act of 1974 and sec-11
3151	3151	tions 401(a)(31)(B)(ii) and 411(a)(11)(A) of the Internal 12
3152	3152	Revenue Code of 1986 are each amended by striking 13
3153	3153	‘‘$5,000’’ and inserting ‘‘$7,000’’. 14
3154	3154	(b) E
3155	3155	FFECTIVEDATE.—The amendments made by 15
3156	3156	this section shall apply to distributions made after Decem-16
3157	3157	ber 31, 2024. 17
3158	3158	SEC. 429. EXPANSION OF EMPLOYEE PLANS COMPLIANCE 18
3159	3159	RESOLUTION SYSTEM. 19
3160	3160	(a) I
3161	3161	NGENERAL.—Except as otherwise provided in 20
3162	3162	the Internal Revenue Code of 1986 or regulations pre-21
3163	3163	scribed by the Secretary of the Treasury or the Secretary’s 22
3164	3164	delegate (referred to in this section as the ‘‘Secretary’’), 23
3165	3165	any eligible inadvertent failure to comply with the rules 24
3166	3166	applicable under section 401(a), 403(a), 403(b), 408(p), 25
3167	3167	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00105 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3168	3168	kjohnson on DSK7ZCZBW3PROD with $$_JOB 106
3169	3169	•HR 185 IH
3170	3170	or 408(k) of such Code may be self-corrected under the 1
3171	3171	Employee Plans Compliance Resolution System (as de-2
3172	3172	scribed in Revenue Procedure 2021–30, or any successor 3
3173	3173	guidance, and hereafter in this section referred to as the 4
3174	3174	‘‘EPCRS’’), except to the extent that such failure was 5
3175	3175	identified by the Secretary prior to any actions which dem-6
3176	3176	onstrate a commitment to implement a self-correction. 7
3177	3177	Revenue Procedure 2021–30 is deemed amended as of the 8
3178	3178	date of the enactment of this Act to provide that the cor-9
3179	3179	rection period under section 9.02 of such Revenue Proce-10
3180	3180	dure (or any successor guidance) for an eligible inad-11
3181	3181	vertent failure, except as otherwise provided under such 12
3182	3182	Code or in regulations prescribed by the Secretary, is in-13
3183	3183	definite and has no last day, other than with respect to 14
3184	3184	failures identified by the Secretary prior to any self-correc-15
3185	3185	tion as described in the preceding sentence. 16
3186	3186	(b) L
3187	3187	OANERRORS.—In the case of an eligible inad-17
3188	3188	vertent failure relating to a loan from a plan to a partici-18
3189	3189	pant— 19
3190	3190	(1) such failure may be self-corrected under 20
3191	3191	subsection (a) according to the rules of section 6.07 21
3192	3192	of Revenue Procedure 2021–30 (or any successor 22
3193	3193	guidance), including the provisions related to wheth-23
3194	3194	er a deemed distribution must be reported on Form 24
3195	3195	1099–R; and 25
3196	3196	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00106 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3197	3197	kjohnson on DSK7ZCZBW3PROD with $$_JOB 107
3198	3198	•HR 185 IH
3199	3199	(2) the Secretary of Labor shall treat any such 1
3200	3200	failure which is so self-corrected under subsection 2
3201	3201	(a) as meeting the requirements of the Voluntary Fi-3
3202	3202	duciary Correction Program of the Department of 4
3203	3203	Labor if, with respect to the violation of the fidu-5
3204	3204	ciary standards of the Employee Retirement Income 6
3205	3205	Security Act of 1974, there is a similar loan error 7
3206	3206	eligible for correction under EPCRS and the loan 8
3207	3207	error is corrected in such manner. 9
3208	3208	(c) EPCRS
3209	3209	FORIRAS.—The Secretary shall expand 10
3210	3210	the EPCRS to allow custodians of individual retirement 11
3211	3211	plans (as defined in section 7701(a)(37) of the Internal 12
3212	3212	Revenue Code of 1986) to address eligible inadvertent fail-13
3213	3213	ures with respect to an individual retirement plan (as so 14
3214	3214	defined), including (but not limited to)— 15
3215	3215	(1) waivers of the excise tax which would other-16
3216	3216	wise apply under section 4974 of the Internal Rev-17
3217	3217	enue Code of 1986; 18
3218	3218	(2) under the self-correction component of the 19
3219	3219	EPCRS, waivers of the 60-day deadline for a roll-20
3220	3220	over where the deadline is missed for reasons beyond 21
3221	3221	the reasonable control of the account owner; and 22
3222	3222	(3) rules permitting a nonspouse beneficiary to 23
3223	3223	return distributions to an inherited individual retire-24
3224	3224	ment plan described in section 408(d)(3)(C) of the 25
3225	3225	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00107 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3226	3226	kjohnson on DSK7ZCZBW3PROD with $$_JOB 108
3227	3227	•HR 185 IH
3228	3228	Internal Revenue Code of 1986 in a case where, due 1
3229	3229	to an inadvertent error by a service provider, the 2
3230	3230	beneficiary had reason to believe that the distribu-3
3231	3231	tion could be rolled over without inclusion in income 4
3232	3232	of any part of the distributed amount. 5
3233	3233	(d) A
3234	3234	DDITIONALSAFEHARBORS.—The Secretary 6
3235	3235	shall expand the EPCRS to provide additional safe harbor 7
3236	3236	means of correcting eligible inadvertent failures described 8
3237	3237	in subsection (a), including safe harbor means of calcu-9
3238	3238	lating the earnings which must be restored to a plan in 10
3239	3239	cases where plan assets have been depleted by reason of 11
3240	3240	an eligible inadvertent failure. 12
3241	3241	(e) E
3242	3242	LIGIBLEINADVERTENT FAILURE.—For pur-13
3243	3243	poses of this section— 14
3244	3244	(1) I
3245	3245	N GENERAL.—Except as provided in para-15
3246	3246	graph (2), the term ‘‘eligible inadvertent failure’’ 16
3247	3247	means a failure that occurs despite the existence of 17
3248	3248	practices and procedures which— 18
3249	3249	(A) satisfy the standards set forth in sec-19
3250	3250	tion 4.04 of Revenue Procedure 2021–30 (or 20
3251	3251	any successor guidance); or 21
3252	3252	(B) satisfy similar standards in the case of 22
3253	3253	an individual retirement plan. 23
3254	3254	(2) E
3255	3255	XCEPTION.—The term ‘‘eligible inad-24
3256	3256	vertent failure’’ shall not include any failure which 25
3257	3257	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00108 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3258	3258	kjohnson on DSK7ZCZBW3PROD with $$_JOB 109
3259	3259	•HR 185 IH
3260	3260	is egregious, relates to the diversion or misuse of 1
3261	3261	plan assets, or is directly or indirectly related to an 2
3262	3262	abusive tax avoidance transaction. 3
3263	3263	(f) A
3264	3264	PPLICATION OFCERTAINREQUIREMENTS FOR 4
3265	3265	C
3266	3266	ORRECTINGERRORS.—This section shall not apply to 5
3267	3267	any failure unless the correction of such failure under this 6
3268	3268	section is made in conformity with the general principles 7
3269	3269	that apply to corrections of such failures under the Inter-8
3270	3270	nal Revenue Code of 1986, including regulations or other 9
3271	3271	guidance issued thereunder and including those principles 10
3272	3272	and corrections set forth in Revenue Procedure 2021–30 11
3273	3273	(or any successor guidance). 12
3274	3274	SEC. 430. ELIMINATE THE ‘‘FIRST DAY OF THE MONTH’’ RE-13
3275	3275	QUIREMENT FOR GOVERNMENTAL SECTION 14
3276	3276	457(B) PLANS. 15
3277	3277	(a) I
3278	3278	NGENERAL.—Section 457(b)(4) of the Internal 16
3279	3279	Revenue Code of 1986 is amended to read as follows: 17
3280	3280	‘‘(4) which provides that compensation— 18
3281	3281	‘‘(A) in the case of an eligible employer de-19
3282	3282	scribed in subsection (e)(1)(A), will be deferred 20
3283	3283	only if an agreement providing for such deferral 21
3284	3284	has been entered into before the compensation 22
3285	3285	is currently available to the individual, and 23
3286	3286	‘‘(B) in any other case, will be deferred for 24
3287	3287	any calendar month only if an agreement pro-25
3288	3288	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00109 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3289	3289	kjohnson on DSK7ZCZBW3PROD with $$_JOB 110
3290	3290	•HR 185 IH
3291	3291	viding for such deferral has been entered into 1
3292	3292	before the beginning of such month,’’. 2
3293	3293	(b) E
3294	3294	FFECTIVEDATE.—The amendment made by 3
3295	3295	this section shall apply to taxable years beginning after 4
3296	3296	the date of the enactment of this Act. 5
3297	3297	SEC. 431. ONE-TIME ELECTION FOR QUALIFIED CHARI-6
3298	3298	TABLE DISTRIBUTION TO SPLIT-INTEREST 7
3299	3299	ENTITY; INCREASE IN QUALIFIED CHARI-8
3300	3300	TABLE DISTRIBUTION LIMITATION. 9
3301	3301	(a) O
3302	3302	NE-TIMEELECTION FORQUALIFIEDCHARI-10
3303	3303	TABLEDISTRIBUTION TO SPLIT-INTERESTENTITY.— 11
3304	3304	Section 408(d)(8) of the Internal Revenue Code of 1986 12
3305	3305	is amended by adding at the end the following new sub-13
3306	3306	paragraph: 14
3307	3307	‘‘(F) O
3308	3308	NE-TIME ELECTION FOR QUALIFIED 15
3309	3309	CHARITABLE DISTRIBUTION TO SPLIT -INTEREST 16
3310	3310	ENTITY.— 17
3311	3311	‘‘(i) I
3312	3312	N GENERAL.—A taxpayer may 18
3313	3313	for a taxable year elect under this subpara-19
3314	3314	graph to treat as meeting the requirement 20
3315	3315	of subparagraph (B)(i) any distribution 21
3316	3316	from an individual retirement account 22
3317	3317	which is made directly by the trustee to a 23
3318	3318	split-interest entity, but only if— 24
3319	3319	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00110 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3320	3320	kjohnson on DSK7ZCZBW3PROD with $$_JOB 111
3321	3321	•HR 185 IH
3322	3322	‘‘(I) an election is not in effect 1
3323	3323	under this subparagraph for a pre-2
3324	3324	ceding taxable year, 3
3325	3325	‘‘(II) the aggregate amount of 4
3326	3326	distributions of the taxpayer with re-5
3327	3327	spect to which an election under this 6
3328	3328	subparagraph is made does not exceed 7
3329	3329	$50,000, and 8
3330	3330	‘‘(III) such distribution meets the 9
3331	3331	requirements of clauses (iii) and (iv). 10
3332	3332	‘‘(ii) S
3333	3333	PLIT-INTEREST ENTITY.—For 11
3334	3334	purposes of this subparagraph, the term 12
3335	3335	‘split-interest entity’ means— 13
3336	3336	‘‘(I) a charitable remainder annu-14
3337	3337	ity trust (as defined in section 15
3338	3338	664(d)(1)), but only if such trust is 16
3339	3339	funded exclusively by qualified chari-17
3340	3340	table distributions, 18
3341	3341	‘‘(II) a charitable remainder 19
3342	3342	unitrust (as defined in section 20
3343	3343	664(d)(2)), but only if such unitrust 21
3344	3344	is funded exclusively by qualified char-22
3345	3345	itable distributions, or 23
3346	3346	‘‘(III) a charitable gift annuity 24
3347	3347	(as defined in section 501(m)(5)), but 25
3348	3348	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00111 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3349	3349	kjohnson on DSK7ZCZBW3PROD with $$_JOB 112
3350	3350	•HR 185 IH
3351	3351	only if such annuity is funded exclu-1
3352	3352	sively by qualified charitable distribu-2
3353	3353	tions and commences fixed payments 3
3354	3354	of 5 percent or greater not later than 4
3355	3355	1 year from the date of funding. 5
3356	3356	‘‘(iii) C
3357	3357	ONTRIBUTIONS MUST BE OTH -6
3358	3358	ERWISE DEDUCTIBLE .—A distribution 7
3359	3359	meets the requirement of this clause only 8
3360	3360	if— 9
3361	3361	‘‘(I) in the case of a distribution 10
3362	3362	to a charitable remainder annuity 11
3363	3363	trust or a charitable remainder 12
3364	3364	unitrust, a deduction for the entire 13
3365	3365	value of the remainder interest in the 14
3366	3366	distribution for the benefit of a speci-15
3367	3367	fied charitable organization would be 16
3368	3368	allowable under section 170 (deter-17
3369	3369	mined without regard to subsection 18
3370	3370	(b) thereof and this paragraph), and 19
3371	3371	‘‘(II) in the case of a charitable 20
3372	3372	gift annuity, a deduction in an 21
3373	3373	amount equal to the amount of the 22
3374	3374	distribution reduced by the value of 23
3375	3375	the annuity described in section 24
3376	3376	501(m)(5)(B) would be allowable 25
3377	3377	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00112 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3378	3378	kjohnson on DSK7ZCZBW3PROD with $$_JOB 113
3379	3379	•HR 185 IH
3380	3380	under section 170 (determined with-1
3381	3381	out regard to subsection (b) thereof 2
3382	3382	and this paragraph). 3
3383	3383	‘‘(iv) L
3384	3384	IMITATION ON INCOME INTER -4
3385	3385	ESTS.—A distribution meets the require-5
3386	3386	ments of this clause only if— 6
3387	3387	‘‘(I) no person holds an income 7
3388	3388	interest in the split-interest entity 8
3389	3389	other than the individual for whose 9
3390	3390	benefit such account is maintained, 10
3391	3391	the spouse of such individual, or both, 11
3392	3392	and 12
3393	3393	‘‘(II) the income interest in the 13
3394	3394	split-interest entity is nonassignable. 14
3395	3395	‘‘(v) S
3396	3396	PECIAL RULES.— 15
3397	3397	‘‘(I) C
3398	3398	HARITABLE REMAINDER 16
3399	3399	TRUSTS.—Notwithstanding section 17
3400	3400	664(b), distributions made from a 18
3401	3401	trust described in subclause (I) or (II) 19
3402	3402	of clause (ii) shall be treated as ordi-20
3403	3403	nary income in the hands of the bene-21
3404	3404	ficiary to whom the annuity described 22
3405	3405	in section 664(d)(1)(A) or the pay-23
3406	3406	ment described in section 24
3407	3407	664(d)(2)(A) is paid. 25
3408	3408	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00113 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3410	3410	•HR 185 IH
3411	3411	‘‘(II) CHARITABLE GIFT ANNU -1
3412	3412	ITIES.—Qualified charitable distribu-2
3413	3413	tions made to fund a charitable gift 3
3414	3414	annuity shall not be treated as an in-4
3415	3415	vestment in the contract for purposes 5
3416	3416	of section 72(c).’’. 6
3417	3417	(b) I
3418	3418	NFLATIONADJUSTMENT.—Section 408(d)(8) of 7
3419	3419	such Code, as amended by subsection (a), is amended by 8
3420	3420	adding at the end the following new subparagraph: 9
3421	3421	‘‘(G) I
3422	3422	NFLATION ADJUSTMENT .— 10
3423	3423	‘‘(i) I
3424	3424	N GENERAL.—In the case of any 11
3425	3425	taxable year beginning after 2022, each of 12
3426	3426	the dollar amounts in subparagraphs (A) 13
3427	3427	and (F) shall be increased by an amount 14
3428	3428	equal to— 15
3429	3429	‘‘(I) such dollar amount, multi-16
3430	3430	plied by 17
3431	3431	‘‘(II) the cost-of-living adjust-18
3432	3432	ment determined under section 1(f)(3) 19
3433	3433	for the calendar year in which the tax-20
3434	3434	able year begins, determined by sub-21
3435	3435	stituting ‘calendar year 2021’ for ‘cal-22
3436	3436	endar year 2016’ in subparagraph 23
3437	3437	(A)(ii) thereof. 24
3438	3438	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00114 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3440	3440	•HR 185 IH
3441	3441	‘‘(ii) ROUNDING.—If any dollar 1
3442	3442	amount increased under clause (i) is not a 2
3443	3443	multiple of $1,000, such dollar amount 3
3444	3444	shall be rounded to the nearest multiple of 4
3445	3445	$1,000.’’. 5
3446	3446	(c) E
3447	3447	FFECTIVEDATE.—The amendment made by 6
3448	3448	this section shall apply to distributions made in taxable 7
3449	3449	years ending after the date of the enactment of this Act. 8
3450	3450	SEC. 432. DISTRIBUTIONS TO FIREFIGHTERS. 9
3451	3451	(a) I
3452	3452	NGENERAL.—Subparagraph (A) of section 10
3453	3453	72(t)(10) of the Internal Revenue Code of 1986 is amend-11
3454	3454	ed by striking ‘‘414(d))’’ and inserting ‘‘414(d)) or a dis-12
3455	3455	tribution from a plan described in clause (iii), (iv), or (vi) 13
3456	3456	of section 402(c)(8)(B) to an employee who provides fire-14
3457	3457	fighting services’’. 15
3458	3458	(b) C
3459	3459	ONFORMING AMENDMENT.—The heading of 16
3460	3460	paragraph (10) of section 72(t) of such Code is amended 17
3461	3461	by striking ‘‘
3462	3462	IN GOVERNMENTAL PLANS ’’ and inserting 18
3463	3463	‘‘
3464	3464	AND PRIVATE SECTOR FIREFIGHTERS ’’. 19
3465	3465	(c) E
3466	3466	FFECTIVEDATE.—The amendments made by 20
3467	3467	this section shall apply to distributions made after Decem-21
3468	3468	ber 31, 2024. 22
3469	3469	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00115 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3472	3472	SEC. 433. EXCLUSION OF CERTAIN DISABILITY-RELATED 1
3473	3473	FIRST RESPONDER RETIREMENT PAYMENTS. 2
3474	3474	(a) I
3475	3475	NGENERAL.—Part III of subchapter B of chap-3
3476	3476	ter 1 of the Internal Revenue Code of 1986 is amended 4
3477	3477	by inserting after section 139B the following new section: 5
3478	3478	‘‘SEC. 139C. CERTAIN DISABILITY-RELATED FIRST RE-6
3479	3479	SPONDER RETIREMENT PAYMENTS. 7
3480	3480	‘‘(a) I
3481	3481	NGENERAL.—In the case of an individual who 8
3482	3482	receives qualified first responder retirement payments for 9
3483	3483	any taxable year, gross income shall not include so much 10
3484	3484	of such payments as do not exceed the annualized exclud-11
3485	3485	able disability amount with respect to such individual. 12
3486	3486	‘‘(b) Q
3487	3487	UALIFIEDFIRSTRESPONDERRETIREMENT 13
3488	3488	P
3489	3489	AYMENTS.—For purposes of this section, the term ‘quali-14
3490	3490	fied first responder retirement payments’ means, with re-15
3491	3491	spect to any taxable year, any pension or annuity which 16
3492	3492	but for this section would be includible in gross income 17
3493	3493	for such taxable year and which is received— 18
3494	3494	‘‘(1) from a plan described in clause (iii), (iv), 19
3495	3495	(v), or (vi) of section 402(c)(8)(B), and 20
3496	3496	‘‘(2) in connection with such individual’s quali-21
3497	3497	fied first responder service. 22
3498	3498	‘‘(c) A
3499	3499	NNUALIZED EXCLUDABLE DISABILITY 23
3500	3500	A
3501	3501	MOUNT.—For purposes of this section— 24
3502	3502	‘‘(1) I
3503	3503	N GENERAL.—The term ‘annualized ex-25
3504	3504	cludable disability amount’ means, with respect to 26
3505	3505	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00116 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3507	3507	•HR 185 IH
3508	3508	any individual, the service-connected excludable dis-1
3509	3509	ability amounts which are properly attributable to 2
3510	3510	the 12-month period immediately preceding the date 3
3511	3511	on which such individual attains retirement age. 4
3512	3512	‘‘(2) S
3513	3513	ERVICE-CONNECTED EXCLUDABLE DIS -5
3514	3514	ABILITY AMOUNT.—The term ‘service-connected ex-6
3515	3515	cludable disability amount’ means periodic payments 7
3516	3516	received by an individual which— 8
3517	3517	‘‘(A) are not includible in such individual’s 9
3518	3518	gross income under section 104(a)(1), 10
3519	3519	‘‘(B) are received in connection with such 11
3520	3520	individual’s qualified first responder service, 12
3521	3521	and 13
3522	3522	‘‘(C) terminate when such individual at-14
3523	3523	tains retirement age. 15
3524	3524	‘‘(3) S
3525	3525	PECIAL RULE FOR PARTIAL -YEAR PAY-16
3526	3526	MENTS.—In the case of an individual who only re-17
3527	3527	ceives service-connected excludable disability 18
3528	3528	amounts properly attributable to a portion of the 12- 19
3529	3529	month period described in paragraph (1), such para-20
3530	3530	graph shall be applied by multiplying such amounts 21
3531	3531	by the ratio of 365 to the number of days in such 22
3532	3532	period to which such amounts were properly attrib-23
3533	3533	utable. 24
3534	3534	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00117 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3536	3536	•HR 185 IH
3537	3537	‘‘(d) QUALIFIEDFIRSTRESPONDERSERVICE.—For 1
3538	3538	purposes of this section, the term ‘qualified first responder 2
3539	3539	service’ means service as a law enforcement officer, fire-3
3540	3540	fighter, paramedic, or emergency medical technician.’’. 4
3541	3541	(b) C
3542	3542	LERICALAMENDMENT.—The table of sections 5
3543	3543	for part III of subchapter B of chapter 1 of such Code 6
3544	3544	is amended by inserting after the item relating to section 7
3545	3545	139B the following new item: 8
3546	3546	‘‘Sec. 139C. Certain disability-related first responder retirement payments.’’.
3547	3547	(c) EFFECTIVEDATE.—The amendments made by 9
3548	3548	this section shall apply to amounts received with respect 10
3549	3549	to taxable years beginning after December 31, 2029. 11
3550	3550	SEC. 434. INDIVIDUAL RETIREMENT PLAN STATUTE OF LIM-12
3551	3551	ITATIONS FOR EXCISE TAX ON EXCESS CON-13
3552	3552	TRIBUTIONS AND CERTAIN ACCUMULATIONS. 14
3553	3553	Section 6501(l) of the Internal Revenue Code of 1986 15
3554	3554	is amended by adding at the end the following new para-16
3555	3555	graph: 17
3556	3556	‘‘(4) I
3557	3557	NDIVIDUAL RETIREMENT PLANS .— 18
3558	3558	‘‘(A) I
3559	3559	N GENERAL.—For purposes of any 19
3560	3560	tax imposed by section 4973 or 4974 in connec-20
3561	3561	tion with an individual retirement plan, the re-21
3562	3562	turn referred to in this section shall be the in-22
3563	3563	come tax return filed by the person on whom 23
3564	3564	the tax under such section is imposed for the 24
3565	3565	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00118 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3567	3567	•HR 185 IH
3568	3568	year in which the act (or failure to act) giving 1
3569	3569	rise to the liability for such tax occurred. 2
3570	3570	‘‘(B) R
3571	3571	ULE IN CASE OF INDIVIDUALS NOT 3
3572	3572	REQUIRED TO FILE RETURN .—In the case of a 4
3573	3573	person who is not required to file an income tax 5
3574	3574	return for such year— 6
3575	3575	‘‘(i) the return referred to in this sec-7
3576	3576	tion shall be the income tax return that 8
3577	3577	such person would have been required to 9
3578	3578	file but for the fact that such person was 10
3579	3579	not required to file such return, and 11
3580	3580	‘‘(ii) the 3-year period referred to in 12
3581	3581	subsection (a) with respect to the return 13
3582	3582	shall be deemed to begin on the date by 14
3583	3583	which the return would have been required 15
3584	3584	to be filed (excluding any extension there-16
3585	3585	of).’’. 17
3586	3586	SEC. 435. REQUIREMENT TO PROVIDE PAPER STATEMENTS 18
3587	3587	IN CERTAIN CASES. 19
3588	3588	(a) I
3589	3589	NGENERAL.—Section 105(a)(2) of the Em-20
3590	3590	ployee Retirement Income Security Act of 1974 (29 21
3591	3591	U.S.C. 1025(a)(2)) is amended— 22
3592	3592	(1) in subparagraph (A)(iv), by inserting ‘‘sub-23
3593	3593	ject to subparagraph (E),’’ before ‘‘may be deliv-24
3594	3594	ered’’; and 25
3595	3595	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00119 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3597	3597	•HR 185 IH
3598	3598	(2) by adding at the end the following: 1
3599	3599	‘‘(E) P
3600	3600	ROVISION OF PAPER STATE -2
3601	3601	MENTS.—With respect to at least 1 pension 3
3602	3602	benefit statement furnished for a calendar year 4
3603	3603	with respect to an individual account plan 5
3604	3604	under paragraph (1)(A), and with respect to at 6
3605	3605	least 1 pension benefit statement furnished 7
3606	3606	every 3 calendar years with respect to a defined 8
3607	3607	benefit plan under paragraph (1)(B), such 9
3608	3608	statement shall be furnished on paper in writ-10
3609	3609	ten form except— 11
3610	3610	‘‘(i) in the case of a plan that fur-12
3611	3611	nishes such statement in accordance with 13
3612	3612	section 2520.104b–1(c) of title 29, Code of 14
3613	3613	Federal Regulations; or 15
3614	3614	‘‘(ii) in the case of a plan that permits 16
3615	3615	a participant or beneficiary to request that 17
3616	3616	the statements referred to in the matter 18
3617	3617	preceding clause (i) be furnished by elec-19
3618	3618	tronic delivery, if the participant or bene-20
3619	3619	ficiary requests that such statements be 21
3620	3620	delivered electronically and the statements 22
3621	3621	are so delivered.’’. 23
3622	3622	(b) I
3623	3623	MPLEMENTATION.— 24
3624	3624	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00120 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3626	3626	•HR 185 IH
3627	3627	(1) IN GENERAL.—The Secretary of Labor 1
3628	3628	shall, not later than December 31, 2024, update sec-2
3629	3629	tion 2520.104b–1(c) of title 29, Code of Federal 3
3630	3630	Regulations, to provide that a plan may furnish the 4
3631	3631	statements referred to in subparagraph (E) of sec-5
3632	3632	tion 105(a)(2) by electronic delivery only if, in addi-6
3633	3633	tion to meeting the other requirements under the 7
3634	3634	regulations— 8
3635	3635	(A) such plan furnishes each participant or 9
3636	3636	beneficiary, including participants described in 10
3637	3637	subparagraph (B), a one-time initial notice on 11
3638	3638	paper in written form, prior to the electronic 12
3639	3639	delivery of any pension benefit statement, of 13
3640	3640	their right to request that all documents re-14
3641	3641	quired to be disclosed under title I of the Em-15
3642	3642	ployee Retirement Income Security Act of 1974 16
3643	3643	be furnished on paper in written form; and 17
3644	3644	(B) such plan furnishes each participant 18
3645	3645	who is separated from service with at least 1 19
3646	3646	pension benefit statement on paper in written 20
3647	3647	form for each calendar year, unless, on election 21
3648	3648	of the participant, the participant receives such 22
3649	3649	statements electronically. 23
3650	3650	(2) O
3651	3651	THER GUIDANCE.—In implementing the 24
3652	3652	amendment made by subsection (a) with respect to 25
3653	3653	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00121 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3655	3655	•HR 185 IH
3656	3656	a plan that discloses required documents or state-1
3657	3657	ments electronically, in accordance with applicable 2
3658	3658	guidance governing electronic disclosure by the De-3
3659	3659	partment of Labor (with the exception of section 4
3660	3660	2520.104b–1(c) of title 29, Code of Federal Regula-5
3661	3661	tions), the Secretary of Labor shall, not later than 6
3662	3662	December 31, 2024, update such guidance to the ex-7
3663	3663	tent necessary to ensure that— 8
3664	3664	(A) a participant or beneficiary under such 9
3665	3665	a plan is permitted the opportunity to request 10
3666	3666	that any disclosure required to be delivered on 11
3667	3667	paper under applicable guidance by the Depart-12
3668	3668	ment of Labor shall be furnished by electronic 13
3669	3669	delivery; 14
3670	3670	(B) each paper statement furnished under 15
3671	3671	such a plan pursuant to the amendment shall 16
3672	3672	include— 17
3673	3673	(i) an explanation of how to request 18
3674	3674	that all such statements, and any other 19
3675	3675	document required to be disclosed under 20
3676	3676	title I of the Employee Retirement Income 21
3677	3677	Security Act of 1974, be furnished by elec-22
3678	3678	tronic delivery; and 23
3679	3679	(ii) contact information for the plan 24
3680	3680	sponsor, including a telephone number; 25
3681	3681	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00122 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3683	3683	•HR 185 IH
3684	3684	(C) the plan may not charge any fee to a 1
3685	3685	participant or beneficiary for the delivery of any 2
3686	3686	paper statements; 3
3687	3687	(D) each paper pension benefit statement 4
3688	3688	shall identify each plan document required to be 5
3689	3689	disclosed and shall include information about 6
3690	3690	how a participant or beneficiary may access 7
3691	3691	each such document; 8
3692	3692	(E) each document required to be disclosed 9
3693	3693	that is furnished by electronic delivery under 10
3694	3694	such a plan shall include an explanation of how 11
3695	3695	to request that all such documents be furnished 12
3696	3696	on paper in written form; and 13
3697	3697	(F) a plan is permitted to furnish a dupli-14
3698	3698	cate electronic statement in any case in which 15
3699	3699	the plan furnishes a paper pension benefit 16
3700	3700	statement. 17
3701	3701	(c) E
3702	3702	FFECTIVEDATE.—The amendment made by 18
3703	3703	subsection (a) shall apply with respect to plan years begin-19
3704	3704	ning after December 31, 2025. 20
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3707	3707	•HR 185 IH
3708	3708	SEC. 436. SEPARATE APPLICATION OF TOP HEAVY RULES 1
3709	3709	TO DEFINED CONTRIBUTION PLANS COV-2
3710	3710	ERING EXCLUDIBLE EMPLOYEES. 3
3711	3711	(a) I
3712	3712	NGENERAL.—Section 416(c)(2) of the Internal 4
3713	3713	Revenue Code of 1986 is amended by adding at the end 5
3714	3714	the following: 6
3715	3715	‘‘(C) S
3716	3716	EPARATE APPLICATION TO EMPLOY -7
3717	3717	EES NOT MEETING AGE AND SERVICE REQUIRE -8
3718	3718	MENTS.—If employees not meeting the age or 9
3719	3719	service requirements of section 410(a)(1) (with-10
3720	3720	out regard to subparagraph (B) thereof) are 11
3721	3721	covered under a plan of the employer which 12
3722	3722	meets the requirements of subparagraphs (A) 13
3723	3723	and (B) separately with respect to such employ-14
3724	3724	ees, such employees may be excluded from con-15
3725	3725	sideration in determining whether any plan of 16
3726	3726	the employer meets the requirements of sub-17
3727	3727	paragraphs (A) and (B).’’. 18
3728	3728	(b) E
3729	3729	FFECTIVEDATE.—The amendment made by 19
3730	3730	subsection (a) shall apply to plan years beginning after 20
3731	3731	the date of the enactment of this Act. 21
3732	3732	SEC. 437. REPAYMENT OF QUALIFIED BIRTH OR ADOPTION 22
3733	3733	DISTRIBUTION LIMITED TO 3 YEARS. 23
3734	3734	(a) I
3735	3735	NGENERAL.—Section 72(t)(2)(H)(v)(I) of the 24
3736	3736	Internal Revenue Code of 1986 is amended by striking 25
3737	3737	‘‘may make’’ and inserting ‘‘may, at any time during the 26
3738	3738	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00124 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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3740	3740	•HR 185 IH
3741	3741	3-year period beginning on the day after the date on which 1
3742	3742	such distribution was received, make’’. 2
3743	3743	(b) E
3744	3744	FFECTIVEDATE.—The amendment made by 3
3745	3745	this section shall take effect as if included in the enact-4
3746	3746	ment of section 113 of the Setting Every Community Up 5
3747	3747	for Retirement Enhancement Act of 2019. 6
3748	3748	SEC. 438. EMPLOYER MAY RELY ON EMPLOYEE CERTI-7
3749	3749	FYING THAT DEEMED HARDSHIP DISTRIBU-8
3750	3750	TION CONDITIONS ARE MET. 9
3751	3751	(a) C
3752	3752	ASH ORDEFERREDARRANGEMENTS.—Section 10
3753	3753	401(k)(14) of the Internal Revenue Code of 1986 is 11
3754	3754	amended by adding at the end the following new subpara-12
3755	3755	graph: 13
3756	3756	‘‘(C) E
3757	3757	MPLOYEE CERTIFICATION .—In de-14
3758	3758	termining whether a distribution is upon the 15
3759	3759	hardship of an employee, the administrator of 16
3760	3760	the plan may rely on a certification by the em-17
3761	3761	ployee that the distribution is on account of a 18
3762	3762	financial need of a type that is deemed in regu-19
3763	3763	lations prescribed by the Secretary to be an im-20
3764	3764	mediate and heavy financial need and that such 21
3765	3765	distribution is not in excess of the amount re-22
3766	3766	quired to satisfy such financial need.’’. 23
3767	3767	(b) 403(b) P
3768	3768	LANS.— 24
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3772	3772	(1) CUSTODIAL ACCOUNTS .—Section 403(b)(7) 1
3773	3773	of such Code is amended by adding at the end the 2
3774	3774	following new subparagraph: 3
3775	3775	‘‘(D) E
3776	3776	MPLOYEE CERTIFICATION .—In de-4
3777	3777	termining whether a distribution is upon the fi-5
3778	3778	nancial hardship of an employee, the adminis-6
3779	3779	trator of the plan may rely on a certification by 7
3780	3780	the employee that the distribution is on account 8
3781	3781	of a financial need of a type that is deemed in 9
3782	3782	regulations prescribed by the Secretary to be an 10
3783	3783	immediate and heavy financial need and that 11
3784	3784	such distribution is not in excess of the amount 12
3785	3785	required to satisfy such financial need.’’. 13
3786	3786	(2) A
3787	3787	NNUITY CONTRACTS.—Section 403(b)(11) 14
3788	3788	of such Code is amended by adding at the end the 15
3789	3789	following: ‘‘In determining whether a distribution is 16
3790	3790	upon hardship of an employee, the administrator of 17
3791	3791	the plan may rely on a certification by the employee 18
3792	3792	that the distribution is on account of a financial 19
3793	3793	need of a type that is deemed in regulations pre-20
3794	3794	scribed by the Secretary to be an immediate and 21
3795	3795	heavy financial need and that such distribution is 22
3796	3796	not in excess of the amount required to satisfy such 23
3797	3797	financial need.’’. 24
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3801	3801	(c) 457(B) PLAN.—Section 457(d) of such Code is 1
3802	3802	amended by adding at the end the following new para-2
3803	3803	graph: 3
3804	3804	‘‘(4) P
3805	3805	ARTICIPANT CERTIFICATION .—In deter-4
3806	3806	mining whether a distribution to a participant is 5
3807	3807	made when the participant is faced with an unfore-6
3808	3808	seeable emergency, the administrator of a plan 7
3809	3809	maintained by an eligible employer described in sub-8
3810	3810	section (e)(1)(A) may rely on a certification by the 9
3811	3811	participant that the distribution is made when the 10
3812	3812	participant is faced with unforeseeable emergency of 11
3813	3813	a type that is described in regulations prescribed by 12
3814	3814	the Secretary as an unforeseeable emergency and 13
3815	3815	that the distribution is not in excess of the amount 14
3816	3816	reasonably necessary to satisfy the emergency 15
3817	3817	need.’’. 16
3818	3818	(d) E
3819	3819	FFECTIVEDATE.—The amendments made by 17
3820	3820	this section shall apply to plan years beginning after De-18
3821	3821	cember 31, 2024. 19
3822	3822	SEC. 439. PENALTY-FREE WITHDRAWALS FROM RETIRE-20
3823	3823	MENT PLANS FOR INDIVIDUALS IN CASE OF 21
3824	3824	DOMESTIC ABUSE. 22
3825	3825	(a) I
3826	3826	NGENERAL.—Section 72(t)(2) of the Internal 23
3827	3827	Revenue Code of 1986 is amended by adding at the end 24
3828	3828	the following new subparagraph: 25
3829	3829	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00127 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3830	3830	kjohnson on DSK7ZCZBW3PROD with $$_JOB 128
3831	3831	•HR 185 IH
3832	3832	‘‘(I) DISTRIBUTIONS FROM RETIREMENT 1
3833	3833	PLANS IN CASE OF DOMESTIC ABUSE .— 2
3834	3834	‘‘(i) I
3835	3835	N GENERAL.—Any eligible dis-3
3836	3836	tribution to a domestic abuse victim. 4
3837	3837	‘‘(ii) L
3838	3838	IMITATION.—The aggregate 5
3839	3839	amount which may be treated as an eligi-6
3840	3840	ble distribution to a domestic abuse victim 7
3841	3841	by any individual shall not exceed an 8
3842	3842	amount equal to the lesser of— 9
3843	3843	‘‘(I) $10,000, or 10
3844	3844	‘‘(II) 50 percent of the present 11
3845	3845	value of the nonforfeitable accrued 12
3846	3846	benefit of the employee under the 13
3847	3847	plan. 14
3848	3848	‘‘(iii) E
3849	3849	LIGIBLE DISTRIBUTION TO A 15
3850	3850	DOMESTIC ABUSE VICTIM .—For purposes 16
3851	3851	of this subparagraph— 17
3852	3852	‘‘(I) I
3853	3853	N GENERAL.—A distribu-18
3854	3854	tion shall be treated as an eligible dis-19
3855	3855	tribution to a domestic abuse victim if 20
3856	3856	such distribution is from an applicable 21
3857	3857	eligible retirement plan to an indi-22
3858	3858	vidual and made during the 1-year pe-23
3859	3859	riod beginning on any date on which 24
3860	3860	the individual is a victim of domestic 25
3861	3861	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00128 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3862	3862	kjohnson on DSK7ZCZBW3PROD with $$_JOB 129
3863	3863	•HR 185 IH
3864	3864	abuse by a spouse or domestic part-1
3865	3865	ner. 2
3866	3866	‘‘(II) D
3867	3867	OMESTIC ABUSE .—The 3
3868	3868	term ‘domestic abuse’ means physical, 4
3869	3869	psychological, sexual, emotional, or 5
3870	3870	economic abuse, including efforts to 6
3871	3871	control, isolate, humiliate, or intimi-7
3872	3872	date the victim, or to undermine the 8
3873	3873	victim’s ability to reason independ-9
3874	3874	ently, including by means of abuse of 10
3875	3875	the victim’s child or another family 11
3876	3876	member living in the household. 12
3877	3877	‘‘(iv) T
3878	3878	REATMENT OF PLAN DISTRIBU -13
3879	3879	TIONS.— 14
3880	3880	‘‘(I) I
3881	3881	N GENERAL.—If a distribu-15
3882	3882	tion to an individual would (without 16
3883	3883	regard to clause (ii)) be an eligible 17
3884	3884	distribution to a domestic abuse vic-18
3885	3885	tim, a plan shall not be treated as 19
3886	3886	failing to meet any requirement of 20
3887	3887	this title merely because the plan 21
3888	3888	treats the distribution as an eligible 22
3889	3889	distribution to a domestic abuse vic-23
3890	3890	tim, unless the aggregate amount of 24
3891	3891	such distributions from all plans 25
3892	3892	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00129 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3893	3893	kjohnson on DSK7ZCZBW3PROD with $$_JOB 130
3894	3894	•HR 185 IH
3895	3895	maintained by the employer (and any 1
3896	3896	member of any controlled group which 2
3897	3897	includes the employer) to such indi-3
3898	3898	vidual exceeds the limitation under 4
3899	3899	clause (ii). 5
3900	3900	‘‘(II) C
3901	3901	ONTROLLED GROUP .—For 6
3902	3902	purposes of subclause (I), the term 7
3903	3903	‘controlled group’ means any group 8
3904	3904	treated as a single employer under 9
3905	3905	subsection (b), (c), (m), or (o) of sec-10
3906	3906	tion 414. 11
3907	3907	‘‘(v) A
3908	3908	MOUNT DISTRIBUTED MAY BE 12
3909	3909	REPAID.— 13
3910	3910	‘‘(I) I
3911	3911	N GENERAL.—Any indi-14
3912	3912	vidual who receives a distribution de-15
3913	3913	scribed in clause (i) may, at any time 16
3914	3914	during the 3-year period beginning on 17
3915	3915	the day after the date on which such 18
3916	3916	distribution was received, make one or 19
3917	3917	more contributions in an aggregate 20
3918	3918	amount not to exceed the amount of 21
3919	3919	such distribution to an applicable eli-22
3920	3920	gible retirement plan of which such 23
3921	3921	individual is a beneficiary and to 24
3922	3922	which a rollover contribution of such 25
3923	3923	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00130 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3924	3924	kjohnson on DSK7ZCZBW3PROD with $$_JOB 131
3925	3925	•HR 185 IH
3926	3926	distribution could be made under sec-1
3927	3927	tion 402(c), 403(a)(4), 403(b)(8), 2
3928	3928	408(d)(3), or 457(e)(16), as the case 3
3929	3929	may be. 4
3930	3930	‘‘(II) L
3931	3931	IMITATION ON CONTRIBU -5
3932	3932	TIONS TO APPLICABLE ELIGIBLE RE -6
3933	3933	TIREMENT PLANS OTHER THAN 7
3934	3934	IRAS.—The aggregate amount of con-8
3935	3935	tributions made by an individual 9
3936	3936	under subclause (I) to any applicable 10
3937	3937	eligible retirement plan which is not 11
3938	3938	an individual retirement plan shall not 12
3939	3939	exceed the aggregate amount of eligi-13
3940	3940	ble distributions to a domestic abuse 14
3941	3941	victim which are made from such plan 15
3942	3942	to such individual. Subclause (I) shall 16
3943	3943	not apply to contributions to any ap-17
3944	3944	plicable eligible retirement plan which 18
3945	3945	is not an individual retirement plan 19
3946	3946	unless the individual is eligible to 20
3947	3947	make contributions (other than those 21
3948	3948	described in subclause (I)) to such ap-22
3949	3949	plicable eligible retirement plan. 23
3950	3950	‘‘(III) T
3951	3951	REATMENT OF REPAY -24
3952	3952	MENTS OF DISTRIBUTIONS FROM AP -25
3953	3953	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00131 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3954	3954	kjohnson on DSK7ZCZBW3PROD with $$_JOB 132
3955	3955	•HR 185 IH
3956	3956	PLICABLE ELIGIBLE RETIREMENT 1
3957	3957	PLANS OTHER THAN IRAS .—If a con-2
3958	3958	tribution is made under subclause (I) 3
3959	3959	with respect to an eligible distribution 4
3960	3960	to a domestic abuse victim from an 5
3961	3961	applicable eligible retirement plan 6
3962	3962	other than an individual retirement 7
3963	3963	plan, then the taxpayer shall, to the 8
3964	3964	extent of the amount of the contribu-9
3965	3965	tion, be treated as having received 10
3966	3966	such distribution in an eligible rollover 11
3967	3967	distribution (as defined in section 12
3968	3968	402(c)(4)) and as having transferred 13
3969	3969	the amount to the applicable eligible 14
3970	3970	retirement plan in a direct trustee to 15
3971	3971	trustee transfer within 60 days of the 16
3972	3972	distribution. 17
3973	3973	‘‘(IV) T
3974	3974	REATMENT OF REPAY -18
3975	3975	MENTS FOR DISTRIBUTIONS FROM 19
3976	3976	IRAS.—If a contribution is made 20
3977	3977	under subclause (I) with respect to an 21
3978	3978	eligible distribution to a domestic 22
3979	3979	abuse victim from an individual retire-23
3980	3980	ment plan, then, to the extent of the 24
3981	3981	amount of the contribution, such dis-25
3982	3982	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00132 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
3983	3983	kjohnson on DSK7ZCZBW3PROD with $$_JOB 133
3984	3984	•HR 185 IH
3985	3985	tribution shall be treated as a dis-1
3986	3986	tribution described in section 2
3987	3987	408(d)(3) and as having been trans-3
3988	3988	ferred to the applicable eligible retire-4
3989	3989	ment plan in a direct trustee to trust-5
3990	3990	ee transfer within 60 days of the dis-6
3991	3991	tribution. 7
3992	3992	‘‘(vi) D
3993	3993	EFINITION AND SPECIAL 8
3994	3994	RULES.—For purposes of this subpara-9
3995	3995	graph: 10
3996	3996	‘‘(I) A
3997	3997	PPLICABLE ELIGIBLE RE -11
3998	3998	TIREMENT PLAN.—The term ‘applica-12
3999	3999	ble eligible retirement plan’ means an 13
4000	4000	eligible retirement plan (as defined in 14
4001	4001	section 402(c)(8)(B)) other than a de-15
4002	4002	fined benefit plan. 16
4003	4003	‘‘(II) E
4004	4004	XEMPTION OF DISTRIBU -17
4005	4005	TIONS FROM TRUSTEE TO TRUSTEE 18
4006	4006	TRANSFER AND WITHHOLDING 19
4007	4007	RULES.—For purposes of sections 20
4008	4008	401(a)(31), 402(f), and 3405, an eli-21
4009	4009	gible distribution to a domestic abuse 22
4010	4010	victim shall not be treated as an eligi-23
4011	4011	ble rollover distribution. 24
4012	4012	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00133 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4013	4013	kjohnson on DSK7ZCZBW3PROD with $$_JOB 134
4014	4014	•HR 185 IH
4015	4015	‘‘(III) DISTRIBUTIONS TREATED 1
4016	4016	AS MEETING PLAN DISTRIBUTION RE -2
4017	4017	QUIREMENTS; SELF-CERTIFICATION.— 3
4018	4018	Any distribution which the employee 4
4019	4019	or participant certifies as being an eli-5
4020	4020	gible distribution to a domestic abuse 6
4021	4021	victim shall be treated as meeting the 7
4022	4022	requirements of sections 8
4023	4023	401(k)(2)(B)(i), 403(b)(7)(A)(i), 9
4024	4024	403(b)(11), and 457(d)(1)(A).’’. 10
4025	4025	(b) E
4026	4026	FFECTIVEDATE.—The amendments made by 11
4027	4027	this section shall apply to distributions made after the 12
4028	4028	date of the enactment of this Act. 13
4029	4029	SEC. 440. REFORM OF FAMILY ATTRIBUTION RULES. 14
4030	4030	(a) C
4031	4031	ONTROLLEDGROUPS.—Section 414(b) of the 15
4032	4032	Internal Revenue Code of 1986 is amended— 16
4033	4033	(1) by striking ‘‘For purposes of’’ and inserting 17
4034	4034	the following: 18
4035	4035	‘‘(1) I
4036	4036	N GENERAL.—For purposes of’’, and 19
4037	4037	(2) by adding at the end the following new 20
4038	4038	paragraphs: 21
4039	4039	‘‘(2) S
4040	4040	PECIAL RULES FOR APPLYING FAMILY 22
4041	4041	ATTRIBUTION.—For purposes of applying the attri-23
4042	4042	bution rules under section 1563 with respect to 24
4043	4043	paragraph (1), the following rules apply: 25
4044	4044	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00134 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4045	4045	kjohnson on DSK7ZCZBW3PROD with $$_JOB 135
4046	4046	•HR 185 IH
4047	4047	‘‘(A) Community property laws shall be 1
4048	4048	disregarded for purposes of determining owner-2
4049	4049	ship. 3
4050	4050	‘‘(B) Except as provided by the Secretary, 4
4051	4051	stock of an individual not attributed under sec-5
4052	4052	tion 1563(e)(5) to such individual’s spouse shall 6
4053	4053	not be attributed to such spouse by reason of 7
4054	4054	section 1563(e)(6)(A). 8
4055	4055	‘‘(C) Except as provided by the Secretary, 9
4056	4056	in the case of stock in different corporations 10
4057	4057	that is attributed to a child under section 11
4058	4058	1563(e)(6)(A) from each parent, and is not at-12
4059	4059	tributed to such parents as spouses under sec-13
4060	4060	tion 1563(e)(5), such attribution to the child 14
4061	4061	shall not by itself result in such corporations 15
4062	4062	being members of the same controlled group. 16
4063	4063	‘‘(3) P
4064	4064	LAN SHALL NOT FAIL TO BE TREATED AS 17
4065	4065	SATISFYING THIS SECTION .—If the application of 18
4066	4066	paragraph (2) causes two or more entities to be a 19
4067	4067	controlled group, or to no longer be in a controlled 20
4068	4068	group, such change shall be treated as a transaction 21
4069	4069	to which section 410(b)(6)(C) applies.’’. 22
4070	4070	(b) A
4071	4071	FFILIATED SERVICE GROUPS.—Section 23
4072	4072	414(m)(6)(B) of such Code is amended— 24
4073	4073	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00135 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4074	4074	kjohnson on DSK7ZCZBW3PROD with $$_JOB 136
4075	4075	•HR 185 IH
4076	4076	(1) by striking ‘‘OWNERSHIP.—In determining’’ 1
4077	4077	and inserting the following: ‘‘O
4078	4078	WNERSHIP.— 2
4079	4079	‘‘(i) I
4080	4080	N GENERAL.—In determining’’; 3
4081	4081	and 4
4082	4082	(2) by adding at the end the following new 5
4083	4083	clauses: 6
4084	4084	‘‘(ii) S
4085	4085	PECIAL RULES FOR APPLYING 7
4086	4086	FAMILY ATTRIBUTION .—For purposes of 8
4087	4087	applying the attribution rules under section 9
4088	4088	318 with respect to clause (i), the following 10
4089	4089	rules apply: 11
4090	4090	‘‘(I) Community property laws 12
4091	4091	shall be disregarded for purposes of 13
4092	4092	determining ownership. 14
4093	4093	‘‘(II) Except as provided by the 15
4094	4094	Secretary, stock of an individual not 16
4095	4095	attributed under section 17
4096	4096	318(a)(1)(A)(i) to such individual’s 18
4097	4097	spouse shall not be attributed by rea-19
4098	4098	son of section 318(a)(1)(A)(ii) to such 20
4099	4099	spouse from a child who has not at-21
4100	4100	tained the age of 21 years. 22
4101	4101	‘‘(III) Except as provided by the 23
4102	4102	Secretary, in the case of stock in dif-24
4103	4103	ferent corporations that is attributed 25
4104	4104	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00136 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4105	4105	kjohnson on DSK7ZCZBW3PROD with $$_JOB 137
4106	4106	•HR 185 IH
4107	4107	under section 318(a)(1)(A)(ii) to a 1
4108	4108	child who has not attained the age of 2
4109	4109	21 years from each parent, and is not 3
4110	4110	attributed to such parents as spouses 4
4111	4111	under section 318(a)(1)(A)(i), such 5
4112	4112	attribution to the child shall not by 6
4113	4113	itself result in such corporations being 7
4114	4114	members of the same affiliated service 8
4115	4115	group. 9
4116	4116	‘‘(iii) P
4117	4117	LAN SHALL NOT FAIL TO BE 10
4118	4118	TREATED AS SATISFYING THIS SECTION .— 11
4119	4119	If the application of clause (ii) causes two 12
4120	4120	or more entities to be an affiliated service 13
4121	4121	group, or to no longer be in an affiliated 14
4122	4122	service group, such change shall be treated 15
4123	4123	as a transaction to which section 16
4124	4124	410(b)(6)(C) applies.’’. 17
4125	4125	(c) E
4126	4126	FFECTIVEDATE.—The amendments made by 18
4127	4127	this section shall apply to plan years beginning on or after 19
4128	4128	the date of the enactment of this Act. 20
4129	4129	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00137 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4130	4130	kjohnson on DSK7ZCZBW3PROD with $$_JOB 138
4131	4131	•HR 185 IH
4132	4132	SEC. 441. AMENDMENTS TO INCREASE BENEFIT ACCRUALS 1
4133	4133	UNDER PLAN FOR PREVIOUS PLAN YEAR AL-2
4134	4134	LOWED UNTIL EMPLOYER TAX RETURN DUE 3
4135	4135	DATE. 4
4136	4136	(a) I
4137	4137	NGENERAL.—Section 401(b) of the Internal 5
4138	4138	Revenue Code of 1986 is amended by adding at the end 6
4139	4139	the following new paragraph: 7
4140	4140	‘‘(3) R
4141	4141	ETROACTIVE PLAN AMENDMENTS THAT 8
4142	4142	INCREASE BENEFIT ACCRUALS .—If— 9
4143	4143	‘‘(A) an employer amends a stock bonus, 10
4144	4144	pension, profit-sharing, or annuity plan to in-11
4145	4145	crease benefits accrued under the plan effective 12
4146	4146	for the preceding plan year (other than increas-13
4147	4147	ing the amount of matching contributions (as 14
4148	4148	defined in subsection (m)(4)(A))), 15
4149	4149	‘‘(B) such amendment would not otherwise 16
4150	4150	cause the plan to fail to meet any of the re-17
4151	4151	quirements of this subchapter, and 18
4152	4152	‘‘(C) such amendment is adopted before 19
4153	4153	the time prescribed by law for filing the return 20
4154	4154	of the employer for a taxable year (including 21
4155	4155	extensions thereof) during which such amend-22
4156	4156	ment is effective, 23
4157	4157	the employer may elect to treat such amendment as 24
4158	4158	having been adopted as of the last day of the plan 25
4159	4159	year in which the amendment is effective.’’. 26
4160	4160	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00138 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4161	4161	kjohnson on DSK7ZCZBW3PROD with $$_JOB 139
4162	4162	•HR 185 IH
4163	4163	(b) EFFECTIVEDATE.—The amendments made by 1
4164	4164	this section shall apply to plan years beginning after De-2
4165	4165	cember 31, 2025. 3
4166	4166	SEC. 442. RETROACTIVE FIRST YEAR ELECTIVE DEFER-4
4167	4167	RALS FOR SOLE PROPRIETORS. 5
4168	4168	(a) I
4169	4169	NGENERAL.—Section 401(b)(2) of the Internal 6
4170	4170	Revenue Code of 1986 is amended by adding at the end 7
4171	4171	the following: ‘‘In the case of an individual who owns the 8
4172	4172	entire interest in an unincorporated trade or business, and 9
4173	4173	who is the only employee of such trade or business, any 10
4174	4174	elective deferrals (as defined in section 402(g)(3)) under 11
4175	4175	a qualified cash or deferred arrangement to which the pre-12
4176	4176	ceding sentence applies, which are made by such individual 13
4177	4177	before the time for filing the return of such individual for 14
4178	4178	the taxable year (determined without regard to any exten-15
4179	4179	sions) ending after or with the end of the plan’s first plan 16
4180	4180	year, shall be treated as having been made before the end 17
4181	4181	of such first plan year.’’. 18
4182	4182	(b) E
4183	4183	FFECTIVEDATE.—The amendment made by 19
4184	4184	this section shall apply to plan years beginning after the 20
4185	4185	date of the enactment of this Act. 21
4186	4186	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00139 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4187	4187	kjohnson on DSK7ZCZBW3PROD with $$_JOB 140
4188	4188	•HR 185 IH
4189	4189	SEC. 443. LIMITING CESSATION OF IRA TREATMENT TO 1
4190	4190	PORTION OF ACCOUNT INVOLVED IN A PRO-2
4191	4191	HIBITED TRANSACTION. 3
4192	4192	(a) I
4193	4193	NGENERAL.—Section 408(e)(2)(A) of the Inter-4
4194	4194	nal Revenue Code of 1986 is amended by striking ‘‘such 5
4195	4195	account ceases to be an individual retirement account’’ 6
4196	4196	and inserting the following: ‘‘the amount involved (as de-7
4197	4197	fined in section 4975(f)(4)) in such transaction shall be 8
4198	4198	treated as distributed to the individual’’. 9
4199	4199	(b) C
4200	4200	ONFORMINGAMENDMENTS.— 10
4201	4201	(1) Section 408(e)(2)(B) of such Code is 11
4202	4202	amended to read as follows: 12
4203	4203	‘‘(B) A
4204	4204	CCOUNT TREATED AS DISTRIBUTING 13
4205	4205	POTION OF ASSETS USED IN PROHIBITED 14
4206	4206	TRANSACTION.—In any case in which a portion 15
4207	4207	of an individual retirement account is treated as 16
4208	4208	distributed under subparagraph (A) as of the 17
4209	4209	first day of any taxable year, paragraph (1) of 18
4210	4210	subsection (d) applies as if there were a dis-19
4211	4211	tribution on such first day in an amount equal 20
4212	4212	to the fair market value of such portion, deter-21
4213	4213	mined as of the date on which the transaction 22
4214	4214	prohibited by section 4975 occurs.’’. 23
4215	4215	(A) by striking ‘‘
4216	4216	ALL ITS ASSETS.—In any 24
4217	4217	case’’ and all that follows through ‘‘by reason 25
4218	4218	of subparagraph (A)’’ and inserting the fol-26
4219	4219	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00140 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4220	4220	kjohnson on DSK7ZCZBW3PROD with $$_JOB 141
4221	4221	•HR 185 IH
4222	4222	lowing: ‘‘PORTION OF ASSETS USED IN PROHIB -1
4223	4223	ITED TRANSACTION.—In any case in which a 2
4224	4224	portion of an individual retirement account is 3
4225	4225	treated as distributed under subparagraph 4
4226	4226	(A)’’; and 5
4227	4227	(B) by striking ‘‘all assets in the account’’ 6
4228	4228	and inserting ‘‘such portion’’. 7
4229	4229	(2) Section 4975(c)(3) of such Code is amended 8
4230	4230	by striking ‘‘the account ceases’’ and all that follows 9
4231	4231	and inserting the following: ‘‘the portion of the ac-10
4232	4232	count used in the transaction is treated as distrib-11
4233	4233	uted under paragraph (2)(A) or (4) of section 12
4234	4234	408(e).’’. 13
4235	4235	(c) E
4236	4236	FFECTIVEDATE.—The amendments made by 14
4237	4237	this section shall apply to taxable years beginning after 15
4238	4238	the date of the enactment of this Act. 16
4239	4239	SEC. 444. REVIEW OF PENSION RISK TRANSFER INTERPRE-17
4240	4240	TIVE BULLETIN. 18
4241	4241	Not later than 1 year after the date of enactment 19
4242	4242	of this Act, the Secretary of Labor shall— 20
4243	4243	(1) review section 2509.95–1 of title 29, Code 21
4244	4244	of Federal Regulations (relating to the fiduciary 22
4245	4245	standards under the Employee Retirement Income 23
4246	4246	Security Act of 1974 when selecting an annuity pro-24
4247	4247	vider for a defined benefit pension plan) to deter-25
4248	4248	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00141 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4249	4249	kjohnson on DSK7ZCZBW3PROD with $$_JOB 142
4250	4250	•HR 185 IH
4251	4251	mine whether amendments to such section are war-1
4252	4252	ranted; and 2
4253	4253	(2) report to Congress on the findings of such 3
4254	4254	review, including an assessment of any risk to par-4
4255	4255	ticipants. 5
4256	4256	SEC. 445. AMENDMENTS RELATING TO SETTING EVERY 6
4257	4257	COMMUNITY UP FOR RETIREMENT ENHANCE-7
4258	4258	MENT ACT OF 2019. 8
4259	4259	(a) T
4260	4260	ECHNICALAMENDMENTS.— 9
4261	4261	(1) A
4262	4262	MENDMENTS RELATING TO SECTION 10
4263	4263	103.— 11
4264	4264	(A) Section 401(k)(12)(G) of the Internal 12
4265	4265	Revenue Code of 1986 is amended by striking 13
4266	4266	‘‘the requirements under subparagraph (A)(i)’’ 14
4267	4267	and inserting ‘‘the contribution requirements 15
4268	4268	under subparagraph (B) or (C)’’. 16
4269	4269	(B) Section 401(k)(13)(D)(iv) of such 17
4270	4270	Code is amended by striking ‘‘and (F)’’ and in-18
4271	4271	serting ‘‘and (G)’’. 19
4272	4272	(C) Section 401(m)(12) of such Code is 20
4273	4273	amended by striking ‘‘and’’ at the end of sub-21
4274	4274	paragraph (A), by redesignating subparagraph 22
4275	4275	(B) as subparagraph (C), and by inserting after 23
4276	4276	subparagraph (A) (as so amended) the fol-24
4277	4277	lowing new subparagraph: 25
4278	4278	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00142 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4279	4279	kjohnson on DSK7ZCZBW3PROD with $$_JOB 143
4280	4280	•HR 185 IH
4281	4281	‘‘(B) meets the notice requirements of sub-1
4282	4282	section (k)(13)(E), and’’. 2
4283	4283	(2) A
4284	4284	MENDMENT RELATING TO SECTION 112 .— 3
4285	4285	Section 401(k)(15)(B)(i)(II) of such Code is amend-4
4286	4286	ed by striking ‘‘subsection (m)(2)’’ and inserting 5
4287	4287	‘‘paragraphs (2), (11), and (12) of subsection (m)’’. 6
4288	4288	(3) A
4289	4289	MENDMENT RELATING TO SECTION 114 .— 7
4290	4290	Section 401(a)(9)(C)(iii) of such Code is amended 8
4291	4291	by striking ‘‘employee to whom clause (i)(II) ap-9
4292	4292	plies’’ and inserting ‘‘employee (other than an em-10
4293	4293	ployee to whom clause (i)(II) does not apply by rea-11
4294	4294	son of clause (ii))’’. 12
4295	4295	(4) A
4296	4296	MENDMENT RELATING TO SECTION 116 .— 13
4297	4297	Section 4973(b) of such Code is amended by adding 14
4298	4298	at the end of the flush matter the following: ‘‘Such 15
4299	4299	term shall not include any designated nondeductible 16
4300	4300	contribution (as defined in subparagraph (C) of sec-17
4301	4301	tion 408(o)(2)) which does not exceed the non-18
4302	4302	deductible limit under subparagraph (B) thereof by 19
4303	4303	reason of an election under section 408(o)(5).’’. 20
4304	4304	(5) E
4305	4305	FFECTIVE DATE.—The amendments made 21
4306	4306	by this subsection shall take effect as if included in 22
4307	4307	the section of the Setting Every Community Up for 23
4308	4308	Retirement Enhancement Act of 2019 to which the 24
4309	4309	amendment relates. 25
4310	4310	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00143 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4312	4312	•HR 185 IH
4313	4313	(b) CLERICALAMENDMENTS.— 1
4314	4314	(1) Section 408(o)(5)(A) of such Code is 2
4315	4315	amended by striking ‘‘subsection (b)’’ and inserting 3
4316	4316	‘‘section 219(b)’’. 4
4317	4317	(2) Section 72(t)(2)(H)(vi)(IV) of such Code is 5
4318	4318	amended by striking ‘‘403(b)(7)(A)(ii)’’ and insert-6
4319	4319	ing ‘‘ 403(b)(7)(A)(i)’’. 7
4320	4320	SEC. 446. PROVISIONS RELATING TO PLAN AMENDMENTS. 8
4321	4321	(a) I
4322	4322	NGENERAL.—If this section applies to any re-9
4323	4323	tirement plan or contract amendment— 10
4324	4324	(1) such retirement plan or contract shall be 11
4325	4325	treated as being operated in accordance with the 12
4326	4326	terms of the plan during the period described in sub-13
4327	4327	section (b)(2)(A); and 14
4328	4328	(2) except as provided by the Secretary of the 15
4329	4329	Treasury (or the Secretary’s delegate), such retire-16
4330	4330	ment plan shall not fail to meet the requirements of 17
4331	4331	section 411(d)(6) of the Internal Revenue Code of 18
4332	4332	1986 and section 204(g) of the Employee Retire-19
4333	4333	ment Income Security Act of 1974 by reason of such 20
4334	4334	amendment. 21
4335	4335	(b) A
4336	4336	MENDMENTS TO WHICHSECTIONAPPLIES.— 22
4337	4337	(1) I
4338	4338	N GENERAL.—This section shall apply to 23
4339	4339	any amendment to any retirement plan or annuity 24
4340	4340	contract which is made— 25
4341	4341	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00144 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4342	4342	kjohnson on DSK7ZCZBW3PROD with $$_JOB 145
4343	4343	•HR 185 IH
4344	4344	(A) pursuant to any amendment made by 1
4345	4345	this Act or pursuant to any regulation issued by 2
4346	4346	the Secretary of the Treasury or the Secretary 3
4347	4347	of Labor (or a delegate of either such Sec-4
4348	4348	retary) under this Act; and 5
4349	4349	(B) on or before the last day of the first 6
4350	4350	plan year beginning on or after January 1, 7
4351	4351	2026, or such later date as the Secretary of the 8
4352	4352	Treasury may prescribe. 9
4353	4353	In the case of a governmental plan (as defined in 10
4354	4354	section 414(d) of the Internal Revenue Code of 11
4355	4355	1986), or an applicable collectively bargained plan, 12
4356	4356	this paragraph shall be applied by substituting 13
4357	4357	‘‘2028’’ for ‘‘2026’’. For purposes of the preceding 14
4358	4358	sentence, the term ‘‘applicable collectively bargained 15
4359	4359	plan’’ means a plan maintained pursuant to 1 or 16
4360	4360	more collective bargaining agreements between em-17
4361	4361	ployee representatives and 1 or more employers rati-18
4362	4362	fied before the date of enactment of this Act. 19
4363	4363	(2) C
4364	4364	ONDITIONS.—This section shall not apply 20
4365	4365	to any amendment unless— 21
4366	4366	(A) during the period— 22
4367	4367	(i) beginning on the date the legisla-23
4368	4368	tive or regulatory amendment described in 24
4369	4369	paragraph (1)(A) takes effect (or in the 25
4370	4370	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00145 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4371	4371	kjohnson on DSK7ZCZBW3PROD with $$_JOB 146
4372	4372	•HR 185 IH
4373	4373	case of a plan or contract amendment not 1
4374	4374	required by such legislative or regulatory 2
4375	4375	amendment, the effective date specified by 3
4376	4376	the plan); and 4
4377	4377	(ii) ending on the date described in 5
4378	4378	paragraph (1)(B) (as modified by the sec-6
4379	4379	ond sentence of paragraph (1)) (or, if ear-7
4380	4380	lier, the date the plan or contract amend-8
4381	4381	ment is adopted), 9
4382	4382	the plan or contract is operated as if such plan 10
4383	4383	or contract amendment were in effect; and 11
4384	4384	(B) such plan or contract amendment ap-12
4385	4385	plies retroactively for such period. 13
4386	4386	(c) C
4387	4387	OORDINATIONWITHOTHERPROVISIONSRE-14
4388	4388	LATING TOPLANAMENDMENTS.— 15
4389	4389	(1) S
4390	4390	ECURE ACT.—Section 601(b)(1) of the 16
4391	4391	Setting Every Community Up for Retirement En-17
4392	4392	hancement Act of 2019 is amended— 18
4393	4393	(A) by striking ‘‘January 1, 2022’’ in sub-19
4394	4394	paragraph (B) and inserting ‘‘January 1, 20
4395	4395	2024’’, and 21
4396	4396	(B) by striking ‘‘substituting ‘2024’ for 22
4397	4397	‘2022’.’’ in the flush matter at the end and in-23
4398	4398	serting ‘‘substituting ‘2026’ for ‘2024’.’’. 24
4399	4399	(2) C
4400	4400	ARES ACT.— 25
4401	4401	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00146 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4403	4403	•HR 185 IH
4404	4404	(A) SPECIAL RULES FOR USE OF RETIRE -1
4405	4405	MENT FUNDS.—Section 2202(c)(2)(A) of the 2
4406	4406	CARES Act is amended by striking ‘‘January 3
4407	4407	1, 2022’’ in clause (ii) and inserting ‘‘January 4
4408	4408	1, 2026’’. 5
4409	4409	(B) T
4410	4410	EMPORARY WAIVER OF REQUIRED 6
4411	4411	MINIMUM DISTRIBUTIONS RULES FOR CERTAIN 7
4412	4412	RETIREMENT PLANS AND ACCOUNTS .—Section 8
4413	4413	2203(c)(2)(B)(i) of the CARES Act is amend-9
4414	4414	ed— 10
4415	4415	(i) by striking ‘‘January 1, 2022’’ in 11
4416	4416	subclause (II) and inserting ‘‘January 1, 12
4417	4417	2026’’, and 13
4418	4418	(ii) by striking ‘‘substituting ‘2024’ 14
4419	4419	for ‘2022’.’’ in the flush matter at the end 15
4420	4420	and inserting ‘‘substituting ‘2028’ for 16
4421	4421	‘2024’.’’. 17
4422	4422	(C) T
4423	4423	AXPAYER CERTAINTY AND DISASTER 18
4424	4424	TAX RELIEF ACT OF 2020 .—Section 19
4425	4425	302(d)(2)(A) of the Taxpayer Certainty and 20
4426	4426	Disaster Tax Relief Act of 2020 is amended by 21
4427	4427	striking ‘‘January 1, 2022’’ in clause (ii) and 22
4428	4428	inserting ‘‘January 1, 2026’’. 23
4429	4429	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00147 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4430	4430	kjohnson on DSK7ZCZBW3PROD with $$_JOB 148
4431	4431	•HR 185 IH
4432	4432	SEC. 447. SIMPLE AND SEP ROTH IRAS. 1
4433	4433	(a) I
4434	4434	NGENERAL.—Section 408A of the Internal Rev-2
4435	4435	enue Code of 1986 is amended by striking subsection (f). 3
4436	4436	(b) R
4437	4437	ULESRELATING TOSIMPLIFIEDEMPLOYEE 4
4438	4438	P
4439	4439	ENSIONS.— 5
4440	4440	(1) C
4441	4441	ONTRIBUTIONS.—Section 402(h)(1) of 6
4442	4442	such Code is amended by striking ‘‘and’’ at the end 7
4443	4443	of subparagraph (A), by striking the period at the 8
4444	4444	end of subparagraph (B) and inserting ‘‘, and’’, and 9
4445	4445	by adding at the end the following new subpara-10
4446	4446	graph: 11
4447	4447	‘‘(C) in the case of any contributions pur-12
4448	4448	suant to a simplified employer pension which 13
4449	4449	are made to an individual retirement plan des-14
4450	4450	ignated as a Roth IRA, such contribution shall 15
4451	4451	not be excludable from gross income.’’. 16
4452	4452	(2) D
4453	4453	ISTRIBUTIONS.—Section 402(h)(3) of such 17
4454	4454	Code is amended by inserting ‘‘, or section 408A(d) 18
4455	4455	in the case of an individual retirement plan des-19
4456	4456	ignated as a Roth IRA’’ before the period at the 20
4457	4457	end. 21
4458	4458	(3) E
4459	4459	LECTION REQUIRED .—Section 408(k) of 22
4460	4460	such Code is amended by redesignating paragraphs 23
4461	4461	(7), (8), and (9) as paragraphs (8), (9), and (10), 24
4462	4462	respectively, and by inserting the after paragraph 25
4463	4463	(6) the following new paragraph: 26
4464	4464	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00148 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4466	4466	•HR 185 IH
4467	4467	‘‘(7) ROTH CONTRIBUTION ELECTION .—An in-1
4468	4468	dividual retirement plan which is designated as a 2
4469	4469	Roth IRA shall not be treated as a simplified em-3
4470	4470	ployee pension under this subsection unless the em-4
4471	4471	ployee elects for such plan to be so treated (at such 5
4472	4472	time and in such manner as the Secretary may pro-6
4473	4473	vide).’’. 7
4474	4474	(c) R
4475	4475	ULESRELATING TOSIMPLERETIREMENTAC-8
4476	4476	COUNTS.— 9
4477	4477	(1) E
4478	4478	LECTION REQUIRED .—Section 408(p) of 10
4479	4479	such Code is amended by adding at the end the fol-11
4480	4480	lowing new paragraph: 12
4481	4481	‘‘(11) R
4482	4482	OTH CONTRIBUTION ELECTION .—An in-13
4483	4483	dividual retirement plan which is designated as a 14
4484	4484	Roth IRA shall not be treated as a simple retirement 15
4485	4485	account under this subsection unless the employee 16
4486	4486	elects for such plan to be so treated (at such time 17
4487	4487	and in such manner as the Secretary may pro-18
4488	4488	vide).’’. 19
4489	4489	(2) R
4490	4490	OLLOVERS.—Section 408A(e) of such 20
4491	4491	Code is amended by adding at the end the following 21
4492	4492	new paragraph: 22
4493	4493	‘‘(3) S
4494	4494	IMPLE RETIREMENT ACCOUNTS .—In the 23
4495	4495	case of any payment or distribution out of a simple 24
4496	4496	retirement account (as defined in section 408(p)) 25
4497	4497	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00149 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4498	4498	kjohnson on DSK7ZCZBW3PROD with $$_JOB 150
4499	4499	•HR 185 IH
4500	4500	with respect to which an election has been made 1
4501	4501	under section 408(p)(11) and to which 72(t)(6) ap-2
4502	4502	plies, the term ‘qualified rollover contribution’ shall 3
4503	4503	not include any payment or distribution paid into an 4
4504	4504	account other than another simple retirement ac-5
4505	4505	count (as so defined).’’. 6
4506	4506	(d) C
4507	4507	OORDINATIONWITHROTHCONTRIBUTIONLIM-7
4508	4508	ITATION.—Section 408A(c) of such Code is amended by 8
4509	4509	adding at the end the following new paragraph: 9
4510	4510	‘‘(7) C
4511	4511	OORDINATION WITH LIMITATION FOR 10
4512	4512	SIMPLE RETIREMENT PLANS AND SEPS .—In the case 11
4513	4513	of an individual on whose behalf contributions are 12
4514	4514	made to a simple retirement account or a simplified 13
4515	4515	employee pension, the amount described in para-14
4516	4516	graph (2)(A) shall be increased by an amount equal 15
4517	4517	to the contributions made on the individual’s behalf 16
4518	4518	to such account or pension for the taxable year, but 17
4519	4519	only to the extent such contributions— 18
4520	4520	‘‘(A) in the case of a simplified retirement 19
4521	4521	account— 20
4522	4522	‘‘(i) do not exceed the sum of the dol-21
4523	4523	lar amount in effect for the taxable year 22
4524	4524	under section 408(p)(2)(A)(ii) and the em-23
4525	4525	ployer contribution required under sub-24
4526	4526	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00150 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4527	4527	kjohnson on DSK7ZCZBW3PROD with $$_JOB 151
4528	4528	•HR 185 IH
4529	4529	paragraph (A)(iii) or (B)(i), as the case 1
4530	4530	may be, of section 408(p)(2), and 2
4531	4531	‘‘(ii) do not cause the elective defer-3
4532	4532	rals (as defined in section 402(g)(3)) on 4
4533	4533	behalf of such individual to exceed the lim-5
4534	4534	itation under section 402(g)(1) (taking 6
4535	4535	into account any additional elective defer-7
4536	4536	rals permitted under section 414(v)), or 8
4537	4537	‘‘(B) in the case of a simplified employee 9
4538	4538	pension, do not exceed the limitation in effect 10
4539	4539	under section 408(j).’’. 11
4540	4540	(e) C
4541	4541	ONFORMING AMENDMENT.—Section 12
4542	4542	408A(d)(2)(B) of such Code is amended by inserting ‘‘, 13
4543	4543	or employer in the case of a simple retirement account 14
4544	4544	(as defined in section 408(p)) or simplified employee pen-15
4545	4545	sion (as defined in section 408(k)),’’ after ‘‘individual’s 16
4546	4546	spouse’’. 17
4547	4547	(f) E
4548	4548	FFECTIVEDATE.—The amendments made by 18
4549	4549	this section shall apply to taxable years beginning after 19
4550	4550	December 31, 2024. 20
4551	4551	SEC. 448. HARDSHIP WITHDRAWAL RULES FOR 403(B) 21
4552	4552	PLANS. 22
4553	4553	(a) I
4554	4554	NGENERAL.—Section 403(b) of the Internal 23
4555	4555	Revenue Code of 1986, as amended by the preceding pro-24
4556	4556	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00151 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4557	4557	kjohnson on DSK7ZCZBW3PROD with $$_JOB 152
4558	4558	•HR 185 IH
4559	4559	visions of this Act, is amended by adding at the end the 1
4560	4560	following new paragraph: 2
4561	4561	‘‘(16) S
4562	4562	PECIAL RULES RELATING TO HARDSHIP 3
4563	4563	WITHDRAWALS.—For purposes of paragraphs (7) 4
4564	4564	and (11)— 5
4565	4565	‘‘(A) A
4566	4566	MOUNTS WHICH MAY BE WITH -6
4567	4567	DRAWN.—The following amounts may be dis-7
4568	4568	tributed upon hardship of the employee: 8
4569	4569	‘‘(i) Contributions made pursuant to a 9
4570	4570	salary reduction agreement (within the 10
4571	4571	meaning of section 3121(a)(5)(D)). 11
4572	4572	‘‘(ii) Qualified nonelective contribu-12
4573	4573	tions (as defined in section 401(m)(4)(C)). 13
4574	4574	‘‘(iii) Qualified matching contributions 14
4575	4575	described in section 401(k)(3)(D)(ii)(I). 15
4576	4576	‘‘(iv) Earnings on any contributions 16
4577	4577	described in clause (i), (ii), or (iii). 17
4578	4578	‘‘(B) N
4579	4579	O REQUIREMENT TO TAKE AVAIL -18
4580	4580	ABLE LOAN.—A distribution shall not be treat-19
4581	4581	ed as failing to be made upon the hardship of 20
4582	4582	an employee solely because the employee does 21
4583	4583	not take any available loan under the plan.’’. 22
4584	4584	(b) C
4585	4585	ONFORMINGAMENDMENTS.— 23
4586	4586	(1) Section 403(b)(7)(A)(i)(V) of such Code is 24
4587	4587	amended by striking ‘‘in the case of contributions 25
4588	4588	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00152 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4589	4589	kjohnson on DSK7ZCZBW3PROD with $$_JOB 153
4590	4590	•HR 185 IH
4591	4591	made pursuant to a salary reduction agreement 1
4592	4592	(within the meaning of section 3121(a)(5)(D))’’ and 2
4593	4593	inserting ‘‘subject to the provisions of paragraph 3
4594	4594	(16)’’. 4
4595	4595	(2) Paragraph (11) of section 403(b) of such 5
4596	4596	Code, as amended by the preceding provisions of this 6
4597	4597	Act, is amended— 7
4598	4598	(A) by striking ‘‘in’’ in subparagraph (B) 8
4599	4599	and inserting ‘‘subject to the provisions of para-9
4600	4600	graph (16), in’’, and 10
4601	4601	(B) by striking the penultimate sentence. 11
4602	4602	(c) E
4603	4603	FFECTIVEDATE.—The amendments made by 12
4604	4604	this section shall apply to plan years beginning after De-13
4605	4605	cember 31, 2024. 14
4606	4606	SEC. 449. ELECTIVE DEFERRALS GENERALLY LIMITED TO 15
4607	4607	REGULAR CONTRIBUTION LIMIT. 16
4608	4608	(a) A
4609	4609	PPLICABLE EMPLOYER PLANS.—Section 17
4610	4610	414(v)(1) of the Internal Revenue Code of 1986 is amend-18
4611	4611	ed by adding at the end the following: ‘‘Except in the case 19
4612	4612	of an applicable employer plan described in paragraph 20
4613	4613	(6)(A)(iv), the preceding sentence shall only apply if con-21
4614	4614	tributions are designated Roth contributions (as defined 22
4615	4615	in section 402A(c)(1)).’’. 23
4616	4616	(b) C
4617	4617	ONFORMINGAMENDMENTS.— 24
4618	4618	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00153 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4620	4620	•HR 185 IH
4621	4621	(1) Section 402(g)(1) of such Code is amended 1
4622	4622	by striking subparagraph (C). 2
4623	4623	(2) Section 457(e)(18)(A)(ii) of such Code is 3
4624	4624	amended by inserting ‘‘the lesser of any designated 4
4625	4625	Roth contributions made by the participant to the 5
4626	4626	plan or’’ before ‘‘the applicable dollar amount’’. 6
4627	4627	(c) E
4628	4628	FFECTIVEDATE.—The amendments made by 7
4629	4629	this section shall apply to taxable years beginning after 8
4630	4630	December 31, 2024. 9
4631	4631	SEC. 450. OPTIONAL TREATMENT OF EMPLOYER MATCHING 10
4632	4632	CONTRIBUTIONS AS ROTH CONTRIBUTIONS. 11
4633	4633	(a) I
4634	4634	NGENERAL.—Section 402A(a) of the Internal 12
4635	4635	Revenue Code of 1986 is amended by redesignating para-13
4636	4636	graph (2) as paragraph (3), by striking ‘‘and’’ at the end 14
4637	4637	of paragraph (1), and by inserting after paragraph (1) the 15
4638	4638	following new paragraph: 16
4639	4639	‘‘(2) any designated Roth contribution which is 17
4640	4640	made by the employer to the program on the em-18
4641	4641	ployee’s behalf, and on account of the employee’s 19
4642	4642	contribution, elective deferral, or (subject to the re-20
4643	4643	quirements of section 401(m)(13)) qualified student 21
4644	4644	loan payment, shall be treated as a matching con-22
4645	4645	tribution for purposes of this chapter, except that 23
4646	4646	such contribution shall not be excludable from gross 24
4647	4647	income, and’’. 25
4648	4648	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00154 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4650	4650	•HR 185 IH
4651	4651	(b) MATCHINGINCLUDED INQUALIFIEDROTHCON-1
4652	4652	TRIBUTIONPROGRAM.—Section 402A(b)(1) of such Code 2
4653	4653	is amended— 3
4654	4654	(1) by inserting ‘‘, or to have made on the em-4
4655	4655	ployee’s behalf,’’ after ‘‘elect to make’’, and 5
4656	4656	(2) by inserting ‘‘, or of matching contributions 6
4657	4657	which may otherwise be made on the employee’s be-7
4658	4658	half,’’ after ‘‘otherwise eligible to make’’. 8
4659	4659	(c) D
4660	4660	ESIGNATED ROTHMATCHINGCONTRIBU-9
4661	4661	TIONS.—Section 402A(c)(1) of such Code is amended by 10
4662	4662	inserting ‘‘or matching contribution’’ after ‘‘elective defer-11
4663	4663	ral’’. 12
4664	4664	(d) M
4665	4665	ATCHINGCONTRIBUTIONDEFINED.—Section 13
4666	4666	402A(e) of such Code is amended by adding at the end 14
4667	4667	the following: 15
4668	4668	‘‘(3) M
4669	4669	ATCHING CONTRIBUTION .—The term 16
4670	4670	‘matching contribution’ means— 17
4671	4671	‘‘(A) any matching contribution described 18
4672	4672	in section 401(m)(4)(A), and 19
4673	4673	‘‘(B) any contribution to an eligible de-20
4674	4674	ferred compensation plan (as defined in section 21
4675	4675	457(b)) by an eligible employer described in 22
4676	4676	section 457(e)(1)(A) on behalf of an employee 23
4677	4677	and on account of such employee’s elective de-24
4678	4678	ferral under such plan.’’. 25
4679	4679	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00155 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4681	4681	•HR 185 IH
4682	4682	(e) EFFECTIVEDATE.—The amendments made by 1
4683	4683	this section shall apply to contributions made after the 2
4684	4684	date of the enactment of this Act. 3
4685	4685	TITLE V 4
4686	4686	SEC. 501. BOOTS TO BUSINESS PROGRAM. 5
4687	4687	Section 32 of the Small Business Act (15 U.S.C. 6
4688	4688	657b) is amended by adding at the end the following: 7
4689	4689	‘‘(h) B
4690	4690	OOTS TOBUSINESSPROGRAM.— 8
4691	4691	‘‘(1) C
4692	4692	OVERED INDIVIDUAL DEFINED .—In this 9
4693	4693	subsection, the term ‘covered individual’ means— 10
4694	4694	‘‘(A) a member of the Armed Forces, in-11
4695	4695	cluding the National Guard or Reserves; 12
4696	4696	‘‘(B) an individual who is participating in 13
4697	4697	the Transition Assistance Program established 14
4698	4698	under section 1144 of title 10, United States 15
4699	4699	Code; 16
4700	4700	‘‘(C) an individual who— 17
4701	4701	‘‘(i) served on active duty in any 18
4702	4702	branch of the Armed Forces, including the 19
4703	4703	National Guard or Reserves; and 20
4704	4704	‘‘(ii) was discharged or released from 21
4705	4705	such service under conditions other than 22
4706	4706	dishonorable; and 23
4707	4707	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00156 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4709	4709	•HR 185 IH
4710	4710	‘‘(D) a spouse or dependent of an indi-1
4711	4711	vidual described in subparagraph (A), (B), or 2
4712	4712	(C). 3
4713	4713	‘‘(2) E
4714	4714	STABLISHMENT.—During the period be-4
4715	4715	ginning on the date of enactment of this subsection 5
4716	4716	and ending on September 30, 2028, the Adminis-6
4717	4717	trator shall carry out a program to be known as the 7
4718	4718	‘Boots to Business Program’ to provide entrepre-8
4719	4719	neurship training to covered individuals. 9
4720	4720	‘‘(3) G
4721	4721	OALS.—The goals of the Boots to Busi-10
4722	4722	ness Program are to— 11
4723	4723	‘‘(A) provide assistance and in-depth train-12
4724	4724	ing to covered individuals interested in business 13
4725	4725	ownership; and 14
4726	4726	‘‘(B) provide covered individuals with the 15
4727	4727	tools, skills, and knowledge necessary to identify 16
4728	4728	a business opportunity, draft a business plan, 17
4729	4729	identify sources of capital, connect with local 18
4730	4730	resources for small business concerns, and start 19
4731	4731	up a small business concern. 20
4732	4732	‘‘(4) P
4733	4733	ROGRAM COMPONENTS .— 21
4734	4734	‘‘(A) I
4735	4735	N GENERAL.—The Boots to Busi-22
4736	4736	ness Program may include— 23
4737	4737	‘‘(i) a presentation providing exposure 24
4738	4738	to the considerations involved in self-em-25
4739	4739	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00157 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4740	4740	kjohnson on DSK7ZCZBW3PROD with $$_JOB 158
4741	4741	•HR 185 IH
4742	4742	ployment and ownership of a small busi-1
4743	4743	ness concern; 2
4744	4744	‘‘(ii) an online, self-study course fo-3
4745	4745	cused on the basic skills of entrepreneur-4
4746	4746	ship, the language of business, and the 5
4747	4747	considerations involved in self-employment 6
4748	4748	and ownership of a small business concern; 7
4749	4749	‘‘(iii) an in-person classroom instruc-8
4750	4750	tion component providing an introduction 9
4751	4751	to the foundations of self employment and 10
4752	4752	ownership of a small business concern; and 11
4753	4753	‘‘(iv) in-depth training delivered 12
4754	4754	through online instruction, including an 13
4755	4755	online course that leads to the creation of 14
4756	4756	a business plan. 15
4757	4757	‘‘(B) C
4758	4758	OLLABORATION.—The Adminis-16
4759	4759	trator may— 17
4760	4760	‘‘(i) collaborate with public and pri-18
4761	4761	vate entities to develop course curricula for 19
4762	4762	the Boots to Business Program; and 20
4763	4763	‘‘(ii) modify program components in 21
4764	4764	coordination with entities participating in a 22
4765	4765	Warriors in Transition program, as defined 23
4766	4766	in section 738(e) of the National Defense 24
4767	4767	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00158 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
4768	4768	kjohnson on DSK7ZCZBW3PROD with $$_JOB 159
4769	4769	•HR 185 IH
4770	4770	Authorization Act for Fiscal Year 2013 1
4771	4771	(10 U.S.C. 1071 note). 2
4772	4772	‘‘(C) U
4773	4773	SE OF RESOURCE PARTNERS AND 3
4774	4774	DISTRICT OFFICES.— 4
4775	4775	‘‘(i) I
4776	4776	N GENERAL.—The Administrator 5
4777	4777	shall— 6
4778	4778	‘‘(I) ensure that Veteran Busi-7
4779	4779	ness Outreach Centers regularly par-8
4780	4780	ticipate, on a nationwide basis, in the 9
4781	4781	Boots to Business Program; and 10
4782	4782	‘‘(II) to the maximum extent 11
4783	4783	practicable, use district offices of the 12
4784	4784	Administration and a variety of other 13
4785	4785	resource partners and entities in ad-14
4786	4786	ministering the Boots to Business 15
4787	4787	Program. 16
4788	4788	‘‘(ii) G
4789	4789	RANT AUTHORITY.—In carrying 17
4790	4790	out clause (i), the Administrator may make 18
4791	4791	grants, subject to the availability of appro-19
4792	4792	priations in advance, to Veteran Business 20
4793	4793	Outreach Centers, other resource partners, 21
4794	4794	or other entities to carry out components 22
4795	4795	of the Boots to Business Program. 23
4796	4796	‘‘(D) A
4797	4797	VAILABILITY TO DEPARTMENT OF 24
4798	4798	DEFENSE AND THE DEPARTMENT OF LABOR .— 25
4799	4799	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00159 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4801	4801	•HR 185 IH
4802	4802	The Administrator shall make available to the 1
4803	4803	Secretary of Defense and the Secretary of 2
4804	4804	Labor information regarding the Boots to Busi-3
4805	4805	ness Program, including all course materials 4
4806	4806	and outreach materials related to the Boots to 5
4807	4807	Business Program, for inclusion on the websites 6
4808	4808	of the Department of Defense and the Depart-7
4809	4809	ment of Labor relating to the Transition Assist-8
4810	4810	ance Program, in the Transition Assistance 9
4811	4811	Program manual, and in other relevant mate-10
4812	4812	rials available for distribution from the Sec-11
4813	4813	retary of Defense and the Secretary of Labor. 12
4814	4814	‘‘(E) A
4815	4815	VAILABILITY TO DEPARTMENT OF 13
4816	4816	VETERANS AFFAIRS.—In consultation with the 14
4817	4817	Secretary of Veterans Affairs, the Adminis-15
4818	4818	trator shall make available for distribution and 16
4819	4819	display on the website of the Department of 17
4820	4820	Veterans Affairs and at local facilities of the 18
4821	4821	Department of Veterans Affairs outreach mate-19
4822	4822	rials regarding the Boots to Business Program, 20
4823	4823	which shall, at a minimum— 21
4824	4824	‘‘(i) describe the Boots to Business 22
4825	4825	Program and the services provided; and 23
4826	4826	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00160 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4828	4828	•HR 185 IH
4829	4829	‘‘(ii) include eligibility requirements 1
4830	4830	for participating in the Boots to Business 2
4831	4831	Program. 3
4832	4832	‘‘(F) A
4833	4833	VAILABILITY TO OTHER PARTICI -4
4834	4834	PATING AGENCIES.—The Administrator shall 5
4835	4835	ensure information regarding the Boots to 6
4836	4836	Business program, including all course mate-7
4837	4837	rials and outreach materials related to the 8
4838	4838	Boots to Business Program, is made available 9
4839	4839	to other participating agencies in the Transition 10
4840	4840	Assistance Program and upon request of other 11
4841	4841	agencies. 12
4842	4842	‘‘(5) C
4843	4843	OMPETITIVE BIDDING PROCEDURES .— 13
4844	4844	The Administration shall use relevant competitive 14
4845	4845	bidding procedures with respect to any contract or 15
4846	4846	cooperative agreement executed by the Administra-16
4847	4847	tion under the Boots to Business Program. 17
4848	4848	‘‘(6) P
4849	4849	UBLICATION OF NOTICE OF FUNDING OP -18
4850	4850	PORTUNITY.—Not later than 30 days before the 19
4851	4851	deadline for submitting applications for any funding 20
4852	4852	opportunity under the Boots to Business Program, 21
4853	4853	the Administration shall publish a notice of the 22
4854	4854	funding opportunity. 23
4855	4855	‘‘(7) R
4856	4856	EPORT.—Not later than 180 days after 24
4857	4857	the date of enactment of this subsection, and not 25
4858	4858	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00161 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4860	4860	•HR 185 IH
4861	4861	less frequently than annually thereafter, the Admin-1
4862	4862	istrator shall submit to the Committee on Small 2
4863	4863	Business and Entrepreneurship of the Senate and 3
4864	4864	the Committee on Small Business of the House of 4
4865	4865	Representatives a report on the performance and ef-5
4866	4866	fectiveness of the Boots to Business Program, 6
4867	4867	which— 7
4868	4868	‘‘(A) may be included as part of another 8
4869	4869	report submitted to such committees by the Ad-9
4870	4870	ministrator related to the Office of Veterans 10
4871	4871	Business Development; and 11
4872	4872	‘‘(B) shall summarize available information 12
4873	4873	relating to— 13
4874	4874	‘‘(i) grants awarded under paragraph 14
4875	4875	(4)(C); 15
4876	4876	‘‘(ii) the total cost of the Boots to 16
4877	4877	Business Program; 17
4878	4878	‘‘(iii) the number of program partici-18
4879	4879	pants using each component of the Boots 19
4880	4880	to Business Program; 20
4881	4881	‘‘(iv) the completion rates for each 21
4882	4882	component of the Boots to Business Pro-22
4883	4883	gram; 23
4884	4884	‘‘(v) to the extent possible— 24
4885	4885	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00162 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4887	4887	•HR 185 IH
4888	4888	‘‘(I) the demographics of pro-1
4889	4889	gram participants, to include gender, 2
4890	4890	age, race, ethnicity, and relationship 3
4891	4891	to military; 4
4892	4892	‘‘(II) the number of program 5
4893	4893	participants that connect with a dis-6
4894	4894	trict office of the Administration, a 7
4895	4895	Veteran Business Outreach Center, or 8
4896	4896	another resource partner of the Ad-9
4897	4897	ministration; 10
4898	4898	‘‘(III) the number of program 11
4899	4899	participants that start a small busi-12
4900	4900	ness concern; 13
4901	4901	‘‘(IV) the results of the Boots to 14
4902	4902	Business and Boots to Business 15
4903	4903	Reboot course quality surveys con-16
4904	4904	ducted by the Office of Veterans Busi-17
4905	4905	ness Development before and after at-18
4906	4906	tending each of those courses, includ-19
4907	4907	ing a summary of any comments re-20
4908	4908	ceived from program participants; 21
4909	4909	‘‘(V) the results of the Boots to 22
4910	4910	Business Program outcome surveys 23
4911	4911	conducted by the Office of Veterans 24
4912	4912	Business Development, including a 25
4913	4913	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00163 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4915	4915	•HR 185 IH
4916	4916	summary of any comments received 1
4917	4917	from program participants; and 2
4918	4918	‘‘(VI) the results of other ger-3
4919	4919	mane participant satisfaction surveys; 4
4920	4920	‘‘(C) an evaluation of the overall effective-5
4921	4921	ness of the Boots to Business Program based 6
4922	4922	on each geographic region covered by the Ad-7
4923	4923	ministration during the most recent fiscal year; 8
4924	4924	‘‘(D) an assessment of additional perform-9
4925	4925	ance outcome measures for the Boots to Busi-10
4926	4926	ness Program, as identified by the Adminis-11
4927	4927	trator; 12
4928	4928	‘‘(E) any recommendations of the Adminis-13
4929	4929	trator for improvement of the Boots to Busi-14
4930	4930	ness Program, which may include expansion of 15
4931	4931	the types of individuals who are covered individ-16
4932	4932	uals; 17
4933	4933	‘‘(F) an explanation of how the Boots to 18
4934	4934	Business Program has been integrated with 19
4935	4935	other transition programs and related resources 20
4936	4936	of the Administration and other Federal agen-21
4937	4937	cies; and 22
4938	4938	‘‘(G) any additional information the Ad-23
4939	4939	ministrator determines necessary.’’. 24
4940	4940	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00164 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4942	4942	•HR 185 IH
4943	4943	TITLE VI 1
4944	4944	SEC. 601. INCREASED PUNISHMENT FOR HUMAN TRAF-2
4945	4945	FICKING IN SCHOOL ZONES. 3
4946	4946	Section 1591 of title 18, United States Code, is 4
4947	4947	amended— 5
4948	4948	(1) by redesignating subsection (e) as sub-6
4949	4949	section (f); and 7
4950	4950	(2) by inserting after subsection (d) the fol-8
4951	4951	lowing: 9
4952	4952	‘‘(e)(1) Whoever violates subsection (a) in a school 10
4953	4953	zone, or on, or within 1,000 feet of, a premises on which 11
4954	4954	a school-sponsored activity is taking place, or on, or within 12
4955	4955	1,000 feet of a premises owned by an institution of higher 13
4956	4956	education, shall, in addition to the punishment otherwise 14
4957	4957	provided under this section, be imprisoned for not more 15
4958	4958	than 5 years. 16
4959	4959	‘‘(2) In this subsection: 17
4960	4960	‘‘(A) The term ‘school zone’ has the meaning 18
4961	4961	given such term in section 921. 19
4962	4962	‘‘(B) The term ‘school-sponsored activity’ 20
4963	4963	means any activity that is produced, financed, ar-21
4964	4964	ranged, supervised, or coordinated by a school or a 22
4965	4965	State educational agency or local educational agency 23
4966	4966	or is under the jurisdiction of a State educational 24
4967	4967	agency or local educational agency. 25
4968	4968	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00165 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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4970	4970	•HR 185 IH
4971	4971	‘‘(C) The terms ‘State educational agency’ and 1
4972	4972	‘local educational agency’ have the meanings given 2
4973	4973	those terms under section 8101 of the Elementary 3
4974	4974	and Secondary Education Act of 1965. 4
4975	4975	‘‘(D) The term ‘institution of higher education’ 5
4976	4976	has the meaning given such term in section 101 of 6
4977	4977	the Higher Education Act of 1965 (20 U.S.C. 7
4978	4978	1001).’’. 8
4979	4979	SEC. 602. INCREASED PUNISHMENT FOR COERCION AND 9
4980	4980	ENTICEMENT IN SCHOOL ZONES. 10
4981	4981	Section 2422 of title 18, United States Code, is 11
4982	4982	amended— 12
4983	4983	(1) in subsection (b), by striking ‘‘individual 13
4984	4984	who has not attained the age of 18 years’’ and in-14
4985	4985	serting ‘‘minor’’; and 15
4986	4986	(2) by adding at the end the following: 16
4987	4987	‘‘(c)(1) Whoever violates subsection (a) or (b) know-17
4988	4988	ing, or having reasonable cause to believe, that the viola-18
4989	4989	tion is committed against a minor who is enrolled in school 19
4990	4990	and is, at the time of the violation, in a school zone or 20
4991	4991	on, or within 1,000 feet of, a premises on which a school- 21
4992	4992	sponsored activity is taking place, or against a person who 22
4993	4993	is enrolled in an institution of higher education and is, 23
4994	4994	at the time of the violation on or within 1,000 feet of a 24
4995	4995	premises owned by the institution of higher education, 25
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4998	4998	•HR 185 IH
4999	4999	shall, in addition to the punishment otherwise provided 1
5000	5000	under this section, be imprisoned for not more than 5 2
5001	5001	years. 3
5002	5002	‘‘(2) Paragraph (1) shall not apply in a case in which 4
5003	5003	a minor’s presence on, or within 1,000 feet of, the prem-5
5004	5004	ises on which a school-sponsored activity is taking place 6
5005	5005	is not related to such school-sponsored activity, or the per-7
5006	5006	son’s presence on or within 1,000 feet of the premises 8
5007	5007	owned by the institution of higher education is not related 9
5008	5008	to their enrollment at such institution. 10
5009	5009	‘‘(d) In this section: 11
5010	5010	‘‘(1) The term ‘minor’ means an individual who 12
5011	5011	has not attained 18 years of age. 13
5012	5012	‘‘(2) The term ‘school’ means a public, paro-14
5013	5013	chial, or private school that provides elementary or 15
5014	5014	secondary education. 16
5015	5015	‘‘(3) The term ‘school zone’ has the meaning 17
5016	5016	given such term in section 921. 18
5017	5017	‘‘(4) The term ‘school-sponsored activity’ means 19
5018	5018	any activity that is produced, financed, arranged, su-20
5019	5019	pervised, or coordinated by a school or a State edu-21
5020	5020	cational agency or local educational agency or is 22
5021	5021	under the jurisdiction of a State educational agency 23
5022	5022	or local educational agency. 24
5023	5023	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00167 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5025	5025	•HR 185 IH
5026	5026	‘‘(5) The terms ‘State educational agency’ and 1
5027	5027	‘local educational agency’ have the meanings given 2
5028	5028	those terms under section 8101 of the Elementary 3
5029	5029	and Secondary Education Act of 1965. 4
5030	5030	‘‘(6) The term ‘institution of higher education’ 5
5031	5031	has the meaning given such term in section 101 of 6
5032	5032	the Higher Education Act of 1965 (20 U.S.C. 7
5033	5033	1001).’’. 8
5034	5034	TITLE VII 9
5035	5035	SEC. 701. ESTABLISHMENT OF COMMISSION. 10
5036	5036	(a) I
5037	5037	NGENERAL.—There is established the Commis-11
5038	5038	sion to Study the Potential Creation of a National Mu-12
5039	5039	seum of Asian Pacific American History and Culture 13
5040	5040	(hereafter in this Act referred to as the ‘‘Commission’’). 14
5041	5041	(b) M
5042	5042	EMBERSHIP.—The Commission shall be com-15
5043	5043	posed of 8 members, of whom— 16
5044	5044	(1) 2 members shall be appointed by the major-17
5045	5045	ity leader of the Senate; 18
5046	5046	(2) 2 members shall be appointed by the Speak-19
5047	5047	er of the House of Representatives; 20
5048	5048	(3) 2 members shall be appointed by the minor-21
5049	5049	ity leader of the Senate; and 22
5050	5050	(4) 2 members shall be appointed by the minor-23
5051	5051	ity leader of the House of Representatives. 24
5052	5052	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00168 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5054	5054	•HR 185 IH
5055	5055	(c) QUALIFICATIONS.—Members of the Commission 1
5056	5056	shall be appointed to the Commission from among individ-2
5057	5057	uals, or representatives of institutions or entities, who pos-3
5058	5058	sess— 4
5059	5059	(1)(A) a demonstrated commitment to the re-5
5060	5060	search, study, or promotion of Asian Pacific Amer-6
5061	5061	ican history, art, political or economic status, or cul-7
5062	5062	ture; and 8
5063	5063	(B)(i) expertise in museum administration; 9
5064	5064	(ii) expertise in fundraising for nonprofit 10
5065	5065	or cultural institutions; 11
5066	5066	(iii) experience in the study and teaching 12
5067	5067	of Asian Pacific American history; 13
5068	5068	(iv) experience in studying the issue of the 14
5069	5069	representation of Asian Pacific Americans in 15
5070	5070	art, life, history, and culture at the Smithsonian 16
5071	5071	Institution; or 17
5072	5072	(v) extensive experience in public or elected 18
5073	5073	service; 19
5074	5074	(2) experience in the administration of, or the 20
5075	5075	planning for, the establishment of, museums; or 21
5076	5076	(3) experience in the planning, design, or con-22
5077	5077	struction of museum facilities. 23
5078	5078	(d) D
5079	5079	EADLINE FOR INITIALAPPOINTMENT.—The 24
5080	5080	initial members of the Commission shall be appointed not 25
5081	5081	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00169 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5083	5083	•HR 185 IH
5084	5084	later than the date that is 90 days after the date of enact-1
5085	5085	ment of this Act. 2
5086	5086	(e) V
5087	5087	ACANCIES.—A vacancy in the Commission— 3
5088	5088	(1) shall not affect the powers of the Commis-4
5089	5089	sion; and 5
5090	5090	(2) shall be filled in the same manner as the 6
5091	5091	original appointment was made. 7
5092	5092	(f) C
5093	5093	HAIRPERSON.—The Commission shall, by major-8
5094	5094	ity vote of all of the members, select 1 member of the 9
5095	5095	Commission to serve as the Chairperson of the Commis-10
5096	5096	sion. 11
5097	5097	(g) P
5098	5098	ROHIBITION.—No employee of the Federal Gov-12
5099	5099	ernment may serve as a member of the Commission. 13
5100	5100	SEC. 702. DUTIES OF THE COMMISSION. 14
5101	5101	(a) R
5102	5102	EPORTS.— 15
5103	5103	(1) P
5104	5104	LAN OF ACTION.—The Commission shall 16
5105	5105	submit to the President and Congress a report con-17
5106	5106	taining the recommendations of the Commission 18
5107	5107	with respect to a plan of action regarding the feasi-19
5108	5108	bility of establishing and maintaining a National 20
5109	5109	Museum of Asian Pacific American History and Cul-21
5110	5110	ture in Washington, DC, and its environs (hereafter 22
5111	5111	in this Act referred to as the ‘‘Museum’’). 23
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5114	5114	•HR 185 IH
5115	5115	(2) REPORT ON ISSUES.—The Commission shall 1
5116	5116	submit to the President and Congress a report that 2
5117	5117	addresses the following issues: 3
5118	5118	(A) The availability and cost of collections 4
5119	5119	to be acquired and housed in the Museum. 5
5120	5120	(B) The impact of the Museum on existing 6
5121	5121	Asian Pacific American history-related muse-7
5122	5122	ums. 8
5123	5123	(C) In consultation with the Smithsonian 9
5124	5124	Institution, develop criteria for evaluating pos-10
5125	5125	sible locations for the Museum in Washington, 11
5126	5126	DC, and its environs. 12
5127	5127	(D) The feasibility of the Museum becom-13
5128	5128	ing part of the Smithsonian Institution, taking 14
5129	5129	into account the Museum’s potential impact on 15
5130	5130	the Smithsonian’s existing facilities mainte-16
5131	5131	nance backlog, collections storage needs, and 17
5132	5132	identified construction or renovation costs for 18
5133	5133	new or existing museums. 19
5134	5134	(E) The governance and organizational 20
5135	5135	structure from which the Museum should oper-21
5136	5136	ate. 22
5137	5137	(F) Best practices for engaging Asian Pa-23
5138	5138	cific Americans in the development and design 24
5139	5139	of the Museum. 25
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5142	5142	•HR 185 IH
5143	5143	(G) The cost of constructing, operating, 1
5144	5144	and maintaining the Museum. 2
5145	5145	(3) D
5146	5146	EADLINE.—The reports required under 3
5147	5147	paragraphs (1) and (2) shall be submitted not later 4
5148	5148	than the date that is 18 months after the date of 5
5149	5149	the first meeting of the Commission. 6
5150	5150	(b) F
5151	5151	UNDRAISINGPLAN.— 7
5152	5152	(1) I
5153	5153	N GENERAL.—The Commission shall de-8
5154	5154	velop a fundraising plan that will address the ability 9
5155	5155	to support the establishment, operation, and mainte-10
5156	5156	nance of the Museum through contributions from 11
5157	5157	the public. 12
5158	5158	(2) C
5159	5159	ONSIDERATIONS.—In developing the fund-13
5160	5160	raising plan under paragraph (1), the Commission 14
5161	5161	shall consider issues relating to funding the oper-15
5162	5162	ations and maintenance of the Museum in perpetuity 16
5163	5163	without reliance on appropriations of Federal funds. 17
5164	5164	(3) I
5165	5165	NDEPENDENT REVIEW .—The Commission 18
5166	5166	shall obtain an independent review of the viability of 19
5167	5167	the plan developed under paragraph (1) and such re-20
5168	5168	view shall include an analysis as to whether the plan 21
5169	5169	is able to achieve the level of resources necessary to 22
5170	5170	fund the construction of the Museum and the oper-23
5171	5171	ations and maintenance of the Museum in perpetuity 24
5172	5172	without reliance on appropriations of Federal funds. 25
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5175	5175	•HR 185 IH
5176	5176	(4) SUBMISSION.—The Commission shall sub-1
5177	5177	mit the plan developed under paragraph (1) and the 2
5178	5178	review conducted under paragraph (3) to the Com-3
5179	5179	mittees on House Administration, Natural Re-4
5180	5180	sources, and Appropriations of the House of Rep-5
5181	5181	resentatives and the Committees on Rules and Ad-6
5182	5182	ministration, Energy and Natural Resources, and 7
5183	5183	Appropriations of the Senate. 8
5184	5184	(c) L
5185	5185	EGISLATIONTOCARRYOUTPLAN OFAC-9
5186	5186	TION.—Based on the recommendations contained in the 10
5187	5187	report submitted under paragraphs (1) and (2) of sub-11
5188	5188	section (a), the Commission shall submit for consideration 12
5189	5189	to the Committees on House Administration, Natural Re-13
5190	5190	sources, and Appropriations of the House of Representa-14
5191	5191	tives and the Committees on Rules and Administration, 15
5192	5192	Energy and Natural Resources, and Appropriations of the 16
5193	5193	Senate recommendations for a legislative plan of action 17
5194	5194	on the feasibility of establishing and constructing the Mu-18
5195	5195	seum. 19
5196	5196	(d) N
5197	5197	ATIONALCONFERENCE.—Not later than 18 20
5198	5198	months after the date on which the initial members of the 21
5199	5199	Commission are appointed under section 2, the Commis-22
5200	5200	sion may, in carrying out the duties of the Commission 23
5201	5201	under this section, convene a national conference relating 24
5202	5202	to the Museum, to be comprised of individuals committed 25
5203	5203	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00173 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5205	5205	•HR 185 IH
5206	5206	to the advancement of the life, art, history, and culture 1
5207	5207	of Asian Pacific Americans. 2
5208	5208	SEC. 703. ADMINISTRATIVE PROVISIONS. 3
5209	5209	(a) C
5210	5210	OMPENSATION.— 4
5211	5211	(1) I
5212	5212	N GENERAL.—A member of the Commis-5
5213	5213	sion— 6
5214	5214	(A) shall not be considered to be a Federal 7
5215	5215	employee for any purpose by reason of service 8
5216	5216	on the Commission; and 9
5217	5217	(B) shall serve without pay. 10
5218	5218	(2) T
5219	5219	RAVEL EXPENSES .—A member of the 11
5220	5220	Commission shall be allowed a per diem allowance 12
5221	5221	for travel expenses, at rates consistent with those 13
5222	5222	authorized under subchapter I of chapter 57 of title 14
5223	5223	5, United States Code. 15
5224	5224	(3) G
5225	5225	IFTS, BEQUESTS, AND DEVISES.—The 16
5226	5226	Commission may solicit, accept, use, and dispose of 17
5227	5227	gifts, bequests, or devises of money, services, or real 18
5228	5228	or personal property for the purpose of aiding or fa-19
5229	5229	cilitating the work of the Commission. 20
5230	5230	(4) F
5231	5231	EDERAL ADVISORY COMMITTEE ACT .—The 21
5232	5232	Commission shall not be subject to the Federal Advi-22
5233	5233	sory Committee Act (5 U.S.C. App.). 23
5234	5234	(b) T
5235	5235	ERMINATION.—The Commission shall terminate 24
5236	5236	on the date that is 30 days after the date on which the 25
5237	5237	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00174 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5239	5239	•HR 185 IH
5240	5240	final versions of the reports required under section 3 are 1
5241	5241	submitted. 2
5242	5242	(c) F
5243	5243	UNDING.— 3
5244	5244	(1) I
5245	5245	N GENERAL.—The Commission shall be 4
5246	5246	solely responsible for acceptance of contributions for, 5
5247	5247	and payment of the expenses of, the Commission. 6
5248	5248	(2) P
5249	5249	ROHIBITION.—No Federal funds may be 7
5250	5250	obligated to carry out this Act. 8
5251	5251	(d) D
5252	5252	IRECTOR ANDSTAFF OFCOMMISSION.— 9
5253	5253	(1) D
5254	5254	IRECTOR AND STAFF.— 10
5255	5255	(A) I
5256	5256	N GENERAL.—The Commission may 11
5257	5257	employ and compensate an executive director 12
5258	5258	and any other additional personnel that are 13
5259	5259	necessary to enable the Commission to perform 14
5260	5260	the duties of the Commission. 15
5261	5261	(B) R
5262	5262	ATES OF PAY.—Rates of pay for per-16
5263	5263	sons employed under subparagraph (A) shall be 17
5264	5264	consistent with the rates of pay allowed for em-18
5265	5265	ployees of a temporary organization under sec-19
5266	5266	tion 3161 of title 5, United States Code. 20
5267	5267	(2) N
5268	5268	OT FEDERAL EMPLOYMENT .—Any indi-21
5269	5269	vidual employed under this section shall not be con-22
5270	5270	sidered a Federal employee for the purpose of any 23
5271	5271	law governing Federal employment. 24
5272	5272	(3) T
5273	5273	ECHNICAL ASSISTANCE.— 25
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5276	5276	•HR 185 IH
5277	5277	(A) IN GENERAL.—Subject to subpara-1
5278	5278	graph (B), on request of the Commission, the 2
5279	5279	head of a Federal agency may provide technical 3
5280	5280	assistance to the Commission. 4
5281	5281	(B) P
5282	5282	ROHIBITION.—No Federal employees 5
5283	5283	may be detailed to the Commission. 6
5284	5284	TITLE VIII 7
5285	5285	SEC. 801. SELECTUSA DEFINED. 8
5286	5286	In this Act, the term ‘‘SelectUSA’’ means the 9
5287	5287	SelectUSA program of the Department of Commerce es-10
5288	5288	tablished by Executive Order No. 13577 (76 Fed. Reg. 11
5289	5289	35715). 12
5290	5290	SEC. 802. FINDINGS. 13
5291	5291	Congress makes the following findings: 14
5292	5292	(1) Semiconductors underpin the United States 15
5293	5293	and global economies, including manufacturing sec-16
5294	5294	tors. Semiconductors are also essential to the na-17
5295	5295	tional security of the United States. 18
5296	5296	(2) A shortage of semiconductors, brought 19
5297	5297	about by the COVID–19 pandemic and other com-20
5298	5298	plex factors impacting the overall supply chain, has 21
5299	5299	threatened the economic recovery of the United 22
5300	5300	States and industries that employ millions of United 23
5301	5301	States citizens. 24
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5304	5304	•HR 185 IH
5305	5305	(3) Addressing current challenges and building 1
5306	5306	resilience against future risks requires ensuring a se-2
5307	5307	cure and stable supply chain for semiconductors that 3
5308	5308	will support the economic and national security 4
5309	5309	needs of the United States and its allies. 5
5310	5310	(4) The supply chain for semiconductors is 6
5311	5311	complex and global. While the United States plays 7
5312	5312	a leading role in certain segments of the semicon-8
5313	5313	ductor industry, securing the supply chain requires 9
5314	5314	onshoring, reshoring, or diversifying vulnerable seg-10
5315	5315	ments, such as for— 11
5316	5316	(A) fabrication; 12
5317	5317	(B) advanced packaging; and 13
5318	5318	(C) materials and equipment used to man-14
5319	5319	ufacture semiconductor products. 15
5320	5320	(5) The Federal Government can leverage for-16
5321	5321	eign direct investment and private dollars to grow 17
5322	5322	the domestic manufacturing and production capacity 18
5323	5323	of the United States for vulnerable segments of the 19
5324	5324	semiconductor supply chain. 20
5325	5325	(6) The SelectUSA program of the Department 21
5326	5326	of Commerce, in coordination with other Federal 22
5327	5327	agencies and State-level economic development orga-23
5328	5328	nizations, is positioned to boost foreign direct invest-24
5329	5329	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00177 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5331	5331	•HR 185 IH
5332	5332	ment in domestic manufacturing and to help secure 1
5333	5333	the semiconductor supply chain of the United States. 2
5334	5334	SEC. 803. COORDINATION WITH STATE-LEVEL ECONOMIC 3
5335	5335	DEVELOPMENT ORGANIZATIONS. 4
5336	5336	Not later than 180 days after the date of the enact-5
5337	5337	ment of this Act, the Executive Director of SelectUSA 6
5338	5338	shall solicit comments from State-level economic develop-7
5339	5339	ment organizations— 8
5340	5340	(1) to review— 9
5341	5341	(A) what efforts the Federal Government 10
5342	5342	can take to support increased foreign direct in-11
5343	5343	vestment in any segment of semiconductor-re-12
5344	5344	lated production; 13
5345	5345	(B) what barriers to such investment may 14
5346	5346	exist and how to amplify State efforts to attract 15
5347	5347	such investment; 16
5348	5348	(C) public opportunities those organiza-17
5349	5349	tions have identified to attract foreign direct in-18
5350	5350	vestment to help increase investment described 19
5351	5351	in subparagraph (A); 20
5352	5352	(D) resource gaps or other challenges that 21
5353	5353	prevent those organizations from increasing 22
5354	5354	such investment; and 23
5355	5355	(2) to develop recommendations for— 24
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5358	5358	•HR 185 IH
5359	5359	(A) how SelectUSA can increase such in-1
5360	5360	vestment independently or through partnership 2
5361	5361	with those organizations; and 3
5362	5362	(B) working with countries that are allies 4
5363	5363	or partners of the United States to ensure that 5
5364	5364	foreign adversaries (as defined in section 6
5365	5365	8(c)(2) of the Secure and Trusted Communica-7
5366	5366	tions Networks Act of 2019 (47 U.S.C. 8
5367	5367	1607(c)(2))) do not benefit from United States 9
5368	5368	efforts to increase such investment. 10
5369	5369	SEC. 804. REPORT ON INCREASING FOREIGN DIRECT IN-11
5370	5370	VESTMENT IN SEMICONDUCTOR-RELATED 12
5371	5371	MANUFACTURING AND PRODUCTION. 13
5372	5372	Not later than 2 years after the date of the enact-14
5373	5373	ment of this Act, the Executive Director of SelectUSA, 15
5374	5374	in coordination with the Federal Interagency Investment 16
5375	5375	Working Group established by Executive Order No. 13577 17
5376	5376	(76 Fed. Reg. 35,715; relating to establishment of the 18
5377	5377	SelectUSA Initiative), shall submit to the Committee on 19
5378	5378	Commerce, Science, and Transportation of the Senate and 20
5379	5379	the Committee on Energy and Commerce of the House 21
5380	5380	of Representatives a report that includes— 22
5381	5381	(1) a review of the comments SelectUSA re-23
5382	5382	ceived from State-level economic development organi-24
5383	5383	zations under section 803; 25
5384	5384	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00179 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5386	5386	•HR 185 IH
5387	5387	(2) a description of activities SelectUSA is en-1
5388	5388	gaged in to increase foreign direct investment in 2
5389	5389	semiconductor-related manufacturing and produc-3
5390	5390	tion; and 4
5391	5391	(3) an assessment of strategies SelectUSA may 5
5392	5392	implement to achieve an increase in such investment 6
5393	5393	and to help secure the United States supply chain 7
5394	5394	for semiconductors, including by— 8
5395	5395	(A) working with other relevant Federal 9
5396	5396	agencies; and 10
5397	5397	(B) working with State-level economic de-11
5398	5398	velopment organizations and implementing any 12
5399	5399	strategies or recommendations SelectUSA re-13
5400	5400	ceived from those organizations. 14
5401	5401	TITLE IX 15
5402	5402	SEC. 901. APPROVAL OF CERTAIN EQUIPMENT. 16
5403	5403	(a) I
5404	5404	NGENERAL.—Section 2008 of the Homeland 17
5405	5405	Security Act of 2002 (6 U.S.C. 609) is amended— 18
5406	5406	(1) in subsection (f)— 19
5407	5407	(A) by striking ‘‘If an applicant’’ and in-20
5408	5408	serting the following: 21
5409	5409	‘‘(1) A
5410	5410	PPLICATION REQUIREMENT .—If an appli-22
5411	5411	cant’’; and 23
5412	5412	(B) by adding at the end the following new 24
5413	5413	paragraphs: 25
5414	5414	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00180 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5416	5416	•HR 185 IH
5417	5417	‘‘(2) REVIEW PROCESS.—The Administrator 1
5418	5418	shall implement a uniform process for reviewing ap-2
5419	5419	plications that, in accordance with paragraph (1), 3
5420	5420	contain explanations to use grants provided under 4
5421	5421	section 2003 or 2004 to purchase equipment or sys-5
5422	5422	tems that do not meet or exceed any applicable na-6
5423	5423	tional voluntary consensus standards developed 7
5424	5424	under section 647 of the Post-Katrina Emergency 8
5425	5425	Management Reform Act of 2006 (6 U.S.C. 747). 9
5426	5426	‘‘(3) F
5427	5427	ACTORS.—In carrying out the review 10
5428	5428	process under paragraph (2), the Administrator 11
5429	5429	shall consider the following: 12
5430	5430	‘‘(A) Current or past use of proposed 13
5431	5431	equipment or systems by Federal agencies or 14
5432	5432	the Armed Forces. 15
5433	5433	‘‘(B) The absence of a national voluntary 16
5434	5434	consensus standard for such equipment or sys-17
5435	5435	tems. 18
5436	5436	‘‘(C) The existence of an international con-19
5437	5437	sensus standard for such equipment or systems, 20
5438	5438	and whether such equipment or systems meets 21
5439	5439	such standard. 22
5440	5440	‘‘(D) The nature of the capability gap 23
5441	5441	identified by the applicant and how such equip-24
5442	5442	ment or systems will address such gap. 25
5443	5443	VerDate Sep 11 2014 01:01 Mar 06, 2025 Jkt 059200 PO 00000 Frm 00181 Fmt 6652 Sfmt 6201 E:\BILLS\H185.IH H185
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5445	5445	•HR 185 IH
5446	5446	‘‘(E) The degree to which such equipment 1
5447	5447	or systems will serve the needs of the applicant 2
5448	5448	better than equipment or systems that meet or 3
5449	5449	exceed existing consensus standards. 4
5450	5450	‘‘(F) Any other factor determined appro-5
5451	5451	priate by the Administrator.’’; and 6
5452	5452	(2) by adding at the end the following new sub-7
5453	5453	section: 8
5454	5454	‘‘(g) R
5455	5455	EVIEWPROCESS.—The Administrator shall 9
5456	5456	implement a uniform process for reviewing applications to 10
5457	5457	use grants provided under section 2003 or 2004 to pur-11
5458	5458	chase equipment or systems not included on the Author-12
5459	5459	ized Equipment List maintained by the Administrator.’’. 13
5460	5460	(b) I
5461	5461	NSPECTORGENERALREPORT.—Not later than 14
5462	5462	three years after the date of the enactment of this Act, 15
5463	5463	the Inspector General of the Department of Homeland Se-16
5464	5464	curity shall submit to the Committee on Homeland Secu-17
5465	5465	rity of the House of Representatives and the Committee 18
5466	5466	on Homeland Security and Governmental Affairs of the 19
5467	5467	Senate a report assessing the implementation of the review 20
5468	5468	process established under paragraph (2) of subsection (f) 21
5469	5469	of section 2008 of the Homeland Security Act of 2002 22
5470	5470	(as added by subsection (a) of this section), including in-23
5471	5471	formation on the following: 24
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5474	5474	•HR 185 IH
5475	5475	(1) The number of requests to purchase equip-1
5476	5476	ment or systems that do not meet or exceed any ap-2
5477	5477	plicable consensus standard evaluated under such re-3
5478	5478	view process. 4
5479	5479	(2) The capability gaps identified by applicants 5
5480	5480	and the number of such requests granted or denied. 6
5481	5481	(3) The processing time for the review of such 7
5482	5482	requests. 8
5483	5483	TITLE X 9
5484	5484	SEC. 1001. FINDINGS. 10
5485	5485	Congress finds the following: 11
5486	5486	(1) NASA uses enhanced use leasing to enter 12
5487	5487	into agreements with private sector entities, State 13
5488	5488	and local governments, academic institutions, and 14
5489	5489	other Federal agencies for lease of non-excess, un-15
5490	5490	derutilized NASA properties and facilities. 16
5491	5491	(2) NASA uses enhanced use leasing authority 17
5492	5492	to support responsible management of its real prop-18
5493	5493	erty, including to improve the use of underutilized 19
5494	5494	property for activities that are compatible with 20
5495	5495	NASA’s mission and to reduce facility operating and 21
5496	5496	maintenance costs. 22
5497	5497	(3) In fiscal year 2019, under its enhanced use 23
5498	5498	lease authority, NASA leased 65 real properties. 24
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5501	5501	•HR 185 IH
5502	5502	(4) In fiscal year 2019, NASA’s use of en-1
5503	5503	hanced use leasing resulted in the collection of 2
5504	5504	$10,843,025.77 in net revenue. 3
5505	5505	(5) In fiscal year 2019, NASA used a portion 4
5506	5506	of its enhanced use leasing revenues for repairs of 5
5507	5507	facility control systems such as lighting and heating, 6
5508	5508	ventilation, and air conditioning. 7
5509	5509	(6) NASA’s use of enhanced use leasing author-8
5510	5510	ity can contribute to reducing the rate of increase of 9
5511	5511	the Agency’s overall deferred maintenance cost. 10
5512	5512	SEC. 1002. EXTENSION OF AUTHORITY TO ENTER INTO 11
5513	5513	LEASES OF NON-EXCESS PROPERTY OF THE 12
5514	5514	NATIONAL AERONAUTICS AND SPACE ADMIN-13
5515	5515	ISTRATION. 14
5516	5516	Section 20145(h) of title 51, United States Code, is 15
5517	5517	amended by striking ‘‘December 31, 2032’’ and inserting 16
5518	5518	‘‘December 31, 2033’’. 17
5519	5519	TITLE XI 18
5520	5520	SEC. 1101. HEARINGS. 19
5521	5521	(a) I
5522	5522	NGENERAL.—Each standing committee of the 20
5523	5523	House of Representatives shall hold a hearing on the im-21
5524	5524	plementation of this Act within one year of enactment. 22
5525	5525	(b) E
5526	5526	XERCISE OFRULEMAKINGAUTHORITY.—Sub-23
5527	5527	section (a) is enacted— 24
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5530	5530	•HR 185 IH
5531	5531	(1) as an exercise of rulemaking power of the 1
5532	5532	House of Representatives, and, as such, shall be con-2
5533	5533	sidered as part of the rules of the House, and such 3
5534	5534	rules shall supersede any other rule of the House 4
5535	5535	only to the extent that rule is inconsistent therewith; 5
5536	5536	and 6
5537	5537	(2) with full recognition of the constitutional 7
5538	5538	right of either House to change such rules (so far 8
5539	5539	as relating to the procedure in such House) at any 9
5540	5540	time, in the same manner, and to the same extent 10
5541	5541	as in the case of any other rule of the House. 11
5542	5542	TITLE XII 12
5543	5543	SEC. 1201. CODE OF OFFICIAL CONDUCT. 13
5544	5544	In rule XXIII of the Rules of the House of Rep-14
5545	5545	resentatives, strike clause 21 and insert the following: 15
5546	5546	‘‘21.(a) Except as provided in paragraphs (b) and (c), 16
5547	5547	a Member, Delegate, Resident Commissioner, officer, or 17
5548	5548	employee of the House shall not knowingly and willfully 18
5549	5549	disclose publicly the identity of, or personally identifiable 19
5550	5550	information about, any individual who has reported allega-20
5551	5551	tions of possible wrongdoing, including retaliation, under 21
5552	5552	processes and protections provided by the Civil Service Re-22
5553	5553	form Act of 1978, the Whistleblower Protection Act of 23
5554	5554	1989, the Intelligence Community Whistleblower Protec-24
5555	5555	tion Act of 1998, or any other Federal law that establishes 25
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5558	5558	•HR 185 IH
5559	5559	the right for individuals to make protected disclosures to 1
5560	5560	Congress. 2
5561	5561	‘‘(b) The limitation in paragraph (a) shall not apply 3
5562	5562	to any disclosure of an individual’s identity or personally 4
5563	5563	identifiable information if— 5
5564	5564	‘‘(1) the individual has provided express written 6
5565	5565	consent prior to such disclosure; 7
5566	5566	‘‘(2) the individual has already voluntarily and 8
5567	5567	publicly disclosed their identity; or 9
5568	5568	‘‘(3) the disclosure is by the chair of a com-10
5569	5569	mittee after an affirmative vote by two-thirds of the 11
5570	5570	members of the committee that such disclosure is in 12
5571	5571	the public interest. 13
5572	5572	‘‘(c) Nothing in this clause shall prevent— 14
5573	5573	‘‘(1) an investigation of any allegation of 15
5574	5574	wrongdoing disclosed by any individual; or 16
5575	5575	‘‘(2) the public disclosure of substantive infor-17
5576	5576	mation shared by any individual that is not person-18
5577	5577	ally identifiable to that individual. 19
5578	5578	‘‘(d) Disclosures made pursuant to paragraph (b)(3) 20
5579	5579	shall be subject to appropriate safeguards, including that 21
5580	5580	the individual be provided timely advance notice if possible 22
5581	5581	before their identity or any personally identifiable informa-23
5582	5582	tion is disclosed prior to the vote described in paragraph 24
5583	5583	(b)(3), unless such information would jeopardize the re-25
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5586	5586	•HR 185 IH
5587	5587	lated investigations. When providing such notice to the in-1
5588	5588	dividual the committee chair shall send the individual a 2
5589	5589	written explanation of the reasons for the disclosure.’’. 3
5590	5590	TITLE XIII 4
5591	5591	SEC. 1301. STUDY ON FOREIGN PORTS. 5
5592	5592	(a) I
5593	5593	NGENERAL.—Not later than 90 days after the 6
5594	5594	date of enactment of this Act, the Chairman of the Fed-7
5595	5595	eral Maritime Commission shall seek to enter into an 8
5596	5596	agreement with a federally funded research and develop-9
5597	5597	ment center to evaluate how foreign ownership of marine 10
5598	5598	terminals at the 15 largest United States container ports 11
5599	5599	affects or could affect United States economic security. 12
5600	5600	(b) C
5601	5601	ONTENTS.—In carrying out the study under 13
5602	5602	subsection (a), the center selected under such subsection 14
5603	5603	shall— 15
5604	5604	(1) consider— 16
5605	5605	(A) changes in ownership of the 15 largest 17
5606	5606	United States container ports over the past 10 18
5607	5607	years as well as announced ownership changes 19
5608	5608	from 2025 and 2026; 20
5609	5609	(B) instances of ownership in individual 21
5610	5610	marine terminals and cumulative ownership by 22
5611	5611	Chinese or Russian entities or nationals; 23
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5614	5614	•HR 185 IH
5615	5615	(C) instances of ownership in individual 1
5616	5616	marine terminals and cumulative ownership by 2
5617	5617	any foreign entity; 3
5618	5618	(D) the amount of— 4
5619	5619	(i) Port Infrastructure Development 5
5620	5620	Grant funds since fiscal year 2018 that 6
5621	5621	have gone to ports and marine terminals 7
5622	5622	that are owned wholly or partially foreign 8
5623	5623	owned; and 9
5624	5624	(ii) Port Security Grant funds since 10
5625	5625	fiscal year 2003 that have gone to ports 11
5626	5626	and marine terminals that are owned whol-12
5627	5627	ly or partially foreign owned; and 13
5628	5628	(E) where ownership exists, a detailed de-14
5629	5629	scription of foreign operational control includ-15
5630	5630	ing both affirmative and negative control; and 16
5631	5631	(2) offer recommendations on— 17
5632	5632	(A) policies by ports and marine terminal 18
5633	5633	operators to prevent excessive foreign ownership 19
5634	5634	that could threaten United States economic se-20
5635	5635	curity; 21
5636	5636	(B) whether ownership affords the foreign 22
5637	5637	owner access to operational technology and in-23
5638	5638	formation unique to the United States and oth-24
5639	5639	erwise unavailable; and 25
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5642	5642	•HR 185 IH
5643	5643	(C) whether foreign ownership has or could 1
5644	5644	affect the supply chain and policies related to 2
5645	5645	the prioritization of certain cargoes. 3
5646	5646	(c) R
5647	5647	EPORT.—Not later than 1 year after the initi-4
5648	5648	ation of the evaluation under subsection (a), the Chairman 5
5649	5649	of the Federal Maritime Commission shall submit to the 6
5650	5650	Committee on Commerce, Science, and Transportation of 7
5651	5651	the Senate and the Committee on Transportation and In-8
5652	5652	frastructure of the House of Representatives the results 9
5653	5653	of such evaluation. 10
5654	5654	TITLE XIV 11
5655	5655	SEC. 1401. DETERMINATION OF BUDGETARY EFFECTS. 12
5656	5656	The budgetary effects of this Act, for the purpose of 13
5657	5657	complying with the Statutory Pay-As-You-Go-Act of 2010, 14
5658	5658	shall be determined by reference to the latest statement 15
5659	5659	titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 16
5660	5660	Act, submitted for printing in the Congressional Record 17
5661	5661	by the Chairman of the House Budget Committee, pro-18
5662	5662	vided that such statement has been submitted prior to the 19
5663	5663	vote on passage. 20
5664	5664	TITLE XV 21
5665	5665	SEC. 1501. FREQUENCY OF BOARD OF DIRECTORS MEET-22
5666	5666	INGS. 23
5667	5667	Section 113 of the Federal Credit Union Act (12 24
5668	5668	U.S.C. 1761b) is amended— 25
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5671	5671	•HR 185 IH
5672	5672	(1) by striking ‘‘monthly’’ each place such term 1
5673	5673	appears; 2
5674	5674	(2) in the matter preceding paragraph (1), by 3
5675	5675	striking ‘‘The board of directors’’ and inserting the 4
5676	5676	following: 5
5677	5677	‘‘(a) I
5678	5678	NGENERAL.—The board of directors’’; 6
5679	5679	(3) in subsection (a) (as so designated), by 7
5680	5680	striking ‘‘shall meet at least once a month and’’; and 8
5681	5681	(4) by adding at the end the following: 9
5682	5682	‘‘(b) M
5683	5683	EETINGS.—The board of directors of a Federal 10
5684	5684	credit union shall meet as follows: 11
5685	5685	‘‘(1) With respect to a de novo Federal credit 12
5686	5686	union, not less frequently than monthly during each 13
5687	5687	of the first five years of the existence of such Fed-14
5688	5688	eral credit union. 15
5689	5689	‘‘(2) Not less than six times annually, with at 16
5690	5690	least one meeting held during each fiscal quarter, 17
5691	5691	with respect to a Federal credit union— 18
5692	5692	‘‘(A) with composite rating of either 1 or 19
5693	5693	2 under the Uniform Financial Institutions 20
5694	5694	Rating System (or an equivalent rating under a 21
5695	5695	comparable rating system); and 22
5696	5696	‘‘(B) with a capability of management rat-23
5697	5697	ing under such composite rating of either 1 or 24
5698	5698	2. 25
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5701	5701	•HR 185 IH
5702	5702	‘‘(3) Not less frequently than once a month, 1
5703	5703	with respect to a Federal credit union— 2
5704	5704	‘‘(A) with composite rating of either 3, 4, 3
5705	5705	or 5 under the Uniform Financial Institutions 4
5706	5706	Rating System (or an equivalent rating under a 5
5707	5707	comparable rating system); or 6
5708	5708	‘‘(B) with a capability of management rat-7
5709	5709	ing under such composite rating of either 3, 4, 8
5710	5710	or 5.’’. 9
5711	5711	TITLE XVI 10
5712	5712	SEC. 1601. APPROPRIATIONS. 11
5713	5713	The following sums are hereby appropriated, out of 12
5714	5714	any money in the Treasury not otherwise appropriated, 13
5715	5715	for the fiscal year ending September 30, 2026, and for 14
5716	5716	other purposes, namely: 15
5717	5717	DEPARTMENT OF HEALTH AND HUMAN 16
5718	5718	SERVICES 17
5719	5719	H
5720	5720	EALTHRESOURCES ANDSERVICESADMINISTRATION 18
5721	5721	RURAL HEALTH 19
5722	5722	For an additional amount for the Telehealth Re-20
5723	5723	source Center of the Federal Office of Rural Health Policy 21
5724	5724	of the Office for the Advancement of Telehealth, to pro-22
5725	5725	vide assistance with respect to technical, legal, regulatory 23
5726	5726	service delivery or other related barriers to the develop-24
5727	5727	ment of telehealth technologies for skilled nursing facilities 25
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5730	5730	•HR 185 IH
5731	5731	(as defined in section 1819 of the Social Security Act) and 1
5732	5732	nursing facilities (as defined in section 1919 of such Act), 2
5733	5733	$1,000,000 to remain available through September 30, 3
5734	5734	2025. 4
5735	5735	DEPARTMENT OF AGRICULTURE 5
5736	5736	E
5737	5737	XECUTIVEOPERATIONS 6
5738	5738	OFFICE OF BUDGET AND PROGRAM ANALYSIS 7
5739	5739	For an additional amount for necessary expenses of 8
5740	5740	the Office of Budget and Program Analysis, $1,000,000. 9
5741	5741	DEPARTMENT OF STATE 10
5742	5742	C
5743	5743	APITALINVESTMENTFUND 11
5744	5744	For an additional amount for necessary expenses of 12
5745	5745	the Capital Investment Fund, as authorized, $1,000,000, 13
5746	5746	to remain available until expended. 14
5747	5747	DEPARTMENT OF DEFENSE 15
5748	5748	O
5749	5749	PERATION ANDMAINTENANCE 16
5750	5750	OPERATION AND MAINTENANCE , ARMY 17
5751	5751	For an additional amount for expenses, not otherwise 18
5752	5752	provided for, necessary for the operation and maintenance 19
5753	5753	of the Army, as authorized by law, $1,000,000. 20
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5756	5756	•HR 185 IH
5757	5757	DEPARTMENT OF HOMELAND SECURITY 1
5758	5758	D
5759	5759	EPARTMENTAL MANAGEMENT, INTELLIGENCE, 2
5760	5760	S
5761	5761	ITUATIONALAWARENESS, ANDOVERSIGHT 3
5762	5762	MANAGEMENT DIRECTORATE 4
5763	5763	OPERATIONS AND SUPPORT 5
5764	5764	For an additional amount for necessary expenses of 6
5765	5765	the Management Directorate for operations and support, 7
5766	5766	$1,000,000. 8
5767	5767	DEPARTMENT OF ENERGY 9
5768	5768	E
5769	5769	NERGYPROGRAMS 10
5770	5770	ENERGY INFORMATION ADMINISTRATION 11
5771	5771	For an additional amount for Department of Energy 12
5772	5772	expenses necessary in carrying out the activities of the En-13
5773	5773	ergy Information Administration, $1,000,000, to remain 14
5774	5774	available until expended. 15
5775	5775	Æ
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