[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6377 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6377
To amend the Internal Revenue Code of 1986 to provide for a temporary
waiver of required minimum distribution rules for certain retirement
plans and accounts, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 23, 2020
Ms. Wexton (for herself, Ms. Norton, Mr. Cooper, Mr. Connolly, Mr.
Raskin, Mr. Meeks, Mr. Beyer, Mr. Lynch, Mr. Courtney, Mr. Kildee, Mr.
Kilmer, Mr. Rouda, Mr. DeFazio, Mr. Sean Patrick Maloney of New York,
and Ms. Houlahan) introduced the following bill; which was referred to
the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for a temporary
waiver of required minimum distribution rules for certain retirement
plans and accounts, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Retirement Protection Act''.
SEC. 2. TEMPORARY WAIVER OF REQUIRED MINIMUM DISTRIBUTION RULES FOR
CERTAIN RETIREMENT PLANS AND ACCOUNTS.
(a) In General.--Section 401(a)(9) of the Internal Revenue Code of
1986 (26 U.S.C. 401) (relating to required distributions) is amended by
adding at the end the following new subparagraph:
``(I) Temporary waiver of minimum required
distributions.--
``(i) In general.--The requirements of this
paragraph shall not apply for calendar year
2020 to--
``(I) a defined contribution plan
which is described in this subsection
or in section 403(a) or 403(b),
``(II) a defined contribution plan
which is an eligible deferred
compensation plan described in section
457(b) but only if such plan is
maintained by an employer described in
section 457(e)(1)(A), or
``(III) an individual retirement
plan.
``(ii) Special rules regarding waiver
period.--For purposes of this paragraph--
``(I) the required beginning date
with respect to any individual shall be
determined without regard to this
subparagraph for purposes of applying
this paragraph for calendar years after
2020, and
``(II) if clause (ii) of
subparagraph (B) applies, the 5-year
period described in such clause shall
be determined without regard to
calendar year 2020.
``(iii) Amount distributed may be repaid.--
``(I) In general.--Any individual
who receives a distribution required
under this subsection may, at any time
during the calendar year 2020, make one
or more contributions in an aggregate
amount not to exceed the amount of such
distribution to an eligible retirement
plan of which such individual is a
beneficiary and to which a rollover
contribution of such distribution could
be made under section 402(c),
403(a)(4), 403(b)(8), 408(d)(3), or
457(e)(16), as the case may be.
``(II) Treatment of repayments of
distributions from eligible retirement
plans other than iras.--For purposes of
this subparagraph, if a contribution is
made pursuant to subclause (I) with
respect to a distribution required
under this subsection from an eligible
retirement plan other than an
individual retirement plan, then the
taxpayer shall, to the extent of the
amount of the contribution, be treated
as having received the waiver in an
eligible rollover distribution (as
defined in section 402(c)(4)) and as
having transferred the amount to the
eligible retirement plan in a direct
trustee to trustee transfer within 60
days of the distribution.
``(III) Treatment of repayments for
distributions from iras.--For purposes
of this subparagraph, if a contribution
is made pursuant to subclause (I) with
respect to a distribution required
under this subsection from an
individual retirement plan (as defined
by section 7701(a)(37)), then, to the
extent of the amount of the
contribution, the qualified required
distribution shall be treated as a
distribution described in section
408(d)(3) and as having been
transferred to the eligible retirement
plan in a direct trustee to trustee
transfer within 60 days of the
distribution.''.
(b) Eligible Rollover Distribution.--Section 402(c)(4) of the
Internal Revenue Code of 1986 (26 U.S.C. 402) (defining eligible
rollover distribution) is amended by adding at the end the following
new flush sentence:
``If all or any portion of a distribution during 2020 is
treated as an eligible rollover distribution but would not be
so treated if the minimum distribution requirements under
section 401(a)(9) had applied during 2020, such distribution
shall not be treated as an eligible rollover distribution for
purposes of section 401(a)(31) or 3405(c) or subsection (f) of
this section.''.
(c) Effective Dates.--
(1) In general.--The amendments made by this section shall
apply for calendar years beginning after December 31, 2019.
(2) Provisions relating to plan or contract amendments.--
(A) In general.--If this paragraph applies to any
pension plan or contract amendment, such pension plan
or contract shall not fail to be treated as being
operated in accordance with the terms of the plan
during the period described in subparagraph (B)(ii)
solely because the plan operates in accordance with
this section.
(B) Amendments to which paragraph applies.--
(i) In general.--This paragraph shall apply
to any amendment to any pension plan or annuity
contract which--
(I) is made pursuant to the
amendments made by this section, and
(II) is made on or before the last
day of the first plan year beginning on
or after January 1, 2022.
In the case of a governmental plan, subclause
(II) shall be applied by substituting ``2023''
for ``2022''.
(ii) Conditions.--This paragraph shall not
apply to any amendment unless during the period
beginning on the effective date of the
amendment and ending on December 31, 2020, the
plan or contract is operated as if such plan or
contract amendment were in effect.
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