H.R. 8331 – Reading Mode

117th CONGRESS

2d Session

H. R. 8331

IN THE HOUSE OF REPRESENTATIVES

July 12, 2022

Mr. Davidson 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 temporarily suspend required minimum distribution rules for certain retirement plans and accounts.

Temporary waiver of required minimum distribution rules for certain retirement plans and accounts

(a)

In general

Section 401(a)(9)(I) of the Internal Revenue Code of 1986 is amended—

(1)

in clause (i), by striking 2020 and inserting required minimum distribution suspension calendar year,

(2)

in clause (ii)—

(A)

in the heading, by striking in 2020 and inserting in a required minimum distribution suspension calendar year,

(B)

by striking in calendar year 2020 and inserting in a required minimum distribution calendar year, and

(C)

in subclause (II), by striking January 1, 2020 and inserting such calendar year,

(3)

in clause (iii)(II), by inserting or calendar year 2022 after calendar year 2020, and

(4)

by adding at the end the following new clause:

(iv)

Required minimum distribution suspension calendar year

For purposes of this subparagraph, the term required minimum distribution suspension calendar year means calendar year 2020 and calendar year 2022.

(b)

Eligible rollover distributions

Section 402(c)(4) of the Internal Revenue Code of 1986 is amended by inserting or 2022 after 2020 each place it appears.

(c)

Effective dates

(1)

In general

The amendments made by this section shall apply for calendar years beginning after December 31, 2021.

(2)

Provisions relating to plan or contract amendments

(A)

In general

If this paragraph applies to any plan or contract amendment—

(i)

such 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, and

(ii)

except as provided by the Secretary of the Treasury (or the Secretary’s delegate), such plan or contract shall not fail to meet the requirements of section 411(d)(6) of the Internal Revenue Code of 1986 and section 204(g) of the Employee Retirement Income Security Act of 1974 by reason of such amendment.

(B)

Amendments to which paragraph applies

(i)

In general

This paragraph shall apply to any amendment to any 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, 2024. In the case of a governmental plan, this subclause shall be applied by substituting 2026 for 2024.

(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, 2022, the plan or contract is operated as if such plan or contract amendment were in effect.