text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Temporary IRA Distribution 
  Suspension Act of 2008''.
  
  SEC. 2. SUSPENSION OF REQUIRED BEGINNING DATE FOR DISTRIBUTIONS FROM 
                DEFINED CONTRIBUTION PLANS.
  
      (a) In General.--In the case of a defined contribution plan--
              (1) section 401(a)(9) of the Internal Revenue Code of 1986 
          shall not apply during the suspension period,
              (2) in lieu of the calendar year specified in subparagraph 
          (C)(i) of section 401(a)(9) of such Code, the calendar year 
          specified in such subparagraph shall be the later of--
                      (A) the calendar year described in such 
                  subparagraph (C)(i), or
                      (B) calendar year 2010, and
              (3) the suspension period shall not be taken into account 
          for purposes of applying any time limitation in such section 
          401(a)(9).
      (b) Suspension Period.--For purposes of this section, the term 
  ``suspension period'' means the period beginning on January 1, 2008, 
  and ending on December 31, 2009.
      (c) Application to Certain Other Plans.--The following sections 
  shall be applied for the suspension period under rules similar to the 
  rules of subsection (a) of this section--
              (1) in the case of a defined contribution plan, subsections 
          (a) and (b) of section 403, and sections 408 and 408A, of such 
          Code, and
              (2) in the case of an eligible deferred compensation plan 
          described in section 457(b) of such Code which is maintained by 
          an eligible employer described in section 457(e)(1)(A)) of such 
          Code, section 457 of such Code.
      (d) Application to Certain Periodic Payments.--For purposes of this 
  section, in the case of a defined contribution plan, the failure to 
  make a payment from a qualified retirement plan during the suspension 
  period in an amount less than would be required under the applicable 
  method shall not be treated as a modification for purposes of section 
  72(t)(2)(A)(iv) of such Code.
      (e) Provisions Relating to Plan Amendments.--
              (1) In general.--If this section applies to any plan or 
          annuity contract, such plan or contract shall be treated as 
          being operated in accordance with the terms of the plan during 
          the period described in paragraph (2)(B)(i).
              (2) Amendments to which section applies.--
                      (A) In general.--This section shall apply to any 
                  amendment to any plan or annuity contract which is 
                  made--
                              (i) pursuant to this section or pursuant to 
                          any regulation issued by the Secretary of the 
                          Treasury to carry out this section, and
                              (ii) on or before the last day of the first 
                          plan year beginning on or after January 1, 
                          2009.
                      (B) Conditions.--This section shall not apply to 
                  any amendment unless--
                              (i) during the period--
                                      (I) beginning on the first day of 
                                  the suspension period, and
                                      (II) ending on the date described 
                                  in subparagraph (A)(ii) (or, if 
                                  earlier, the date the plan or contract 
                                  amendment is adopted), the plan or 
                                  contract is operated as if such plan or 
                                  contract amendment were in effect, and
                              (ii) such plan or contract amendment 
                          applies retroactively for such period.
      (f) Effective Date.--
              (1) In general.--This section shall take effect on the date 
          of the enactment of this Act.
              (2) Recontribution of distributions before date of 
          enactment.--
                      (A) In general.--Any individual who receives a 
                  payment or distribution during the period beginning on 
                  January 1, 2008, and ending on the date of the 
                  enactment of this Act from a plan to which subsection 
                  (a) or (c) of this section applies may, before the end 
                  of the suspension period, make one or more 
                  contributions in an aggregate amount not to exceed the 
                  amount of such payments or distributions 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) of such 
                  Code, as the case may be.
                      (B) Treatment of repayments of distributions from 
                  eligible retirement plans other than iras.--For 
                  purposes of the Internal Revenue Code of 1986, if a 
                  contribution is made pursuant to subparagraph (A) to 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 such payments or distributions in an eligible 
                  rollover distribution (as defined in section 402(c)(4) 
                  of such Code) and as having transferred the amount to 
                  the eligible retirement plan in a direct trustee to 
                  trustee transfer within 60 days of the distribution.
                      (C) Treatment of repayments for distributions from 
                  iras.--For purposes of the Internal Revenue Code of 
                  1986, if a contribution is made pursuant to 
                  subparagraph (A) to an individual retirement plan (as 
                  defined by section 7701(a)(37) of such Code), then, to 
                  the extent of the amount of the contribution, such 
                  payments or distributions shall be treated as a 
                  distribution described in section 408(d)(3) of such 
                  Code and as having been transferred to the individual 
                  retirement plan in a direct trustee to trustee transfer 
                  within 60 days of the distribution.
target: Temporary IRA Distribution Suspension Act of 2008 - Suspends for calendar 2008 and 2009 the beginning date for required distributions from certain individual retirement (IRA) plans.
feat_title: To suspend the beginning date for required distributions from certain retirement plans, and for other purposes.