This bill suspends in 2020 and 2022 the required minimum distribution rules for defined contribution retirement plans or individual retirement plans. Under current law, participants in tax-exempt retirement plans must begin making distributions of plan amounts at the required beginning date (i.e., April 1 or the calendar year following the later of the calendar year in which the employee attains age 72, or the calendar year in which the employee retires).
To amend the Internal Revenue Code of 1986 to temporarily suspend 
 required minimum distribution rules for certain retirement plans and 
                               accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. 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.
                                 <all>
To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts.
To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts.
Official Titles - House of Representatives
Official Title as Introduced
To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts.
Rep. Davidson, Warren