[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4357 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 4357

  To amend the Internal Revenue Code of 1986 to extend the waiver of 
 required minimum distribution rules for certain retirement plans and 
                           accounts for 2016.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 8, 2016

Mr. Sensenbrenner 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 extend the waiver of 
 required minimum distribution rules for certain retirement plans and 
                           accounts for 2016.

    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 ``Volatility And Losses Undermining 
Earnings Act of 2016''.

SEC. 2. EXTENSION OF 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 is amended by adding at the end the following:
                    ``(H) Temporary waiver of minimum required 
                distribution.--
                            ``(i) In general.--The requirements of this 
                        paragraph shall not apply for calendar year 
                        2016 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 
                                2015, 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 2016.''.
    (b) Conforming Amendments.--The last sentence of section 402(c)(4) 
of such Code is amended--
            (1) by striking ``distribution during 2009'' and inserting 
        ``distribution during calendar year 2009 or 2016'', and
            (2) by striking ``applied during 2009'' and inserting 
        ``applied during such calendar year''.
    (c) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply for calendar years beginning after December 31, 2015.
            (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, 2018.
                        In the case of a governmental plan, subclause 
                        (II) shall be applied by substituting ``2019'' 
                        for ``2018''.
                            (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, 2016, the 
                        plan or contract is operated as if such plan or 
                        contract amendment were in effect.
                                 <all>