[Congressional Record Volume 163, Number 37 (Thursday, March 2, 2017)]
[Senate]
[Page S1580]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CORNYN (for himself and Mr. Casey):
  S. 492. A bill to amend the Internal Revenue Code of 1986 to allow 
members of the Ready Reserve of a reserve component of the Armed Forces 
to make elective deferrals on the basis of their service to the Ready 
Reserve and on the basis of their other employment; to the Committee on 
Finance.
  Mr. CORNYN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 492

       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 ``Servicemember Retirement 
     Improvement Act''.

     SEC. 2. ELECTIVE DEFERRALS BY MEMBERS OF THE READY RESERVE OF 
                   A RESERVE COMPONENT OF THE ARMED FORCES.

       (a) In General.--Section 402(g) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following 
     new paragraph:
       ``(9) Elective deferrals by members of ready reserve.--
       ``(A) In general.--In the case of a qualified ready 
     reservist (other than a specified Federal employee ready 
     reservist) for any taxable year, the limitations of 
     subparagraphs (A) and (C) of paragraph (1) shall be applied 
     separately with respect to--
       ``(i) elective deferrals of such qualified ready reservist 
     with respect to the Thrift Savings Fund (as defined in 
     section 7701(j)), and
       ``(ii) any other elective deferrals of such qualified ready 
     reservist.
       ``(B) Special rule for federal employees in the ready 
     reserve not eligible to make elective deferrals to a plan 
     other than the thrift savings plan.--In the case of a 
     specified Federal employee ready reservist for any taxable 
     year--
       ``(i) the applicable dollar amount in effect under 
     paragraph (1)(B) for such taxable year shall be twice such 
     amount (as determined without regard to this subclause), and
       ``(ii) for purposes of paragraph (1)(C), the applicable 
     dollar amount under section 414(v)(2)(B)(i) (as otherwise 
     determined for purposes of paragraph (1)(C)) shall be twice 
     such amount (as determined without regard to this subclause).
       ``(C) Definitions.--For purposes of this paragraph--
       ``(i) Qualified ready reservist.--The term `qualified ready 
     reservist' means any individual for any taxable year if such 
     individual received compensation for service as a member of 
     the Ready Reserve of a reserve component (as defined in 
     section 101 of title 37, United States Code) during such 
     taxable year.
       ``(ii) Specified federal employee ready reservist.--The 
     term `specified Federal employee ready reservist' means any 
     individual for any taxable year if such individual--

       ``(I) is a qualified ready reservist for such taxable year,
       ``(II) would be eligible to make elective deferrals with 
     respect to the Thrift Savings Fund (as defined in section 
     7701(j)) during such taxable year determined without regard 
     to the service of such individual described in clause (i), 
     and
       ``(III) is not eligible to make elective deferrals with 
     respect to any plan other than such Thrift Savings Fund 
     during such taxable year.''.

       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after the date of the 
     enactment of this Act.
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