Page:United States Statutes at Large Volume 100 Part 3.djvu/657

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2465

"(5) an individual retirement annuity described in section 408(b). Such term includes any plan, contract, account, or annuity which, at any time, has been determined by the Secretary to be such a plan, contract, account, or annuity. "(d) WAIVER OF TAX IN CERTAIN CASES.—If the taxpayer establishes to the satisfaction of the Secretary that— "(1) the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and "(2) reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year." (2) CLERICAL AMENDMENT.—The table of sections for chapter 43 is amended by striking out the item relating to section 4974 and inserting in lieu thereof the following: "Sec. 4974. Excise tax on certain accumulations in qualified retirement plans." (b) UNIFORM REQUIRED BEGINNING DATE.—Subparagraph (C) of

section 401(a)(9) (defining required beginning date) is amended to read as follows: "(C) REQUIRED BEGINNING DATE.—For purposes of this paragraph, the term 'required beginning date' means April J 1 of the calendar year following the calendar year in which the employee attains age 70V2." (c) CONFORMING AMENDMENTS.—

(1) Subparagraph (F) of section 402(a)(5) is amended to read as follows: ^^

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"(F) TRANSFER TREATED AS ROLLOVER CONTRIBUTION UNDER SECTION 408.—For purposes of this title, a transfer described

in subparagraph (A) to an eligible retirement plan described in subclause (I) or (II) of subparagraph (E)(iv) shall be treated as a rollover contribution described in section 408(d)(3)." (2) Clause (ii) of section 408(d)(3)(A) is amended by striking out the third and fourth parenthetical phrases. (d) EFFECTIVE DATES.—

(1) IN GENERAL.—Except as provided in this subsection, the amendments made by this section shall apply to years beginning after December 31, 1988. (2) SUBSECTION (C).—The amendments made by subsection (c) shall apply to years beginning after December 31, 1986. (3) COLLECTIVE BARGAINING AGREEMENTS.—In the case of a plan maintained pursuant to 1 or more collective bargaining " agreements between employee representatives and 1 or more employers ratified before March 1, 1986, the amendments made by this section shall not apply to distributions to individuals covered by such agreements in plan years beginning before the earlier of— « (A) the later of— (i) the date on which the last of such collective "•' • ~ bargaining agreements terminates (determined without regard to any extension thereof after February 28, 1986), or (ii) January 1, 1989, or (B) January 1, 1991.

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