Page:United States Statutes at Large Volume 115 Part 1.djvu/143

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 121 (6) Subparagraphs (A) and (B) of section 402(f)(1) are 26 USC 402. amended by striking "another eligible retirement plan" and inserting "an eligible retirement plan". (7) Subparagraph (B) of section 403(b)(8) is amended to read as follows: "(B) CERTAIN RULES MADE APPLICABLE.—The rules of paragraphs (2) through (7) and (9) of section 402(c) and section 402(f) shall apply for purposes of subparagraph (A), except that section 402(f) shall be applied to the payor in lieu of the plan administrator.". (8) Section 408(a)(1) is amended by striking "or 403(b)(8)," and inserting "403(b)(8), or 457(e)(16)". (9) Subparagraphs (A) and (B) of section 415(b)(2) are each amended by striking "and 408(d)(3)" and inserting "403(b)(8), 408(d)(3), and 457(e)( 16)". (10) Section 415(c)(2) is amended by striking "and 408(d)(3)" and inserting "408(d)(3), and 457(e)(16)". (11) Section 4973(b)(1)(A) is amended by striking "or . 408(d)(3)" and inserting "408(d)(3), or 457(e)(16)". (f) EFFECTIVE DATE; SPECIAL RULE. — 26 USC 402 note. (1) EFFECTIVE DATE.— The amendments made by this sec- Applicability. tion shall apply to distributions after December 31, 2001. (2) REASONABLE NOTICE.— No penalty shall be imposed on a plan for the failure to provide the information required by the amendment made by subsection (c) with respect to any distribution made before the date that is 90 days after the date on which the Secretary of the Treasury issues a safe harbor rollover notice after the date of the enactment of this Act, if the administrator of such plan makes a reasonable attempt to comply with such requirement. (3) SPECIAL RULE. —Notwithstanding any other provision of law, subsections (h)(3) and (h)(5) of section 1122 of the Tax Reform Act of 1986 shall not apply to any distribution from an eligible retirement plan (as defined in clause (iii) or (iv) of section 402(c)(8)(B) of the Internal Revenue Code of 1986) on behalf of an individual if there was a rollover to such plan on behalf of such individual which is permitted solely by reason of any amendment made by this section. SEC. 642. ROLLOVERS OF IRAS ESfTO WORKPLACE RETIREMENT PLANS. (a) IN GENERAL. —Subparagraph (A) of section 408(d)(3) (relating to rollover amounts) is amended by adding "or" at the end of clause (i), by striking clauses (ii) and (iii), and by adding at the end the following: "(ii) the entire amount received (including money Deadline, and any other property) is paid into an eligible retirement plan for the benefit of such individual not later than the 60th day after the date on which the payment or distribution is received, except that the maximum amount which may be paid into such plan may not exceed the portion of the amount received which is includible in gross income (determined without regard to this paragraph). For purposes of clause (ii), the term 'eligible retirement plan' means an eligible retirement plan described in clause (iii), (iv), (v), or (vi) of section 402(c)(8)(B).". (b) CONFORMING AMENDMENTS.—

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