Page:United States Statutes at Large Volume 115 Part 1.djvu/165

 PUBLIC LAW 107-16-JUNE 7, 2001 115 STAT. 143 (b) EFFECTIVE DATE.— The repeal made by subsection (a) shall Applicability, apply to plan years beginning after December 31, 2001. 26 USC 414 note. SEC. 664. EMPLOYEES OF TAX-EXEMPT ENTITIES. (a) IN GENERAL.— The Secretary of the Treasury shall modify Treasury Regulations section 1.410(b)-6(g) to provide that employees of an organization described in section 403(b)(l)(A)(i) of the Internal Revenue Code of 1986 who are eligible to make contributions under section 403(b) of such Code pursuant to a salary reduction agreement may be treated as excludable with respect to a plan under section 401(k) or (m) of such Code that is provided under the same general arrangement as a plan under such section 401(k), if— (1) no employee of an organization described in section 403(b)(l)(A)(i) of such Code is eligible to participate in such section 401(k) plan or section 401(m) plan; and (2) 95 percent of the employees who are not employees of an organization described in section 403(b)(l)(A)(i) of such Code are eligible to participate in such plan under such section 401(k)or(m). (b) EFFECTIVE DATE.— The modification required by subsection (a) shall apply as of the same date set forth in section 1426(b) of the Small Business Job Protection Act of 1996. SEC. 665. CLARIFICATION OF TREATMENT OF EMPLOYER-PROVIDED RETIREMENT ADVICE. (a) IN GENERAL. —Subsection (a) of section 132 (relating to exclusion from gross income) is amended by striking "or" at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting ", or", and by adding at the end the following new paragraph: "(7) qualified retirement planning services.". (b) QUALIFIED RETIREMENT PLANNING SERVICES DEFINED. —Section 132 is amended by redesignating subsection (m) as subsection (n) and by inserting after subsection (1) the following: "(m) QUALIFIED RETIREMENT PLANNING SERVICES.— "(1) IN GENERAL.— For purposes of this section, the term 'qualified retirement planning services' means any retirement planning advice or information provided to an employee and his spouse by an employer maintaining a qualified employer plan. "(2) NONDISCRIMINATION RULE.— Subsection (a)(7) shall apply in the case of highly compensated employees only if such services are available on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer's qualified employer plan. "(3) QUALIFIED EMPLOYER PLAN.— For purposes of this subsection, the term 'qualified employer plan' means a plan, contract, pension, or account described in section 219(g)(5).". (c) EFFECTIVE DATE.—The amendments made by this section Applicability, shall apply to years beginning after December 31, 2001. 26 USC 132 note. SEC. 666. REPEAL OF THE MULTIPLE USE TEST. (a) IN GENERAL. — Paragraph (9) of section 401(m) is amended to read as follows: "(9) REGULATIONS.—The Secretary shall prescribe such regulations as may be necessary to carry out the purposes

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