Page:United States Statutes at Large Volume 98 Part 1.djvu/916

 98 STAT. 868

PUBLIC LAW 98-369—JULY 18, 1984 "(D) DISTRIBUTION REQUIREMENTS.—For purposes of deter-

mining when the interest of an employee in a custodial account must be distributed, such account shall be treated in the same manner as an annuity contract." Post, p. 957.

(d) CERTAIN DISTRIBUTION REQUIREMENTS TO APPLY TO 5-PERCENT OWNERS RATHER THAN KEY EMPLOYEES.—Section 72(m)(5) (relating

to penalties applicable to certain amounts received by owner-employees) is amended— (1) by striking out "key employee" each place it appears in subparagraph (A) and inserting in lieu thereof "5-percent owner"; (2) by striking out "in a top-heavy plan" in clause (i) of subparagraph (A); and (3) by striking out "the terms 'key employee' and 'top-heavy plan' " in subparagraph (C) and inserting in lieu thereof "the term '5 percent owner ". 26 USC 401 note.

Ante, p. 867.

Ante, p. 865.

26 USC 401 note.

f o; \H; I..
 * jo

(e) EFFECTIVE D A T E S. —

(1) IN GENERAL.—The amendments made by this section shall apply to years beginning after December 31, 1984. (2) REPEAL OF SECTION 242 OF TEFRA.—The amendment made by subsection (a)(2) shall take effect as if included in the Tax Equity and Fiscal Responsibility Act of 1982. (3) TRANSITION RULE.—A trust forming part of a plan shall not be disqualified under paragraph (9) of section 401(a) of the Internal Revenue Code of 1954, as amended by subsection (a)(1), by reason of distributions under a designation (before January 1, 1984) by any employee in accordance with a designation described in section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act of 1982 (as in efffect before the amendments made by this Act). (4) SPECIAL RULE FOR GOVERNMENTAL PLANS.—In the case of a governmental plan (within the meaning of section 414(d) of the Internal Revenue Code of 1954), paragraph (1) shall be applied by substituting "1986" for "1984". (5) SPECIAL RULE FOR COLLECTIVE BARGAINING AGREEMENTS.—

In the case of a plan maintained pursuant to one or more collective bargaining agreements ratified on or before the date of the enactment of this Act between employee representatives and one or more employers, the amendments made by this section shall not apply to years beginning before the earlier of— (A) the date on which the last of the collective bargaining c^as c, AJ',-agreements relating to the plan terminates (determined without regard to any extension thereof agreed to after the date of the enactment of this Act), or (B) January 1, 1988. For purposes of subparagraph (A), any plan amendment made pursuant to a collective bargaining agreement relating to the plan which amends the plan solely to conform to any requirement added by this section shall not be treated as a termination of such collective bargaining agreement. SEC. 522. ROLLOVER OF CERTAIN PARTIAL DISTRIBUTIONS PERMITTED.
 * jf ' -;.

26 USC 402.

(a) GENERAL RULE.— (1) QUALIFIED TRUSTS.—Clause

(i) of section 402(a)(5)(A) (relating to rollover amounts) is amended to read as follows— _ "(i) any portion of the balance to the credit of an employee in a qualified trust is paid to him,".

�