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II
116TH CONGRESS
2D SESSION
S. 4297
To allow participants in certain retirement plans to delay their 2020
contributions to such plans to 2021 or 2022, and for other purposes.
IN THE SENATE OF THE UNITED STATES
JULY 23, 2020
Mr. CRUZ (for himself, Mr. TILLIS, Mr. PERDUE, and Mrs. LOEFFLER) intro-
duced the following bill; which was read twice and referred to the Com-
mittee on Finance
A BILL
To allow participants in certain retirement plans to delay
their 2020 contributions to such plans to 2021 or 2022,
and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Addressing Missed-
4
savings Opportunities for Retirement due to an Epidemic
5
Act’’ or the ‘‘AMORE Act’’.
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•S 4297 IS
SEC. 2. ALLOWANCE OF DELAY IN MAKING 2020 RETIRE-
1
MENT CONTRIBUTIONS.
2
(a) IN GENERAL.—An eligible participant in one or
3
more applicable retirement plans may make additional
4
contributions to such plans for any taxable year beginning
5
in 2021 or 2022 in an aggregate amount not exceeding
6
the participant’s unused 2020 contribution amount.
7
(b) TREATMENT OF CONTRIBUTIONS AND PLANS.—
8
For purposes of the Internal Revenue Code of 1986—
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(1) TREATMENT OF CONTRIBUTIONS.—In the
10
case of any additional contribution to which sub-
11
section (a) applies—
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(A) such contribution shall not, with re-
13
spect to such taxable year—
14
(i) be subject to any otherwise appli-
15
cable limitation contained in sections
16
401(a)(30), 402(h), 408, and 415(c), or
17
(ii) be taken into account in applying
18
such limitations to other contributions or
19
benefits under such plan or any other such
20
plan, and
21
(B) except as provided in paragraph
22
(2)(B), such plan shall not be treated as failing
23
to meet the requirements of section 401(a)(4),
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401(k)(3), 401(k)(11), 403(b)(12), 408(k),
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•S 4297 IS
410(b), or 416 by reason of the making (or the
1
right to make) such contribution.
2
(2) TREATMENT OF APPLICABLE PLANS.—
3
(A) IN GENERAL.—An applicable employer
4
plan shall not be treated as failing to meet any
5
requirement of such Code, or failing to be oper-
6
ated in accordance with the terms of the plan,
7
solely because the plan—
8
(i) permits an eligible participant to
9
make additional contributions described in
10
subsection (a) for any plan year, or
11
(ii) does not make any matching con-
12
tribution (as defined in section 401(m)(4)
13
of such Code) with respect to additional
14
contributions described in subsection (a)
15
for any plan year.
16
(B)
NONDISCRIMINATION
REQUIRE-
17
MENT.—The rules of section 414(v)(4) of such
18
Code shall apply for purposes of this section.
19
(c) DEFINITIONS.—For purposes of this section—
20
(1) APPLICABLE
RETIREMENT
PLAN.—The
21
term ‘‘applicable retirement plan’’ means any plan—
22
(A) which is—
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(i) a plan, arrangement, or contract to
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which an elective deferral (as defined in
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•S 4297 IS
section 401(g)(3) of the Internal Revenue
1
Code of 1986) may be made, or
2
(ii) an individual retirement plan (as
3
defined in section 7701(a)(37) of such
4
Code), and
5
(B) which allows additional contributions
6
under this section to be made to such plan.
7
(2) ELIGIBLE PARTICIPANT.—The term ‘‘eligi-
8
ble participant’’ means, with respect to any taxable
9
year beginning in 2021 or 2022, a participant in a
10
plan—
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(A) who has an unused 2020 contribution
12
amount, and
13
(B) with respect to whom no other elective
14
deferrals (or in the case of an individual retire-
15
ment plan, no other contributions) may, without
16
regard to this section, be made to the plan for
17
such taxable year by reason of any applicable
18
limitation described in subsection (b)(1)(A)(i)
19
or any comparable limitation or restriction con-
20
tained in the terms of the plan.
21
In determining whether a participant is an eligible
22
participant, the administrator of an applicable re-
23
tirement plan may rely on a participant’s certifi-
24
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cation that the participant satisfies the requirements
1
of this paragraph.
2
(3) UNUSED 2020 CONTRIBUTION AMOUNT.—
3
(A) IN
GENERAL.—The term ‘‘unused
4
2020 contribution amount’’ means, with respect
5
to any applicable participant, the excess (if any)
6
for the participant’s last taxable year beginning
7
in 2020 of—
8
(i) in the case of—
9
(I)
the
applicable
retirement
10
plans described in paragraph (1)(A)(i)
11
of such participant, the applicable lim-
12
itations
described
in
subsection
13
(b)(1)(A)(i) on aggregate contribu-
14
tions to such plans for such taxable
15
year, and
16
(II) the individual retirement
17
plans of such participant, the applica-
18
ble limitations described in subsection
19
(b)(1)(A)(i) on aggregate contribu-
20
tions to such plans for such taxable
21
year, over
22
(ii) the aggregate contributions to
23
such applicable retirement plans or indi-
24
vidual retirement plans, whichever is appli-
25
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•S 4297 IS
cable, for such taxable year (other than
1
rollover contributions not taken into ac-
2
count in applying such limitations under
3
such Code).
4
(B) REDUCTIONS FOR PREVIOUSLY USED
5
AMOUNTS.—The
unused
2020
contribution
6
amount for any taxable year beginning in 2021
7
or 2022 shall be reduced by the portion of such
8
amount taken into account under this section
9
for all preceding taxable years.
10
(C) SECRETARIAL ASSISTANCE.—The Sec-
11
retary of the Treasury (or the Secretary’s dele-
12
gate) shall include, with returns of Federal in-
13
dividual income tax (or accompanying forms or
14
instructions) for taxable years beginning in
15
2020 and 2021, forms or other materials which
16
will assist participants in simply computing
17
their unused 2020 contribution amount for each
18
taxable year beginning in 2021 or 2022.
19
(d) EFFECTIVE DATES.—
20
(1) IN GENERAL.—This section shall apply for
21
years beginning after December 31, 2020.
22
(2) PROVISIONS RELATING TO PLAN OR CON-
23
TRACT AMENDMENTS.—
24
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(A) IN GENERAL.—If this paragraph ap-
1
plies to any plan or contract amendment—
2
(i) such plan or contract shall not fail
3
to be treated as being operated in accord-
4
ance with the terms of the plan during the
5
period described in subparagraph (B)(ii)
6
solely because the plan operates in accord-
7
ance with this section, and
8
(ii) except as provided by the Sec-
9
retary of the Treasury (or the Secretary’s
10
delegate), such plan or contract shall not
11
fail to meet the requirements of section
12
411(d)(6) of the Internal Revenue Code of
13
1986 and section 204(g) of the Employee
14
Retirement Income Security Act of 1974
15
by reason of such amendment.
16
(B) AMENDMENTS TO WHICH PARAGRAPH
17
APPLIES.—
18
(i) IN
GENERAL.—This paragraph
19
shall apply to any amendment to any plan
20
or annuity contract which—
21
(I) is made pursuant to the pro-
22
visions of this section, and
23
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•S 4297 IS
(II) is made on or before the last
1
day of the first plan year beginning
2
on or after January 1, 2022.
3
In the case of a governmental plan, sub-
4
clause (II) shall be applied by substituting
5
‘‘2024’’ for ‘‘2022’’.
6
(ii)
CONDITIONS.—This
paragraph
7
shall not apply to any amendment unless
8
during the period beginning on the effec-
9
tive date of the amendment and ending on
10
December 31, 2022, the plan or contract is
11
operated as if such plan or contract
12
amendment were in effect.
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Æ
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