Sec. 212. Exemption from required minimum distribution rules for individuals with certain account balances
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Section 401(a)(9) is amended by adding at the end the following new subparagraph: If on the last day of any calendar year the aggregate value of an employee’s entire interest under all applicable eligible retirement plans does not exceed $50,000, then the requirements of subparagraph
(A)with respect to any distribution relating to such year shall not apply with respect to such employee. For purposes of this subparagraph, the term applicable eligible retirement plan means an eligible retirement plan (as defined in section 402(c)(8)(B)) other than a defined benefit plan. The required minimum distribution determined under subparagraph
(A)for an employee under all applicable eligible retirement plans shall not exceed an amount equal to the excess of— the aggregate value of an employee’s entire interest under such plans on the last day of the calendar year to which such distribution relates, over the dollar amount in effect under clause
(i)for such calendar year. The Secretary in regulations or other guidance may provide how such amount shall be distributed in the case of an individual with more than one applicable eligible retirement plan. In the case of any calendar year beginning after 2019, the $50,000 amount in clause
(i)shall be increased by an amount equal to— such dollar amount, multiplied by the cost of living adjustment determined under section 1(f)(3) for the calendar year, determined by substituting calendar year 2018 for calendar year 2016 in subparagraph (A)(ii) thereof. Any increase determined under this clause shall be rounded to the next lowest multiple of $5,000. An applicable eligible retirement plan described in clause (iii), (iv), (v), or
(vi)of section 402(c)(8)(B) shall not be treated as failing to meet the requirements of this paragraph in the case of any failure to make a required minimum distribution for a calendar year if— the aggregate value of an employee’s entire interest under all applicable eligible retirement plans of the employer on the last day of the calendar year to which such distribution relates does not exceed the dollar amount in effect for such year under clause (i), and the employee certifies that the aggregate value of the employee’s entire interest under all applicable eligible retirement plans on the last day of the calendar year to which such distribution relates did not exceed the dollar amount in effect for such year under clause (i). All employers treated as a single employer under subsection (b), (c), (m), or
(o)of section 414 shall be treated as a single employer for purposes of clause (v). . Section 6047 is amended by redesignating subsection
(h)as subsection
(i)and by inserting after subsection
(g)the following new subsection: 69 Not later than January 31 of each year, the plan administrator (as defined in section 414(g)) of each applicable eligible retirement plan (as defined in section 401(a)(9)(H)) shall make a return to the Secretary with respect to each participant of such plan who has attained age 69 as of the end of the preceding calendar year which states— the name and plan number of the plan, the name and address of the plan administrator, the name, address, and taxpayer identification number of the participant, and the account balance of such participant as of the end of the preceding calendar year. Every person required to make a return under paragraph
(1)with respect to a participant shall furnish a copy of such return to such participant. In the case of an applicable eligible retirement plan described in clause
(i)or
(ii)of section 402(c)(8)(B)— any reference in this subsection to the plan administrator shall be treated as a reference to the trustee or issuer, as the case may be, and any reference in this subsection to the participant shall be treated as a reference to the individual for whom such account or annuity is maintained. . The amendments made by this section shall apply to distributions required to be made in calendar years beginning more than 120 days after the date of the enactment of this Act.