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Code · BILL · 117th Congress · S. 5271 (Introduced in Senate) — To establish the American Worker Retirement Plan, improve the financial security of working Americans by facilitating... · Sec. 105

Sec. 105. Contributions

359 words·~2 min read·/bill/117/s/5271/is/section-105·

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Pursuant to the regulations established under subsection (d), a participant may make contributions to the participant’s account with the Fund in any pay period in an amount not to exceed the participant’s compensation for such period. Notwithstanding the limitation under paragraph (1), a participant may make such additional contributions to the participant’s account with the Fund as are permitted by section 414(v) of the Internal Revenue Code of 1986, and the regulations established under subsection
(d)consistent therewith. The Secretary of the Treasury and the Executive Director shall jointly prescribe regulations that establish a program of regular contribution under which participants may— make contributions to their accounts with the Fund under paragraph (1); modify the amount contributed under such paragraph; or terminate such contributions. An election to make contributions under this subsection— may be made at any time; shall take effect on the earliest date after the election that is administratively feasible; and shall remain in effect until modified or terminated. A participant’s account shall receive contributions in the form of the Government Match Tax Credit contributed by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986. Notwithstanding any other provision of this section, no contribution may be made under this section for any year to the extent that such contribution, when added to prior contributions for such year, exceeds any limitation under section 219(b)(5) of the Internal Revenue Code of 1986. Any contribution made under section 25F of the Internal Revenue Code of 1986 shall not be taken into account for purposes of the preceding sentence. Contributions under subsection
(a)shall not be excludable from gross income and no deduction shall be allowed with respect to such contributions under section 219 of the Internal Revenue Code of 1986. The amounts contributed to the Fund by a participant under section 105(a) and on behalf of a participant by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986 shall be deposited in the Fund and credited to the participant’s account with the Fund pursuant to regulations jointly prescribed by the Secretary of the Treasury and the Executive Director.
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