Home > 106th Congressional Bills > H.R. 5190 (ih) To amend title 18, United States Code, to impose criminal and civil penalties for false statements and failure to file reports concerning defects in foreign motor vehicle products, and to require the timely provision of notice of such defec...

H.R. 5190 (ih) To amend title 18, United States Code, to impose criminal and civil penalties for false statements and failure to file reports concerning defects in foreign motor vehicle products, and to require the timely provision of notice of such defec...


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            (2) Conforming amendment.--Section 203(a) of such Act is 
        amended by striking paragraph (4).
    (c) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to contributions 
        for plan years beginning after December 31, 2003.
            (2) Collective bargaining agreements.--In the case of a 
        plan maintained pursuant to one or more collective bargaining 
        agreements between employee representatives and one or more 
        employers ratified by the date of the enactment of this Act, 
        the amendments made by this section shall not apply to 
        contributions on behalf of employees covered by any such 
        agreement for plan years beginning before the earlier of--
                    (A) the later of--
                            (i) the date on which the last of such 
                        collective bargaining agreements terminates 
                        (determined without regard to any extension 
                        thereof on or after such date of the 
                        enactment); or
                            (ii) January 1, 2004; or
                    (B) January 1, 2008.
            (3) Service required.--With respect to any plan, the 
        amendments made by this section shall not apply to any employee 
        before the date that such employee has 1 hour of service under 
        such plan in any plan year to which the amendments made by this 
        section apply.

SEC. 6. ALLOW DIRECT ROLLOVERS FROM RETIREMENT PLANS TO ROTH IRAS.

    (a) In General.--Subsection (e) of section 408A (defining qualified 
rollover contribution) is amended to read as follows:
    ``(e) Qualified Rollover Contribution.--For purposes of this 
section, the term `qualified rollover contribution' means a rollover 
contribution--
            ``(1) to a Roth IRA from another such account,
            ``(2) from an eligible retirement plan, but only if--
                    ``(A) in the case of an individual retirement plan, 
                such rollover contribution meets the requirements of 
                section 408(d)(3), and
                    ``(B) in the case of any eligible retirement plan 
                (as defined in section 402(c)(8)(B) other than clauses 
                (i) and (ii) thereof), such rollover contribution meets 
                the requirements of section 402(c), 403(b)(8), or 
                457(e)(16), as applicable.
For purposes of section 408(d)(3)(B), there shall be disregarded any 
qualified rollover contribution from an individual retirement plan 
(other than a Roth IRA) to a Roth IRA.''.
    (b) Conforming Amendments.--
            (1) Section 408A(c)(3)(B) is amended--
                    (A) in the text by striking ``individual retirement 
                plan'' and inserting ``an eligible retirement plan (as 
                defined by section 402(c)(8)(B))'', and
                    (B) in the heading by striking ``IRA'' and 
                inserting ``eligible retirement plan''.
            (2) Section 408A(d)(3) is amended--
                    (A) in subparagraph (A) by striking ``section 
                408(d)(3)'' inserting ``sections 402(c), 403(b)(8), 
                408(d)(3), and 457(e)(16)'',
                    (B) in subparagraph (B) by striking ``individual 
                retirement plan'' and inserting ``eligible retirement 
                plan (as defined by section 402(c)(8)(B))'',
                    (C) in subparagraph (D) by striking ``or 6047'' 
                after ``408(i)'',
                    (D) in subparagraph (D) by striking ``or both'' and 
                inserting ``persons subject to section 6047(d)(1), or 
all of the foregoing persons'', and
                    (E) in the heading by striking ``IRA'' and 
                inserting ``eligible retirement plan''.
    (c) Effective Date.--The amendments made by this section shall 
apply to distributions after December 31, 2003.

SEC. 7. ROLLOVER OF AFTER-TAX AMOUNTS IN ANNUITY CONTRACTS.

    (a) In General.--Subparagraph (A) of section 402(c)(2) (maximum 
amount which may be rolled over) is amended by striking ``and which'' 
and inserting ``or to an annuity contract described in section 403(b) 
and such plan or contract''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2003.

SEC. 8. ELIMINATION OF HIGHER PENALTY ON CERTAIN SIMPLE DISTRIBUTIONS.

    (a) In General.--Subsection (t) of section 72 (relating to 10-
percent additional tax on early distributions from qualified retirement 
plans) is amended by striking paragraph (6) and redesignating 
paragraphs (7), (8), and (9) as paragraphs (6), (7), and (8), 
respectively.
    (b) Conforming Amendments.--
            (1) Section 72(t)(2)(E) is amended by striking ``paragraph 
        (7)'' and inserting ``paragraph (6)''.
            (2) Section 72(t)(2)(F) is amended by striking ``paragraph 
        (8)'' and inserting ``paragraph (7)''.
            (3) Section 408(d)(3)(G) is amended by inserting by 
        striking ``applies'' and inserting ``applied on the day before 
        the date of the enactment of Retirement Account Portability 
        Improvement Act of 2003)''.
            (4) Section 457(a)(2) is amended by striking ``section 
        72(t)(9)'' and inserting ``section 72(t)(8)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to years beginning after December 31, 2003.

SEC. 9. SIMPLE PLAN PORTABILITY.

    (a) Repeal of Limitation.--Paragraph (3) of section 408(d) 
(relating to rollover contributions) is amended by striking 
subparagraph (G) and redesignating subparagraphs (H), (I), and (J) as 
subparagraphs (G), (H), and (I), respectively.
    (b) Section 402(c)(8)(B) is amended by adding at the end the 
following new sentence: ``Individual retirement accounts and individual 
retirement annuities described in clauses (i) and (ii) shall be treated 
as eligible retirement plans without regard to whether they are part of 
a simplified employee pension (within the meaning of section 408(k)) or 
a simplified retirement account (within the meaning of section 
408(p)).''.
    (c) Effective Date.--The amendment made by this section shall apply 
to years beginning after December 31, 2003.

SEC. 10. CLARIFICATIONS REGARDING PURCHASE OF PERMISSIVE SERVICE 
              CREDIT.

    (a) In General.--Subparagraph (A) of section 457(e)(17) (relating 
to trustee-to-trustee transfers to purchase permissive service credit), 
and subparagraph (A) of section 403(b)(13) (relating to trustee-to-
trustee transfers to purchase permissive service credit), are both 
amended by striking ``section 415(n)(3)(A)'' and inserting ``section 
415(n)(3) (without regard to subparagraphs (B) and (C) thereof)''.
    (b) Transfers May Be From Any Governmental Plan.--Section 
457(e)(17), and section 403(b)(13), are both amended by inserting 
``from any governmental plan (as so defined)'' after ``414(d))''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendments made by section 647 of the 
Economic Growth and Tax Relief Reconciliation Act of 2001.

SEC. 11. CERTAIN ROLLOVERS OF BENEFITS PERMITTED.

    (a) In General.--Paragraph (10) of section 457(e) is amended--
            (1) by striking ``A participant'' and inserting ``(A) 
        Exclusion from income.--A participant'', and
            (2) by adding at the end the following:
                    ``(B) Transfers permitted.--A transfer from one 
                such plan to another such plan of the entire benefit of 
                one or more participants shall not fail to be permitted 
                solely because all assets of the transferor plan are 
                not transferred to the transferee plan.''.
    (b) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to taxable years beginning after December 31, 2003.
            (2) Special rule.--An individual shall not be precluded 
        from participating in an eligible deferred compensation plan by 
        reason of having received a distribution under section 
        457(e)(9) of the Internal Revenue Code of 1986 as in effect 
        prior to the enactment of the Small Business Job Protection Act 
        of 1996.

SEC. 12. DISPOSITION OF UNUSED HEALTH BENEFITS IN CAFETERIA PLANS AND 
              FLEXIBLE SPENDING ARRANGEMENTS.

    (a) In General.--Section 125 (relating to cafeteria plans) is 
amended by redesignating subsections (h) and (i) as subsections (i) and 
(j), respectively, and by inserting after subsection (g) the following:
    ``(h) Carryforwards or Payments of Certain Unused Health 
Benefits.--
            ``(1) In general.--For purposes of this title, a plan or 
        other arrangement shall not fail to be treated as a cafeteria 
        plan solely because qualified benefits under such plan include 
        a health flexible spending arrangement under which not more 
        than $500 of unused health benefits may be contributed on 
        behalf of an employee to a qualified retirement plan (as 
        defined in section 4974(c)) or an eligible deferred 
        compensation plan (as defined in section 457(b)).
            ``(2) Contribution of unused health benefits on behalf of 
        employee.--For purposes of this title, contributions on behalf 
        of an employee described in paragraph (1) shall be treated as 
        elective contributions made pursuant to a choice by the 
        employee between such contributions and compensation which 
        would otherwise be includible in the gross income of the 
        employee. Contributions described in paragraph (1) shall be 
        excluded from the gross income of the employee, or included in 
        the gross income of the employee and allowed as a deduction by 
        the employee, to the extent that elective contributions would 
        be treated in that manner under this title.
            ``(3) Health flexible spending arrangement.--For purposes 
        of this subsection, the term `health flexible spending 
        arrangement' means a flexible spending arrangement (as defined 
        in section 106(c)) that is a qualified benefit and only permits 
        reimbursement for expenses for medical care (as defined in 
        section 213(d)(1) (without regard to subparagraphs (C) and (D) 
        thereof).
            ``(4) Unused health benefits.--For purposes of this 
        subsection, with respect to an employee, the term `unused 
        health benefits' means the excess of--
                    ``(A) the maximum amount of reimbursement allowable 
                to the employee during a plan year under a health 
                flexible spending arrangement, taking into account any 
                election by the employee, over
                    ``(B) the actual amount of reimbursement during 
                such year under such arrangement.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2003.
                                 <all>

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