Page 114

131 STAT. 2166 PUBLIC LAW 115–97—DEC. 22, 2017 made under the most valuable form of payment under the plan with payment commencing at the later of the earliest age at which unreduced benefits are pay- able under the plan or the participant’s age at the time of the calculation.’’. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. SEC. 13613. EXTENDED ROLLOVER PERIOD FOR PLAN LOAN OFFSET AMOUNTS. (a) IN GENERAL.—Paragraph (3) of section 402(c) is amended by adding at the end the following new subparagraph: ‘‘(C) ROLLOVER OF CERTAIN PLAN LOAN OFFSET AMOUNTS.— ‘‘(i) IN GENERAL.—In the case of a qualified plan loan offset amount, paragraph (1) shall not apply to any transfer of such amount made after the due date (including extensions) for filing the return of tax for the taxable year in which such amount is treated as distributed from a qualified employer plan. ‘‘(ii) QUALIFIED PLAN LOAN OFFSET AMOUNT.—For purposes of this subparagraph, the term ‘qualified plan loan offset amount’ means a plan loan offset amount which is treated as distributed from a qualified employer plan to a participant or beneficiary solely by reason of— ‘‘(I) the termination of the qualified employer plan, or ‘‘(II) the failure to meet the repayment terms of the loan from such plan because of the severance from employment of the participant. ‘‘(iii) PLAN LOAN OFFSET AMOUNT.—For purposes of clause (ii), the term ‘plan loan offset amount’ means the amount by which the participant’s accrued benefit under the plan is reduced in order to repay a loan from the plan. ‘‘(iv) LIMITATION.—This subparagraph shall not apply to any plan loan offset amount unless such plan loan offset amount relates to a loan to which section 72(p)(1) does not apply by reason of section 72(p)(2). ‘‘(v) QUALIFIED EMPLOYER PLAN.—For purposes of this subsection, the term ‘qualified employer plan’ has the meaning given such term by section 72(p)(4).’’. (b) CONFORMING AMENDMENTS.—Section 402(c)(3) is amended— (1) by striking ‘‘TRANSFER MUST BE MADE WITHIN 60 DAYS OF RECEIPT’’ in the heading and inserting ‘‘TIME LIMIT ON TRANS- FERS’’, and (2) by striking ‘‘subparagraph (B)’’ in subparagraph (A) and inserting ‘‘subparagraphs (B) and (C)’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to plan loan offset amounts which are treated as distrib- uted in taxable years beginning after December 31, 2017. 26 USC 402 note. 26 USC 402. 26 USC 457 note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00114 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS