SPECIAL ROLES RELATING TO JOINT AND SURVIVOR ANNUITY EXPLANATIONS.

SEC. 1451. SPECIAL ROLES RELATING TO JOINT AND SURVIVOR ANNUITY EXPLANATIONS. (a) Amendment to Internal Revenue Code.— Section 417(a) is amended by adding at the end the following new paragraph: “(7) Special rules relating to time for written explanation.— Notwithstanding any other provision of this subsection— “(A) Explanation may be provided after annuity starting date.— “(i) In general.— A plan may provide the written explanation described in paragraph (3)(A) after the annuity starting date. In any case to which this subparagraph applies, the applicable election period under paragraph (6) shall not end before the 30th day after the date on which such explanation is provided. “(ii) Regulatory authority.— The Secretary may by regulations limit the application of clause (i), except that such regulations may not limit the period of time by which the annuity starting date precedes the provision of the written explanation other than by providing that the annuity starting date may not be earlier than termination of employment. “(B) Waiver of 30-day period.— A plan may permit a participant to elect (with any applicable spousal consent) to waive any requirement that the written explanation be provided at least 30 days before the annuity starting date (or to waive the 30-day requirement under subparagraph (A)) if the distribution commences more than 7 days after such explanation is provided.”. (b) Amendment to ERISA.— Section 205(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1055(c)) is amended by adding at the end the following new paragraph: “(8) Notwithstanding any other provision of this subsection— “(A) (i) A plan may provide the written explanation described in paragraph (3)(A) after the annuity starting110 STAT. 1816 date. In any case to which this subparagraph applies, the applicable election period under paragraph (7) shall not end before the 30th day after the date on which such explanation is provided. “(ii) The Secretary may by regulations limit the application of clause (i), except that such regulations may not limit the period of time by which the annuity starting date precedes the provision of the written explanation other than by providing that the annuity starting date may not be earlier than termination of employment. “(B) A plan may permit a participant to elect (with any applicable spousal consent) to waive any requirement that the written explanation be provided at least 30 days before the annuity starting date (or to waive the 30-day requirement under subparagraph (A)) if the distribution commences more than 7 days after such explanation is provided.”. (c) Effective Date.— The amendments made by this section shall apply to plan years beginning after December 31, 1996.