ALLOW ROLLOVER OF AFTER-TAX AMOUNTS IN ANNUITY CONTRACTS.

SEC. 822. ALLOW ROLLOVER OF AFTER-TAX AMOUNTS IN ANNUITY CONTRACTS.(a) In General.—Subparagraph (A) of section 402(c)(2) (relating to the maximum amount which may be rolled over) is amended—(1) by striking “which is part of a plan which is a defined contribution plan and which agrees to separately account” and inserting “or to an annuity contract described in section 403(b) and such trust or contract provides for separate accounting”; and(2) by inserting “(and earnings thereon)” after “so transferred”.(b) Effective Date.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2006.