12 2 STA T .5 115 PUBLIC LA W 11 0–4 5 8—DE C.2 3, 2008 ‘ ‘ (B)hasrec e iv e d a f av o ra bl er u li ng fro mt he I nternal R evenue S ervice that the trust ’ s income is not includible in gross income under section 1 1 5. ’’. (b) EF F ECTIV E DA TE. —T he amendment made b y subsection (a) shall a p ply to payments before , on, or after the date of the enact - ment of this A ct. SEC.125 . ROL LO V ERO FAM O UNT S RECE I VE D IN AIRLINE CARRIER B AN K RU P TC Y TO ROT H IRAS. (a) G E N E R A L R U LE.—If a q ualified airline employee receives any airline payment amount and transfers any portion of such amount to a Roth IRA w ithin 1 80 days of receipt of such amount (or, if later, within 180 days of the date of the enactment of this Act), then such amount (to the e x tent so transferred) shall be treated as a qualified rollover contribution described in section 4 08A(e) of the Internal Revenue C odeof1 9 8 6 , and the limitations described in section 408A(c)( 3 ) of such Code shall not apply to any such transfer. (b) DEFINITI O N S AN D S P ECIAL RULES.— F or purposes of this section— (1) AIRLINE PA YM ENT AMOUNT.— (A) IN G ENERAL.—The term ‘‘airline payment amount’’ means any payment of any money or other property which is payable by a commercial passenger airline carrier to a qualified airline employee— (i) under the approval of an order of a Federal ban k ruptcy court in a case filed after September 11, 2 001, and before J anuary 1, 200 7 , and (ii) in respect of the qualified airline employee’s interest in a bankruptcy claim against the carrier, any note of the carrier (or amount paid in lieu of a note being issued), or any other fixed obligation of the carrier to pay a lump sum amount. The amount of such payment shall be determined without regard to any requirement to deduct and withhold tax from such payment under sections 3102(a) and 3402(a). (B) E X CEPTION.—An airline payment amount shall not include any amount payable on the basis of the carrier’s future earnings or profits. (2) Q UALIFIED AIRLINE EMPLOYEE.—The term ‘‘qualified air- line employee’’ means an employee or former employee of a commercial passenger airline carrier who was a participant in a defined benefit plan maintained by the carrier which— (A) is a plan described in section 401(a) of the Internal Revenue Code of 1986 which includes a trust exempt from tax under section 501(a) of such Code, and (B) was terminated or became sub j ect to the restric- tions contained in paragraphs (2) and (3) of section 402(b) of the P ension Protection Act of 2006. (3) REPORTING RE Q UIREMENTS.—If a commercial passenger airline carrier pays 1 or more airline payment amounts, the carrier shall, within 90 days of such payment (or, if later, within 90 days of the date of the enactment of this Act), report— (A) to the Secretary of the Treasury, the names of the qualified airline employees to whom such amounts were paid, and Deadlin e s.26USC408A n ot e. 26 USC 1 0 5 note.
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