96 STAT. 626
PUBLIC LAW 97-248—SEPT. 3, 1982 earlier than 6 months before the first of such payments and not later than when making the first of such payments, "(II) if such a notice is not t r a n s m i t t e d under subclause (I) when making such first payment, shall t r a n s m i t such a notice when making such first payment, and "(III) shall t r a n s m i t to payees, not less frequently than once each calendar year, notice of their rights to m a k e elections under subsection (a) and to revoke such elections, "(ii) NoNPERiODic DISTRIBUTIONS.—The payor of any nonperiodic distribution shall t r a n s m i t to the payee notice of the right to m a k e any election provided in subsection (b) a t the t i m e of the distribution (or a t such earlier time a s may be provided in regulations). "(iii) NOTICE.—Any notice t r a n s m i t t e d pursuant to this subparagraph shall be in such form and contain such information as the Secretary shall prescribe. "(11) W I T H H O L D I N G INCLUDES DEDUCTION.—The term s
'with-
holding', 'withhold', and 'withheld' include 'deducting', 'deduct', and 'deducted'. "(e) W I T H H O L D I N G TO B E T R E A T E D AS W A G E W I T H H O L D I N G U N D E R SECTION 3402 FOR OTHER P U R P O S E S. — For purposes of t h i s chapter
26 USC 6047.
(and so much of subtitle F as relates to this chapter)— "(1) any designated distribution (whether or not a n election under this section applies to such distribution) shall be treated as if it were wages paid by a n employer to a n employee with respect to which the r e has been withholding under section 3402, and "(2) in the case of any designated distribution not subject to withholding under this section by reason of a n election under this section, the a m o u n t withheld shall be t r e a t e d as zero." (b) FiLiNG OF REPORTS.—Section 6047 (relating to information concerning certain t r u s t s and a n n u i t y and bond purchase plans) is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection: "(e) REPORTS BY EMPLOYERS, P L A N ADMINISTRATORS, E T C. —
"(1) IN GENERAL.—The Secretary shall by forms or regulations require that— "(A) the employer m a i n t a i n i n g, or the plan a d m i n i s t r a to r (within the m e a n i n g of section 414(g)) of, a plan from which designated distributions (as defined in section 3405(d)(1)) may be made, and "(B) any person issuing any contract under which designated distributions (as so defined) may be made, m a k e r e t u r n s and reports regarding such plan (or contract) to the Secretary, to the participants and beneficiaries of such plan (or contract), and to such other persons as the Secretary may by regulations prescribe. "(2) FOR M, ETC., OF REPORTS.—Such report s shall be in such
form, made a t such time, and contain such information as the Secretary may prescribe by forms or regulations." (c) P E N A L T Y FOR F A I L U R E TO K E E P RECORDS NECESSARY TO COMPLY W I T H R E P O R T I N G REQUIREMENTS OF SECTION 6047(e).—
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