To amend the Internal Revenue Code of 1986 to impose a penalty on a trustee of a retirement savings plan which permits trustee-to-trustee transfers of funds to another such plan if the trustee fails to make the transfer within 60 days.

Amends the Internal Revenue Code to impose a penalty on a trustee of a retirement plan which permits trustee-to-trustee transfers of funds to another such plan if the trustee fails to make such transfer within 60 days of a written request. Establishes the penalty at one percent of the amount of the requested transfer.