A bill to amend the Internal Revenue Code of 1954 to permit tax-free rollovers of distributions from employee retirement plans in the event of plan termination.

Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity, under the Internal Revenue Code, to be paid out within one taxable year of the employee, on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity, account, or bond within 60 days.

Makes technical and conforming amendments.