Modifies 29 U.S.C. 1193 by replacing subsection (b) with a new definition of 'eligible participant', changing a numeric amount in subsection (d)(1)(A)(i) to $5,000, and altering subsection (d)(3)(A) by adding an 'and' to clause (vii), ending clause (viii) with a period, and striking clause (ix).

Rewrites paragraph (2) to define 'eligible participant' for purposes of the subsection as an individual who meets any age, service, and other eligibility requirements of the defined contribution plan, without regard to whether the individual is otherwise a participant in such plan.

Amends clause (i) by striking the prior numeric amount and inserting "$5,000" as the contribution limitation.

Amends subparagraph (A) by adding text at the end of clause (vii), replacing the end of clause (viii) with a period, and striking clause (ix).