such periodic payments shall be deemed to be substantially equal if they are payable over a period described in clause (iv) and satisfy the requirements applicable to annuity payments under section 401(a)(9). . (2) Other annuity contracts Paragraph (2) of section 72(q) is amended by adding at the end the following flush sentence: For purposes of subparagraph (D), periodic payments shall not fail to be treated as substantially equal merely because they are amounts received as an annuity, and such periodic payments shall be deemed to be substantially equal if they are payable over a period described in subparagraph (D) and would satisfy the requirements applicable to annuity payments under section 401(a)(9) if such requirements applied. . (e) Effective dates (1) In general The amendments made by subsections (a), (b), and (c) shall apply to transfers, rollovers, and exchanges occurring on or after the date of the enactment of this Act. (2) Annuity payments The amendment made by subsection (d) shall apply to distributions commencing on or after the date of the enactment of this Act. (3) No inference Nothing in the amendments made by this section shall be construed to create an inference with respect to the law in effect prior to the effective date of such amendments. 314. Clarification of treatment of distributions of annuity contracts (a) In general Clause (i) of section 402(e)(4)(D) is amended by inserting after section 401(c)(1). at the end of the second sentence the following: A distribution of an annuity contract from a trust or annuity plan referred to in the first sentence of this clause may be treated as a part of a lump sum distribution. . (b) Effective date The amendment made by this section shall take effect as if included in section 1401(b)(1) of the Small Business Job Protection Act of 1996. 315. Clarification regarding elective deferrals (a) In general Not later than 6 months after the date of the enactment of this Act, the Secretary of the Treasury shall issue rules clarifying that employees who have