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 had a severance from employment may make— (1) elective deferrals described in subparagraph (A), (B), or (C) of section 402(g)(3) of the Internal Revenue Code of 1986 (other than elective deferrals under section 401(k)(11) of such Code)