; and (2) whose employees are not covered by a collective bargaining agreement described in section 410(b)(3)(A) of the Internal Revenue Code of 1986. 304. Definitions Any term used in this title which is also used in section 408(k) of the Internal Revenue Code of 1986 has the same meaning as when used in such section. IV Conforming amendments 401. American Savings Accounts (a) Conforming amendment Section 7701 of the Internal Revenue Code of 1986 is amended by redesignating subsection (p) as subsection (q) and by inserting after subsection (o) the following new subsection: (p) Tax treatment of American Savings Account Fund (1) In general For purposes of this title— (A) the American Savings Account Fund shall be treated as a trust described in section 401(a) which is exempt from taxation under section 501(a); (B) any contribution to, or distribution from, the American Savings Account Fund shall be treated in the same manner as contributions to or distributions from such a trust; (C) contributions to the American Savings Account Fund shall not be treated as distributed or made available to a participant nor as a contribution made to the Fund by an individual merely because the individual has, under section 302(b)(1)(C) of the American Savings Account Act of 2017 , made an election whether the contribution will be made to the American Savings Account Fund or received by the individual in cash