1. Short title This Act may be cited as the Preserving Employee Retirement Savings Act of 2020 . 2. Temporary credit for maintaining retirement benefits during pandemic (a) In general In the case of an eligible employer, there shall be allowed as a credit against the tax imposed by chapter 1 of the Internal Revenue Code of 1986 an amount equal to 20 percent of the qualified retirement contributions by the employer for the taxable year. (b) Limitation The amount of credit allowed to the taxpayer under subsection (a) for any taxable year shall not exceed $100,000. (c) Qualified retirement contributions For purposes of this section— (1) In general The term qualified retirement contribution means, with respect to any taxable year, any employer contribution (other than an elective deferral (as defined in section 402(g)(3) of such Code) to an applicable retirement plan on behalf of an employee other than a highly compensated employee (as defined in section 414(q) of such Code)). (2) Determining contribution to defined benefit plan In the case of a defined benefit plan (as defined in section 414(j) of such Code), the amount treated as an employer contribution under paragraph (1) shall be the amount described with respect to the plan in section 430(b)(1)(A)(i), 431(b)(2)(A), or 433(b)(2)(A) of such Code, as the case may be, or in the case of a CSEC plan that uses a spread gain funding method (as defined in section 433(j)(5)(D)) of such Code), the amount described in 433(j)(1)(B) of such Code. (3) Coordination with other assistance Such term shall not include any amount taken into account in determining any loan amount forgiven under section 1106 or 1109(d)(1)(D) of the Coronavirus Aid, Relief, and Economic Security Act. (4) Applicable retirement plan (A) In general For purposes of this section, the term applicable retirement plan means any plan, annuity contract, pension, or account described in clause (i), (ii), (iv), (v), or (vi) of section 219(g)(5)(A) of such Code (other than a governmental plan (within the meaning