Business Job Protection Act of 1996. 314. 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 (or the Secretary's delegate) shall amend Treas. Reg. section 1.415(c)–2(e), and make any necessary conforming amendments to other Treasury Regulations, to provide that plans may allow employees who have had a severance from employment to make deferrals or contributions described in subsection (b) with respect to payments of severance or back pay. The Secretary of the Treasury (or delegate) may provide for such other conditions on such deferrals or contributions as are necessary to carry out the purposes of this section. (b) Deferrals and contributions described The deferrals or contributions described in this subsection are— (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)