made by this section shall apply to distributions made after the date of the enactment of this Act. 305. Deferral agreements (a) In general Paragraph (4) of section 457(b) of the Internal Revenue Code of 1986 is amended by inserting , or, in the case of a plan of an eligible employer described in subsection (e)(1)(A), before the date on which the compensation is (but for the deferral) available before the comma at the end. (b) Effective date The amendment made by this section shall apply to years beginning after December 31, 2019. 306. Simplifying 402 (f) notices Not later than December 31, 2020, the Secretary of the Treasury (or the Secretary's delegate), in consultation with the Secretary of Labor and the Director of the Pension Benefit Guaranty Corporation (or their delegates), shall simplify the model notices issued under section 402(f) of the Internal Revenue Code of 1986 so as to facilitate better understanding by recipients of different distribution options and corresponding tax consequences. Such model notices shall include an explanation of the effect of elections on spousal rights. 307. Treatment of custodial accounts on termination of section 403 (b) plans (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 issue guidance to provide that, if an employer terminates the plan under which amounts are contributed to a custodial account under subparagraph (A) of section 403(b)(7) of the Internal Revenue Code of 1986— (1) the plan administrator or custodian may distribute an individual custodial account in kind to a participant or beneficiary of the plan, and (2) the distributed custodial account shall be maintained by the custodian on the same basis as a custodial account to which section 403(b)(7) of such Code applies, similar to the treatment of fully paid individual annuity contracts under Revenue Ruling 2011–7, until amounts are actually paid to the participant or beneficiary. (b) Treatment of accounts The