Public Law 108-476

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108TH UNITED STATES CONGRESS
2ND SESSION


An Act
To treat certain arrangements maintained by the YMCA Retirement Fund as church plans for the purposes of certain provisions of the Internal Revenue Code of 1986, and for other purposes.


Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. CERTAIN ARRANGEMENTS MAINTAINED BY THE YMCA RETIREMENT FUND TREATED AS CHURCH PLANS.[edit]

   (a) Retirement Plans.--
           (1) In general.--For purposes of sections 401(a) and 403(b) 
       of the Internal Revenue Code of 1986, any retirement plan 
       maintained by the YMCA Retirement Fund as of January 1, 2003, 
       shall be treated as a church plan (within the meaning of section 
       414(e) of such Code) which is maintained by an organization 
       described in section 414(e)(3)(A) of such Code.
           (2) Tax-deferred retirement plan.--In the case of a 
       retirement plan described in paragraph (1) which allows 
       contributions to be made under a salary reduction agreement--
                   (A) such treatment shall not apply for purposes of 
               section 415(c)(7) of such Code, and
                   (B) any account maintained for a participant or 
               beneficiary of such plan shall be treated for purposes 
               of such Code as a retirement income account described in 
               section 403(b)(9) of such Code, except that such account 
               shall not, for purposes of section 403(b)(12) of such 
               Code, be treated as a contract purchased by a church for 
               purposes of section 403(b)(1)(D) of such Code.
           (3) Money purchase pension plan.--In the case of a 
       retirement plan described in paragraph (1) which is subject to 
       the requirements of section 401(a) of such Code--
                   (A) such plan (but not any reserves held by the YMCA 
               Retirement Fund)--
                         (i) shall be treated for purposes of such Code 
                     as a defined contribution plan which is a money 
                     purchase pension plan, and
                         (ii) shall be treated as having made an 
                     election under section 410(d) of such Code for 
                     plan years beginning after December 31, 2005, 
                     except that notwithstanding the election--
                                   (I) nothing in the Employee 
                               Retirement Income Security Act of 1974 
                               or such Code shall prohibit the YMCA 
                               Retirement Fund from commingling for 
                               investment purposes the assets of the 
                               electing plan with the assets of such 
                               Fund and with the assets of any employee 
                               benefit plan maintained by such Fund, 
                               and
                                   (II) nothing in this section shall 
                               be construed as subjecting any assets 
                               described in subclause (I), other than 
                               the assets of the electing plan, to any 
                               provision of such Act,
                   (B) notwithstanding section 401(a)(11) or 417 of 
               such Code or section 205 of such Act, such plan may 
               offer a lump-sum distribution option to participants who 
               have not attained age 55 without offering such 
               participants an annuity option, and
                   (C) any account maintained for a participant or 
               beneficiary of such plan shall, for purposes of section 
               401(a)(9) of such Code, be treated as a retirement 
               income account described in section 403(b)(9) of such 
               Code.
           (4) Self-funded death benefit plan.--For purposes of section 
       7702(j) of such Code, a retirement plan described in paragraph 
       (1) shall be treated as an arrangement described in section 
       7702(j)(2).
   (b) YMCA Retirement Fund.--For purposes of this section, the term "YMCA Retirement Fund" means the Young Men's Christian Association Retirement Fund, a corporation created by an Act of the State of New York which became law on April 30, 1921.
   (c) Effective Date.--This section shall apply to plan years beginning after December 31, 2003.


Approved December 21, 2004.


LEGISLATIVE HISTORY[edit]

H.R. 5365

CONGRESSIONAL RECORD, Vol. 150 (2004):

  • Nov. 19, considered and passed House.
  • Dec. 7, considered and passed Senate.