Public Law 108-476

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    Note: This is the original legislation as it was initially enacted. Any subsequent amendments hosted on WS may be listed using  What Links Here.
    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.