100 STAT. 2464
PUBLIC LAW 99-514—OCT. 22, 1986
oj;iqcjj '•-:- 401(a) and section 410(b) in the same manner as if such plan were described in section 401(a), and <.;; • "(ii) all employees of the organization may elect to ^1,1 have the employer make contributions of more than i^fi r;, $200 pursuant to a salary reduction agreement if any employee of the organization may elect to have the organization make contributions for such contracts pursuant to such agreement. .v| ^ For purposes of clause (ii), there may be excluded any employee who is a participant in an eligible deferred compensation plan (within the meaning of section 457) or a qualified cash or deferred arrangement of the organization riiSffv for another annuity contract described in this subsection. Any nonresident alien described in section 410(b)(3)(C) may also be excluded. For purposes of this subparagraph, students who normally work less than 20 hours per week may (subject to the conditions applicable under section 410(b)(4)) ., be excluded. "(B) CHURCH.—For purposes of paragraph (1)(D), the term 'church' has the meaning given to such term by section .,.. 3121(w)(3)(A). Such term shall include any qualified churchcontrolled organization (as defined in section 3121(w)(3)(B))." (c) EFFECTIVE DATE.—The amendments made by this section shall apply to years beginning after December 31, 1988.
PART III—TREATMENT OF DISTRIBUTIONS SEC. 1121. MINIMUM DISTRIBUTION REQUIREMENTS.
(a) EXCISE TAX ON FAILURE To DISTRIBUTE.—
(1) IN GENERAL.—Section 4974 is amended to read as follows: "SEC. 4974. EXCISE TAX ON CERTAIN ACCUMULATIONS IN QUALIFIED RETIREMENT PLANS.
"(a) GENERAL RULE.—If the amount distributed during the taxable year of the payee under any qualified retirement plan or any eligible deferred compensation plan (as defined in section 457(b)) is less than the minimum required distribution for such taxable year, there is hereby imposed a tax equal to 50 percent of the amount by which such minimum required distribution exceeds the actual amount distributed during the taxable year. The tax imposed by this section shall be paid by the payee. "(b) MINIMUM REQUIRED DISTRIBUTION.—For purposes of this section, the term 'minimum required distribution' means the minimum amount required to be distributed during a taxable year under section 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), or 457(d)(2), as the case may be, as determined under regulations prescribed by the Secretary. "(c) QUALIFIED RETIREMENT PLAN.—For purposes of this section, the term 'qualified retirement plan' means— "(1) a plan described in section 401(a) which includes a trust Ei= exempt from tax under section 501(a), "(2) an annuity plan described in section 403(a), + "(3) an annuity contract described in section 403(b), "(4) an individual retirement account described in section
- , 408(a), or