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[108th Congress Public Law 476]
[From the U.S. Government Printing Office]

<DOC>
[DOCID: f:publ476.108]

[[Page 118 STAT. 3901]]

Public Law 108-476
108th Congress

                                 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. <<NOTE: Dec. 21, 
                         2004 -  [H.R. 5365]>> 

    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.

    (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

[[Page 118 STAT. 3902]]

                                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--H.R. 5365:
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CONGRESSIONAL RECORD, Vol. 150 (2004):
            Nov. 19, considered and passed House.
            Dec. 7, considered and passed Senate.

                                  <all>
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