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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5365 Engrossed in House (EH)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
108th CONGRESS
  2d Session
                                H. R. 5365

_______________________________________________________________________

                                 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.

    (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.

            Passed the House of Representatives November 19, 2004.

            Attest:

                                                                 Clerk.
108th CONGRESS

  2d Session

                               H. R. 5365

_______________________________________________________________________

                                 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.
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