II 
108TH CONGRESS 
2D SESSION 
H. R. 5365
IN THE SENATE OF THE UNITED STATES 
NOVEMBER 19, 2004
Received 
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 Representa-
tives of the United States of America in Congress assembled,
HR 5365 RDS 
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 sec-
tion 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 pur-
poses of section 415(c)(7) of such Code, and 
(B) any account maintained for a partici-
pant or beneficiary of such plan shall be treated 
for purposes of such Code as a retirement in-
come 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
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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 De-
cember 31, 2005, except that notwith-
standing the election— 
(I) nothing in the Employee Re-
tirement 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
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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 partici-
pant or beneficiary of such plan shall, for pur-
poses of section 401(a)(9) of such Code, be 
treated as a retirement income account de-
scribed in section 403(b)(9) of such Code. 
(4) SELF-FUNDED
DEATH
BENEFIT
PLAN.—
For purposes of section 7702(j) of such Code, a re-
tirement 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
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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: 
JEFF TRANDAHL, 
Clerk.