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