[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2928 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                 S. 2928

   To clarify the status of certain employee benefit plans under the 
   Internal Revenue Code of 1986 and the Employee Retirement Income 
                         Security Act of 1974.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 7, 2004

 Mr. Smith (for himself and Mr. Wyden) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To clarify the status of certain employee benefit plans under the 
   Internal Revenue Code of 1986 and the Employee Retirement Income 
                         Security Act of 1974.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CLARIFICATION OF STATUS OF CERTAIN EMPLOYEE BENEFIT PLANS.

    Any plan established and maintained for its employees by a non-
profit corporation which was--
            (1) incorporated on September 16, 1998, under a State non-
        profit corporation statute, and
            (2) organized for the express purpose of supporting the 
        missions and goals of a public corporation which--
                    (A) was created by a State statute approved by the 
                Governor on May 24, 1995, and effective on July 1, 
                1995,
                    (B) is a government entity under State law, and
                    (C) is a member of the non-profit corporation,
        shall be considered to be a governmental plan within the 
        meaning of section 414(d) of the Internal Revenue Code of 1986 
        and section 3(32) of the Employee Retirement Income Security 
        Act of 1974.
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