[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 698 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 698

    To clarify the status of the Young Men's Christian Association 
   Retirement Fund for purposes of the Internal Revenue Code of 1986.


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                   IN THE SENATE OF THE UNITED STATES

                             March 25, 2003

    Mr. Bunning (for himself, Mr. Smith, and Mr. Graham of Florida) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To clarify the status of the Young Men's Christian Association 
   Retirement Fund for purposes of the Internal Revenue Code of 1986.

    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 YOUNG MEN'S CHRISTIAN ASSOCIATION 
              RETIREMENT FUND.

    (a) In General.--For purposes of the Internal Revenue Code of 
1986--
            (1) the retirement fund of the YMCA shall be treated as an 
        organization described in section 414(e)(3)(A) of such Code, 
        and
            (2) any retirement plan established or maintained by such 
        fund as of January 1, 2003 (including any reserve accounts for 
        such plan) shall be treated as a retirement income account 
        described in section 403(b)(9) of such Code.
    (b) Application of Requirements.--Any requirement under the 
Internal Revenue Code of 1986 applicable to a retirement income account 
described in section 403(b)(9)(B) of such Code shall apply to a plan 
described in subsection (a)(2), except that the exception contained in 
section 403(b)(1)(D) of such Code for a contract purchased by a church 
plan shall not apply to any plan described in subsection (a)(2).
    (c) Effective Date.--This section shall apply to years beginning 
after December 31, 2002, except that the requirements of subsection (b) 
shall only apply to periods after the date of the enactment of this 
Act.
                                 <all>