[Congressional Record (Bound Edition), Volume 150 (2004), Part 19]
[Senate]
[Page 25526]
[From the U.S. Government Publishing Office, www.gpo.gov]




TREATING CERTAIN ARRANGEMENTS MAINTAINED BY THE YMCA RETIREMENT FUND AS 
  CHURCH PLANS FOR THE PURPOSES OF CERTAIN PROVISIONS OF THE INTERNAL 
                          REVENUE CODE OF 1986

  Mr. BURNS. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of H.R. 5365, which is at the 
desk.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (H.R. 5365) 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.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. BUNNING. Mr. President, I support H.R. 5365, a bill designed to 
ensure that the thousands of pension plan participants and retirees for 
the YMCA continue to be able to count on their benefits, ensuring the 
pension plan may continue to operate as it has for over 80 years. The 
Senate passed my bill, S. 2589, by unanimous consent on July 14 of this 
year, and I am pleased that the House has recently passed H.R. 5365, 
which closely follows the direction of the Senate legislation. I worked 
together with fellow Senators, including Senator Graham of Florida, to 
move this process toward today's hopeful conclusion. I want to stress 
that this effort has been a very bipartisan effort, in both the House 
and Senate, to produce a consensus solution and legislation.
  I also thank Finance Committee Chairman Grassley and Ranking Member 
Baucus for their assistance in bringing this bill to the floor today.
  This is a bill about protecting the retirement security for thousands 
of YMCA employees and retirees. I have heard from Kentucky YMCA leaders 
and employees--leaders such as R. Stephen Tarver of YMCA of Greater 
Louisville, Dean Ehrenheim of the Owensboro YMCA, and Kenneth Barnes, 
who runs the Chestnut Street YMCA in Louisville, and countless YMCA 
employees--about the importance of protecting retirement security. This 
legislation addresses a concern about the technical status of the YMCA 
pension plan as a church plan, a type of pension plan offered by 
churches or associations of churches. This legislation will ensures 
that the YMCA pension plan will be able to provide a secure retirement 
to the more than 80,000 plan participants.
  I also thank the Treasury Department and IRS for their patience while 
the Congress worked through finding a solution to ensure the YMCA 
pension plan could continue to offer the benefits to its participants 
and retirees.
  As I have stated, the YMCA pension plan is a very significant part of 
each YMCA employee's compensation package, most of whom are modestly 
paid. I have heard from many of the Kentucky YMCAs, and their 
employees, about the importance of this pension plan to their future. 
In Kentucky alone, there are 19 YMCAs with over 485,000 members, and 
918 pension plan participants, retirees or past employees who have 
vested benefits. Today's legislation is vitally important to the each 
and every plan participant in Kentucky and their families, and more 
than 80,000 participants and retirees in the YMCA pension plan, 
offering them financial and retirement security for their long service 
on behalf of our Nation's YMCA.
  In closing, I encourage all of my colleagues to support this bill, 
and I am pleased that we are moving forward with this legislation today 
and look forward to its enactment soon.
  Mr. BURNS. Mr. President, I ask unanimous consent that the bill be 
read a third time and passed, the motion to reconsider be laid upon the 
table, and that any statements relating to the bill be printed in the 
Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (H.R. 5365) was read the third time and passed.

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