A bill 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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Read twice and referred to the Committee on Finance.
March 25, 2003
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Introduced in Senate
March 25, 2003
Sponsor introductory remarks on measure. (CR S4378)
March 25, 2003
Read twice and referred to the Committee on Finance.
March 25, 2003
Floor Debate
7 membersWhat members said about S. 698 on the floor




+2
Floor Debate
7 membersWhat members said about S. 698 on the floor
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Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.
Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.
Bill Text
Latest available legislative text
[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.
_______________________________________________________________________
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.
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