S. 698Senate108th Congress (2003-2005)In Committee

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

Introduced March 25, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

March 25, 2003

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SenateIntro Referral

Introduced in Senate

March 25, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4378)

March 25, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

March 25, 2003

Floor Debate

7 members

What members said about S. 698 on the floor

5 Republicans2 Democrats
Ben Nighthorse Campbell
Sen. Ben Nighthorse CampbellR-CO · Mar 25, 2003

Mr. President, as Co-Chairman of the Commission on Security and Cooperation in Europe, I have closely monitored developments in the Republic of Belarus and informed my Senate colleagues of disturbing…

Max Baucus
Sen. Max BaucusD-MT · Mar 25, 2003

Mr. President, today I re-introduced the Rural Heritage Conservation Act, along with my good friend Senator Grassley from Iowa. I would like to say a few words about why this bill is so important to…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Mar 25, 2003

Mr. President, I rise today to introduce legislation on behalf of my self and Senator Warner that will provide increased support for the families of those brave men and women in the armed forces who…

Jim Bunning
Sen. Jim BunningR-KY · Mar 25, 2003

Mr. President, I rise today to introduce a bill of critical importance to the over 90,000 participants and beneficiaries of the YMCA pension plan. This issue affects the 656 hard-working YMCA…

Jim Bunning
Sen. Jim BunningR-KY · Mar 25, 2003

Mr. President, I rise today to introduce a bill of critical importance to the over 90,000 participants and beneficiaries of the YMCA pension plan. This issue affects the 656 hard-working YMCA…

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Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Mar 25, 2003

Mr. President, I rise today to introduce a bill to reauthorize the Native Hawaiian Health Care Improvement Act. Senator Akaka joins me in sponsoring this measure. The Native Hawaiian Health Care…

Chuck Hagel
Sen. Chuck HagelR-NE · Mar 25, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

John McCain
Sen. John McCainR-AZ · Mar 25, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 25, 2003
        [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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