PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 531
who is a n employee of a church, a convention or association of churches, including a n organization described in section 414(e)(3)(B)(ii), contributions and other additions for a n a n n u i t y contract or retirement income account described in section 403(b) with respect to such participant, when expressed a s a n annual addition to such participant's account, shall be t r e a t e d as not exceeding the limitation of paragraph (1) if such annual addition is not in excess of $10,000. "(ii) $40,000 AGGREGATE LIMITATION.—The total a m o u n t of additions with respect to any participant which may be t a k e n into account for purposes of this subparagraph for all years may not exceed $40,000. "(iii) N o ELECTION IF PARAGRAPH (4)(A) ELECTION MADE.—No election may be m a d e under this subparagraph for any year if a n election is made under paragraph (4)(A) for such year. "(C) A N N U A L ADDITION.—For purposes of t h i s paragraph,
the term ' annual addition' has the m e a n i n g given such term by paragraph (2)." (3) CONFORMING AMENDMENT. — S e c t i o n 403(b)(2)(B) ( r e l a t i n g to
26 USC 403.
exclusion allowance) is amended by striking out " and home health service agencies" and inserting in lieu thereof " h o m e health service agencies, and certain churches, etc." (d) CORRECTION PERIOD
FOR C H U R C H
PLANS.—A
church
plan
26 USC 403 note,
(within the m e a n i n g of section 414(e) of the I n t e r n a l Revenue Code of 1954) shall not be t r e a t e d as not meeting the requirements of section 401 or 403 of such Code if— (1) by reason of any change in any law, regulation, ruling, or otherwise such plan is required to be amended to meet such requirements, and (2) such plan is so amended a t the next earliest c h u r c h convention or such other t i m e a s the Secretary of the Treasury or his delegate may prescribe. (e) EFFECTIVE D A T E S. —
26 USC 403 note.
(1) IN GENERAL.—Except a s provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 1981. (2) RETIREMENT INCOME ACCOUNTS.—The amendments
made
by subsection (b) shall apply to taxable year s beginning after December 31, 1974. (3) SECTION 4 1 5
AMENDMENTS.—The amendments
made
by
subsection (c) shall apply to years beginning after December 31, 1981. (4) CORRECTION PERIOD.—The amendment m a d e by subsection
(d) shall t a k e effect on July 1, 1982. (5) SPECIAL RULE FOR EXISTING DEFINED BENEFIT ARRANGE-
MENTS.—Any defined benefit a r r a n g e m e n t which is established by a church or a convention or association of churches (including a n organization described in section 414(e)(3)(B)(ii) of the I n t e r n a l Revenue Code of 1954) and which is in effect on the date of the e n a c t m e n t of this Act shall not be t r e a t e d a s failing to meet the requirements of section 403(b)(2) of such Code merely because it is a defined benefit a r r a n g e m e n t.
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