A bill to clarify the status of certain employee benefit plans under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974.
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Committee
Latest Action · October 7, 2004
Read twice and referred to the Committee on Finance.
Provides that a nonprofit corporation's employee benefit plan shall be considered to be a governmental plan under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA), if the nonprofit corporation was: (1) incorporated on September 16, 1998, under a State nonprofit corporation statute; and (2) organized for the express purpose of supporting the missions and goals of a public corporation which was created by a State statute effective on July 1, 1995, is a governmental entity under State law, and is a member of the nonprofit corporation.
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