Summary: S.1090 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for S.1090. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/07/1979)

Amends the Employee Retirement Income Security Act to make permanent the special tax treatment of church agency pension plans as qualified church plans. Provides that plans maintained by groups or associations of churches include individuals "substantially all" of whom are qualified beneficiaries.

Allows such plans to retain accrued benefits, according to their terms, or to continue receiving contributions for up to five years for separated employees. Allows any plan which is determined to have failed to meet church plan requirements a grace period of 270 days, or any other period specified by the Secretary of the Treasury or a court in an adjudication of such an issue, to bring itself into compliance without becoming disqualified. Applies these provisions retroactively to 1974.