GRANDFATHER RULE FOR CHURCH PLANS WHICH SELF-ANNUITIZE.

SEC. 865. GRANDFATHER RULE FOR CHURCH PLANS WHICH SELF-ANNUITIZE.(a) In General.—In the case of any plan year ending after the date of the enactment of this Act, annuity payments provided with respect to any account maintained for a participant or beneficiary under a qualified church plan shall not fail to satisfy the requirements of section 401(a)(9) of the Internal Revenue Code of 1986 merely because the payments are not made under an annuity contract purchased from an insurance company if such payments would not fail such requirements if provided with respect to a retirement income account described in section 403(b)(9) of such Code.(b) Qualified Church Plan.—For purposes of this section, the term “qualified church plan” means any money purchase pension plan described in section 401(a) of such Code which—(1) is a church plan (as defined in section 414(e) of such Code) with respect to which the election provided by section 410(d) of such Code has not been made, and(2) was in existence on April 17, 2002.