A bill to amend the Internal Revenue Code of 1954 to clarify that a custodial account for regulated investment company stock described in section 403(b)(7) that permits an employee to withdraw funds prior to retirement may be treated as an annuity contract described in section 403(b)(1).

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit employees of tax-exempt organizations and State or local educational institutions who invest annuity funds in mutual funds to withdraw such funds before retirement without adversely affecting the tax status of their retirement plan.…