A bill to amend the Internal Revenue Code of 1954 to extend the special elections for section 403(b) annuity contracts to employees of churches, conventions, or associations of churches, and their agencies to permit a de minimis contribution amount in lieu of such elections.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide church employees the same power presently enjoyed by employees of tax-exempt health and education organizations to elect alternative exclusion allowances for contributions to annuity contracts. Provides a minimum allowance of $10,000 for annual additions to these contracts without respect to the amount of the employee's compensation.…