[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4748 Introduced in House (IH)]
106th CONGRESS
2d Session
H. R. 4748
To amend title I of the Employee Retirement Income Security Act of 1974
and the Internal Revenue Code of 1986 to modernize such title and such
Code to take into account the evolution of employer-sponsored
retirement plans, to increase the availability of critical retirement
plan services, including investment advisory services, to participants,
beneficiaries, and plan fiduciaries, and to harmonize the requirements
of such title and such Code with other Federal and State laws.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 26, 2000
Mr. Boehner introduced the following bill; which was referred to the
Committee on Education and the Workforce, and in addition to the
Committee on Ways and Means, for a period to be subsequently determined
by the Speaker, in each case for consideration of such provisions as
fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend title I of the Employee Retirement Income Security Act of 1974
and the Internal Revenue Code of 1986 to modernize such title and such
Code to take into account the evolution of employer-sponsored
retirement plans, to increase the availability of critical retirement
plan services, including investment advisory services, to participants,
beneficiaries, and plan fiduciaries, and to harmonize the requirements
of such title and such Code with other Federal and State laws.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Comprehensive ERISA Modernization
Act of 2000''.
SEC. 2. PROHIBITED TRANSACTION EXEMPTION FOR ARM'S LENGTH TRANSACTIONS.
(a) Amendments to the Employee Retirement Income Security Act of
1974.--
(1) In general.--Section 408(b) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1108(b)) is amended by
adding at the end the following new paragraph:
``(14) Any transaction of the type described in
subparagraph (A), (B), (C), or (D) of section 406(a)(1) or in
406(b) (other than a transaction described in paragraph (15))
which meets the arm's length transaction requirements of
subsection (g).
(2) Arm's length transaction requirements.--Section 408 of
such Act is amended further by adding at the end the following
new subsection:
``(g)(1) The arm's length transaction requirements of this
subsection are met by a transaction described in subparagraph (A), (B),
(C), or (D) of section 406(a)(1) if--
``(A) such transaction is entered into pursuant to a
written contract or arrangement which includes the material
terms and conditions of such transaction or transactions of the
type of such transaction,
``(B) such transaction is in the interest of the plan and
its participants and beneficiaries, and
``(C) the terms and conditions of such transaction,
including any direct or indirect compensation, are at least as
favorable to the plan as an arm's length transaction would be.
``(2) The arm's length transaction requirements of this subsection
are met by a transaction described in section 406(b) if--
``(A) such transaction meets the requirements of paragraph
(1), and
``(B) prior to the commencement of such transaction--
``(i) written disclosure of potential conflicts of
interest associated with the transaction (or
contemplated transactions of the type thereof),
including the receipt of direct or indirect
compensation, has been provided to a fiduciary of the
plan, and
``(ii) the transaction (or contemplated
transactions of the type thereof) have been provided
for in the terms of the plan or of a written contract
with a fiduciary described in clause (i) that is
independent of the person entering into the transaction
and any of its affiliates.
``(3) In any case in which a fiduciary causes a plan to enter into
a transaction with such fiduciary or an affiliate thereof, the arm's
length transaction requirements of this subsection are met only if--
``(A) such transaction meets the requirements of paragraphs
(1) and (2),
``(B) such fiduciary or affiliate is engaged in the
business of entering into transactions of such type with the
general public, and
``(C) such transaction is entered into under substantially
the same terms and conditions as those under which such
transactions with the general public are entered into.''.
(b) Amendments to the Internal Revenue Code of 1986.--
(1) In general.--Subsection (d) of section 4975 of the
Internal Revenue Code of 1986 (relating to exemptions from tax
on prohibited transactions) is amended--
(A) in paragraph (14), by striking ``or'' at the
end;
(B) in paragraph (15), by striking the period at
the end and inserting ``; or''; and
(C) by adding at the end the following new
paragraph:
``(16) Any transaction of the type described in subsection
(c)(1) (other than a transaction described in paragraph (17))
which meets the arm's length transaction requirements of
subsection (f)(7).''.
(2) Arm's length transaction requirements.--Subsection (f)
of such section 4975 (relating to other definitions and special
rules) is amended by adding at the end the following new
paragraph:
``(7) Arm's length transaction requirements.--
``(A) Transactions with disqualified persons.--The
arm's length transaction requirements of this
subsection are met by a transaction described in
subparagraph (A), (B), (C), or (D) of subsection (c)(1)
if--
``(i) such transaction is entered into
pursuant to a written contract or arrangement
which includes the material terms and
conditions of such transaction or transactions
of the type of such transaction,
``(ii) such transaction is in the interest
of the plan and its participants and
beneficiaries, and
``(iii) the terms and conditions of such
transaction, including any direct or indirect
compensation, are at least as favorable to the
plan as an arm's length transaction would be.
``(B) Transactions with a fiduciary or its
affiliate.--The arm's length transaction requirements
of this subsection are met by a transaction described
in subparagraph (E) or (F) of subsection (c)(1) if--
``(i) such transaction meets the
requirements of subparagraph (A), and
``(ii) prior to the commencement of such
transaction--
``(I) written disclosure of
potential conflicts of interest
associated with the transaction (or
contemplated transactions of the type
thereof), including the receipt of
direct or indirect compensation, has
been provided to a fiduciary of the
plan, and
``(II) the transaction (or
contemplated transactions of the type
thereof) have been provided for in the
terms of the plan or of a written
contract with a fiduciary described in
subclause (I) that is independent of
the person entering into the
transaction and any of its affiliates.
``(C) Transactions with the fiduciary causing the
transactions.--In any case in which a fiduciary causes
a plan to enter into a transaction with such fiduciary
or an affiliate thereof, the arm's length transaction
requirements of this subjection are met only if--
``(i) such transaction meets the
requirements of subparagraphs (A) and (B),
``(ii) such fiduciary or affiliate is
engaged in the business of entering into
transactions of such type with the general
public, and
``(iii) such transaction is entered into
under substantially the same terms and
conditions as those under which such
transactions with the general public are
entered into.''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to transactions entered into on or after January 1,
2001.
SEC. 3. PROHIBITED TRANSACTION EXEMPTION FOR THE PROVISION OF
INVESTMENT ADVICE.
(a) Amendments to the Employee Retirement Income Security Act of
1974.--
(1) In general.--Section 408(b) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1108(b)) (as amended by
section 2) is amended further by adding at the end the
following new paragraph:
``(15) If the requirements of subsection (h) are met--
``(A) the provision of investment advice referred
to in section 3(21)(A)(ii) provided by a fiduciary
adviser (as defined in subsection (h)(4)(A)) to an
employee benefit plan or to a participant or
beneficiary of an employee benefit plan,
``(B) the sale, acquisition, or holding of
securities or other property (including any extension
of credit associated with the sale, acquisition, or
holding of securities or other property) pursuant to
such investment advice, and
``(C) the direct or indirect receipt of fees or
other compensation by the fiduciary adviser or an
affiliate thereof (or any employee, agent, or
registered representative of the fiduciary adviser or
affiliate) in connection with the provision of such
investment advice.''.
(2) Requirements.--Section 408 of such Act (as amended by
section 2) is amended further by adding at the end the
following new subsection:
``(h)(1) The requirements of this subsection are met in connection
with the provision of advice referred to in section 3(21)(A)(ii),
provided to an employee benefit plan or a participant or beneficiary of
an employee benefit plan by a fiduciary adviser with respect to such
plan, in connection with any sale or acquisition of a security or other
property for purposes of investment of amounts held by such plan, if--
``(A) in the case of the initial provision of such advice
by such fiduciary adviser to such plan, participant, or
beneficiary, the fiduciary adviser provides to the plan,
participant, or beneficiary, at the time of or before the
initial provision of such advice, a description, in writing or
by means of electronic communication, of--
``(i) all fees or other compensation relating to
such advice that the fiduciary adviser or any affiliate
thereof is to receive (including compensation provided
by any third party) in connection with the provision of
such advice or in connection with such acquisition or
sale,
``(ii) any material affiliation or contractual
relationship of the fiduciary adviser or affiliates
thereof in such security or other property,
``(iii) any limitation placed on the scope of the
investment advice to be provided by the fiduciary
adviser with respect to any such sale or acquisition,
and
``(iv) the types of services offered by the
fiduciary advisor in connection with the provision of
investment advice by the fiduciary adviser,
``(B) in the case of the initial or any subsequent
provision of such advice to such plan, participant, or
beneficiary, the fiduciary adviser, throughout the 1-year
period following the provision of such advice, maintains the
information described in clauses (i) through (iv) of
subparagraph (A) in currently accurate form for availability,
upon request and without charge, to the recipient of such
advice,
``(C) the fiduciary adviser provides appropriate
disclosure, in connection with any such acquisition or sale, in
accordance with all applicable securities laws,
``(D) such acquisition or sale occurs solely at the
discretion of the recipient of such advice,
``(E) the compensation received by the fiduciary adviser
and affiliates thereof in connection with such acquisition or
sale is reasonable, and
``(F) the terms of such acquisition or sale are at least as
favorable to such plan as an arm's length transaction would be.
``(2) A fiduciary adviser referred to in paragraph (1) who has
provided advice referred to in such paragraph shall, for a period of
not less than 6 years after the provision of such advice, maintain any
records necessary for determining whether the requirements of the
preceding provisions of this subsection and of subsection (b)(15) have
been met. A prohibited transaction provided in section 406 shall not be
considered to have occurred solely because the records are lost or
destroyed prior to the end of the 6-year period due to circumstances
beyond the control of the fiduciary adviser.
``(3)(A) Subject to subparagraph (B), a plan sponsor or other
person who is a fiduciary shall not be treated as failing to meet the
requirements of this part solely by reason of the provision of
investment advice referred to in section 3(21)(A)(ii), if--
``(i) such advice is provided by a fiduciary adviser
pursuant to an arrangement between such plan sponsor or other
fiduciary and such fiduciary adviser for the provision by such
fiduciary adviser of investment advice referred to in such
section, and
``(ii) the terms of such arrangement require compliance by
the fiduciary adviser with the requirements of this subsection.
``(B) Nothing in subparagraph (A) shall be construed to exempt a
plan sponsor or other person who is a fiduciary from any requirement of
this part for the prudent selection and periodic review of a fiduciary
adviser with whom the plan sponsor or other person enters into an
arrangement for the provision of advice referred to in section
3(21)(A)(ii). Such plan sponsor or other person who is a fiduciary has
no duty under this part to monitor the specific investment advice given
by the fiduciary adviser to any particular recipient of such advice.
``(C) Nothing in this part shall be construed to preclude the use
of plan assets to pay for reasonable expenses in providing investment
advice referred to in section 3(21)(A)(ii).
``(4) For purposes of this subsection and subsection (b)(15)--
``(A) The term `fiduciary adviser' means, with respect to a
plan, a person who is a fiduciary of the plan by reason of the
provision of investment advice by such person to the plan or to
a participant or beneficiary and who is--
``(i) registered as an investment adviser under the
Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et
seq.) or under the laws of the State in which the
fiduciary maintains its principal office and place of
business,
``(ii) a bank or similar financial institution
referred to in section 408(b)(4),
``(iii) an insurance company qualified to do
business under the laws of a State,
``(iv) a person registered as a broker or dealer
under the Securities Exchange Act of 1934 (15 U.S.C.
78a et seq.),
``(v) an affiliate of a person described in any of
clauses (i) through (iv), or
``(vi) an employee, agent, or registered
representative of a person described in any of clauses
(i) through (v).
``(B) The term `affiliate' means an affiliated person, as
defined in section 2(a)(3) of the Investment Company Act of
1940 (15 U.S.C 80a-2(a)(3)).
``(C) The term `registered representative' means a person
described in section 3(a)(18) of the Securities Exchange Act of
1934 (15 U.S.C. 78c(a)(18)) or section 202(a)(17) of the
Investment Advisers Act of 1940 (15 U.S.C 80b-2(a)(17)).''.
(b) Amendments to the Internal Revenue Code of 1986.--
(1) In general.--Subsection (d) of section 4975 of the
Internal Revenue Code of 1986 (relating to exemptions from tax
on prohibited transactions) (as amended by section 2) is
amended further--
(A) in paragraph (15), by striking ``or'' at the
end;
(B) in paragraph (16), by striking the period at
the end and inserting ``; or''; and
(C) by adding at the end the following new
paragraph:
``(17) If the requirements of subsection (f)(8) are met--
``(A) the provision of investment advice referred
to in subsection (e)(3)(B) provided by a fiduciary
adviser (as defined in subsection (f)(8)(C)(i)) to a
plan or to a participant or beneficiary of a plan,
``(B) the sale, acquisition, or holding of
securities or other property (including any extension
of credit associated with the sale, acquisition, or
holding of securities or other property) pursuant to
such investment advice, and
``(C) the direct or indirect receipt of fees or
other compensation by the fiduciary adviser or an
affiliate thereof (or any employee, agent, or
registered representative of the fiduciary adviser or
affiliate) in connection with the provision of such
investment advice.''.
(2) Requirements.--Subsection (f) of such section 4975
(relating to other definitions and special rules) (as amended
by section 2) is amended further by adding at the end the
following new paragraph:
``(8) Requirements for exemption for investment advice
provided by fiduciary advisers.--
``(A) In general.--The requirements of this
paragraph are met in connection with the provision of
advice referred to in subsection (e)(3)(B), provided to
a plan or a participant or beneficiary of a plan by a
fiduciary adviser with respect to such plan, in
connection with any sale or acquisition of a security
or other property for purposes of investment of amounts
held by such plan, if--
``(i) in the case of the initial provision
of such advice by such fiduciary adviser to
such plan, participant, or beneficiary, the
fiduciary adviser provides to the plan,
participant, or beneficiary, at the time of or
before the initial provision of such advice
such advice, a description, in writing or by
means of electronic communication, of--
``(I) all fees or other
compensation relating to such advice
that the fiduciary adviser or any
affiliate thereof is to receive
(including compensation provided by any
third party) in connection with the
provision of such advice or in
connection with such acquisition or
sale,
``(II) any material affiliation or
contractual relationship of the
fiduciary adviser or affiliates thereof
in such security or other property,
``(III) any limitation placed on
the scope of the investment advice to
be provided by the fiduciary adviser
with respect to any such sale or
acquisition, and
``(IV) the types of services
offered by the fiduciary advisor in
connection with the provision of
investment advice by the fiduciary
adviser,
``(ii) in the case of the initial or any
subsequent provision of such advice to such
plan, participant, or beneficiary, the
fiduciary adviser, throughout the 1-year period
following the provision of such advice,
maintains the information described in
subclauses (I) through (IV) of clause (i) in
currently accurate form for availability, upon
request and without charge, to the recipient of
such advice,
``(iii) the fiduciary adviser provides
appropriate disclosure, in connection with any
such acquisition or sale, in accordance with
all applicable securities laws,
``(iv) such acquisition or sale occurs
solely at the discretion of the recipient of
such advice,
``(v) the compensation received by the
fiduciary adviser and affiliates thereof in
connection with such acquisition or sale is
reasonable, and
``(vi) the terms of such acquisition or
sale are at least as favorable to such plan as
an arm's length transaction would be.
``(B) Maintenance of records.--A fiduciary adviser
referred to in subparagraph (A) who has provided advice
referred to in such subparagraph shall, for a period of
not less than 6 years after the provision of such
advice, maintain any records necessary for determining
whether the requirements of the preceding provisions of
this subsection and of subsection (d)(17) have been
met. A prohibited transaction described in subsection
(c)(1) shall not be considered to have occurred solely
because the records are lost or destroyed prior to the
end of the 6-year period due to circumstances beyond
the control of the fiduciary adviser.
``(C) Definitions.--For purposes of this paragraph
and subsection (d)(17)--
``(i) Fiduciary adviser.--The term
`fiduciary adviser' means, with respect to a
plan, a person who is a fiduciary of the plan
by reason of the provision of investment advice
by such person to the plan or to a participant
or beneficiary and who is--
``(I) registered as an investment
adviser under the Investment Advisers
Act of 1940 (15 U.S.C. 80b-1 et seq.)
or under the laws of the State in which
the fiduciary maintains its principal
office and place of business,
``(II) a bank or similar financial
institution referred to in subsection
(d)(4),
``(III) an insurance company
qualified to do business under the laws
of a State,
``(IV) a person registered as a
broker or dealer under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.),
``(V) an affiliate of a person
described in any of subclauses (I)
through (IV), or
``(VI) an employee, agent, or
registered representative of a person
described in any of subclauses (I)
through (V).
``(ii) Affiliate.--The term `affiliate'
means an affiliated person, as defined in
section 2(a)(3) of the Investment Company Act
of 1940 (15 U.S.C 80a-2(a)(3)).
``(iii) Registered representative.--The
term `registered representative' means a person
described in section 3(a)(18) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)(18)) or
section 202(a)(17) of the Investment Advisers
Act of 1940 (15 U.S.C 80b-2(a)(17)).''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to advice referred to in section 3(21)(A)(ii) of the
Employee Retirement Income Security Act of 1974 or section
4975(e)(3)(B) of the Internal Revenue Code of 1986 provided on or after
January 1, 2001.
SEC. 4. DEFINITION OF PARTY IN INTEREST.
(a) Amendments to the Employee Retirement Income Security Act of
1974.--Section 3(14) of the Employee Retirement Income Security Act of
1974 (29 U.S.C. 1002(14)) is amended--
(1) by striking subparagraphs (A) and (B) and inserting the
following:
``(A) a person who is an administrator, officer, counsel,
or employee of the plan;
``(B) in connection with a transaction described in section
406(a), a fiduciary not otherwise described in subparagraph (A)
who personally directed or actively participated in the plan's
entry into such transaction;'';
(2) in subparagraph (G), by adding ``or'' at the end;
(3) by striking subparagraphs (H) and (I) and inserting the
following:
``(H) an officer or director (or an individual having
powers or responsibilities similar to those of officers and
directors) of a person described in subparagraph (C), (D), (E),
or (G), or of the employee benefit plan.''; and
(4) in the matter following subparagraph (I) (as in effect
before the amendments made by this subsection), by striking
``and lower than 10 percent for subparagraph (H) or (I)''.
(b) Amendments to the Internal Revenue Code of 1986.--Paragraph (2)
of section 4975(e) of the Internal Revenue Code of 1986 (relating to
disqualified person) is amended--
(1) by striking subparagraphs (A) and (B) and inserting the
following:
``(A) a person who is an administrator, officer,
counsel, or employee of the plan;
``(B) in connection with a transaction described in
subparagraph (A), (B), (C), or (D) of subsection
(c)(1), a fiduciary not otherwise described in
subparagraph (A) of this paragraph who personally
directed or actively participated in the plan's entry
into such transaction;'';
(2) in subparagraph (G), by adding ``or'' at the end;
(3) by striking subparagraphs (H) and (I) and inserting the
following:
``(H) an officer or director (or an individual
having powers or responsibilities similar to those of
officers and directors) of a person described in
subparagraph (C), (D), (E), or (G), or of the plan.'';
and
(4) in the matter following subparagraph (I) (as in effect
before the amendments made by this subsection), by striking
``and lower than 10 percent for subparagraph (H) or (I)''.
(b) Effective Date.--The amendments made by this section shall
apply with respect to transactions, acts, or omissions occurring on or
after January 1, 2001.
SEC. 5. STANDARDS FOR ISSUING EXEMPTIVE RELIEF.
(a) In General.--Section 408(a) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1108(a)) is amended--
(1) by striking the third sentence;
(2) by adding ``and'' at the end of paragraph (1), by
striking paragraph (2), and by redesignating paragraph (3) as
paragraph (2); and
(3) in the matter following paragraph (3) (as in effect
before the amendments made by this subsection)--
(A) by striking ``Before granting'' and inserting
the following:
``The issuance of an exemption by the Secretary from any restriction
under section 406 or 407(a) does not exempt a fiduciary who enters into
a transaction subject to such exemption from the fiduciary duties of
section 404 with respect to the plan or any other provision of this Act
with respect to the plan. In any case in which the Secretary deems it
appropriate, before granting'';
(B) by striking ``shall'' each place it appears and
inserting ``may'';
(C) by inserting ``or provide such other notice as
the Secretary deems appropriate'' after ``pendency of
the exemption'';
(D) by striking ``paragraphs (1), (2), and (3)''
and inserting ``paragraphs (1) and (2)''; and
(E) by adding at the end the following new
sentence: ``The Secretary may not grant an exemption
under this section unless the Secretary finds that the
conditions or requirements set forth in the exemption
are necessary additions to the existing Federal and
State laws and regulations and the protections they
afford to address concerns unique to employee benefit
plans.''.
(b) Effective Date.--The amendments made by this section shall
apply with respect to transactions occurring on or after January 1,
2001.
SEC. 6. REGULATIONS RELATING TO DEFINITION OF PLAN ASSETS.
(a) In General.--Section 401 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1101) is amended by adding at the end
the following new subsection:
``(d)(1)(A) Not later than March 31, 2001, the Secretary shall
issue proposed regulations (including proposed amendments to existing
regulations) to provide additional guidance for the purpose of
determining when the assets of an entity in which an employee benefit
plan has invested will constitute assets of the plan for purposes of
this part.
``(B) The proposed regulations issued pursuant to subparagraph (A)
shall be subject to public notice and comment until June 30, 2001.
``(C) The Secretary shall issue final regulations providing the
guidance described in subparagraph (A) not later than September 30,
2001.
``(D) Except as otherwise determined by the Secretary, such
regulations shall apply only to investments in an entity made by an
employee benefit plan after September 30, 2001. No inference shall be
drawn from the preceding sentence with respect to the interpretation of
any existing regulations prior to such effective date.
``(2) The Secretary shall ensure that the regulations issued under
paragraph (1)--
``(A) are administratively feasible; and
``(B) protect the interests and rights of the plan and of
its participants and beneficiaries (including meeting the
requirements of paragraph (3)).
``(3) The regulations prescribed by the Secretary pursuant to
paragraph (1) shall provide--
``(A) that an entity in whose assets investment by an
employee benefit plan is not significant will not be treated as
holding the plan assets of such plan;
``(B) that participation by an employee benefit plan will
not be treated as significant unless such plan owns 25 percent
or more of any class of interests in the entity;
``(C) that, for purposes of determining whether investment
by an employee benefit plan in an entity is significant,
interests in the entity which are owned by other entities that
are deemed to hold assets of employee benefit plans shall be
treated as held by such plans only to the extent proportionate
to the interests in such entities that are owned by such plans;
``(D) that an entity that has made no investments, or that
has made only short-term investments pending long-term
commitment, shall be permitted to qualify for the exception (as
in effect under existing regulations) from plan asset status as
a `venture capital operating company' on a tentative basis for
purposes of accepting capital contributions of employee benefit
plans for a period not to exceed 30 days prior to the entity's
first investment that would permit it to qualify as a `venture
capital operating company' pursuant to such exception;
``(E) that a startup or other early stage company is
eligible to qualify as an `operating company' for purposes of
the definition of a `venture capital operating company' under
the exception described in subparagraph (D); and
``(F) that an entity which, for a prior period, has not
qualified or has failed to qualify for the exception described
in subparagraph (D) may nevertheless qualify for such exception
prospectively if it satisfies the requirements for the
exception on a prospective basis.
``(4) For purposes of this subsection--
``(A) The term `existing regulations' means the regulations
issued under this section which were in effect immediately
before the date of the enactment of this subsection.
``(B) Any reference to an employee benefit plan includes a
reference to any employee benefit plan to which the existing
regulations apply.''.
(b) Conforming Amendment.--Subsection (f) of section 4975 of the
Internal Revenue Code of 1986 (relating to other definitions and
special rules) (as amended by the preceding provisions of this Act) is
amended further by adding at the end the following new paragraph:
``(9) Regulations relating to definition of plan assets.--
Section 401(d) of the Employee Retirement Income Security Act
of 1974 shall apply with respect to regulations issued under
this section. For purposes of this paragraph, references in
such section 401(d) to employee benefit plans shall be deemed
to include references to plans referred to in this section.''.
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