(a) In general. (1) This section describes, in the case where an
insurer issues one or more policies to or for the benefit of an employee
benefit plan (and such policies are supported by assets of an insurance
company's general account), which assets held by the insurer (other than
plan assets held in its separate accounts) constitute plan assets for
purposes of Subtitle A, and Parts 1 and 4 of Subtitle B, of Title I of
the Employee Retirement Income Security Act of 1974 (ERISA or the Act)
and section 4975 of the Internal Revenue Code (the Code), and provides
guidance with respect to the application of Title I of the Act and
section 4975 of the Code to the general account assets of insurers.
(2) Generally, when a plan has acquired a Transition Policy (as
defined in paragraph (h)(6) of this section), the plan's assets include
the Transition Policy, but do not include any of the underlying assets
of the insurer's general account if the insurer satisfies the
requirements of paragraphs (c) through (f) of this section or, if the
requirements of paragraphs (c) through (f) were not satisfied, the
insurer cures the non-compliance through satisfaction of the
requirements in paragraph (i)(5) of this section.
(3) For purposes of paragraph (a)(2) of this section, a plan's
assets will not include any of the underlying assets of the insurer's
general account if the insurer fails to satisfy the requirements of
paragraphs (c) through (f) of this section solely because of the
takeover of the insurer's operations from management as a result of the
granting of
[[Page 486]]
a petition filed in delinquency proceedings in the State court where the
insurer is domiciled.
(b) Approval by fiduciary independent of the issuer. (1) In general.
An independent plan fiduciary who has the authority to manage and
control the assets of the plan must expressly authorize the acquisition
or purchase of the Transition Policy. For purposes of this paragraph, a
fiduciary is not independent if the fiduciary is an affiliate of the
insurer issuing the policy.
(2) Notwithstanding paragraph (b)(1) of this section, the
authorization by an independent plan fiduciary is not required if:
(i) The insurer is the employer maintaining the plan, or a party in
interest which is wholly owned by the employer maintaining the plan; and
(ii) The requirements of section 408(b)(5) of the Act are
met.1
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\1\ The Department notes that, because section 401(c)(1)(D) of the
Act and the definition of Transition Policy preclude the issuance of any
additional Transition Policies after December 31, 1998, the requirement
for independent fiduciary authorization of the acquisition or purchase
of the Transition Policy in paragraph (b) no longer has any application.
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(c) Duty of disclosure. (1) In general. An insurer shall furnish the
information described in paragraphs (c)(3) and (c)(4) of this section to
a plan fiduciary acting on behalf of a plan to which a Transition Policy
has been issued. Paragraph (c)(2) of this section describes the style
and format of such disclosure. Paragraph (c)(3) of this section
describes the content of the initial disclosure. Paragraph (c)(4) of
this section describes the information that must be disclosed by the
insurer at least once per year for as long as the Transition Policy
remains outstanding.
(2) Style and format. The disclosure required by this paragraph
should be clear and concise and written in a manner calculated to be
understood by a plan fiduciary, without relinquishing any of the
substantive detail required by paragraphs (c)(3) and (c)(4) of this
section. The information does not have to be organized in any particular
order but should be presented in a manner which makes it easy to
understand the operation of the Transition Policy.
(3) Initial disclosure. The insurer must provide to the plan, either
as part of an amended policy, or as a separate written document, the
disclosure information set forth in paragraphs (c)(3)(i) through (iv) of
this section. The disclosure must include all of the following
information which is applicable to the Transition Policy:
(i) A description of the method by which any income and any expense
of the insurer's general account are allocated to the policy during the
term of the policy and upon its termination, including:
(A) A description of the method used by the insurer to determine the
fees, charges, expenses or other amounts that are, or may be, assessed
against the policyholder or deducted by the insurer from any
accumulation fund under the policy, including the extent and frequency
with which such fees, charges, expenses or other amounts may be modified
by the insurance company;
(B) A description of the method by which the insurer determines the
return to be credited to any accumulation fund under the policy,
including a description of the method used to allocate income and
expenses to lines of business, business segments, and policies within
such lines of business and business segments, and a description of how
any withdrawals, transfers, or payments will affect the amount of the
return credited;
(C) A description of the rights which the policyholder or plan
participants have to withdraw or transfer all or a portion of any
accumulation fund under the policy, or to apply the amount of a
withdrawal to the purchase of guaranteed benefits or to the payment of
benefits, and the terms on which such withdrawals or other applications
of funds may be made, including a description of any charges, fees,
credits, market value adjustments, or any other charges or adjustments,
both positive and negative;
(D) A statement of the method used to calculate any charges, fees,
credits or market value adjustments described in paragraph (c)(3)(i)(C)
of this section, and, upon the request of a plan fiduciary, the insurer
must provide within 30 days of the request:
[[Page 487]]
(1) The formula actually used to calculate the market value
adjustment, if any, to be applied to the unallocated amount in the
accumulation fund upon distribution of a lump sum payment to the
policyholder, and
(2) The actual calculation, as of a specified date that is no
earlier than the last contract anniversary preceding the date of the
request, of the applicable market value adjustment, including a
description of the specific variables used in the calculation, the value
of each of the variables, and a general description of how the value of
each of those variables was determined.
(3) If the formula is based on interest rate guarantees applicable
to new contracts of the same class or classes, and the duration of the
assets underlying the accumulation fund, the contract must describe the
process by which those components are ascertained or obtained. If the
formula is based on an interest rate implicit in an index of publicly
traded obligations, the identity of the index, the manner in which it is
used, and identification of the source or publication where any data
used in the formula can be found, must be disclosed;
(ii) A statement describing the expense, income and benefit
guarantees under the policy, including a description of the length of
such guarantees, and of the insurer's right, if any, to modify or
eliminate such guarantees;
(iii) A description of the rights of the parties to make or
discontinue contributions under the policy, and of any restrictions
(such as timing, minimum or maximum amounts, and penalties and grace
periods for late payments) on the making of contributions under the
policy, and the consequences of the discontinuance of contributions
under the policy; and
(iv) A statement of how any policyholder or participant-initiated
withdrawals are to be made: first-in, first-out (FIFO) basis, last-in,
first-out (LIFO) basis, pro rata or another basis.
(4) Annual disclosure. At least annually and not later than 90 days
following the period to which it relates, an insurer shall provide the
following information to each plan to which a Transition Policy has been
issued:
(i) The balance of any accumulation fund on the first day and last
day of the period covered by the annual report;
(ii) Any deposits made to the accumulation fund during such annual
period;
(iii) An itemized statement of all income attributed to the policy
or added to the accumulation fund during the period, and a description
of the method used by the insurer to determine the precise amount of
income;
(iv) The actual rate of return credited to the accumulation fund
under the policy during such period, stating whether the rate of return
was calculated before or after deduction of expenses charged to the
accumulation fund;
(v) Any other additions to the accumulation fund during such period;
(vi) An itemized statement of all fees, charges, expenses or other
amounts assessed against the policy or deducted from the accumulation
fund during the reporting year, and a description of the method used by
the insurer to determine the precise amount of the fees, charges and
other expenses;
(vii) An itemized statement of all benefits paid, including annuity
purchases, to participants and beneficiaries from the accumulation fund;
(viii) The dates on which the additions or subtractions were
credited to, or deducted from, the accumulation fund during such period;
(ix) A description, if applicable, of all transactions with
affiliates which exceed 1 percent of group annuity reserves of the
general account for the prior reporting year;
(x) A statement describing any expense, income and benefit
guarantees under the policy, including a description of the length of
such guarantees, and of the insurer's right, if any, to modify or
eliminate such guarantees. However, the information on guarantees does
not have to be provided annually if it was previously disclosed in the
insurance policy and has not been modified since that time;
(xi) A good faith estimate of the amount that would be payable in a
lump sum at the end of such period pursuant to the request of a
policyholder for payment or transfer of
[[Page 488]]
amounts in the accumulation fund under the policy after the insurer
deducts any applicable charges and makes any appropriate market value
adjustments, upward or downward, under the terms of the policy. However,
upon the request of a plan fiduciary, the insurer must provide within 30
days of the request the information contained in paragraph (c)(3)(i)(D)
as of a specified date that is no earlier than the last contract
anniversary preceding the date of the request; and
(xii) An explanation that the insurer will make available promptly
upon request of a plan, copies of the following publicly available
financial data or other publicly available reports relating to the
financial condition of the insurer:
(A) National Association of Insurance Commissioners Statutory Annual
Statement, with Exhibits, General Interrogatories, and Schedule D, Part
1A, Sections 1 and 2 and Schedule S--Part 3E;
(B) Rating agency reports on the financial strength and claims-
paying ability of the insurer;
(C) Risk adjusted capital ratio, with a brief description of its
derivation and significance, referring to the risk characteristics of
both the assets and the liabilities of the insurer;
(D) Actuarial opinion of the insurer's Appointed Actuary certifying
the adequacy of the insurer's reserves as required by New York State
Insurance Department Regulation 126 and comparable regulations of other
States; and
(E) The insurer's most recent SEC Form 10K and Form 10Q (stock
companies only).
(d) Alternative separate account arrangements. (1) In general. An
insurer must provide the plan fiduciary with the following additional
information at the same time as the initial disclosure required under
paragraph (c)(3) of this section:
(i) A statement explaining the extent to which alternative contract
arrangements supported by assets of separate accounts of insurers are
available to plans;
(ii) A statement as to whether there is a right under the policy to
transfer funds to a separate account and the terms governing any such
right; and
(iii) A statement explaining the extent to which general account
contracts and separate account contracts of the insurer may pose
differing risks to the plan.
(2) An insurer will be deemed to comply with the requirements of
paragraph (d)(1)(iii) of this section if the disclosure provided to the
plan includes the following statement:
a. Contractual arrangements supported by assets of separate accounts
may pose differing risks to plans from contractual arrangements
supported by assets of general accounts. Under a general account
contract, the plan's contributions or premiums are placed in the
insurer's general account and commingled with the insurer's corporate
funds and assets (excluding separate accounts and special deposit
funds). The insurance company combines in its general account premiums
received from all of its lines of business. These premiums are pooled
and invested by the insurer. General account assets in the aggregate
support the insurer's obligations under all of its insurance contracts,
including (but not limited to) its individual and group life, health,
disability, and annuity contracts. Experience rated general account
policies may share in the experience of the general account through
interest credits, dividends, or rate adjustments, but assets in the
general account are not segregated for the exclusive benefit of any
particular policy or obligation. General account assets are also
available to the insurer for the conduct of its routine business
activities, such as the payment of salaries, rent, other ordinary
business expenses and dividends.
b. An insurance company separate account is a segregated fund which
is not commingled with the insurer's general assets. Depending on the
particular terms of the separate account contract, income, expenses,
gains and losses associated with the assets allocated to a separate
account may be credited to or charged against the separate account
without regard to other income, expenses, gains, or losses of the
insurance company, and the investment results passed through directly to
[[Page 489]]
the policyholders. While most, if not all, general account investments
are maintained at book value, separate account investments are normally
maintained at market value, which can fluctuate according to market
conditions. In large measure, the risks associated with a separate
account contract depend on the particular assets in the separate
account.
c. The plan's legal rights vary under general and separate account
contracts. In general, an insurer is subject to ERISA's fiduciary
responsibility provisions with respect to the assets of a separate
account (other than a separate account registered under the Investment
Company Act of 1940) to the extent that the investment performance of
such assets is passed directly through to the plan policyholders. ERISA
requires insurers, in administering separate account assets, to act
solely in the interest of the plan's participants and beneficiaries;
prohibits self-dealing and conflicts of interest; and requires insurers
to adhere to a prudent standard of care. In contrast, ERISA generally
imposes less stringent standards in the administration of general
account contracts which were issued on or before December 31, 1998.
d. On the other hand, State insurance regulation is typically more
restrictive with respect to general accounts than separate accounts.
However, State insurance regulation may not provide the same level of
protection to plan policyholders as ERISA regulation. In addition,
insurance company general account policies often include various
guarantees under which the insurer assumes risks relating to the funding
and distribution of benefits. Insurers do not usually provide any
guarantees with respect to the investment returns on assets held in
separate accounts. Of course, the extent of any guarantees from any
general account or separate account contract will depend upon the
specific policy terms.
e. Finally, separate accounts and general accounts pose differing
risks in the event of the insurer's insolvency. In the event of
insolvency, funds in the general account are available to meet the
claims of the insurer's general creditors, after payment of amounts due
under certain priority claims, including amounts owed to its
policyholders. Funds held in a separate account as reserves for its
policy obligations, however, may be protected from the claims of
creditors other than the policyholders participating in the separate
account. Whether separate account funds will be granted this protection
will depend upon the terms of the applicable policies and the provisions
of any applicable laws in effect at the time of insolvency.
(e) Termination procedures. Within 90 days of written notice by a
policyholder to an insurer, the insurer must permit the policyholder to
exercise the right to terminate or discontinue the policy and to elect
to receive without penalty either:
(1) A lump sum payment representing all unallocated amounts in the
accumulation fund. For purposes of this paragraph (e)(1), the term
penalty does not include a market value adjustment (as defined in
paragraph (h)(7)of this section) or the recovery of costs actually
incurred which would have been recovered by the insurer but for the
termination or discontinuance of the policy, including any unliquidated
acquisition expenses, to the extent not previously recovered by the
insurer; or
(2) A book value payment of all unallocated amounts in the
accumulation fund under the policy in approximately equal annual
installments, over a period of no longer than 10 years, together with
interest computed at an annual rate which is no less than the annual
rate which was credited to the accumulation fund under the policy as of
the date of the contract termination or discontinuance, minus 1
percentage point. Notwithstanding paragraphs (e)(1) and (e)(2) of this
section, the insurer may defer, for a period not to exceed 180 days,
amounts required to be paid to a policyholder under this paragraph for
any period of time during which regular banking activities are suspended
by State or federal authorities, a national securities exchange is
closed for trading (except for normal holiday closings), or the
Securities and Exchange Commission has determined that a state of
emergency exists which may make such determination and payment
impractical.
[[Page 490]]
(f) Insurer-initiated amendments. In the event the insurer makes an
insurer-initiated amendment (as defined in paragraph (h)(8) of this
section), the insurer must provide written notice to the plan at least
60 days prior to the effective date of the insurer-initiated amendment.
The notice must contain a complete description of the amendment and must
inform the plan of its right to terminate or discontinue the policy and
withdraw all unallocated funds without penalty by sending a written
request within such 60 day period to the name and address contained in
the notice. The plan must be offered the election to receive either a
lump sum or an installment payment as described in paragraph (e)(1) and
(e)(2) of this section. An insurer-initiated amendment shall not apply
to a contract if the plan fiduciary exercises its right to terminate or
discontinue the contract within such 60 day period and to receive a lump
sum or installment payment.
(g) Prudence. An insurer shall manage those assets of the insurer
which are assets of such insurer's general account (irrespective of
whether any such assets are plan assets) with the care, skill, prudence
and diligence under the circumstances then prevailing that a prudent man
acting in a like capacity and familiar with such matters would use in
the conduct of an enterprise of a like character and with like aims,
taking into account all obligations supported by such enterprise. This
prudence standard applies to the conduct of all insurers with respect to
policies issued to plans on or before December 31, 1998, and differs
from the prudence standard set forth in section 404(a)(1)(B) of the Act.
Under the prudence standard provided in this paragraph, prudence must be
determined by reference to all of the obligations supported by the
general account, not just the obligations owed to plan policyholders.
The more stringent standard of prudence set forth in section
404(a)(1)(B) of the Act continues to apply to any obligations which
insurers may have as fiduciaries which do not arise from the management
of general account assets, as well as to insurers' management of plan
assets maintained in separate accounts. The terms of this section do not
modify or reduce the fiduciary obligations applicable to insurers in
connection with policies issued after December 31, 1998, which are
supported by general account assets, including the standard of prudence
under section 404(a)(1)(B) of the Act.
(h) Definitions. For purposes of this section:
(1) An affiliate of an insurer means:
(i) Any person, directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with
the insurer,
(ii) Any officer of, director of, 5 percent or more partner in, or
highly compensated employee (earning 5 percent or more of the yearly
wages of the insurer) of, such insurer or of any person described in
paragraph (h)(1)(i) of this section including in the case of an insurer,
an insurance agent or broker thereof (whether or not such person is a
common law employee) if such agent or broker is an employee described in
this paragraph or if the gross income received by such agent or broker
from such insurer exceeds 5 percent of such agent's gross income from
all sources for the year, and
(iii) Any corporation, partnership, or unincorporated enterprise of
which a person described in paragraph (h)(1)(ii) of this section is an
officer, director, or a 5 percent or more partner.
(2) The term control means the power to exercise a controlling
influence over the management or policies of a person other than an
individual.
(3) The term guaranteed benefit policy means a policy described in
section 401(b)(2)(B) of the Act and any regulations promulgated
thereunder.
(4) The term insurer means an insurer as described in section
401(b)(2)(A) of the Act.
(5) The term accumulation fund means the aggregate net
considerations (i.e., gross considerations less all deductions from such
considerations) credited to the Transition Policy plus all additional
amounts, including interest and dividends, credited to such Transition
Policy less partial withdrawals, benefit payments and less all charges
and fees imposed against this accumulated amount under the Transition
Policy other than surrender charges and market value adjustments.
[[Page 491]]
(6) The term Transition Policy means:
(i) A policy or contract of insurance (other than a guaranteed
benefit policy) that is issued by an insurer to, or on behalf of, an
employee benefit plan on or before December 31, 1998, and which is
supported by the assets of the insurer's general account.
(ii) A policy will not fail to be a Transition Policy merely because
the policy is amended or modified:
(A) To comply with the requirements of section 401(c) of the Act and
this section; or
(B) Pursuant to a merger, acquisition, demutualization, conversion,
or reorganization authorized by applicable State law, provided that the
premiums, policy guarantees, and the other terms and conditions of the
policy remain the same, except that a membership interest in a mutual
insurance company may be eliminated from the policy in exchange for
separate consideration (e.g., shares of stock or policy credits).
(7) For purposes of this section, the term market value adjustment
means an adjustment to the book value of the accumulation fund to
accurately reflect the effect on the value of the accumulation fund of
its liquidation in the prevailing market for fixed income obligations,
taking into account the future cash flows that were anticipated under
the policy. An adjustment is a market value adjustment within the
meaning of this definition only if the insurer has determined the amount
of the adjustment pursuant to a method which was previously disclosed to
the policyholder in accordance with paragraph (c)(3)(i)(D) of this
section, and the method permits both upward and downward adjustments to
the book value of the accumulation fund.
(8) The term insurer-initiated amendment is defined in paragraphs
(h)(8)(i), (ii) and (iii) of this section as:
(i) An amendment to a Transition Policy made by an insurer pursuant
to a unilateral right to amend the policy terms that would have a
material adverse effect on the policyholder; or
(ii) Any of the following unilateral changes in the insurer's
conduct or practices with respect to the policyholder or the
accumulation fund under the policy that result in a material reduction
of existing or future benefits under the policy, a material reduction in
the value of the policy or a material increase in the cost of financing
the plan or plan benefits:
(A) A change in the methodology for assessing fees, expenses, or
other charges against the accumulation fund or the policyholder;
(B) A change in the methodology used for allocating income between
lines of business, or product classes within a line of business;
(C) A change in the methodology used for determining the rate of
return to be credited to the accumulation fund under the policy;
(D) A change in the methodology used for determining the amount of
any fees, charges, expenses, or market value adjustments applicable to
the accumulation fund under the policy in connection with the
termination of the contract or withdrawal from the accumulation fund;
(E) A change in the dividend class to which the policy or contract
is assigned;
(F) A change in the policyholder's rights in connection with the
termination of the policy, withdrawal of funds or the purchase of
annuities for plan participants; and
(G) A change in the annuity purchase rates guaranteed under the
terms of the contract or policy, unless the new rates are more favorable
for the policyholder.
(iii) For purposes of this definition, an insurer-initiated
amendment is material if a prudent fiduciary could reasonably conclude
that the amendment should be considered in determining how or whether to
exercise any rights with respect to the policy, including termination
rights.
(iv) For purposes of this definition, the following amendments or
changes are not insurer-initiated amendments:
(A) Any amendment or change which is made with the affirmative
consent of the policyholder;
(B) Any amendment or change which is made in order to comply with
the requirements of section 401(c) of the Act and this section; or
(C) Any amendment or change which is made pursuant to a merger,
acquisition, demutualization, conversion, or
[[Page 492]]
reorganization authorized by applicable State law, provided that the
premiums, policy guarantees, and the other terms and conditions of the
policy remain the same, except that a membership interest in a mutual
insurance company may be eliminated from the policy in exchange for
separate consideration (e.g., shares of stock or policy credits).
(i) Limitation on liability. (1) No person shall be subject to
liability under Parts 1 and 4 of Title I of the Act or section 4975 of
the Internal Revenue Code of 1986 for conduct which occurred prior to
the applicability dates of the regulation on the basis of a claim that
the assets of an insurer (other than plan assets held in a separate
account) constitute plan assets. Notwithstanding the provisions of this
paragraph (i)(1), this section shall not:
(i) Apply to an action brought by the Secretary of Labor pursuant to
paragraphs (2) or (5) of section 502(a) of ERISA for a breach of
fiduciary responsibility which would also constitute a violation of
Federal or State criminal law;
(ii) Preclude the application of any Federal criminal law; or
(iii) Apply to any civil action commenced before November 7, 1995.
(2) Nothing in this section relieves any person from any State law
regulating insurance which imposes additional obligations or duties upon
insurers to the extent not inconsistent with the provisions of this
section. Therefore, nothing in this section should be construed to
preclude a State from requiring insurers to make additional disclosures
to policyholders, including plans. Nor does this section prohibit a
State from imposing additional substantive requirements with respect to
the management of general accounts or from otherwise regulating the
relationship between the policyholder and the insurer to the extent not
inconsistent with the provisions of this section.
(3) Nothing in this section precludes any claim against an insurer
or other person for violations of the Act which do not require a finding
that the underlying assets of a general account constitute plan assets,
regardless of whether the violation relates to a Transition Policy.
(4) If the requirements in paragraphs (c) through (f) of this
section are not met with respect to a plan that has purchased or
acquired a Transition Policy, and the insurer has not cured the non-
compliance through satisfaction of the requirements in paragraph (i)(5)
of this section, the plan's assets include an undivided interest in the
underlying assets of the insurer's general account for that period of
time for which the requirements are not met. However, an insurer's
failure to comply with the requirements of this section with respect to
any particular Transition Policy will not result in the underlying
assets of the general account constituting plan assets with respect to
other Transition Policies if the insurer is otherwise in compliance with
the requirements contained in this section.
(5) Notwithstanding paragraphs (a)(2) and (i)(4) of this section, a
plan's assets will not include an undivided interest in the underlying
assets of the insurer's general account if the insurer made reasonable
and good faith attempts at compliance with each of the requirements of
paragraphs (c) through (f) of this section, and meets each of the
following conditions:
(i) The insurer has in place written procedures that are reasonably
designed to assure compliance with the requirements of paragraphs (c)
through (f) of this section, including procedures reasonably designed to
detect any instances of non-compliance.
(ii) No later than 60 days following the earlier of the insurer's
detection of an instance of non-compliance or the receipt of written
notice of non-compliance from the plan, the insurer complies with the
requirements of paragraphs (c) through (f) of this section. If the
insurer has failed to pay a plan the amounts required under paragraphs
(e) or (f) of this section within 90 days of receiving written notice of
termination or discontinuance of the policy, the insurer must make all
corrections and adjustments necessary to restore to the plan the full
amounts that the plan would have received but for the insurer's non-
compliance within the applicable 60 day period; and
[[Page 493]]
(iii) The insurer makes the plan whole for any losses resulting from
the non-compliance as follows:
(A) If the insurer has failed to comply with the disclosure or
notice requirements set forth in paragraphs (c), (d) and (f) of this
section, then the insurer must make the plan whole for any losses
resulting from its non-compliance within the earlier of 60 days of
detection by the insurer or sixty days following the receipt of written
notice from the plan; and
(B) If the insurer has failed to pay a plan any amounts required
under paragraphs (e) or (f) of this section within 90 days of receiving
written notice of termination or discontinuance of the policy, the
insurer must pay to the plan interest on any amounts restored pursuant
to paragraph (i)(5)(ii) of this section at the ``underpayment rate'' as
set forth in 26 U.S.C. sections 6621 and 6622. Such interest must be
paid within the earlier of 60 days of detection by the insurer or sixty
days following receipt of written notice of non-compliance from the
plan.
(j) Applicability dates. (1) In general. Except as provided in
paragraphs (j)(2) through (4) of this section, this section is
applicable on July 5, 2001.
(2) Paragraph (c) relating to initial disclosures and paragraph (d)
relating to separate account disclosures are applicable on July 5, 2000.
(3) The first annual disclosure required under paragraph(c)(4) of
this section shall be provided to each plan not later than 18 months
following January 5, 2000.
(4) Paragraph (f), relating to insurer-initiated amendments, is
applicable on January 5, 2000.
(k) Effective date. This section is effective January 5, 2000.
[65 FR 639, Jan. 5, 2000]
