(a) Statutory exemptions. The requirements of section 403(a) of the
Act and section 403a-1 shall not apply--
(1) To any assets of a plan which consist of insurance contracts or
policies issued by an insurance company qualified to do business in a
State;
(2) To any assets of such an insurance company or any assets of a
plan which are held by such an insurance company;
(3) To a plan--
(i) Some or all of the participants of which are employees described
in section 401(c)(1) of the Internal Revenue Code of 1954; or
(ii) Which consists of one or more individual retirement accounts
described in section 408 of the Internal Revenue Code of 1954. To the
extent that such plan's assets are held in one or more custodial
accounts which qualify under section 401(f) or 408(h) of such Code,
whichever is applicable;
(4) To a contract established and maintained under section 403(b) of
the Internal Revenue Code of 1954 to the extent that the assets of the
contract are held in one or more custodial accounts pursuant to section
403(b)(7) of such Code.
(5) To any plan, fund or program under which an employer, all of
whose stock is directly or indirectly owned by employees, former
employees or their beneficiaries, proposes through an unfunded
arrangement to compensate retired employees for benefits which were
forfeited by such employees under a pension plan maintained by a former
employer prior to the date such pension plan became subject to the Act.
[47 FR 21247, May 18, 1982]
