[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2550.403b-1]

[Page 477]
 
                             TITLE 29--LABOR
 
CHAPTER XXV--PENSION AND WELFARE BENEFITS ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2550--RULES AND REGULATIONS FOR FIDUCIARY RESPONSIBILITY--Table of Contents
 
Sec. 2550.403b-1  Exemptions from trust requirement.

    (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]