Page:United States Statutes at Large Volume 110 Part 3.djvu/92

 110 STAT. 1822 PUBLIC LAW 104-188—AUG. 20, 1996 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. "(4) Compliance by the insurer with all requirements of the regulations issued by the Secretary pursuant to paragraph (1) shall be deemed compliance by such insurer with sections 404, 406, and 407 with respect to those assets of the insurer's general account which support a policy described in paragraph (3). "(5)(A) Subject to subparagraph (B), any regulations issued under paragraph (1) shall not take effect before the date on which such regulations become final. "(B) No person shall be subject to liability under this part or section 4975 of the Internal Revenue Code of 1986 for conduct which occurred before the date which is 18 months following the date described in subparagraph (A) on the basis of a claim that the assets of an insurer (other than plan assets held in a separate account) constitute assets of the plan, except— "(i) as otherwise provided by the Secretary in regulations intended to prevent avoidance of the regulations issued under paragraph (1), or "(ii) as provided in an action brought by the Secretary pursuant to paragraph (2) or (5) of section 502(a) for a breach of fiduciary responsibilities which would also constitute a violation of Federal or State criminal law. The Secretary shall bring a cause of action described in clause (ii) if a participant, beneficiary, or fiduciary demonstrates to the satisfaction of the Secretary that a breach described in clause (ii) has occurred. "(6) Nothing in this subsection shall preclude the application of any Federal criminal law. "(7) For purposes of this subsection, the term 'polic/ includes a contract.". 29 USC 1101 (b) EFFECTIVE DATE.— note. (1) IN GENERAL.— Except as provided in paragraph (2), the amendment made by this section shall take effect on January 1, 1975. (2) CIVIL ACTIONS.— The amendment made by this section shall not apply to any civil action commenced before November 7, 1995. SEC. 1461. SPECIAL RULES FOR CHAPLAINS AND SELF-EMPLOYED MINISTERS. (a) IN GENERAL.—Section 414(e) (defining church plan) is amended by adding at the end the following new paragraph: " (5) SPECIAL RULES FOR CHAPLAINS AND SELF-EMPLOYED MINISTERS.— "(A) CERTAIN MINISTERS MAY PARTICIPATE.—For purposes of this part— "(i) IN GENERAL.—An employee of a church or a convention or association of churches shall include a duly ordained, commissioned, or licensed minister of a church who, in connection with the exercise of his or her ministry— "(I) is a self-employed individual (within the meaning of section 401(c)(1)(B)), or

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