Page:United States Statutes at Large Volume 120.djvu/856

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 825

(c) (or, in the case of a multiemployer plan, any extension of the amortization period under section 431(d)) is unavailable or inadequate. ‘‘(3) CONTROLLED GROUP.—For purposes of this section, the term ‘controlled group’ means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414. ‘‘(e) PLANS TO WHICH SECTION APPLIES.— ‘‘(1) IN GENERAL.—Except as provided in paragraphs (2) and (4), this section applies to a plan if, for any plan year beginning on or after the effective date of this section for such plan under the Employee Retirement Income Security Act of 1974— ‘‘(A) such plan included a trust which qualified (or was determined by the Secretary to have qualified) under section 401(a), or ‘‘(B) such plan satisfied (or was determined by the Secretary to have satisfied) the requirements of section 403(a). ‘‘(2) EXCEPTIONS.—This section shall not apply to— ‘‘(A) any profit-sharing or stock bonus plan, ‘‘(B) any insurance contract plan described in paragraph (3), ‘‘(C) any governmental plan (within the meaning of section 414(d)), ‘‘(D) any church plan (within the meaning of section 414(e)) with respect to which the election provided by section 410(d) has not been made, ‘‘(E) any plan which has not, at any time after September 2, 1974, provided for employer contributions, or ‘‘(F) any plan established and maintained by a society, order, or association described in section 501(c)(8) or (9), if no part of the contributions to or under such plan are made by employers of participants in such plan. No plan described in subparagraph (C), (D), or (F) shall be treated as a qualified plan for purposes of section 401(a) unless such plan meets the requirements of section 401(a)(7) as in effect on September 1, 1974. ‘‘(3) CERTAIN INSURANCE CONTRACT PLANS.—A plan is described in this paragraph if— ‘‘(A) the plan is funded exclusively by the purchase of individual insurance contracts, ‘‘(B) such contracts provide for level annual premium payments to be paid extending not later than the retirement age for each individual participating in the plan, and commencing with the date the individual became a participant in the plan (or, in the case of an increase in benefits, commencing at the time such increase becomes effective), ‘‘(C) benefits provided by the plan are equal to the benefits provided under each contract at normal retirement age under the plan and are guaranteed by an insurance carrier (licensed under the laws of a State to do business with the plan) to the extent premiums have been paid, ‘‘(D) premiums payable for the plan year, and all prior plan years, under such contracts have been paid before lapse or there is reinstatement of the policy,

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