Page:United States Statutes at Large Volume 98 Part 1.djvu/904

 98 STAT. 856

PUBLIC LAW 98-369—JULY 18, 1984 "(5) ITEM ONLY TAKEN INTO ACCOUNT ONCE.—No item may be taken into account more than once in determining the qualified cost of any welfare benefit fund. "(d) CARRYOVER OF EXCESS CONTRIBUTIONS.—If—

"(1) the amount of the contributions paid (or deemed paid under this subsection) by the employer during any taxable year to a welfare benefit fund, exceeds "(2) the limitation of subsection (b), such excess shall be treated as an amount paid by the employer to such fund during the succeeding taxable year. "(e) WELFARE BENEFIT FUND.—For purposes of this section— "(1) IN GENERAL.—The term 'welfare benefit fund' means any fund— "(A) which is part of a plan of an employer, and "(B) through which the employer provides welfare benefits to employees or their beneficiaries. "(2) WELFARE BENEFIT.—The term 'welfare benefit' means any benefit other than a benefit with respect to which— "(A) section 83(h) applies, "(B) section 404 applies (determined without regard to section 404(b)(2)), "(C) section 404A applies, or "(D) an election under section 463 applies. "(3) FUND.—The term 'fund' means— "(A) any organization described in paragraph (7), (9), (17), or (20) of section 501(c), "(B) any trust, corporation, or other organization not exempt from the tax imposed by this chapter, and "(C) to the extent provided in regulations, any account held for an employer by any person. "(f) METHOD OF CONTRIBUTIONS, ETC., HAVING THE EFFECT OF A PLAN.—If—

"(1) there is no plan, but "(2) there is a method or arrangement of employer contributions or benefits which has the effect of a plan, this section shall apply as if there were a plan. "(g) EXTENSION TO PLANS FOR INDEPENDENT CONTRACTORS.—If any

fund would be a welfare benefit fund (as modified by subsection (f)) but for the fact that there is no employee-employer relationship— "(1) this section shall apply as if there were such a plan, and "(2) any reference in this section to the employer shall be treated as a reference to the person for whom services are provided, and any reference in this section to an employee shall be treated as a reference to the person providing the services. 26 USC 419A.

"SEC. 419A. QUALIFIED ASSET ACCOUNT; LIMITATION ON ADDITIONS TO ACCOUNT.

"(a) GENERAL RULE.—For purposes of this subpart, the term 'qualified asset account' means any account consisting of assets set aside to provide for the payment of— "(1) disability benefits, "(2) medical benefits, "(3) SUB or severance pay benefits, or "(4) life insurance benefits. "(b) LIMITATION ON ADDITIONS TO ACCOUNT.—No addition to any qualified asset account may be taken into account under section

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