‘‘(11) Any— 
‘‘(A) employee’s stock bonus, pension, or 
profit-sharing trust which meets the require-
ments for qualification under section 401 of the 
Internal Revenue Code of 1986; 
‘‘(B) custodial account meeting the re-
quirements of section 403(b)(7) of such Code; 
‘‘(C) governmental plan described in sec-
tion 3(a)(2)(C) of the Securities Act of 1933; 
‘‘(D) collective trust fund maintained by a 
bank consisting solely of assets of one or 
more— 
‘‘(i) trusts described in subparagraph 
(A); 
‘‘(ii) government plans described in 
subparagraph (C); 
‘‘(iii) church plans, companies, or ac-
counts that are excluded from the defini-
tion of an investment company under para-
graph (14) of this subsection; or 
‘‘(iv) plans which meet the require-
ments of section 403(b) of the Internal 
Revenue Code of 1986 if— 
‘‘(I) such plan is subject to title 
I of the Employee Retirement Income 
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Security Act of 1974 (29 U.S.C. 1001 
et seq.); 
‘‘(II) any employer making such 
plan available agrees to serve as a fi-
duciary for the plan with respect to 
the selection of the plan’s investments 
among which participants can choose; 
or 
‘‘(III) such plan is a govern-
mental plan (as defined in section 
414(d) of such Code); or 
‘‘(E) separate account the assets of which 
are derived solely from— 
‘‘(i) contributions under pension or 
profit-sharing plans which meet the re-
quirements of section 401 of the Internal 
Revenue Code of 1986 or the requirements 
for deduction of the employer’s contribu-
tion under section 404(a)(2) of such Code; 
‘‘(ii) 
contributions 
under 
govern-
mental plans in connection with which in-
terests, participations, or securities are ex-
empted from the registration provisions of 
section 5 of the Securities Act of 1933 by 
section 3(a)(2)(C) of such Act; 
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‘‘(iii) advances made by an insurance 
company in connection with the operation 
of such separate account; and 
‘‘(iv) contributions to a plan described 
in subparagraph (D)(iv).’’. 
(b) AMENDMENTS
TO
THE SECURITIES ACT
OF 
1933.—Section 3(a)(2) of the Securities Act of 1933 (15 
U.S.C. 77c(a)(2)) is amended— 
(1) by striking ‘‘or (D)’’ and inserting ‘‘(D) a 
plan which meets the requirements of section 403(b) 
of such Code if (i) such plan is subject to title I of 
the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1001 et seq.), (ii) any employer 
making such plan available agrees to serve as a fidu-
ciary for the plan with respect to the selection of the 
plan’s investments among which participants can 
choose, or (iii) such plan is a governmental plan (as 
defined in section 414(d) of such Code); or (E)’’; 
(2) by striking ‘‘(C), or (D)’’ and inserting 
‘‘(C), (D), or (E)’’; and 
(3) by striking ‘‘(iii) which is a plan funded’’ 
and inserting ‘‘(iii) in the case of a plan not de-
scribed in subparagraph (D), which is a plan fund-
ed’’. 
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(c) AMENDMENTS TO THE SECURITIES EXCHANGE 
ACT OF 1934.—Section 3(a)(12)(C) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)(12)(C)) is amend-
ed— 
(1) by striking ‘‘or (iv)’’ and inserting ‘‘(iv) a 
plan which meets the requirements of section 403(b) 
of such Code if (I) such plan is subject to title I of 
the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1001 et seq.), (II) any employer 
making such plan available agrees to serve as a fidu-
ciary for the plan with respect to the selection of the 
plan’s investments among which participants can 
choose, or (III) such plan is a governmental plan (as 
defined in section 414(d) of such Code), or (v)’’; 
(2) by striking ‘‘(ii), or (iii)’’ and inserting 
‘‘(ii), (iii), or (iv)’’; and 
(3) by striking ‘‘(II) is a plan funded’’ and in-
serting ‘‘(II) in the case of a plan not described in 
clause (iv), is a plan funded’’. 
Æ 
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