§ 1081. Coverage
(a)
Plans excepted from applicability of this part
This part shall apply to any employee pension benefit plan described in section
1003
(a) of this title, (and not exempted under section
1003
(b) of this title), other than—
(3)
a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees;
(4)
(6)
an agreement providing payments to a retired partner or deceased partner or a deceased partner’s successor in interest as described in section
736 of title
26;
(7)
an individual retirement account or annuity as described in section
408
(a) of title
26, or a retirement bond described in section
409 of title
26 (as effective for obligations issued before January 1, 1984);
(8)
an individual account plan (other than a money purchase plan) and a defined benefit plan to the extent it is treated as an individual account plan (other than a money purchase plan) under section
1002
(35)(B) of this title;
(10)
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 this chapter.
(b)
“Insurance contract plan” defined
For the purposes of paragraph (2) of subsection (a) of this section a plan is an “insurance contract plan” if—
(2)
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 became effective),
(3)
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,
(4)
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,
(5)
no rights under such contracts have been subject to a security interest at any time during the plan year, and
A plan funded exclusively by the purchase of group insurance contracts which is determined under regulations prescribed by the Secretary of the Treasury to have the same characteristics as contracts described in the preceding sentence shall be treated as a plan described in this subsection.