9 0 STAT. 1738 26 USC 415 note.
PUBLIC LAW 94-455—OCT. 4, 1976
(b) EFFECTIVE D A T E. — The amendment made by subsection (a)(1) sball apply to years beginning after December 31, 1975. The amendment made by subsection (a)(2) shall apply to taxable years beginning after December 31, 1975. SEC. 1503. PARTICIPATION BY MEMBERS OF RESERVES OR NATIONAL GUARD, AND VOLUNTEER FIREFIGHTERS IN INDIVIDUAL RETIREMENT ACCOUNTS, ETC. (a) GENERAL RULE.—Section 219(c) (relating to definitions and special rules for retirement savings deduction) is amended by adding at the end thereof the following new paragraph:
26 USC 219.
" (4) PARTICIPATION I N GOVERNMENTAL PLANS BY CERTAIN INDIVIDUALS. " (A) MEMBERS o r RESERVE COMPONENTS.—A member of a
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- ' '• "-
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reserve component of the armed forces (as defined in section 261 (a) of title 10) is not considered to be an active participant in a p l a n described in subsection (b)(3)(A) ( i v) for a taxable year solely because he is a member of a reserve component unless he has served in excess of 90 days on active duty (other than active duty for t r a i n i n g) during the year. "(B)
26 USC 219 °<*t®26 USC 403.
26 USC 403 °°*®' .; '
VOLUNTEER
FIREFIGHTERS.—An
individual
whose
participation in a plan described in subsection (b)(3)(A) (iv) is based solely upon his activity as a volunteer firefighter and whose accrued benefit as of the beginning of the taxable year is not more than an annual benefit of $1,800 (when expressed as a single life annuity commencing at age 65) is not considered to be an active participant in such a plan for the taxable year." (b) EFFECTIVE D A T E. — The amendment made by this section shall a.pply to taxable years beginning after December 31, 1975. SEC. 1504. CERTAIN INVESTMENTS BY ANNUITY PLANS. (a) IN GENERAL. — Paragraph (7) of section 403(b) (relating to custodial accounts for regulated investment company stock) is amended by striking out ", and which issues only redeemable stock" in subparagraph (C). (b) EFFECTIVE D A T E. — The amendment made by this section applies to taxable j^ears beginning after December 31, 1975. SEC. 1505. SEGREGATED ASSET ACCOUNTS. (a) SEGREGATED ASSET ACCOUNTS OF L I F E INSURANCE C O M P A N I E S. —
26 USC 801.
?,{•;. >; 26 USC 401.
Paragraph (1)(B) of section 801(g) is amended— (1) by striking out clause (ii) and inserting in lieu thereof the following: " ( i i) which is described in subparagraph (A), (B), (C), (D), o r (E) of section 805(d)(1) ( other than a l i f e, health or accident, property, casualty, or liability insurance contract) or which provides for the payment of annuities, and ", and ^': (2) by striking out "as annuities" i n clause (iii) and inserting i n lieu thereof "out". (b) CONFORMING AMENDMENT.—Section 401 (relating to qualified pension, etc. plans) is amended by striking out subsection (f) and inserting in lieu thereof the following: " (f) CERTAIN CUSTODIAL ACCOUNTS AND CONTRACTS.—For purposes
of this title, a custodial account, an a n n u i t y contract, o r a contract (other than a life, health o r accident, property, casualty, o r liability insurance contract) issued by a n insurance company qualified to d o
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