98 STAT. 752
PUBLIC LAW 98-369—JULY 18, 1984 "(B) no more than 55 percent of the value of the total assets of the account are assets described in section 851(b)(4)(A)(i). "(3) SPECIAL RULE FOR VARIABLE LIFE INSURANCE CONTRACTS
INVESTING IN UNITED STATES OBLIGATiONS.—In the case of a segregated asset account with respect to variable life insurance contracts, paragraph (1) shall not apply in the case of securities issued by the United States Treasury which are owned by a regulated investment company or by a trust all the beneficial interests in which are held by 1 or more segregated asset accounts of the company issuing the contract, "(4) INDEPENDENT INVESTMENT ADVISORS PERMITTED.—Nothing
in this subsection shall be construed as prohibiting the use of independent investment advisors. 26 USC 818.
,., ^ • '
53 Stat. 67.
53 Stat. 83.
"SEC. 818. OTHER DEFINITIONS AND SPECIAL RULES.
"(a) PENSION PLAN CONTRACTS.—For purposes of this part, the term 'pension plan contract' means any contract— "(1) entered into with trusts which (as of the time the contracts were entered into) were deemed to be trusts described in section 401(a) and exempt from tax under section 501(a) (or trusts exempt from tax under section 165 of the Internal Revenue Code of 1939 or the corresponding provisions of prior revenue laws); "(2) entered into under plans which (as of the time the contracts were entered into) were deemed to be plans described in section 403(a), or plans meeting the requirements of paragraphs (3), (4), (5), and (6) of section 165(a) of the Internal Revenue Code of 1939; "(3) provided for employees of the life insurance company under a plan which, for the taxable year, meets the requirements of paragraphs (3), (4), (5), (6), (7), (8), (11), (12), (13), (14), (15), (16), (19), (20), and (22) of section 401(a); "(4) purchased to provide retirement annuities for its employees by an organization which (as of the time the contracts were purchased) WEIS an organization described in section 501(c)(3) which was exempt from tax under section 501(a) (or was an organization exempt from tax under section 101(6) of the Internal Revenue Code of 1939 or the corresponding provisions of prior revenue laws), or purchased to provide retirement annuities for employees described in section 403(b)(l)(A)(ii) by an employer which is a State, a political subdivision of a State, or an agency or instrumentality of any one or more of the foregoing; "(5) entered into with trusts which (at the time the contracts were entered into) were individual retirement accounts described in section 408(a) or under -contracts entered into with individual retirement annuities described in section 408(b); or "(6) purchased by— "(A) a governmental plan (within the meaning of section 414(d)), or "(B) the Government of the United States, the government of any State or political subdivision thereof, or by any agency or instrumentality of the foregoing, for use in satisfying an obligation of such government, political subdivision, or agency or instrumentality to provide a benefit Ln^ under a plan described in subparagraph (A).
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