H.R. 3063 — what changed

“(11) Any—

“(A) employee’s stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under section 401 of the Internal Revenue Code of 1986;

“(B) custodial account meeting the requirements of section 403(b)(7) of such Code;

“(C) governmental plan described in section 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 accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection; or

changed “(iv) plans which meet the requirements of section 403(b) of the Internal Revenue Code of 1986 if—1986—

changed “(I) such plan is subject to title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.);if—

changed “(II) any employer making “(aa) such plan available agrees to serve as a fiduciary for the plan with respect is subject to the selection title I of the plan’s investments among which participants can choose; orEmployee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.);

changed “(III) “(bb) any employer making such plan is available agrees to serve as a governmental fiduciary for the plan (as defined in section 414(d) with respect to the selection of such Code); the plan’s investments among which participants can choose; or

added “(cc) such plan is a governmental plan (as defined in section 414(d) of such Code); and

added “(II) if the employer, a fiduciary of the plan, or another person acting on behalf of the employer reviews and approves each investment described under subclause (I)(bb) prior to the investment being offered to participants in the plan; or

“(E) separate account the assets of which are derived solely from—

“(i) contributions under pension or profit-sharing plans which meet the requirements of section 401 of the Internal Revenue Code of 1986 or the requirements for deduction of the employer’s contribution under section 404(a)(2) of such Code;

“(ii) contributions under governmental plans in connection with which interests, participations, or securities are exempted from the registration provisions of section 5 of the Securities Act of 1933 by section 3(a)(2)(C) of such Act;

“(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).”