Sec. 18. Clarification of treatment of individual retirement plans with payroll deduction
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Section 3(2) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(2) ), as amended by this Act, is amended by adding at the end the following new subparagraph: Neither an individual retirement plan (as defined in section 7701(a)(37) of the Internal Revenue Code of 1986) nor an automatic deferral IRA arrangement (as described in section 408B of such Code) maintained in connection with any such individual retirement plan shall be considered a pension plan merely because an employer establishes a payroll deduction program for the purpose of enabling employees to make voluntary contributions to such account or annuity. .
The amendments made by this section shall take effect on the date of the enactment of this Act.
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Sec. 18
Clarification of treatment of individual retirement plans with payroll deduction
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