Common use of Covered plan Clause in Contracts

Covered plan. For purposes of this paragraph (c)(1), a ‘‘covered plan’’ is an ‘‘employee pension benefit plan’’ or a ‘‘pension plan’’ within the meaning of section 3(2)(A) (and not described in section 4(b)) of the Act, except that the term ‘‘covered plan’’ shall not include a ‘‘simplified employee pension’’ de- scribed in section 408(k) of the Internal Revenue Code of 1986 (the Code); a ‘‘simple retirement account’’ described in section 408(p) of the Code; an indi- vidual retirement account described in section 408(a) of the Code; an individual retirement annuity described in sec- tion 408(b) of the Code; or annuity con- tracts and custodial accounts described in section 403(b) of the Code issued to a current or former employee before Jan- uary 1, 2009, for which the employer ceased to have any obligation to make contributions (including employee ▇▇▇- ary reduction contributions), and in fact ceased making contributions to the contract or account for periods be- fore January 1, 2009, and for which all of the rights and benefits under the contract or account are legally en- forceable against the insurer or custo- dian by the individual owner of the contract or account without any in- volvement by the employer, and for which such individual owner is fully vested in the contract or account.

Covered plan. For purposes of this paragraph (c)(1), a ‘‘covered plan’’ is an ‘‘employee pension benefit plan’’ or a ‘‘pension plan’’ within the meaning of section 3(2)(A) (and not described in section 4(b)) of the Act, except that the term ‘‘covered plan’’ shall not include a ‘‘simplified employee pension’’ de- scribed in section 408(k) of the Internal Revenue Code of 1986 (the Code); a ‘‘simple retirement account’’ described in section 408(p) of the Code; an indi- vidual retirement account described in section 408(a) of the Code; an individual retirement annuity described in sec- tion 408(b) of the Code; or annuity con- tracts and custodial accounts described in section 403(b) of the Code issued to a current or former employee before Jan- uary 1, 2009, for which the employer ceased to have any obligation to make contributions (including employee ▇▇▇- ary reduction contributions), and in fact ceased making contributions to the contract or account for periods be- fore January 1, 2009, and for which all of the rights and benefits under the contract or account are legally en- forceable against the insurer or custo- dian ▇▇▇▇ by the individual owner of the contract or account without any in- volvement by the employer, and for which such individual owner is fully vested in the contract or account.