Labels:book | reckoner | sky | tree OCR: Summary of Argument The provisions of ERISA read as a whole plainly show that the statute's fiduciary rules do not apply insurance cumpany'5 General Account assets in connection witi contracta like GAC 50 The guaranteed benefit policy provision makes clear that insurance contracts hot the insurer assets, are plan assets. That provision distinguishes hetween assets held Separate Accounts, which support the payment of variable annuity benefits, and General Account assets, which support the payment F fixed guaranteed benefits. Because all the assets supporting GAC 50 are General Account assets and {ii} Hancock i5 contractually obligated. a1 the contractholder's direction. provide fixed guaranteed benefit: -f the full ex- tent f those assets, GAC 50 in its entirety guaranteed benefit policy, a ...
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