Labels:book | reckoner | sky OCR: upon the nature of the benefits provided to plar participants under the contrart. The Second Circuit misunders pooqs the distinc- tion drawn Congress between fixed and variable annuity ben- efits payable to plan participants aud enroneously concluded that, in using the word Stjataq.. section 401{b){2}{B}, Corciess tended to distinguish between fixed and variable rates return The Second Circuit improperly equated the word "benefits" with the return to the pension plan sponsor under participating contract which will vary amount with the investment per- form ance -he General Account The court appeais said: Although Hancock provides guarantees with respect to one portion of the benefits derived from the con- tract does not op + all times with respect the benefits derived From the other, or fre ...