Labels:book | reckoner | sky OCR: ERISA's fiduciary duty provisions." This early draft provision, however, was deleted by the Conference Committee and replaced by the more limited "guaranteed benefit' exemption. 29 U.S.C. 1101(b)(2) The only rational interpretation of the Conference Committee': Te jection of the Senate's explicit exempti ion for general acccunt arsets is that i intended a different result The Conference Committee compromised between the Senate's total exemption and the House's lack of any exemption by taking the intermediate position reflected in 5401{h} {2}{B} In sum, the language and history of 401{b)(2) demonstrate that Congress PIP not intend to establish blanket exemption for al assets held insurers' general accounts Rather, Con- gress intended to distinguish between pension funds supporting guarantee ...
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