Labels:book | reckoner | sky | tree | windowpane OCR: As the DOL L acknowledges in its brief. The Conference Com- mittee's use of the word 'payments rather than 'benefits' and its referencc to the 'variable part of the policy make more plausi bie the court appeals' inference that Congress was thinking payments to plans rather than payments to plan beneficiaries U.S. a 21 Moreover the Conference Committee': use the word and not payments the tute does not assist Hanoock See Hancock Con- gress use of the narrower term "henefits indicates purpose to narrowly confine the exemption afforded by $401(b)(2), 1.6 the exemption applicable only "benefits the amount which is guaranteed by the insurer while all other aspects the contract including variable payments beneficiaries OT vlans, are be governed by ERISA's fiduciary rules Furthermore the Conferenc ...
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