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unconditional right in a later year to a refund or
credit of the excess of payments over benefit costs.
In contrast, an ordinary disability income policy under
which an employer pays a premium so that employees who
become disabled in that year may collect benefit
payments for the duration of disability is not a fund,
since the employer has no right to recover any part of
the premium payment and the future benefit payments to
an employee whose disability occurs during the period
for which the premium is paid is not contingent on any
further payments by the employer. * * * [Id. at 1155.]
The rules of subpart D, however, do not apply to a
multiemployer plan described in section 419A(f)(6). Section
419A(f)(6) provides:
(6) Exception for 10-or-More Employer Plans.--
(A) In general.--This subpart shall not
apply in the case of any welfare benefit fund
which is part of a 10 or more employer plan.
The preceding sentence shall not apply to any
plan which maintains experience-rating
arrangements with respect to individual
employers.
(B) 10 or more employer plan.--For
purposes of subparagraph (A), the term "10 or
more employer plan" means a plan--
(i) to which more than 1
employer contributes, and
(ii) to which no employer
normally contributes more than 10
percent of the total contributions
contributed under the plan by all
employers.
According to the conferees, this exception was prescribed
"because under such a plan, the relationship of a participating
employer to the plan often is similar to the relationship of an
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