Assets designated for the exclusive purpose of satisfying the retiree group benefits program obligations. Examples include the following:

a. life insurance policies held by the plan sponsor to cover some of the plan sponsor’s retired participant death benefits;

b. welfare benefit trusts (for example, voluntary employees’ beneficiary associations);

c. Internal Revenue Code section 401(h) accounts in a qualified pension plan; and

d. Internal Revenue Code section 115 trusts sponsored by governmental entities for retiree group benefits. (ASOP No. 6)

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