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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 25, 1980.
Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to revise provisions exempting specified securities from such Acts to: (1) include within the exemption interest in a trust fund or securities arising out of an insurance contract in connection with a governmental employee benefit plan; but (2) exclude plans which are funded by an annuity contract. Amends the Investment Company Act of 1940 to include within the exemption from such Act governmental employee benefit plans and single trust funds maintained by a bank.
