independent trustee

(3) Plan requirements A plan contains the provisions required by this paragraph if such plan provides that— (A) the qualified employer securities so transferred are allocated to plan participants in a manner consistent with section 401(a)(4), (B) plan participants are entitled to direct the plan as to the manner in which such securities which are entitled to vote and are allocated to the account of such participant are to be voted, (C) an independent trustee votes the securities so transferred which are not allocated to plan participants, (D) each participant who is entitled to a distribution from the plan has the rights described in subparagraphs (A) and (B) of section 409(h)(1), (E) such securities are held in a suspense account under the plan to be allocated each year, up to the applicable limitation under paragraph (7) (determined on the basis of fair market value of securities when allocated to participants), after first allocating all other annual additions for the limitation year, up to the limitation under section 415(c), and (F) on termination of the plan, all securities so transferred which are not allocated to plan participants as of such termination are to be transferred to, or for the use of, an organization described in section 170(c). For purposes of the preceding sentence, the term “independent trustee” means any trustee who is not a member of the family (within the meaning of section 2032A(e)(2)) of the decedent or a 5-percent shareholder. A plan shall not fail to be treated as meeting the requirements of section 401(a) by reason of meeting the requirements of this subsection.


26 USC § 664(g)(3)

Scoping language

None identified. Default scope is assumed to be the entire title.
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