Money Market Reform - Who Qualifies for Retail MMFs?

[LANDO]

I've been researching Money Market Reform issues, and my initial research was centered around trying to figure out if Health & Welfare plans are eligible for "Retail Money Market Funds (MMFs)", but as I read through multiple articles I have become more confused.

Questions:

• Are trustee directed defined contribution plans eligible to invest in Retail MMFs?
  • Most of the articles refer only to defined contribution plans, but at least one article said only "participant directed defined contribution plans" are eligible to invest in Retail MMFs
• Are Health & Welfare plans (pooled funding/non-participant directed plans) eligible to invest in Retail MMFs?
  • What about Health & Welfare plans where participants do get to choose how their accounts are invested (eg. HSA plans)?

Based on what I've read so far, the ability to invest in Retail MMFs is limited to "Natural Persons", which includes omnibus accounts where the "beneficial owners" are natural persons. It seems to me in reading SEC Release No. 33-9616, Beneficial Ownership means having voting and or investment powers, which would not be the case in trustee directed plans, which would be consistent with not allowing DB plans to invest in Retail MMFs.

Any guidance would be appreciated.