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Text of Rev. Rul. 2007-58: Expanded Definition of Retirement Plans for Segregated Asset Accounts in Variable Annuity or Life Insurance Contracts (PDF)
Internal Revenue Service [IRS] 
[Official Guidance] Aug. 21, 2007
Excerpt: Under section 817(h) of the Internal Revenue Code, a segregated asset account upon which a variable annuity or life insurance contract is based must be adequately diversified in order for the variable contract to be treated as an annuity under § 72 or as a life insurance contract under § 7702.... For purposes of determining whether this requirement is satisfied, § 1.817-5(f)(3)(iii) provides that beneficial interests held by the trustee of a qualified pension or retirement plan are disregarded.
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