employer plan that consists of individual retirement accounts described in section 408 of the Internal Revenue Code of 1986 (including by reason of subsection (c) thereof) and that includes an automatic contribution arrangement meeting the requirements of section 514(e) (determined without regard to paragraph (2)(C) thereof), a participant or beneficiary shall, for purposes of paragraph (1), be treated as exercising control over the assets in the account upon the earliest of— (A) an affirmative election among investment options with respect to the initial investment of any contribution, (B) a rollover to any other individual retirement account, or (C) one year after the individual retirement account is established. . (3) Bonding requirements for pooled employer plans The last sentence of section 412(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1112(a) ) is amended by inserting or in the case of a pooled employer plan after section 407(d)(1)) . (4) Conforming and technical amendments Section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 ) is amended— (A) in paragraph (16)(B)— (i) by striking or at the end of clause (ii), and (ii) by striking the period at the end and inserting , or (iv) in the case of a pooled employer plan, the pooled plan provider.