; and (2) by adding the following new paragraph (2) to subsection (b): (2) In the case of a plan which contributes to a general account policy, the assets of such plan shall be deemed to include the insurance promises and guarantees granted there under to the policyholder, subject to any reserved rights of the insurer, but shall not be deemed to include the general account policy, any contractual rights reserved to the insurer under such policy or any other assets of the insurer, For purposes of this paragraph: (A) The term insurer means an insurance company, insurance service, or insurance organization, qualified to do business in a State. (B) The term general account policy means an insurance policy or contract to the extent that such policy or contract allocates amounts to the insurer’s general account including any surplus in a separate account but excluding any other portion of a separate account. ; and (3) by deleting subsection (c). (c) Effective date The amendments made by this section shall apply effective as of January 1, 1975.