; or (cc) such plan is a governmental plan (as defined in section 414(d) of such Code); and (II) if the employer, a fiduciary of the plan, or another person acting on behalf of the employer reviews and approves each investment alternative offered under such plan described under subclause (I)(cc) prior to the investment being offered to participants in the plan; or (E) separate account the assets of which are derived solely from— (i) contributions under pension or profit-sharing plans which meet the requirements of section 401 of the Internal Revenue Code of 1986 or the requirements for deduction of the employer’s contribution under section 404(a)(2) of such Code; (ii) contributions under governmental plans in connection with which interests, participations, or securities are exempted from the registration provisions of section 5 of the Securities Act of 1933 by section 3(a)(2)(C) of such Act; (iii) advances made by an insurance company in connection with the operation of such separate account; and (iv) contributions to a plan described in clause (iii) or (iv) of subparagraph (D). . (b) Amendments to the Securities Act of 1933 Section 3(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(2) ) is amended— (1) by striking beneficiaries, or (D) and inserting beneficiaries, (D) a plan which meets the requirements of section 403(b) of such Code (i) if (I) such plan is subject to title I of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq. ), (II) any employer making such plan available agrees to serve as a fiduciary for the plan with respect to the selection of the plan’s investments among which participants can choose, or (III) such plan is a governmental plan (as defined in section 414(d) of such Code), and (ii) if the employer, a fiduciary of the plan, or another person acting on behalf of the employer reviews and approves each investment alternative offered under any plan described under clause (i)(III) prior to the investment being offered to participants in the plan, or (E)