To amend the Employee Retirement Income Security Act of 1974.

This bill specifies requirements for the application of the Employee Retirement Income Security Act of 1974 (ERISA) to general account policies that receive contributions from employee benefit plans. A "general account policy" is an insurance policy or contract to the extent that the 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.