Certain investment contracts not treated as insured deposits

(A) In general A liability of an insured depository institution shall not be treated as an insured deposit if the liability arises under any insured depository institution investment contract between any insured depository institution and any employee benefit plan which expressly permits benefit-responsive withdrawals or transfers.

(B) Definitions For purposes of subparagraph (A)— (i) Benefit-responsive withdrawals or transfers The term “benefit-responsive withdrawals or transfers” means any withdrawal or transfer of funds (consisting of any portion of the principal and any interest credited at a rate guaranteed by the insured depository institution investment contract) during the period in which any guaranteed rate is in effect, without substantial penalty or adjustment, to pay benefits provided by the employee benefit plan or to permit a plan participant or beneficiary to redirect the investment of his or her account balance. (ii) Employee benefit plan The term “employee benefit plan”— (I) has the meaning given to such term in section 1002(3) of title 29 ; and (II) includes any plan described in section 401(d) of title 26 .