Plans to which paragraph applies .—
This paragraph shall apply to—
(i)#
any defined benefit plan,
(ii)#
any defined contribution plan which is subject to the funding standards of section 412, and
(iii)#
any participant under any other defined contribution plan unless—
(I) such plan provides that the participant’s nonforfeitable accrued benefit (reduced by any security interest held by the plan by reason of a loan outstanding to such participant) is payable in full, on the death of the participant, to the participant’s surviving spouse (or, if there is no surviving spouse or the surviving spouse consents in the manner required under section 417(a)(2), to a designated beneficiary),
(II) such participant does not elect a payment of benefits in the form of a life annuity, and
(III) with respect to such participant, such plan is not a direct or indirect transferee (in a transfer after December 31, 1984 ) of a plan which is described in clause (i) or (ii) or to which this clause applied with respect to the participant.
(iii)(I)#
such plan provides that the participant’s nonforfeitable accrued benefit (reduced by any security interest held by the plan by reason of a loan outstanding to such participant) is payable in full, on the death of the participant, to the participant’s surviving spouse (or, if there is no surviving spouse or the surviving spouse consents in the manner required under section 417(a)(2), to a designated beneficiary),
(iii)(II)#
such participant does not elect a payment of benefits in the form of a life annuity, and