Exception for certain ESOP benefits.—
(i) In general .— In the case of— (I) a tax credit employee stock ownership plan (as defined in section 409(a)), or (II) an employee stock ownership plan (as defined in section 4975(e)(7)),
subparagraph (A) shall not apply to that portion of the employee’s accrued benefit to which the requirements of section 409(h) apply.
(ii) Nonforfeitable benefit must be paid in full, etc .— In the case of any participant, clause (i) shall apply only if the requirements of subclauses (I), (II), and (III) of subparagraph (B)(iii) are met with respect to such participant.
(i)In general .—#
In the case of—
(I) a tax credit employee stock ownership plan (as defined in section 409(a)), or
(II) an employee stock ownership plan (as defined in section 4975(e)(7)),
(i)(I)#
a tax credit employee stock ownership plan (as defined in section 409(a)), or
(i)(II)#
an employee stock ownership plan (as defined in section 4975(e)(7)),
(ii)Nonforfeitable benefit must be paid in full, etc .—#
In the case of any participant, clause (i) shall apply only if the requirements of subclauses (I), (II), and (III) of subparagraph (B)(iii) are met with respect to such participant.