us/statute/26/401/a/22/B

If a defined contribution plan (other than a profit-sharing plan)—

(A)#

is established by an employer whose stock is not readily tradable on an established market, and

(B)#

after acquiring securities of the employer, more than 10 percent of the total assets of the plan are securities of the employer,

any trust forming part of such plan shall not constitute a qualified trust under this section unless the plan meets the requirements of subsection (e) of section 409. The requirements of subsection (e) of section 409 shall not apply to any employees of an employer who are participants in any defined contribution plan established and maintained by such employer if the stock of such employer is not readily tradable on an established market and the trade or business of such employer consists of publishing on a regular basis a newspaper for general circulation. For purposes of the preceding sentence, subsections (b), (c), (m), and ( o ) of section 414 shall not apply except for determining whether stock of the employer is not readily tradable on an established market.

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Official source

If a defined contribution plan (other than a profit-sharing plan)—

(A)#

is established by an employer whose stock is not readily tradable on an established market, and

(B)#

after acquiring securities of the employer, more than 10 percent of the total assets of the plan are securities of the employer,

any trust forming part of such plan shall not constitute a qualified trust under this section unless the plan meets the requirements of subsection (e) of section 409. The requirements of subsection (e) of section 409 shall not apply to any employees of an employer who are participants in any defined contribution plan established and maintained by such employer if the stock of such employer is not readily tradable on an established market and the trade or business of such employer consists of publishing on a regular basis a newspaper for general circulation. For purposes of the preceding sentence, subsections (b), (c), (m), and ( o ) of section 414 shall not apply except for determining whether stock of the employer is not readily tradable on an established market.