Special rule in case of certain trusts for disabled or chronically ill beneficiaries .—
In the case of an applicable multi-beneficiary trust, if under the terms of the trust—
(I)#
it is to be divided immediately upon the death of the employee into separate trusts for each beneficiary, or
(II)#
no beneficiary (other than a 1 1 So in original. Probably should be “an”. eligible designated beneficiary described in subclause (III) or (IV) of subparagraph (E)(ii)) has any right to the employee’s interest in the plan until the death of all such eligible designated beneficiaries with respect to the trust,