Does ERISA expressly exclude 403(b) tax sheltered annuities from ERISA coverage?

For purposes of ERISA, a program for the purchase of an annuity contract or the establishment of a custodial account as described under IRC Section 403(b), pursuant to salary reduction agreements or agreements to forgo an increase in salary and which satisfies the requirements of treasury regulations under Section 403(b), will not be considered “established or maintained by an employer” as that term is used in the definition of the terms “employee pension benefit plan” and “pension plan” if:  

1.    Participation is completely voluntary for employees; 

2.    All rights under the annuity contract or custodial account are enforceable solely by the employee, by a beneficiary of such employee, or any authorized representative of such employee or beneficiary;  

3.    The sole involvement of the employer is limited to any of the following:  

a.    permitting annuity contractors to publicize their products to employees,  

b.    requesting information concerning proposed funding media, products, or annuity contractors, 

 c.    summarizing or otherwise compiling the information provided with respect to the proposed funding media or products that are made available, or the annuity contractors whose services are provided, in order to facilitate review and analysis by the employees,  

d.    collecting annuity or custodial account considerations as required by salary reduction agreements or by agreements to forgo salary increases, remitting such considerations to annuity contractors, and maintaining records of such considerations,  

e.    holding in the employer’s name one or more group annuity contracts covering its employees, and 

f.    limiting the funding media or products available to employees, or the annuity contractors who may approach employees, to a number and selection that is designed to afford employees a reasonable choice in light of all relevant circumstances; and  

4.    The employer receives no direct or indirect consideration or compensation in cash or otherwise other than reasonable compensation to cover expenses properly and actually incurred by the employer