Can a corporation which pays federal income tax be both a welfare benefit plan sponsor and welfare benefit fund under IRC Section 419(e)(3)(B)? If not, why not?

PLR 9522017 might provide some food for thought.

I have a hard time envisioning a situation in which this would be possible. Clearly "fund" includes a "trust, corporation, or other organization", but I believe that the type of corporation referred to here would be a taxable nonprofit corporation established to provide the welfare benefits promised (similar to a VEBA but without meeting all of the requirements of IRC Section 501©(9)).
Can an employer skipped setting up a trust and just call themselves a "fund". Recent Revenue Ruling 2007-65 would certainly disallow tax deductions under such arrangement. I therefore wonder what purpose would be served by such arrangement other than set aside a part of a company's retained earnings to avoid excess profits tax.