I was scanning this message board recently and ran across a discussion about registering Section 401(k) plans which offered employer stock as an investment alternative as a security under the 1933 Act. While I am aware of the registration of such plans, I was wondering if anyone can elaborate on how the SEC's position taken in SEC Release No. 33-6281 concerning Section 401(k) plans affect such registration reqruiements. I was under the impression that the SEC had taken the position that 401(k) plans were not contributory on the part of employees and thus, if such a plan permitted employer stock as an investment alternative, it would not be subjec to the 1933 Act.