415 limit for 417(e) forms of payment

[lttownsend]

I know that the limitation should be based on the lessor limit using three factors:

(i) Plan rates
(ii) 5.5% and applicable
(iii) 105% of 417(e)(3) rates

It was my understanding that (iii) was not required if the plan had fewer than 100 participants.

I cannot find this exemption in the final 415 regulations though - any help?