To amend the Internal Revenue Code of 1986 to provide for the payment of fellowship benefits to pension plan participants.

Amends Section 401 (Qualified Pension, Profit-Sharing, and Stock Bonus Plans) to prohibit a trust forming part of a defined benefit pension plan being treated as failing to constitute a qualified trust under such section merely because such plan provides for the payment of qualified fellowship benefits to participants in such plan. Defines the term "qualified fellowship benefits."