Sec. 302. Administration of joint and survivor annuity requirements
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Section 402(c) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1102(c) ) is amended— in paragraph
(2)by striking or at the end, in paragraph
(3)by striking the period at the end and inserting ; or , and by adding at the end the following new paragraph: that a named fiduciary, or a fiduciary designated by a named fiduciary pursuant to a plan procedure described in section 405(e), may appoint an annuity administrator or administrators with responsibility for administration of an individual account plan in accordance with the requirements of section 205 and payment of any annuity required thereunder. . Section 405 of such Act ( 29 U.S.C. 1105 ) is amended by adding at the end the following new subsection: If an annuity administrator or administrators have been appointed under section 402(c)(4) and such entity acknowledges in writing that they are the annuity administrator and a fiduciary under the plan with respect to their appointed duties, then neither the named fiduciary nor any appointing fiduciary shall be liable for any act or omission of the annuity administrator except to the extent that— the named fiduciary or appointing fiduciary violated section 404(a)(1)— with respect to such allocation or designation, or in continuing the allocation or designation, the named fiduciary or appointing fiduciary would otherwise be liable in accordance with subsection (a), or the entity appointed to be the annuity administrator is neither an insurance company nor approved to be an annuity administrator by the Secretary. . The amendments made by subsection
(a)shall apply as of the date of enactment of this Act.
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