Sec. 5. Limitation on employer liability

94 words·~1 min read·/bill/113/hr/5828/ih/section-5

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Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1021 et seq. ) is amended by adding at the end the following: An employer shall not be a fiduciary with respect to the selection, management or administration of a USA Retirement Fund solely because such employer makes available such Fund through an automatic USA Retirement Fund arrangement. Notwithstanding the preceding sentence, employers participating in a USA Retirement Fund shall be responsible for meeting the enrollment requirements and transmitting contributions, as required under the USA Retirement Funds Act . .

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U.S. Code

Duty of disclosure and reporting
§ 1021

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Sec. 5

Limitation on employer liability

U.S.C.§ 1021

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