Sec. 244. Fiduciary requirement regarding selection of annuity provider and annuity contract
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/bill/113/s/1270/is/section-244·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104 ) is amended by adding at the end the following: In the case of the selection of an annuity provider and annuity contract in connection with the payment of benefits under a defined contribution plan, the fiduciary requirement under subsection (a)(1)(B) is deemed satisfied with respect to determining the ability of the annuity provider to make all payments due under the contract to the extent that such payments are guaranteed by a State guaranty association under applicable State law in effect as of the date of issuance of the contract. . The amendment made by subsection
(a)shall apply to annuity contracts purchased after the date of enactment of this Act.
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Sec. 244
Fiduciary requirement regarding selection of annuity provider and annuity contract
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