Sec. 301. Transfer to Secretary of the Treasury of authorities regarding individual retirement plans
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Section 102 of Reorganization Plan No. 4 of 1978 (ratified and affirmed as law by Public Law 98–532 (98 Stat. 2705)) is amended— in subsection (a)— by striking and at the end of clause (ii), by striking and at the end of clause (iii), and by inserting
(iv)regulations, rulings, opinions, and exemptions relating to individual retirement accounts described in section 408(a) of the Code and individual retirement annuities described in section 408(b) of the Code, including simplified employee pensions under section 408(k) of the Code and simple retirement accounts under section 408(p) of the Code; and
(v)regulations described in section 103(b) of this Plan; and at the end of clause
(iii)(as amended by subparagraph (B)), and by adding at the end the following new flush sentence: The Secretary of the Treasury shall consult with the Securities and Exchange Commission in prescribing regulations, rulings, opinions, and exemptions under subsection (a)(iv) that provide guidance of general application as to the professional standards of care (whether involving fiduciary, suitability, or other standards) owed by brokers and investment advisors to owners and account holders of accounts and annuities described in such subsection. . Section 103 of such Plan is amended— by striking In the case of and inserting: In the case of ; and by adding at the end: The Secretary of the Treasury and the Secretary of Labor shall have joint authority to issue regulations described in this subsection, and any such regulations shall be issued jointly by such Secretaries. A regulation is described in this subsection if
(i)the regulation is not described in clause (i), (ii), (iii), or
(iv)of section 102(a) of this Plan and
(ii)defines or interprets a term or requirement that is included in section 4975 of the Code or section 406 of ERISA. The determination of whether any regulation is described in this subsection shall be made without regard to whether any such term or requirement is also used or defined in any other provision of the Code or ERISA. . The amendments made by this section shall apply to regulations, rulings, opinions, and exemptions which have not been finalized as of July 8, 2013. Any final regulation, ruling, opinion, or exemption described in section 102(a)(iv) or 103(b) of Reorganization Plan No. 4 of 1978 (as added by the amendments made by this section) which was issued by the Secretary of Labor before July 9, 2013, shall apply until such time as such regulation, ruling, opinion, or exemption is revoked or modified pursuant to such amendments.
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- Pub. L. 98-532
- 98 Stat. 2705
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Sec. 301
Transfer to Secretary of the Treasury of authorities regarding individual retirement plans
Pub. L.Pub. L. 98-532
Stat.98 Stat. 2705
Cites 2Cited by 0 across 0 sources