Sec. 212. Rollover protections
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/bill/113/s/1979/is/section-212A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that a person may be providing investment advice within the meaning of section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)) when such person advises a plan participant to take a permissible plan distribution and such distribution advice is combined with a recommendation as to how the distribution should be invested. Not later than 90 days after the date of enactment of this Act, the Secretary of Labor shall issue guidance consistent with subsection
(a)clarifying the applicability of section 3(21) of the Employee Retirement Income Security Act of 1974 to investment advice provided in connection with distribution recommendations. The Comptroller General of the United States shall study the extent to which advisors, broker-dealers, and other financial professionals dealing with individual and employer-provided retirement plans are aware of, and receive ongoing training regarding, the requirements of part 4 of subtitle B of title I of the Employee Retirement Income Security Act ( 29 U.S.C. 1101 et seq. ) and section 4975 of the Internal Revenue Code of 1986. The Comptroller General shall submit a report to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and the Workforce of the House of Representatives summarizing its findings and including recommendations regarding ways to improve awareness of and compliance with the fiduciary and prohibited transaction rules.
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