Sec. 223. Default investment safe harbor clarification
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Section 404(c)(5) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(c)(5) ) is amended by adding at the end the following: The availability of annuity purchase rights, death benefit guarantees, investment guarantees, or other features in insurance contracts will not, in and of themselves, affect the status of a fund, product, or portfolio as a default investment under this paragraph. . The amendment made by subsection
(a)shall be construed to codify existing law and shall not be construed as modifying the regulations promulgated by the Secretary of Labor under section 404(c)(5) of Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(c)(5) ), as in effect before the amendment made by this section.
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Sec. 223
Default investment safe harbor clarification
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