Sec. 224. Administration of joint and survivor annuity requirements
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Section 402(c) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1102(c) ) is amended— in paragraph (2), by striking or at the end, in paragraph (3), by striking the period at the end and inserting ; or , and by adding at the end the following new paragraph: that a named fiduciary, or a fiduciary designated by a named fiduciary pursuant to a plan procedure described in section 405(c)(1), may appoint an annuity administrator or administrators with responsibility for administration of an individual account plan in accordance with the requirements of section 205 and payment of any annuity required thereunder. .
Section 405 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1105 ), as amended by section 211(a), is amended by adding at the end the following: If 1 or more persons has been appointed under section 402(c)(4) as an annuity administrator or administrators of an individual account plan, and each such person acknowledges in writing that such person is the annuity administrator and a fiduciary under the plan with respect to appointed duties, neither the named fiduciary nor any appointing fiduciary shall be liable for any act or omission of the annuity administrator except to the extent that— the named fiduciary or appointing fiduciary violated section 404(a)(1)— with respect to such appointment; or in continuing the appointment; the named fiduciary or appointing fiduciary would otherwise be liable in accordance with subsection (a); or the entity appointed to be the annuity administrator is not an insurance company or approved to be an annuity administrator by the Secretary. .
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