Sec. 703. Prohibition on mandatory arbitration clauses, class action waivers, representation waivers, and discretionary clauses
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Section 402 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1102 ) is amended by adding at the end the following: No covered person may— require participants or beneficiaries to agree to a predispute arbitration provision as a condition for participation in, or receipt of benefits under, a plan; agree to a postdispute arbitration provision with a participant or beneficiary with respect to a plan or plan benefit unless the conditions of clauses
(i)through
(iv)of section 502(n)(1)(B) are satisfied with respect to such provision; or agree to any other covered provision with respect to a plan or plan benefit under any circumstances under which such provision would not be valid and enforceable under subparagraphs
(C)through
(E)section 502(n)(1). In this subsection— the term covered person means— a plan; a plan sponsor; an employer; or a person engaged by a plan for purposes of administering or operating the plan; and the terms covered provision , predispute arbitration provision and postdispute arbitration provision have the meanings given such terms in section 502(n)(2). .
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Sec. 703
Prohibition on mandatory arbitration clauses, class action waivers, representation waivers, and discretionary clauses
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