Sec. 2. Prohibition on investment in certain entities
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Section 404(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(a) ) is amended by adding at the end the following: For purposes of paragraph (1), a fiduciary of a plan may not be considered to act solely in the interest of the participants and beneficiaries of the plan if such fiduciary does not ensure that such plan does not engage in a transaction that the fiduciary knows, or should know, will result in the plan— acquiring an interest (as defined in section 103(h)) between the plan and a sanctioned entity or foreign adversary entity (as each such term is defined in section 103(h)); lending money or extending credit to such an entity; furnishing goods, services, or facilities to such an entity; or transferring, directly or indirectly, to or for use by or for the benefit of such an entity— any assets of the plan; or any data with respect to any participant or beneficiary of the plan.
For the purposes of subclause (II), the term fiduciary includes any person who exercises direct or indirect discretionary authority, responsibility, or control with respect to any participant beneficiary data. In the case of a plan holding an investment in a sanctioned entity or foreign adversary entity on the date of enactment of the Protecting Americans’ Retirement Savings Act , such plan may continue to hold such investment if the fiduciary of such plan complies with the requirements of subparagraphs
(I)and
(J)of section 103(b)(3). In the case of a plan that has entered into a binding agreement prior to the date of enactment of the Protecting Americans’ Retirement Savings Act obligating such plan to engage in a transaction described under subparagraph (A), if the fiduciary of such plan complies with the requirements of subparagraphs (I), (J), and
(K)of section 103(b)(3), such plan may fulfill the terms of such agreement until such agreement— expires; or allows for termination. .
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Sec. 2
Prohibition on investment in certain entities
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