CLARIFICATION OF FIDUCIARY RULES.

SEC. 625. CLARIFICATION OF FIDUCIARY RULES.(a) In General.—Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall issue final regulations clarifying that the selection of an annuity contract as an optional form of distribution from an individual account plan to a participant or beneficiary—(1) is not subject to the safest available annuity standard under Interpretive Bulletin 95–1 (29 CFR 2509.95–1), and(2) is subject to all otherwise applicable fiduciary standards.(b) Effective Date.—This section shall take effect on the date of enactment of this Act.120 STAT. 981