; (II) the model disclosure under clause (ii); or (III) the assumptions under clause (iii). . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act. 20. Lifetime income safe harbor Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104 ) is amended by adding at the end the following: (e) Safe harbor for annuity selection (1) In general With respect to the selection of an insurer and a guaranteed retirement income contract, the requirements of subsection (a)(1)(B) will be deemed to be satisfied if a fiduciary— (A) engages in an objective, thorough, and analytical search for the purpose of identifying insurers from which to purchase such contracts; (B) with respect to each insurer identified under subparagraph (A)— (i) considers the financial capability of such insurer to satisfy its obligations under the guaranteed retirement income contract; and (ii) considers the cost (including fees and commissions) of the guaranteed retirement income contract offered by the insurer in relation to the benefits and product features of the contract and administrative services to be provided under such contract; and (C) on the basis of such consideration, concludes that— (i) at the time of the selection, the insurer is financially capable of satisfying its obligations under the guaranteed retirement income contract; and (ii) the relative cost of the selected guaranteed retirement income contract as described in subparagraph (B)(ii) is reasonable. (2) Financial capability of the insurer A fiduciary will be deemed to satisfy the requirements of paragraphs (1)(B)(i) and (1)(C)(i) if— (A) the fiduciary obtains written representations from the insurer that— (i) the insurer is licensed to offer guaranteed retirement income contracts