; (C) provides for a guaranteed minimum level of annuity payments irrespective of such investment return, market value, or performance; and (D) in the event of death before the annuity starting date, provides that any death benefit that is payable in a lump sum is equal to the premiums paid, without reduction for investment return, market value, index performance, surrender charges, market value adjustments, or any other amounts. For purposes of the preceding sentence, a downward adjustment to the dollar amount of annuity payments shall not be treated as an impermissible reduction in such payments, provided that the adjustment is made to reflect a change in annuitant that is required or permitted under the Internal Revenue Code of 1986 or regulations and the adjustment is based on reasonable actuarial assumptions. (b) Effective dates, enforcement, and interpretations (1) Effective dates (A) Paragraphs (1), (2), and (5) of subsection (a) shall be effective with respect to contracts purchased or received in an exchange on or after the date of the enactment of this Act. (B) Paragraphs (3) and (4) of subsection (a) shall be effective with respect to contracts purchased or received in an exchange on or after July 2, 2014. (2) Enforcement and interpretations Prior to the date on which the Secretary of the Treasury issues final regulations pursuant to subsection (a)— (A) the Secretary shall administer and enforce the law in accordance with subsection (a) and the effective dates in paragraph (1) of this subsection