requirements of such section and in applying such section, the date the class of participants is closed shall be the effective date of the later amendment. 203. Fiduciary safe harbor for selection of lifetime income provider 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 for 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