; (bb) an explanation of the rights, and any limitations or restrictions thereon, of a participant or beneficiary to direct or transfer amounts invested, or to be invested, in an annuity contract to other investment alternatives available under the plan; (cc) a general description of the annuity contract, including the duration of guaranteed payments and identification of the insurer; (dd) an explanation of how a participant or beneficiary may obtain additional information in writing about their investment alternatives; and (ee) a description of how to obtain a copy of the annuity contract. (II) Not later than 30 days before the date of the imposition of a liquidity restriction described in subclause (i)(I), that includes— (aa) a statement explaining that the participant’s or beneficiaries’ contributions will shortly become subject to liquidity restrictions; (bb) an explanation of the rights of the participant or beneficiary to direct or transfer amounts to be invested in alternatives under the plan; and (cc) an explanation of how a participant or beneficiary may obtain additional information about their investment alternatives. (iii) Definition of annuity contract For purposes of this subparagraph, the term annuity contract means a contract (or provision or feature thereof) that— (I) is issued by an insurer qualified to do business in a State; and (II) provides for the payment of guaranteed benefits annually (or more frequently) for a fixed term or for the remainder of the life of the participant or beneficiary or the joint lives of the participant and the participant’s designated beneficiary. . (b) Effective date The amendments made by subsection (a) shall apply with respect to investments made on or after the date of enactment of this Act.