Take the following as truth: These  (1) certain pension consultants, (2) nationally recognized statistical rating organizations, (3) certain advisers affiliated with SEC-registered investment advisers, and (4) newly formed advisers that have a reasonable expectation of becoming eligible for SEC registration within 120 days.
Then the following statement: "Pension consultants are excluded from eligibility for SEC registration." is true, false, or inconclusive?
Answer: False