While Rule backers (like Consumer Federation of America and the Institute for a Fiduciary Standard) are outraged at the prospect of an 18-month delay, opponents like NAFA and the Insured Retirement Institute are no doubt jumping for joy.
Both IRI and NAFA had sent comment letters to the DOL earlier this week railing against the real-world effects if it was fully implemented. NAFA’s letter said the rule would “decimating companies throughout the fixed annuity distribution system” while limiting access to crucial retirement savings options and the related personal retirement financial services Americans need to retire well.”
Part of a statement Wednesday from NAFA Executive Director Chip Anderson:
“Since the release of the fiduciary rule in its final form, we have consistently advocated for the uniform treatment of all fixed annuity products by moving fixed indexed annuities back under PTE 84-24. This critical change is essential to protecting both our NAFA members, who represent all arms of fixed annuity distribution, as well as the millions of consumers who want and need a way to generate predictable income they cannot outlive in retirement. We hope that, as part of the Department’s efforts to review and revise the rule as necessary ‘to empower Americans to make their own financial decisions’ and adequately save for lifetime expenses, our recommendation will finally be followed.”
Insurance Forums | Phase II of Fiduciary Rule implementation to be delayed 18 months
Insurance Forums | IRI submits new data exposing detrimental impact of DOL Fiduciary Rule