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DOL Fiduciary Rule – A First Look

On October 31, 2023, the Department of Labor released a proposed rule entitled “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” the latest version of its fiduciary rule.

  • Here is what we know about the rule so far:
  • Who is considered a fiduciary: The proposal expands the definition to include one-time rollover advice.
  • Amendments to PTE 84-24: An independent producer must provide additional disclosures and insurance carriers will also be required to supervise rollover sales.
  • Amendments to PTE 2020-02: The Department did not make any significant changes to 2020-02, but merely proposed clarifying amendments.
  • Compensation Targeted: The rule could limit compensation agents could receive beyond commissions paid by the carrier.
  • Timing: The DOL will open a 60-day comment period on the proposal, and hold a public hearing on or around December 18, 2023.

Additional Resources

There have been several stories in the media surrounding the Retirement Security Rule: Definition of an Investment Advice Fiduciary, pre- and post-announcement. We’ve gathered them here so you have instant access, all in one place.

Please know we will keep you aware of any ruling updates or finalizations. If you have further questions, give us a call at 913.814.0510.

Questions? Contact your sales team at 800.992.2642.

Download PTE 84-24 DOL Form

The information provided, including the PTE 84-24 Disclosure & Acknowledgement Form, does not, and is not intended to, constitute legal advice. Agents should contact their attorney to obtain advice with respect to any particular legal matter. No agent, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, PTE 84-24 Disclosure & Acknowledgement Form, this website or any of the links or resources contained within the site do not create an attorney-client relationship between the agent, reader, user, or browser and website authors, Creative One Marketing, LLC, its affiliates, and its respective employers.

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