Please ask President Trump to delay the DOL Fiduciary Rule. The annuity industry is working hard to comply with the rule by April 10th, but there are still hundreds of questions the department has yet to answer.
The first DOL FAQ issued last October created even more questions and didn’t address substantially more. The DOL even acknowledged these problems by stating in the FAQ they would delay of the execution of a Best Interest Contract until January 2018.
I agree with the best interest standard, but there are so many problems with this rule’s requirements that, left unfixed, will leave consumers with fewer retirement savings choices and retirement savings advisors. The DOL created the rule without a clear understanding of the annuity marketplace and consumers will be more confused then ever unless we clean up the requirements in this rule.
We ask you to notify the administration and state your support of the delay so we can make this rule work for consumers.
Dennis J. Recker, Ottawa