DOL Officials Hear Life Insurer Concerns Over 401(k) Advice Rule

Insurance agents can utilize exemptions to collect compensation when dealing with 401(k) plans and will only see their recommendations of certain products become subject to new fiduciary standards when retirement assets are involved, Labor Department leaders said during a press briefing on the agency’s new fiduciary rule.

DOL’s Employee Benefits Security Administration officials fielded questions Monday at the online session from life insurance industry stakeholders, who have expressed concern about the future fate of their commissions since the release of EBSA’s final fiduciary rule April 23.

The regulation set to begin going into effect Sept. 23 expands the strictest legal ...