DOL Fiduciary Requirements

The Department of Labor (DOL) Fiduciary Rule has been updated to expand the agency’s interpretation of the existing five-part test to determine when an individual is an ERISA fiduciary. For the period of February 16, 2021, through January 31, 2022, the DOL advised it would not pursue prohibited transactions claims against ERISA fiduciaries who comply with the impartial conduct standards for transactions. Impartial conduct standards require fiduciaries to: (1) provide advice that reflects the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use, (2) receive only reasonable compensation, and (3) make statements that are not materially misleading. However, beginning January 31, 2022, the DOL will require compliance with the Fiduciary Rule. Legacy Solutions, LLC is providing this information on behalf of our carriers.

We encourage you to review these notices from a few of our carriers for additional information on the DOL Fiduciary Rule and how to comply.

• Americo Announcement

• Ameritas announcement

• Equitrust

• Legacy Marketing

• Western & Southern Announcement

• PTE 84-24 Disclosure Form

• SILAC PTE 84-24 Disclosure Form

• NAFA “DOL Fiduciary Rule 3.0 Best Practices: A Practical Guide for Annuity Professionals”.

If you have any questions, please call Legacy Solutions, LLC Marketing Team, 712-244-5258.

Although Carriers and Legacy Solutions, LLC are not monitoring agent compliance with PTE 84-24, agents should maintain written documentation of compliance with the rule in situations that are subject to the rule, as it is the sole responsibility of the agent to comply.

FOR AGENT USE ONLY. NOT FOR USE WITH CONSUMERS.

*As more carriers come out with information, we will update this page.