DOL Fiduciary Rule 3.0 Best Practices: A Practical Guide for Annuity Professionals

With the exception of the two years that Fiduciary Rule 2.0 was in place from 2016 to 2018, a one-time rollover recommendation to purchase an annuity to a plan participant or IRA owner has been generally understood to not be subject to a fiduciary standard. This has been the case for decades.

Effective Feb. 1, 2022, things changed; the DOL’s Fiduciary Rule 3.0 took effect. A regulatory regime in which ERISA’s five-part test used to determine fiduciary status is both broadened and reinterpreted. Annuity professionals making rollover recommendations will now be required to use a prohibited transaction exemption (PTE) in order to help clients and receive a commission for doing so.

Get up to speed on guidelines for determining whether fiduciary status is triggered, PTEs 2020-02 and 84-24 that will be relevant for future sales, and what we might anticipate from future DOL guidance. NAFA’s newest best practices resource will help you navigate this rule successfully, preparing your practice to seamlessly maintain compliance and act in accordance with prudence and loyalty.

Use the interactive flipbook below to quickly navigate this members-only content, or download a copy of the PDF for access to a fillable version of the included form!