September 14, 2023
Proposed Fiduciary Rule Update
What you need to know.
On September 8th, the Department of Labor (DOL) submitted a proposed fiduciary rule to the Office of Management and Budget (OMB) for review. Submission of a proposed rule to OMB is the first step in the rule making process, and it will be months before any changes take effect.
What you need to know:
- Your business practices do not need to change at this time, and you can continue to submit business as normal.
- Eventually, the proposed rule will be in a “comment period” where the text of the proposed rule can be reviewed, and National Life, along with other carriers and industry groups, can comment on the industry’s behalf.
- This DOL regulation does not apply to non-ERISA plans meaning there will generally be limited impact to 403(b)/457(b) business.
As we review the proposed rule and the potential business practice changes, we will keep you up to date on any action you may need to take.
