IRA

391,621 – Number of Comments and Petitions DOL Promised to Read

November 10, 2015
By: Chin Kim

The Department of Labor (DOL) stated that only after reviewing all the comments and petitions will it decide what to include in the final Fiduciary Rule.

The Department of Labor (DOL) stated that only after reviewing all the comments and petitions will it decide what to include in the final Fiduciary Rule (also known as the Conflict of Interest Rule – Retirement Investment Advice) and the final exemptions.

As the DOL is busy digesting all the comments received to address and finalize the Conflict of Interest Rule, we are starting to receive more questions about the rule and when it will be finalized.

Instead of making you read all 391,621 letters and correspondence to understand the matters at stake, here is some suggested reading:

Pacific Life also has been active in reviewing the proposed rule and the prohibited transaction exemptions, and we provided our thoughts to the DOL. At present, the DOL has not committed to a date when the rules will be finalized. Most stakeholders are expecting it to happen during 2016. As we receive more details relating to this matter, we will provide you with the necessary updates.

Should you have any additional questions, please feel free to contact us directly at (800) 722-2333, ext. 3939, or send an e-mail to RSG@PacificLife.com.

 

Attachments/Links:

Picture of Chin Kim

Chin Kim leads the Retirement Strategies Group, as Assistant Vice President in the Retirement Solutions Division at Pacific Life. His core responsibilities includes sharing and supporting retirement strategies concepts through development of marketing materials and tools and leading the team members in the field and in the home office.

Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. 

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company. Variable and fixed annuity products are available through licensed third parties.

No bank guarantee • Not a deposit • Not FDIC/NCUA insured • May lose value • Not insured by any federal government agency