IRI Statement on DOL Issuance of Delay of Fiduciary Rule

IRI Statement on DOL Issuance of Delay of Fiduciary Rule

Comprehensive Reevaluation of Fiduciary Rule Necessary for American Savers

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today issued a statement from IRI President and CEO, Cathy Weatherford, in response to the Department of Labor’s issuance of a 60-day delay of the applicability date of the fiduciary rule. 

“The Insured Retirement Institute is pleased that the Department of Labor (DOL) acted expeditiously to issue a 60-day delay of the applicability date and a delay until January 1, 2018, for a number of provisions of the fiduciary rule which would significantly harm retirement savers by limiting access to financial guidance, reducing service provider choice and products, and raising the cost of saving for retirement.”

“The delays provided by the DOL are necessary to give the appropriate time needed to conduct the examination the President directed—which reflects IRI’s well-found, ongoing, and significant concerns about the rule.  However, IRI is disappointed to see that the Department did not delay all the provisions of the rule.  The President directed the Department to examine all questions of law and policy raised by the rule, the potential harm that could be caused to retirement savers, as well as potential market disruptions that could occur from the Department’s failure to delay all the provisions of the rule.”

“We are hopeful that a delay to at least January 1, 2018, of all the provisions will be granted expeditiously following the closing of the comment period on April 17, 2017.  Without a delay of the additional provisions of the rule set to take effect on June 9, 2017, the Department will not be able to properly assess the harm caused to the retirement savers and the financial services firms that serve them.”

About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry.  IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies.  IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals.  As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement.  Learn more at www.irionline.org.

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Contact: John B Jennings
For a PDF of this release, please click here.