Come April 2017, when advisors to 401(k) sponsors and IRAaccounts recommend fixed indexed and variable annuities toretirement savers, they’ll do so under the Best Interest ContractExemption, the provision of the Department of Labor’s finalizedfiduciary rule that will make those advisors legally beholden to dowhat is in savers’ best interests.
In subjecting FIAs and VAs to the BIC exemption, the DOL singledout the products for their “risks and complexities,” according tolanguage in the finalized fiduciary rule.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
