IALC Statement Regarding Appeals Court Decision to Vacate DOL Fiduciary Rule
The Indexed Annuity Leadership Council (IALC) released the following statement in response to the decision by the U.S. Court of Appeals for the Fifth Circuit to vacate the Department of Labor’s (DOL) fiduciary rule in its entirety.
“We are pleased with the Fifth Circuit’s ruling and believe it to be a win for American retirement savers,” said Jim Poolman, Executive Director of the Indexed Annuity Leadership Council (IALC). “The IALC has always focused on product solutions that are in the best interest for American retirement savers and as such we disagreed with the DOL’s enforcement mechanism because it operated to reduce access and limit choices for individuals who have worked hard to plan and save for their financial futures. Continued access to fixed indexed annuities, and the producers that offer them, helps middle-income retirees protect their savings and also provides a predictable stream of lifetime income.”
“Looking beyond the Fifth Circuit’s ruling, the IALC is committed to protecting retirement choices for millions of Americans, and we will continue to uphold this promise. We look forward to continued engagement with our state insurance regulators at the National Association of Insurance Commissioners as they consider these important issues.”