Skip to content

WASHINGTON, D.C. –  The U.S. Department of Labor announced today that a new prohibited transaction exemption for providers of investment advice will take effect as scheduled on Tuesday, February 16, 2021. The Insured Retirement Institute (IRI) issued the following statement from Chief Legal and Regulatory Affairs Officer Jason Berkowitz in response to the DOL’s decision.

“IRI supports the Labor Department’s decision to allow the exemption to take effect without delay. This will permit our member companies to continue to provide clients with valuable retirement products and services under robust consumer protections that ensure financial advice professionals act in their clients’ best interest. Our members are prepared to undertake the necessary hard work to implement the new exemption, which will require updating policies and procedures, modifying systems, training, and more.

“However, we continue to disagree with the expansive interpretation of the five-part test contained in the rule’s preamble. This interpretation is inconsistent with the 2018 decision by the U.S. 5th Court of Appeals in U.S. Chamber of Commerce v. U.S. Department of Labor. Further, the rule does not provide a clear and workable path to exemptive relief for independent insurance agents.

“IRI will continue to work with the Department to clarify this regulation to ensure that retirement savers have access to their choice of financial advice, products, and services that will help them achieve a financially secure and dignified retirement.”

# # #

Contact: Dan Zielinski 

Stay Informed

Latest News

March 10, 2022

IRI STUDY REVEALS TOMORROW’S RETIREES FEEL LESS FINANCIALLY SECURE THAN TODAY’S

WASHINGTON, D.C. – A recent survey of retirees and near-retirees demonstrates the comparative financial security today’s retirees enjoy, in contrast to…

Read more
March 7, 2022

INSURED RETIREMENT INSTITUTE ANNOUNCES VIRTUAL CONGRESSIONAL FLY-IN

WASHINGTON, D.C. — The Insured Retirement Institute (IRI) is conducting a virtual fly-in with its Board of Directors on March…

Read more
March 3, 2022

IRI UNVEILS 2022 RETIREMENT SECURITY BLUEPRINT

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released its 2022 Federal Retirement Security Blueprint detailing the association’s federal legislative…

Read more
Scroll To Top