Dear NAIFA Leaders,
NAIFA’s Executive Committee during its June 1 meeting adopted a motion authorizing NAIFA to join the American Council of Life Insurers (ACLI) in a judicial challenge to the Department of Labor fiduciary rule. WilmerHale filed the lawsuit in federal court earlier today.
NAIFA-Texas and five NAIFA local associations (NAIFA-Amarillo; NAIFA-Dallas; NAIFA-Fort Worth; NAIFA–Great Southwest; and NAIFA–Wichita Falls), also joined the ACLI in the judicial challenge. Taking this step is another means of ensuring that NAIFA leaves no stone unturned in our ongoing efforts to seek a regulatory environment that gives American savers access to professional financial assistance and retirement products under a variety of business models.
While NAIFA’s grassroots and other advocacy efforts resulted in changes to earlier drafts of the DOL rule, NAIFA remains concerned that the final rule will reduce consumers’ access to honest, valuable information and advice from financial professionals about retirement products, such as 401(k)s, IRAs and annuities.
NAIFA’s participation in this lawsuit is part of our strategy to leverage all three branches of government to help bring about good policy and enable our members to serve consumers. Grassroots advocacy remains NAIFA’s greatest strength and we will continue to engage with lawmakers and regulators on the issue.
NAIFA will provide ongoing updates to help members understand the DOL rule and resources to ensure compliance.