Fiduciary Rule Update
The Department of Labor announced there will be no delay in the June 9, 2017, applicability date of the Fiduciary Rule. As of 11:59 p.m. EDT on June 9, 2017, the expanded fiduciary definition will be in effect for all business involving a deposit to or a withdrawal from an IRA, ERISA Plan or 401(k) Plan.
Effective June 10, 2017, we’ll be requiring producers to acknowledge they are eligible to receive a commission (under either Prohibited Transaction Exemption Form 84-24 or the Best Interest Contract Exemption) for new OneAmerica sales in IRAs and additional purchase payments to existing IRA contracts.
The new process will apply to the following qualified
Care Solutions contracts:
* Single Premium Immediate Annuity
* Annuity Care
* Annuity Care III
* Asset-Care III
* Indexed Annuity Care
* Legacy Care
Watch for more details next week on the new process and forms that will be available.
Enhanced Asset-Care LTC acceleration options in Arizona!
Joint life Asset-Care in Arizona now can include the enhanced LTC acceleration options of 3 percent and 4 percent. These payout options are available only if the Continuation of Benefits (COB) rider is applied for and issued at the same time as the base policy.
Illustrations for Asset-Care with the enhanced LTC acceleration options always must include COB. Both the desktop illustration and the Sales Connection systems (illustrations and e-App) are now updated to include the new options.