DOL Delay Impacts OneAmerica Care Solutions
The Department of Labor (DOL) has delayed the application of the Conflict of Interest Rule (aka fiduciary rule) for sixty days, to June 9, 2017.
In light of this delay and until further notice, planned changes to funding Annuity Care products using qualified funds have been suspended and the Prohibited Transaction Exemption 84-24 disclosure form will not be required.
What does this mean?
We will continue to accept qualified funds as premium sources for the following Care Solutions products:
- Asset Care
- Annuity Care I
- Indexed Annuity Care
- Legacy Care
This creates a tremendous opportunity to provide LTC solutions. With a simple IRA rollover into an Annuity Care solution with the continuation of benefit rider we can create an unlimited lifetime pool of tax free benefit for both the IRA holder and his/her spouse.