Phoenix DOL Fiduciary Rule and Doing Business

by admin sunderland | Jun 06, 2017

IMPORTANT NOTICE: DOL Fiduciary Rule and Doing Business with Phoenix


Phoenix is committed to offering our distribution partners annuity solutions for their customers. 
On May 22, 2017, the U.S. Department of Labor (DOL) announced that certain aspects of the Fiduciary Rule it issued in April 2016, would become effective on June 9, 2017.  As a result, sales of qualified annuity contracts after that date will need to comply with a Prohibited Transaction Exemption (PTE) issued by the DOL.  After June 9, 2017, producers recommending the purchase of annuity products with qualified funds will be considered fiduciaries and will need to comply with PTE 84-24 for sales of Phoenix annuity products.
What’s Changed After June 9, 2017:

  • For all annuity applications (both qualified and non-qualified) signed and dated after June 9, complete and return the required Producer Acknowledgement with the Application Package.  No client signature is necessary. 


  • For qualified annuity sales: producers can complete and use the Supplemental Disclosure we are making available or can use a different document as long as it contains the disclosures required by PTE 84-24.  Producers must retain the completed disclosure in the producer’s files for recordkeeping purposes.

Want more information?
The enclosed memo contains an overview of the Fiduciary Rule and PTE 84-24.  Phoenix has provided this memo for your information and is not responsible for its content or for producers’ compliance with the requirements of PTE 84-24. Also, the DOL may change the Fiduciary Rule and the related Prohibited Transaction Exemptions before they fully take effect on January 1, 2018.  We will provide updated information as necessary.     
Thank you for your business.
Please contact the Phoenix Sales Desk at 888-794-4447 with questions.