PTE 84-24 Disclosure
For IRA/Qualified Funds Transactions
As a life insurance agent, when transacting in Individual Retirement Arrangements (IRAs) and qualified funds (qualified retirement plans). I, the undersigned agent, pledge to exercise my best efforts to always act in good faith and in the best interests of my client(s). I will provide written disclosure, in advance, of any conflicts of interest, which could reasonably compromise the impartiality of my advice. Moreover, in advance, I will disclose any and all commissions or fees (fees negotiated and set with you in advance) I will receive or others will receive by my efforts as a result of this IRA or qualified funds transaction and I will disclose any and all commissions or fees I pay to others for referring you to me.
I am a licensed life insurance agent in the State(s) of: Florida (domiciled state) and New York and not an Investment Advisor. Furthermore, I am not licensed as an Investment Advisor. I represent certain annuity contracts (but not contractually bound to represent) that are insurance products and not investments but, are yet, still authorized by the Internal Revenue Service (IRS) for use as IRAs or qualified plans to which, the new Fiduciary rules pertain (see below).
Under the new Fiduciary rules established by the Depart of Labor (DOL) with a partial implementation date of Friday June 9, 2017 and under the PTE 84-24 exemption to these rules, for these annuity contracts, I may receive commission compensation determined by fixed rate schedules established by the insurance company for your particular case and not jeopardize my Fiduciary status.
My commission compensation is set by the insurance companies I represent. In Florida, I do not participate under FL Stat code 626.572 regarding rebates. Under New York and any other State law (save Florida) and insurance company practice, I may not reduce my compensation for this transaction by rebating any portion of it for your benefit.
My judgment in this transaction may be affected by the following conflicts of interest: I may receive a commission from the Insurance Company if you buy an annuity via my efforts. There are other financial products which may be more suitable or advantageous to your financial goals. Due to licensure and representing a limited number of insurance companies, I am unable to offer you these other financial products.
Gary S. Mettler, Agent