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Important rate lock information:
Nationwide utilizes a systematic 60 calendar day rate lock period. For contracts meeting the below requirements, Nationwide will systematically provide a rate lock for a period of 60 calendar days from the application signature date. Any applications signed on or 3/1/22 will receive the new strategy option rates.

The rate lock will provide the greater of the rates available during the 60 days based on the application signed date or issue date, as long as the contract is in good order and funded within 60 calendar days from the application date. Otherwise, the contract will receive only the current rates available at the time of issuance.

In 2020, the Department of Labor (DOL) issued a final rule affirming the pre-2016 exemption relief remains in place including Prohibited Transaction Exemption (PTE) 84-24. In addition, the DOL provided a new interpretation of its five-part test for determining fiduciary investment advice and created a new PTE 2020-02.

This rule impacts you if you receive a commission on the sale of an Annuity to a qualified plan participant and IRA holder. Please note, this requires a disclosure document to be signed by the investor. Moreover, the DOL has broadened the potential application and recommendations that determine fiduciary status. Notably, rollover recommendations may now satisfy and trigger fiduciary status.

We’re here to support you:

Nationwide^® has no carrier requirement for 2020 DOL, but we are offering support for you by providing access to a DOL Updates webpage containing the following materials that may assist in meeting the DOL fiduciary requirements. If selling through a broker-dealer and not an IMO/BGA, please contact your broker-dealer directly for DOL guidance.

• Product Profile Summaries
  Nationwide has product profile summaries available to assist you in educating clients regarding applicable products. These product summaries are available on nationwidefinancial.com on each applicable product page.
• Department of Labor Informational Guide
  Created to provide you with a better understanding of the DOL Fiduciary Rule, the consequences of violations, and Financial Professionals’ responsibilities.
• Prohibited Transaction Exemption (PTE) 84-24 Disclosure and Acknowledgement Form
  This form is not a good order requirement for new business. The purpose of this disclosure form is to provide important information for the Fiduciary or IRA owner to consider when determining whether to purchase an annuity contract with Plan or IRA assets. The information is also intended to satisfy the requirements and conditions of U.S. Department of Labor Prohibited Transaction Exemption 84-24 (“PTE 84-24”).

Record Retention
Please note, you should keep the executed disclosure form, any illustrations, sales literature or other information provided to your clients for at least 6 years from the date that the disclosure form is executed.

We’re ready to support you
Your business is important to us and we’re committed to helping you. Please use the resources on our DOL updates page as you prepare for this change.

Coming Soon – e-App for Nationwide Peak® 10

We’re excited to announce that e-app capabilities through FireLight® will soon be available for Nationwide Peak 10.

Be on the lookout for more information, including webinar training, regarding this exciting opportunity to submit business more efficiently and with fewer not-in-good-order issues.

Current Participation Rates and Caps

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