At the pensions subcommittee hearing, Primerica President Peter Schneider claimed the rule would eliminate variable annuities as an option for IRAs.
“These lifetime investments are often critical to protecting the best interests of retirement investors,” he said.
Countering arguments that Perez and other proposal advocates have made that retirement plan advisors should act in the best interest of clients, much like doctors and lawyers, the Primerica executive asked: “Would doctors continue to serve patients if they were required to sign a contract guaranteeing fees and projecting results over one, five and 10 years and give warranties on loosely defined standards that could be challenged by trial attorneys in hindsight?”