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The exemption has no change after October 12, 1979. I’ve considered the exemption only once. (And it was longer ago than your experience.) I explained that the exemption does not relieve a plan’s fiduciary from its responsibility to act loyally and prudently for the exclusive purpose of providing the plan’s benefits. A fiduciary must get the best deal the plan could obtain. The insurance agency decided that its fiduciary responsibility required it to negotiate the life insurance contract to zero the commission with the insurer lowering the premiums for the contract’s death benefits and increasing the cash values. An actuary reported to us that the insurer’s profit margin on the negotiated contract was equal to its margin on the commission-loaded contract.