Complying With PTE 2020-02 Under New Rollover Requirements - Kitces As of February 1, 2022, financial advisors who give advice to clients about whether to roll over 401 (k) plan assets into an IRA are subject to a new set of regulations from the U S Department of Labor (DOL)
New Fiduciary Advice Exemption: PTE 2020-02 Improving Investment Advice . . . Rollover recommendations are a primary concern of the Department, as financial services providers often have a strong economic incentive to recommend that retirement investors roll assets out of ERISA-protected plans into one of their institution’s IRAs
District Court Vacates Department of Labor’s Plan-to-IRA Rollover . . . On February 13, 2023, a judge from the U S District Court for the Middle District of Florida struck down the U S Department of Labor’s (DOL) most recent guidance on when rollover advice is viewed as fiduciary under ERISA
GAO Investigating Service Provider Cross-Selling and Data Collection Data privacy and cross-selling have become a growing concern for the Department of Labor (DOL) In January, the DOL proposed a rule that would permit auto-portability providers to charge a fee to automatically rollover participant assets from the plan of their previous employer to their new one
Goodbye “Five-Part Test”—DOL Finalizes New Investment Advice Fiduciary . . . The final rules specifically cover advice to roll over assets from an employer-sponsored retirement plan into an IRA – in other words, rollover advice would now be ERISA-covered fiduciary “investment advice” regardless of whether the advice is provided on a “regular basis ”