The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTEs 2020-02 and 84-24. The exemptions...more
The Department of Labor has issued its final regulation defining fiduciary status for investment advice to retirement investors and the related exemptions for prohibited conflicts—PTE 2020-02 and 84-24. The exemptions provide...more
6/18/2024
/ Department of Labor (DOL) ,
Employee Benefits ,
Employer Liability Issues ,
Fiduciary Rule ,
Financial Institutions ,
Insurance Agents ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
IRA Rollovers ,
Prohibited Transactions ,
PTE 84-24 ,
Retirement Plan
On April 25, 2024, the Department of Labor published its final regulation defining fiduciary status for investment advice and the related exemptions—PTE 2020-02 and 84-24. The exemptions provide relief from prohibited...more
5/20/2024
/ Annuities ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Fiduciary Rule ,
Financial Institutions ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Regulation Best Interest ,
Retirement Plan
The DOL’s fiduciary regulation and the amended Prohibited Transaction Exemptions (PTEs) 2020-02 and 84-24 will be effective on September 23 of this year.
However, some of the requirements (called “conditions”) of PTEs...more
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
4/8/2024
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
PTEs ,
Retirement Plan
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
4/1/2024
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
Now that 2022 is behind us, the final steps in compliance with PTE 2020-02 must be satisfied. Those steps are (i) conducting the annual retrospective review and the resulting report (within six months) and (ii) correcting any...more
The DOL’s expanded definition of fiduciary advice is explained in the preamble to PTE 2020-02.
When conflicted fiduciary advice is given to retirement investors, that is, retirement plans, participants (including...more
The DOL’s expanded definition of fiduciary advice is explained in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more
8/9/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs
The DOL’s expanded definition of fiduciary advice to retirement plans, participants, and IRAs was described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations to...more
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including rollovers),...more
7/28/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s prohibited transaction exemption (PTE) 2020-02 (Improving Investment Advice for Workers & Retirees), allows broker-dealers and their registered representatives (advisors) to receive conflicted compensation resulting...more
7/27/2022
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Compliance ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investors ,
Mitigation ,
Prohibited Transactions ,
Retirement
The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. The expanded interpretation applies to all rollover recommendations, including...more
7/12/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Retirement Plan
The DOL’s expanded interpretation of fiduciary advice is described in the preamble to Prohibited Transaction Exemption (PTE) 2020-02. When conflicted fiduciary advice is given to retirement investors (that is, retirement...more
7/6/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Retirement Plan
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02.
When conflicted fiduciary advice is given to retirement investors (that is, retirement plans, participants (including...more
6/22/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more
5/25/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more
5/17/2022
/ Best Interest Standard ,
Broker-Dealer ,
Compensation ,
Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
IRA Rollovers ,
Plan Participants ,
Registered Investment Advisors ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL’s expanded definition of fiduciary advice is described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more
5/10/2022
/ Best Interest Standard ,
Department of Labor (DOL) ,
Employee Benefits ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Pensions ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02. The PTE then provides relief for conflicted non-discretionary recommendations (for example, rollover recommendations), if its...more
5/3/2022
/ Best Interest Standard ,
Broker-Dealer ,
Department of Labor (DOL) ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
IRA Rollovers ,
Plan Participants ,
Prohibited Transactions ,
PTEs ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in the...more
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations.
The DOL’s expanded definition of fiduciary advice was described in...more
4/19/2022
/ Broker-Dealer ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
IRA Rollovers ,
Prohibited Transactions ,
Retirement ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice, particularly for rollover recommendations. The DOL’s expanded definition of fiduciary advice was described in the...more
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02....more
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice.
The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02...more
3/14/2022
/ Best Interest Standard ,
Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently Asked Questions (FAQs) issued by the DOL to explain the fiduciary...more