The Department of Labor’s (DOL’s) recently issued proposed rule would expand the definition of fiduciary advice to cover many services provided by advisers to retirement plans and IRAs.  Under this expanded definition, advisers may need the relief provided by Prohibited Transaction Exemption (PTE) 2020-02 to avoid a prohibited transaction.  The DOL has also proposed amendments to PTE 2020-02.

This article, co-written by Joan Neri, describes the proposed fiduciary advice rule and the proposed amendments to PTE 2020-02 and discusses the impact these proposals, if finalized, will have on advisers.

Download the article “The Proposed DOL Fiduciary Rule” as previously published in IAA Today.

The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.

The views expressed in this article are the views of Fred Reish, and do not necessarily reflect the views of Faegre Drinker.