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.