The New Fiduciary Rule (21): Requirement to Correct Failures with PTE Conditions (Part 3)
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The expansive definition of fiduciary in the DOL’s proposed regulation will cause many more […]
The New Fiduciary Rule (20): Requirement to Correct Failures with PTE Conditions (Part 2)
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The expansive definition of fiduciary in the DOL’s proposed regulation will cause many more […]
The New Fiduciary Rule (19): Requirement to Correct Failures with PTE Conditions (Part 1)
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The DOL’s proposed fiduciary regulation defines fiduciary recommendations to include, among other things, one-time […]
The New Fiduciary Rule (18): Requirement to File Form 5330 and Pay Excise Taxes
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans, participants (including rollovers), and IRAs (including transfers). Key Takeaways The DOL’s proposed fiduciary regulation defines fiduciary recommendations to include, among other things, one-time […]
PTE 2020-02: The Remaining Steps: Retrospective Review and Correction of Compliance Failures (Part 1)
Key Takeaways The next step in compliance with the DOL’s PTE 2020-02 is to conduct the annual retrospective review for 2022 and to reduce the review to a written report to be signed by a “senior executive officer.” The review and report must be completed within 6 months after the end of the year. In […]
Best Interest Standard of Care for Advisors #83: Compliance with PTE 2020-02: Enforcement of the Exemption
The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs 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 definition and the exemption for conflicts of interest. Key […]