Things I Worry About (26): Pooled Employer Plans and DOL RFI (7)
Key Takeaways The DOL has issued guidance about PEPs—pooled employer plans—that includes questions designed to assist the DOL in developing future guidance about PEPs. Some of those questions suggest a possible fiduciary safe harbor for small employers who adopt PEPs. This article continues a discussion of the questions asked by the DOL and my comments […]
Things I Worry About (25): Pooled Employer Plans and DOL RFI (6)
Key Takeaways The DOL has issued guidance about PEPs—pooled employer plans—that includes questions designed to assist the DOL in developing future guidance about PEPs. Some of those questions suggest a possible fiduciary safe harbor for small employers who adopt PEPs. This article begins a discussion of the questions asked by the DOL and my comments […]
Things I Worry About (24): Pooled Employer Plans and DOL RFI (5)
Key Takeaways The DOL has issued guidance about PEPs—pooled employer plans—that provides tips for adopting employers and questions about PEPs and that suggests a possible fiduciary safe harbor for small employers who adopt PEPs. This article continues a discussion of the questions that the DOL says that employers should ask when considering adopting a PEP […]
Things I Worry About (23): Pooled Employer Plans and DOL RFI (4)
Key Takeaways The DOL has issued guidance about PEPs—pooled employer plans—that provides tips for adopting employers and questions about PEPs and that suggests a possible fiduciary safe harbor for small employers who adopt PEPs. This article continues a discussion of the questions that the DOL says that employers should ask when considering adopting a PEP […]
Things I Worry About (22): Pooled Employer Plans and DOL RFI (3)
Key Takeaways The DOL has issued guidance about PEPs—pooled employer plans—that provides tips for adopting employers and questions about PEPs and a possible fiduciary safe harbor for small employers who adopt PEPs. This article begins a discussion of the questions that the DOL says that employers should ask when considering adopting a PEP for their […]
Best Interest Standard of Care for Advisors #85: Compliance with PTE 2020-02: Special Issues: Monitoring (2)
Key Takeaways 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. The PTE then provides conditional relief for conflicted non-discretionary recommendations, if its conditions are satisfied. My last article, Best Interest #84, […]
Best Interest Standard of Care for Advisors #84: Compliance with PTE 2020-02: Special Issues: Monitoring
Key Takeaways 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. The PTE then provides conditional relief for conflicted non-discretionary recommendations, if its conditions are satisfied. This article discusses whether the DOL’s […]
Best Interest Standard of Care for Advisors #44
The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 9) On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became effective. The PTE is titled “Improving Investment Advice for Workers & Retirees.” It allows investment advisers, broker-dealers, banks, and insurance companies (“financial institutions”), and […]
Best Interest Standard of Care for Advisors #13
Regulation Best Interest: Significant Changes from Proposal (Part 1) The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest Standard of Care for Advisors.” The SEC’s Reg BI establishes a best […]