The New Fiduciary Rule (36): Confusion about Annual Retrospective Reviews
Key Takeaways The DOL’s fiduciary regulation will be effective on September 23 of this year. As a result, beginning on September 23 one-time recommendations to retirement investors can be fiduciary advice and, where the advice is conflicted, the protection afforded by a prohibited transaction exemption will be needed. While some of the requirements (called “conditions”) […]
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 […]
Best Interest Standard of Care for Advisors #99: The PTE 2020-02 Requirement for An Annual Retrospective Review
Key Takeaways 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), and IRA owners (including transfers of IRAs), it results in prohibited transactions under the Internal Revenue Code and ERISA. The PTE provides […]
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 […]
Best Interest Standard of Care for Advisors #82: Compliance with PTE 2020-02: Correction of Violations of PTE 2020-02
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 […]
Best Interest Standard of Care for Advisors #81: Compliance with PTE 2020-02: Annual Retrospective Review
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 […]