Department of Labor Archives - MasterCompliance

PTE and IRA Rollover Recommendation Considerations

Posted on September 1, 2022 by admin

U.S. Department of Labor’s (“DOL”) recently published final prohibited transaction exemption regarding investment advice for IRA and ERISA plans (PTE 2020-02). This exemption became effective on February 16, 2021 allowing for a transition period to comply. Key elements include, written acknowledgments of fiduciary status by both the broker-dealer and the representative, disclosure of conflicts of interest and compensation information, the implementation of policies and procedures to mitigate or eliminate conflicts, as well as an annual reporting and certification of compliance. PTE’s conditions related to rollover recommendations went into effect on July 1st 2022. As we have worked with clients on Read more about PTE and IRA Rollover Recommendation Considerations[…]

DOL Delay: IRAs and Prohibited Transactions

Posted on November 12, 2021 by admin

Earlier this year, the U. S. Department of Labor (DOL) published their final prohibited transaction exemption regarding investment advice for ERISA plans and IRAs (PTE 2020-02). This exemption is currently effective but allowed for a transition period ending 12/20/2021 for Firms to comply. The DOL recently announced a temporary enforcement policy on the new rule. After listening to the feedback of many financial institutions that doing an off-cycle, mass mailing is very cost prohibitive, they agreed to extend the implementation start date to January 31, 2022. The DOL will not pursue claims against investment advice fiduciaries who are working diligently, Read more about DOL Delay: IRAs and Prohibited Transactions[…]

IRAs and Prohibited Transactions

Posted on August 20, 2021August 20, 2021 by admin

The U. S. Department of Labor (DOL) recently published their final prohibited transactions exemption regarding investment advice for ERISA plans and IRAs (PTE 2020-02). This exemption is currently effective but allows for a transition period ending 12/20/2021 for Firms to comply.

The DOL’s Fiduciary Rule Transition Period Extended 18 Months

Posted on December 13, 2017November 2, 2018 by SCM Communications

As you may recall, the Fiduciary Rule’s BIC Exemption and Principal Transaction Exemption became applicable on June 9, 2017, with transition relief through January 1, 2018. However, recently the Department of Labor announced the delay of the second implementation of the Fiduciary Rule, amending it from January 1, 2018 to July 1, 2019. Due to this amendment, Financial Institutions and Advisers will only have to comply with the Impartial Conduct Standards during the transition phase. The Impartial Conduct Standards requires an Adviser to seek to obtain the best execution reasonably available under the circumstances with respect to the transaction, and charge no more than reasonable compensation. Read More…

Department of Labor Fiduciary Rule

Posted on June 6, 2016November 2, 2018 by admin

A recently approved rule from the Department of Labor (“DOL”) is a complex regulation that would apply to financial professionals who provide financial advice to participants or sponsors of retirement savings plans, including 401(k) plans, IRAs and rollovers. The new rule, commonly referred to as the Fiduciary Rule, changes the legal relationship between an adviser and a client. Read More…