PTE and IRA Rollover Recommendation Considerations
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[…]