DOL Delay: IRAs and Prohibited Transactions
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[…]
