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Overview: In general, the prohibited transaction rules (in ERISA and the Tax Code) (1) prohibit fiduciaries that provide investment advice to plans subject to Title I of ERISA. ....
To print this article, all you need is to be registered or login on Mondaq.com. The DOL issued guidance on a February 2021 exemption (Prohibited Transaction Exemption ( PTE ) 2020-02, Improving Investment Advice for Workers & Retirees ) that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code Section. The DOL provided this guidance in two documents. In the first document, which is entitled: Choosing the Right Person to Give You Investment Advice: Information for Investors in Retirement Plans and Individual Retirement Accounts, the DOL addressed questions that a retirement investor should consider before relying on investment ....
DOL Issues Guidance for Investors, Plans on Investment Advice Exemption It sets forth questions an investor can ask potential advice providers and information to help them understand the purpose of each question. Reported by The Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) has released guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advice providers. The DOL first announced the fiduciary prohibited transaction exemption (PTE), called “Improving Investment Advice for Workers & Retirees,” on February 12, and it went into effect four days later, on February 16. At the time the PTE was announced, officials said it “allowed for important investor protections, including a stringent ‘best interest’ standard of care for fiduciary recommendations of rollovers from ERISA [Employee Retirement Income Security Act]-protected retirement accounts.” ....