Update on PTE 20-02 after DOL Drops Appeal + Tips & Traps for Retrospective Review

Broadridge

We will begin by describing the changes to the PTE as a result of DOL’s dismissal of its appeal in a U.S. District Court, and discuss the anticipated proposal of a new fiduciary definition under ERISA.

Preparing and certifying an annual Retrospective Review is required to comply with DOL PTE 20-02. Although it is similar to other compliance testing, there are traps that are unique to DOL rules. In this session, we will also discuss some tips to streamline Retrospective Review process that will help firms save time and manage risk.

Learning Objectives:

By the end of the session, attendees will be able to…

1. Understand the implications of the DOL’s decision to drop its appeal
2. Understand considerations for managing risk during the period before the new fiduciary rule proposal
3. Identify key elements of a Retrospective Review, required to be completed as a condition of DOL PTE 20-02
4. Develop a plan for sampling files and testing for compliance
5. Streamline testing leveraging their firm’s policies & tools, as applicable
6. Organize testing into a report for Senior Executive Officer certification

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