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The DOL's Fiduciary Interpretation and Exemption: Impact on Rollover Recommendations
Faegre Drinker [Guidance Overview] Jan. 13, 2021 "To understand the impact of these changes, the starting point is in the prohibited transaction restrictions in ERISA and the Internal Revenue Code. Without getting into the weeds, those rules prohibit fiduciary recommendations to plans, participants or IRA owners that result in increased compensation for the 'fiduciary advisor.' That raises two issues. The first is the meaning of increased compensation and the second is what constitutes a fiduciary recommendation? [The authors] discuss both questions, and the answers, in the context of rollover recommendations." |
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