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DOL Official Sheds Light on Rollover Recommendations
American Retirement Association [ARA]Link to more items from this source
July 28, 2021

"Key Takeaways [from a discussion with Tim Hauser of EBSA:] [1] Suggesting investments that could occur after a rollover is tantamount to recommending a rollover, and if it meets the rest of the five-part test will constitute fiduciary advice, regardless of how it's phrased. It doesn't require the 'magic words.' [2] Rejection of the Deseret letter was the [DOL's] attempt to 'level the playing field' between advisors outside the plan and plan advisors with regard to rollovers. [3] 'Regular' basis at present isn't a function of frequency, but rather a reasonable expectation of an ongoing relationship. [4] A revisit of the fiduciary rule is on the agenda, but it would follow a notice and comment period."

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