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Court Overturns DOL Guidance on Rollover Advice
Mercer 
Mar. 3, 2023 "In one of those FAQs, DOL said a recommendation to roll over a participant's retirement plan account to an [IRA] may be fiduciary investment advice when the advisor expects to give ongoing advice after the rollover. According to the court, this guidance contradicts the agency's current regulation -- originally issued in 1975 -- which says advice does not qualify as investment advice unless given to a plan on a 'regular basis.' The court's ruling likely isn't the last word on rollover advice, since amending the 1975 regulation remains one of DOL's top priorities." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023)] |
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