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Retirement Plans Newsletter

April 13, 2021


[Official Guidance]

Text of DOL Fact Sheet for Investors in Retirement Plans and Individual Retirement Accounts: Choosing the Right Person to Give You Investment Advice

"This publication includes a list of questions that you should consider asking before relying upon investment advice from investment advice providers regarding your retirement accounts along with some additional background information to help you understand the purpose of each question.

'This publication also includes some answers to frequently asked questions (FAQs) about the [DOL's] new Improving Investment Advice for Workers & Retirees exemption. Because of the wide variety of arrangements and investment advice providers (including those who serve retirement investors in both fiduciary and non-fiduciary capacities), it is important to ask these types of questions before relying upon investment recommendations."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Official Guidance]

Text of DOL FAQs About PTE 2020-02: Improving Investment Advice for Workers and Retirees

"[21 Questions and Answers] provide guidance on PTE 2020-02 and information on the Department's next steps in its regulation of investment advice. The guidance is limited to application of federal retirement laws to advice concerning investments in ERISA-covered plans and plans covered by Code section 4975 (such as IRAs)." [Q&As address Compliance Dates, Definition of fiduciary investment advice, and Compliance with PTE 2020-02.]  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

DOL Releases Guidance on Investment Advice Exemption

"[EBSA] today issued guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advice providers. The guidance relates to the department's 'Improving Investment Advice for Workers & Retirees' exemption and follows its Feb. 12, 2021, announcement that that exemption would go into effect as scheduled on Feb. 16, 2021."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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