DOL confirms investment advice exemption, now in effect
The exemption provides the DOL’s long-awaited final interpretation of when advice to roll over retirement plan assets to an IRA is fiduciary investment advice.
By Beth Miller|February 16, 2021 at 11:25 AM
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The Department of Labor issued a press release late last week confirming that the new fiduciary investment advice guidelines under Prohibited Transaction Exemption 2020-02 would go into effect on February 16, 2021. The DOL also confirmed that the temporary enforcement relief provided by Field Assistance Bulletin 2018-02 will remain in place until December 20, 2021.
The Biden administration previously issued a memo to regulatory agencies suspending new regulations issued during the waning days of the Trump administration. The purpose of the suspension is to provide the incoming administration with the opportunity to review those regulations.
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