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U.S. Department of Labor facade in Washington, D.C. (Photo: Diego M. Radzinschi/ALM Media)

Investment consultants and other service providers who advise plan participants and fiduciaries about rollovers and investment choices received another reprieve from new rules governing that advice. But the reprieve is only temporary; those consultants and advisors must be prepared to comply by February 1, 2022.

As described in a previous article, the Department of Labor (DOL) issued Prohibited Transaction Exemption 2020-02, which defines when entities and individuals are acting as investment advice fiduciaries under ERISA and the Internal Revenue Code.

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