New Rollover Reality Set To Kick In
July 16, 2024 by Rich Blake
Following various attempts over the years to redefine what it means to have a fiduciary role when touching investors’ retirement assets, the U.S. Department of Labor (DOL) recently announced some new rules that, once again, aim to take the bar higher. As a result, a large swath of advisors will find themselves beholden to a fresh round of requirements starting later this year (but accompanied by a grace period lasting through the summer of 2025).
In late April, the DOL declared having finalized Rule 29 CFR Part 2510, or the “Retirement Security Rule: Definition of an Investment Advice Fiduciary.” For starters, it broadens the definition of a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) while also amending prohibited transaction exemptions (PTE) requirements.
Click HERE to read the full story via BISA Portfolio