WebJul 28, 2024 · The DOL takes the position that advice to take a distribution of assets from a Plan is advice to sell, withdraw, or transfer investment assets currently held in the Plan, and therefore may be covered by the five-part test to determine whether a retirement investment adviser is a fiduciary. WebNew DOL Prohibited Transaction Exemption Regulates Investment Advice Fiduciaries On April 13, 2024, the DOL issued clarifying guidance for Prohibited Transaction Exemption 2024-02, Improving Investment Advice for Workers & Retirees, which became effective on February 16, 2024.

Ice Miller LLP: Insights

WebJan 8, 2024 · On December 15, 2024, the Department of Labor ("DOL") issued its final prohibited transaction exemption [ Prohibited Transaction Exemption 2024-02, … WebJul 7, 2024 · As defined in the proposal, an Investment Professional is an individual who is a fiduciary of a Plan or IRA by reason of the provision of investment advice, who is an … chrissys marketing corner

For Advisers: DOL Confirms Investment Advice Exemption

WebMay 17, 2024 · Department of Labor (“DOL”) PTE 2024-02 , Improving Investment Advice for Workers & Retirees, became effective on February 16, 2024. On April 13, 2024, the DOL issued implementing guidance ... WebJan 7, 2024 · The DOL has finalized its prohibited transaction exemption (PTE) allowing investment advice fiduciaries to receive reasonable compensation and engage in … WebPTE 2024-02, called Improving Investment Advice for Workers and Retirees, expands the definition of advice covered under ERISA law to include recommendations about retirement plan rollovers and Individual Retirement Accounts (“IRAs”). PTE 2024-02 went into effect on February 16, 2024, and included a non-enforcement policy until December 20, 2024. geom and stat pairs