Season 4 Episode 7
In late April the Department of Labor (DOL) released the Retirement Security Rule, generally referred to as the “fiduciary rule.” Nevin (Adams) and Fred (Reish) take a look at what’s changed —what hasn’t—and what it all means for retirement plan advisors.
This now-final rule updates and broadens the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). In this new podcast episode, the prolific podcasting pair ponder:
The impact(s) to retirement plan advisors who are already ERISA fiduciaries, and compliant with PTE 2020-02,
How the five-part test has changed,
The implications of the so-called “Hire Me” exception,
What changes to the “regular basis” criteria mean to the “drive-by” plan sale to plan sponsors.
Episode Resources
Department of Labor Releases Final Investment Advice Fiduciary Rule https://www.napa-net.org/news-info/daily-news/8-important-changes-dol%E2%80%99s-final-fiduciary-rule
8 Important Changes in DOL’s Final Fiduciary Rule https://www.napa-net.org/news-info/daily-news/8-important-changes-dol%E2%80%99s-final-fiduciary-rule
Fiduciary Rule Draws Second Suit in Texas Federal Court https://www.napa-net.org/news-info/daily-news/fiduciary-rule-draws-second-suit-texas-federal-court
The New Fiduciary Rule (34): The “Hire Me” Exception https://fredreish.com/new-fiduciary-rule-34/
The New Fiduciary Rule (32): The DOL’s Final PTE 2020-02 https://fredreish.com/new-fiduciary-rule-32/
The New Fiduciary Rule (31): The DOL’s Final Fiduciary Definition Compared to the Proposal https://fredreish.com/new-fiduciary-rule-31/
The New Fiduciary Rule (30): The One-Time Recommendation Definition https://fredreish.com/new-fiduciary-rule-30/