April 28, 2021

Brad Campbell and Joshua Waldbeser Comment on Potential DOL Investigations Into Retirement Plan Advisers

Financial Advisor

In “Retirement Plan Advisors Are In DOL’s Crosshairs, Experts Say,” Financial Advisor shared insights from benefits and executive compensation partners Brad Campbell and Joshua Waldbeser on how advisers who work with ERISA plans or recommend rollovers may come under scrutiny by the U.S. Department of Labor (DOL).

At the panel discussion, Campbell noted that advisers will clearly be in the agency’s sights given that every rollover from a qualified plan is now under the agency’s jurisdiction, as stipulated in the agency’s new guidance on prohibited transaction exemptions regulation (PTE 2020).

Waldbeser said, “Under the Employee Retirement Income Security Act (ERISA), if you settle a matter with the DOL that involves putting money back into a plan, the DOL has the authority to assert a 20% penalty.”

“The gray area that is going to continue to arise for advisers is with rollovers. The DOL has said they represent fiduciary advice,” Campbell added.

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