‘Past’ Tense? PTE 2020-02 Is in the Rearview Mirror… Wait, Not Yet!

Benefits and executive compensation partner Fred Reish authored an article for the National Association of Plan Advisors’ NAPA Net the Magazine, detailing the importance of compliance requirements related to the Department of Labor’s (DOL) Prohibited Transaction Exemption (PTE) 2020-02.

Reish emphasized the need for financial institutions to create and retain records. He highlighted three requirements to consider, including recordkeeping requirements, the four-step self-correction procedure, and the annual retrospective review and report.

In conclusion, Reish noted that compliance failures will be discovered through supervision and the annual review and will need to be corrected and reported to the DOL.