ThinkAdvisor and 401(k) Specialist Share Insights From Fred Reish on DOL Rollover Rules

July 1, 2022, marks the enforcement deadline for the Department of Labor’s (DOL) new fiduciary prohibited transaction exemption (PTE) 2020-02. Benefits and executive compensation partner Fred Reish spoke to both ThinkAdvisor and 401(k) Specialist about where firms are — and should be — in their compliance.

In the ThinkAdvisor article, Reish provided answers to the following questions:

1. What is due July 1?
2. Which firms will need to comply with the July 1 deadline?
3. Where are firms in their compliance?
4. What are the biggest questions advisors/broker-dealers have about the July 1 compliance date?

In 401(k) Specialist, Reish explained the changes to retirement plan and individual retirement account (IRA) rollover rules. He also noted what must be included in a written explanation of why an adviser recommended a rollover. Reish further emphasized disclosing a rollover recommendation as a conflict of interest or acknowledging that an adviser is a fiduciary under the Internal Revenue Code (IRC).