Fred Reish, David Porteous and Joan Neri Unpack DOL PTE 2020-02

On Oyster Consulting’s “Oyster Stew ‑ A Broth of Financial Services Commentary and Insights” podcast, benefits and executive compensation partner Fred Reish, business litigation partner David Porteous and benefits and executive compensation counsel Joan Neri discuss the Department of Labor’s (DOL) Prohibited Transaction Exemption (PTE) 2020-02.

Reish, Porteous and Neri address the current state of the industry’s implementation, how different firms are approaching the requirements, self-correction and what they see as the DOL’s approach. They also explain that a U.S. District Court judge challenged the DOL’s frequently asked questions around the fiduciary investment advice definition to rollover recommendations in February 2023, outlining the case, other legal challenges and potential impacts.