Fred Reish Discusses DOL Fiduciary Rule in “401(k) Specialist Pod(k)ast” Series

In a “401(k) Specialist Pod(k)ast” episode 401(k) Specialist spoke to benefits and executive compensation partner Fred Reish about the Department of Labor (DOL) in anticipation of the proposed regulation regarding its fiduciary rule coming in August 2023.

In the episode, Reish provides an overview of the Prohibited Transaction Exemption (PTE) 2020-02 issue and what approach he thinks the DOL may take. “I think the most desirable outcome for the Department of Labor would be that a single recommendation of a rollover in and of itself is a fiduciary act, and you have to satisfy PTE 2020-02,” Reish said.

Reish also provides a timeline for the regulation and some key thoughts on what this all means for retirement plan advisors.