September 08, 2023

Brad Campbell Comments on Upcoming DOL SECURE 2.0 Rulings in ThinkAdvisor

In “Looming DOL Rules Could Have ‘Long-Term Ramifications,’ Lawyer Warns,” ThinkAdvisor quoted compensation and benefits partner Brad Campbell on forthcoming SECURE 2.0 guidance and rulings from the Internal Revenue Service (IRS) and the Treasury Department after a firm webinar on the topic.

Campbell noted the two-year transition period for Roth-only catch-up contributions was a positive sign for two reasons — the IRS is ready to offer much-needed guidance, and “policy decisions on implementation are likely to recognize the real-world difficulties in SECURE 2.0 implementation, providing appropriate relief from the new law’s errors, omissions and ambiguities.”

He recommended advisers be aware of the potential passing of a fiduciary rule and associated class exemptions that could have long-term ramifications, as well as a procedural rule that would make it difficult for plans or service providers to apply for prohibited transaction exemptions.

“Of course, advisers need to keep their eyes on the Securities and Exchange Commission, as it issues more and more new proposals that would materially increase compliance burdens on advisers and broker-dealers,” Campbell mentioned.

The full article is available for ALM subscribers.

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