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CPA Voice: Navigating the guidance on qualified plan rollovers

Written on Aug 18, 2022

A rule from the U.S. Department of Labor could create a regulatory landmine for investment advisers.

“Under ERISA, an adviser’s recommendation that a client roll over assets from a qualified plan into an account to be managed by the adviser or their firm creates a conflict of interest and may be a prohibited transaction, subject to sometimes draconian civil penalties if doing so increases the compensation the firm earns from the client,” writes Mark J. Gilbert in the July/August issue of CPA Voice.

“On Dec. 18, 2020, the DOL issued PTE 2020-02, which creates an exemption from the prohibited transaction rules if advisers follow certain steps. The rule becomes fully effective between Feb. 1 and July 1, 2022. The bottom line is that the qualified plan to IRA rollover is still permitted, but the fiduciary adviser must ensure more documentation is in place to justify any recommendation where the adviser manages the IRA.”

Read more about possible implementation issues in the July/August issue of CPA Voice.

Read the entire article available now in the July/August issue of CPA Voice.   

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