Post by Admin/YBB on Apr 23, 2024 12:47:36 GMT -6
DOL Retirement Security Rule, 2024
New DOL Retirement Security Rule will require advisors to act as fiduciaries for retirement advice. Rule will affect 401k/403b to IRA transfers, high-fee products, purchases of annuities, etc. Starting from 9/23/24, advisors must disclose that they are acting as fiduciaries, and all aspects of the Rule must be implemented by September 2025. This may limit advisors who can provide retirement advice; e.g. RIAs must act as fiduciaries, but other licensed advisors/brokers can use diluted Reg BI or weak suitability standards.
News www.cnbc.com/2024/04/23/labor-department-issues-rule-to-crack-down-on-bad-retirement-savings-advice.html
News www.napa-net.org/news-info/daily-news/breaking-department-labor-releases-final-investment-advice-fiduciary-rule
News 401kspecialistmag.com/dol-final-fiduciary-rule-released-set-to-become-effective-in-september/
News www.thinkadvisor.com/2024/04/23/dol-releases-final-fiduciary-rule/
DOL Retirement Security Rule (476 pages) www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/laws/erisa/retirement-security/final-rule.pdf
Edit/Add, 4/25/24. Wide ranging industry reactions.
www.thinkadvisor.com/2024/04/25/industry-players-weigh-in-on-the-dols-new-fiduciary-definition/
New DOL Retirement Security Rule will require advisors to act as fiduciaries for retirement advice. Rule will affect 401k/403b to IRA transfers, high-fee products, purchases of annuities, etc. Starting from 9/23/24, advisors must disclose that they are acting as fiduciaries, and all aspects of the Rule must be implemented by September 2025. This may limit advisors who can provide retirement advice; e.g. RIAs must act as fiduciaries, but other licensed advisors/brokers can use diluted Reg BI or weak suitability standards.
News www.cnbc.com/2024/04/23/labor-department-issues-rule-to-crack-down-on-bad-retirement-savings-advice.html
News www.napa-net.org/news-info/daily-news/breaking-department-labor-releases-final-investment-advice-fiduciary-rule
News 401kspecialistmag.com/dol-final-fiduciary-rule-released-set-to-become-effective-in-september/
News www.thinkadvisor.com/2024/04/23/dol-releases-final-fiduciary-rule/
DOL Retirement Security Rule (476 pages) www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/laws/erisa/retirement-security/final-rule.pdf
Edit/Add, 4/25/24. Wide ranging industry reactions.
www.thinkadvisor.com/2024/04/25/industry-players-weigh-in-on-the-dols-new-fiduciary-definition/