Get Ready for New DOL Rollover Rules on July 1

March 22, 2022 by Melanie Waddell

Advisors take note: Starting on July 1, advisors and firms under the Labor Department’s new fiduciary prohibited transaction exemption “will need to provide to the participant, in writing, the specific reasons why a rollover is in [their] best interest,” according to ERISA attorney Fred Reish, partner at Faegre Drinker.

“As a result, the analysis and recommendation needs to be personalized, or individualized, to the participant and his or her circumstances,” Reish told ThinkAdvisor Wednesday in an email.

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Originally Posted at ThinkAdvisor on March 16, 2022 by Melanie Waddell.