IRA rollovers are common, whether they’re from an old 401(k) or just one account to another, but a newly implemented Department of Labor rule says financial advisers suggesting the move have some explaining to do.
IRA rollovers are common, whether they’re from an old 401 or just one account to another, but a newly implemented Department of Labor rule says financial advisers suggesting the move have some explaining to do.
The rule, known as the prohibited transaction exemption 2020-02,was passed in December 2020 and went into effect in 2021, though enforcement did not begin until February 2022. Under the rule, a recommendation for a rollover from an employer-sponsored plan to an IRA is considered a prohibited transaction if the move is not in the client’s best interest and the adviser receives compensation for it.
The rule applies to any registered investment advisers who offer fiduciary advice to retirement investors.
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