According to the Office of Management and Budget website, the Labor Department on advised them of its final rule on its proposed advice package, \u201cImproving Investment Advice for Workers & Retirees.\u201d The new fiduciary rule has restored the 1975 five-part test on the conditions for advice to constitute \u201cinvestment advice\u201d and proposes a new prohibited transaction exemption allowing investment advice fiduciaries under ERISA to receive compensation, including as a result of advice to roll over assets from a plan to an IRA.<\/p>\n\n\n\n
With a new administration getting sworn in on January 20th<\/sup>, the questions are whether this rule will be implemented or if it will be, for how long will it survive before it gets replaced by a President Biden run Labor Department?<\/p>\n <\/span><\/p>","protected":false},"excerpt":{"rendered":" According to the Office of Management and Budget website, the Labor Department on advised them of its final rule on its proposed advice package, \u201cImproving Investment Advice for Workers & Retirees.\u201d The new fiduciary rule has restored the 1975 five-part … Continue reading