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For Investment Advisers On December 18, 2020, the Department of Labor (DOL) adopted Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”), subjecting 401(k) rollover subject to ERISA’s fiduciary rules (sometimes). The exemption, called Improving Investment Advice for Workers and Retirees, expands the definition of fiduciary advice under ERISA to recommendations about rollovers and IRA investments. So now, in addition to best interest, fiduciary and disclosure standards imposed by the SEC and FINRA, investment advisers, broker-dealers, banks, and insurance companies (“Financial Institutions”) now have to prove compliance with the DOL’s “Impartial Conduct Standards.” Failure to comply can result in substantial penalties. The exemption went into effect on February 16, 2021, dashing any hopes that President Biden’s administration might revisit or postpone it. But don’t panic if you are not ready. The DOL and the IRS have agreed to extend their non-enforcement po

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