Intended to govern investment advice for for retirement account holders including IRAs and 401k plans such as self-directed solo 401k plans, on June 30, 2020 the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a guidance package entitled Improving Investment Advice for Workers and Retirees Exemption. The guidance package includes a News Release, Fact Sheet, Proposed Class Exemption, and a Technical Amendment.
Financial advisers would qualify for the exemption when working with 401(k) plans including solo 401k plans and individual retirement accounts if they follow impartial conduct standards, including: earning reasonable compensation, not making misleading statements and telling customers they are acting as fiduciaries.