DOL Proposed Regulation (Improving Investment Advice for Workers and Retirees Exemption) Impact on Retirement Accounts Including Solo 401k Plan

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 ReleaseFact SheetProposed 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.

Tags: , , , ,

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

MENU