Labour market · 18/12/2020

Prohibited Transaction Exemption 2020-02: Improving Investment Advice for Workers & Retirees

The Employee Retirement Income Security Act of 1974 (ERISA) prohibits fiduciaries from engaging in self-dealing and receiving compensation from third parties in connection with transactions involving workplace retirement plans and individual retirement accounts. A class exemption allows investment advice fiduciaries to receive compensation for providing investment advice to workers and retirees, including rolling over assets from a workplace retirement plan to an individual retirement account.