Joshua J. Waldbeser

Jan 25, 2025 | openlegalblogarchive.org | Fred Reish |Joan M. Neri |Joshua J. Waldbeser

The effective date of the DOL’s new definition of fiduciary advice and the amendments to PTE 2020-02 have been stayed pending the outcome of the lawsuits challenging the rule and the amended PTE. However, there will still be instances when advisers will be considered fiduciaries under the current DOL fiduciary rule when recommending rollovers and as such, may need to comply with the current version of the PTE and undertake the best interest process described in this article.

Aug 9, 2024 | jdsupra.com | Joan M. Neri |Fred Reish |Joshua J. Waldbeser

Following the stays that were issued by the Texas courts, the September 23, 2024, effective date for the DOL’s new fiduciary rule and the amendments to PTE 2020-02 and PTE 84-24 will not go into effect pending the outcome of the lawsuits challenging the rule and amended exemptions. As a result, the current DOL fiduciary regulation continues to apply as do the current versions of PTE 2020-02 and PTE 84-24.

Apr 18, 2024 | jdsupra.com | Joan M. Neri |Fred Reish |Joshua J. Waldbeser

In its public-facing documents, the change most emphasized by the DOL is the expansion of circumstances under which a firm can lose its eligibility to act as a QPAM, due to certain criminal matters or other misconduct. The final amendment continues to restrict the planning, negotiation and initiation of transactions by parties-in-interest, which may create practical questions and challenges in certain contexts.

Apr 28, 2023 | jdsupra.com | Joshua J. Waldbeser

April 28, 2023 To embed, copy and paste the code into your website or blog: SECURE 2.0, which was included as part of the Consolidated Appropriations Act of 2023, was signed into law in late December 2022. The statute contains 92 substantive sections making reforms to a broad array of retirement-related provisions in ERISA, the Internal Revenue Code (the Code) and certain other laws.