New Guidance Helps Rollover Advisers Clinch ERISA Carveout

Law360 (April 13, 2021, 7:59 PM EDT) -- The U.S. Department of Labor's benefits unit explained Tuesday how retirement advisers can duck certain Employee Retirement Income Security Act obligations when recommending rollovers, issuing guidance on how to interpret a Trump administration policy that the Biden administration has decided to keep around.

To clinch the ERISA exemption, which lets financial professionals earn commissions on rollover advice, advisers cannot "place their interests ahead of the interests of the retirement investor" or make misleading statements, the DOL's Employee Benefits Security Administration wrote in one of the two guidance documents.

That particular document — a set of 21 frequently asked questions about the...

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