The Department of Labor’s Prohibited Transaction Exemption 2020-02 will begin to be fully enforced effective July 1. Not all advisors are ready, but Anthony Woodard, chief risk and compliance officer for Qualified Plan Advisors, isn’t worried.
“He says the firm has a defined process for making and documenting rollover recommendations; consequently, its advisers are ‘pretty well-prepared’ and there have been ‘no major headaches’ with the rules so far.”
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Ready for PTE 2020-02 July 1 Enforcement?