This week, a federal district court in the Middle District of Florida invalidated the Department of Labor’s ("DOL") policy as to when advice provided by a financial institution or financial professional on a rollover from an ERISA Plan (e.g., most 401(k) plans, 403(b) plans and profit sharing plans) to an IRA may be considered fiduciary investment advice under ERISA and the Tax Code.
This order, and the DOL's response to the order, will have an impact on investment advisers that provide rollover advise. For additional insight into the district court's order, the DOL's potential responses, and considerations for advisers, please see a blog from our ERISA team.
If you have any questions about fiduciary rollover advice or about the regulation of investment advisers generally, please feel free to contact us.
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