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DOL Guidance Focuses on 401(k)-to-IRA Rollover Advice

DOL Guidance Focuses on 401(k)-to-IRA Rollover Advice

Investment advisors who encourage employees to roll over their 401(k) savings into an individual retirement account (IRA) must adhere to the “best interest” fiduciary standard, and do so from the first conversations about rolling over fund assets, according to new guidance from issued by the U.S. Department of Labor (DOL).

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DOL Final Rule Paves the Way for 2021 Launch of Pooled 401(k) Plans

DOL Final Rule Paves the Way for 2021 Launch of Pooled 401(k) Plans

In the coming year, benefits managers may find they’re being pitched to jettison their current 401(k) plan in favor of a pooled employer plan (PEP) shared with other employers. A Department of Labor final rule explaining how 401(k) service providers can register as a pooled plan provider clears the way for PEPs to get underway starting Jan. 1, 2021.

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DOL Requires 401(k)s to Give Participants Lifetime Income Estimates

DOL Requires 401(k)s to Give Participants Lifetime Income Estimates

The Department of Labor issued an interim final rule that, starting August 2021, will require 401(k) plan sponsors to annually disclose to plan participants estimates on how much income their account balance would produce if used to purchase an annuity. Plan sponsors should work with their record keepers to formulate a plan for compliance.

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