Careers

Experiences

Industries

Offices

Our Firm

Pages

Our People

Updates

Practices

Home - Warner Norcross + Judd LLP

In December 2020, the U.S. Department of Labor (DOL) issued a new Prohibited Transaction Exemption (PTE), Improving Investment Advice for Workers &amp; Retirees, also referred to as PTE 2020-02. PTE 2020-02 allowS conflicted compensation resulting from “nondiscretionary” fiduciary investment advice, but to obtain the benefit of the exemption, financial institutions and your financial professionals must satisfy the “conditions” in the exemption. These conditions include all of the following:

contentpilot/introduction

core/list

Warner Norcross + Judd has designed four documents, branded for your financial institution, to use in documenting compliance with several of the PTE 2020-02’s conditions. You can purchase these documents as a package from Warner for $800. Warner can provide additional customization at hourly rates.

core/paragraph

Instructions when using PTE 2020-02 Documents

Instructions to assist your financial professional in understanding how to use the forms in connection with PTE 2020-02. 

Rollover and Distribution Options

This form is delivered to clients/prospects considering a rollover from a retirement plan. 

core/table

This document can serve as a useful discussion outline with clients/prospects.

The financial professional will attest that no misleading statements were provided to the retirement investor and certify that the information (and related documents) described in the Best Interest Disclosure is true, complete and accurate.

You will provide clients/prospects with a copy of the completed executed form and save the form as part of your books and records.

Because the DOL believes the retirement investor is likely to understand rollover communications with the financial professional, as at least an implied recommendation, you will need to be able to demonstrate use of compensation and communication practices that ensure no recommendation, express or implied, has been made. Use of this form inherently carries additional risk and you should seek Warner’s advice before using.

Interested in training? Compliance with PTE 2020-02 requires training your professionals. Contact Warner to learn about our options to train your chief compliance officer and your financial professionals.   Interested in updating your policies and procedures? Compliance with PTE 2020-02 also requires your design and implementation of PTE 2020-02's retrospective review and officer-certified report. Contact Warner to learn about our options to assist in drafting or reviewing your policies and procedures and conducting an annual retrospective compliance review, as required under PTE 2020-02.

Funds and Investments

Senior Compliance Consultant

Diane M. Currie

Partner

Shane B. Hansen

Linda Paullin-Hebden

Warner Offers Financial Institution Documents in Compliance With PTE 2020-02

The Warner Norcross + Judd LLP lawyer responsible for the contents of our advertising and this website is managing partner <a href="/people/mark-j-wassink/" aria-label="Mark Wassink">Mark Wassink</a> who can be reached at <a href="mailto:mwassink@wnj.com" aria-label="email Mark Wassink">mwassink@wnj.com</a> or 616.752.2189. Please read our full <a href="/privacy-policy/" aria-label="see privacy policy">privacy policy</a> available on our website.