Week’s Best: New Rules on 401(k) Rollovers

Week’s Best: New Rules on 401(k) Rollovers
·3 min read

Advisors working with retirement savers will now have to take extra care when handling the rollover of a workplace retirement account into an IRA. The Labor Department is mandating that advisors provide extensive documentation explaining the basis for any such conversion. The rule, which takes effect July 1, dates to a regulatory package enacted in 2020, and could create a substantial new compliance burden.