Rollover Due Diligence Form for DOL PTE 2020-02

The Rollover Due Diligence Form for DOL PTE 2020-02 serves as an important part of a firm’s overall compliance with the Department of Labor’s (DOL’s) adopted Prohibited Transaction Exemption 2020-02 (“PTE 2020- 02”) where broker-dealers and investment advisers making a rollover recommendation will need to document the reasons why the rollover is in the retirement investor’s best interest. Firms should make “diligent and prudent efforts” to obtain information about the client’s existing 401(k) plan or IRA, as applicable.  Advisors can use this Due Diligence Form to gather necessary information about the client’s investment goals and, to the extent practicable, information about the client’s current plan as well as prepare a comparison between the plan’s fees and expenses, services, and investment options and rollover recommendations. Members also downloaded Written Acknowledgement of Fiduciary Status under DOL PTE 2020-02, Broker-Dealer Written Supervisory Procedures- Improper Conduct Standards under DOL PTE 2020-02, and viewed our WSP Library

Version/Update: V.2/May 27, 2022

Total Page Count/Format: 4/.docx

Source/Author(s): Connexien