DOL Announces New Investment Advice Rule Will Go Into Effect on February 16, 2021
(February 12. 2021) The Department of Labor (DOL) confirmed in a news release on Friday, February 12, 2021 that the investment advice prohibited transaction exemption published on December 18, 2020 in the waning days of the Trump Administration will go into effect, as scheduled, on February 16, 2021. The exemption (PTE 2020-02 “Improving Investment Advice for Workers and Retirees”) outlines new criteria that an ERISA investment advice fiduciary may rely upon to avoid running afoul of ERISA’s prohibited transaction rules. While some industry observers had anticipated that the new rule might be withdrawn by the Biden Administration, others questioned whether the new administration would seek to start over from scratch, instead suggesting that the new administration might seek to refine and expand upon the efforts taken by the Trump Administration.
The DOL announcement states that “In the coming days, the agency will publish related guidance for retirement investors, employee benefit plans and investment advice providers.”
All Stories
HSA-Compatible HDHPs May No Longer Pay COVID-19 Related Expenses
2024 HSA COLAs Issued
2022 HSA Contribution Deadline
2023 HSA COLAs Issued
HSA Legislation Proposed
Postponed Deadlines for Time-Sensitive Acts for Victims of Tennessee Severe Storms, Straight-Line Winds and Tornadoes
Postponed Deadlines for Time-Sensitive Acts for Victims of Washington Flooding and Mudslides
Postponed Deadlines for Time-Sensitive Acts for Victims of Colorado Wildfires & Straight-Line Winds
Postponed Deadlines for Time-Sensitive Acts for Alabama & Arkansas Storm Victims
Postponed Deadlines Extended Further for Hurricane Ida Victims
Postponed Deadlines for Time-Sensitive Acts for Illinois & Tennessee Tornado Victims
Postponed Deadlines for Time-Sensitive Acts for Kentucky Storm Victims
Postponed Deadlines for Time-Sensitive Acts for Certain Disaster Victims Extended
Postponed Deadlines for Time-Sensitive Acts For Disaster Victims in Connecticut
Postponed Deadlines for Time-Sensitive Acts For Disaster Victims
IRS Proposes Amending Electronic Filing Requirements for Certain Information Returns
Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For West Virginia Storm Victims
Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts For Tennessee Storm Victims
2022 HSA COLAs Issued
IRS Announces Additional Postponed Deadlines for IRA/HSA Contributions and Other Time-Sensitive Acts
IRS Confirms Postponed Deadlines for IRA/HSA/ESA Contributions and Form 5498 Series Filing
PPE Considered Qualified Medical Expense
IRA & HSA Contribution Deadline Presumably Extended to May 17th
IRS Announces Postponed Deadlines for Time-Sensitive Acts for Texas & Louisiana Winter Storm Victims
IRS Announces Postponed Deadlines for Time-Sensitive Acts for Oklahoma Winter Storm Victims
DOL Announces New Investment Advice Rule Will Go Into Effect on February 16, 2021
Proposed Legislation Would Expand Access to HSAs
2019 IRS Form 5498-SA Deadline Further Postponed to August 31, 2020
2021 HSA COLAs Issued
Retroactive Effective Date Provided for Exemption for HDHPs
Form 5498-SA Deadline Extended Until July 15th
Treasury Extends Deadlines for HSA Time-Sensitive Acts
IRS’s National Distribution Center is Closed
IRS Issues Additional Coronavirus Relief Including 60-Day Rollover Relief
UPDATE: President Trump Signs the CARES Act!
Massive $2 Trillion Federal Stimulus Package Will Immediately Impact Retirement Providers
House of Representatives Approves the CARES Act
Senate Unanimously Passes the CARES Act
IRS FAQs Confirms July 15th Contribution Deadline
IRS Confirms July 15th Tax Filing Deadline
Contribution Deadline Extended to July 15th
IRS Confirms HSA Contribution Deadline Remains April 15th
Tax Payment Deadline Extended; Tax Filing Deadline & HSA Contribution Deadline Unchanged
HSA-Compatible HDHPs May Pay COVID-19 Related Expenses
Publication 969 Posted
Definition of Preventive Care Expanded
Executive Order Provides Directive for Changes to HSAs
2020 HSA COLAs Issued
IRS Elaborates on Employers Recouping Contributions
2018 HSA Contribution Deadline April 15th For Most; Extended For Some
2019 Instructions for Forms 1099-SA and 5498-SA Posted
IRS Releases 2019 HSA Reporting Forms
IRS Proposes Changes to Requirements for Filing Information Returns Electronically
2019 HSA COLAs Issued
HSA Family Contribution Reverted To $6,900
HSA Contribution Clarification & Transition Relief
5th Circuit Court of Appeals Strikes Down DOL Fiduciary Rule
2018 HSA Family Contribution Limit Reduced
Publication 969 Posted
2017 HSA Contribution Deadline
HSA Changes Included In House Healthcare Bill
Publication 969 Posted
HSA Model Documents Posted
2016 HSA Contribution Deadline
2017 HSA COLAs Issued
HSA Enhancements Proposed in Bill
Publication 969 Posted
IRS Updates HSA-Related Forms
Publication 502 Posted
2015 HSA Contribution Deadline Reminder
IRS Releases 2016 HSA Reporting Forms
2016 Instructions for Forms 1099-SA and 5498-SA Posted
IRS Posts 2015 Form 8889
IRS Releases 2015 Instructions for Form 8889
HSA Eligibility Rules Change for Individuals Receiving VA Benefits
EBRI Study Examines HSA Investment Options
2016 HSA COLAs Issued
Publication 969 Posted
IRS Notice Clarifies Obamacare HSA Preventive Care Issue