Improving Investment Advice for Workers and Retirees Act

As a second act to the now scrapped DOL Fiduciary Rule, the DOL proposed a rule (The Proposal) in June 2020 affecting ERISA and the Internal Revenue Code (IRC) of 1986, as amended (the Code), which would allow Investment Professionals managing ERISA retirement plans to engage in “exemptions” to previously dubbed “prohibited transactions” if they follow the strict set of guidelines.