Session 2: PTE 2020-02: Expectations of the Fiduciary and Retrospective Review

With the implementation of the Department of Labor Prohibited Transaction Exemption came a requirement to perform testing and a retrospective review to ensure compliance with the exemption.  Creating a testing program, performing a retrospective review, and taking necessary corrective action is paramount to ensure firms meet the conditions of the exemption.  This session will discuss ideas, tools, and best practices to assist firms in complying with the retroactive review condition of the exemption and related issues.  

Learning Objectives:

• Explore the retrospective review requirements and what it means to comply

• Understand the elements of the retrospective review in order to maintain relief under PTE 2020-02

• Discuss the practical considerations for satisfying the PTE 2020-02 retrospective review requirement

• Hear best practices on how to document the review, retain appropriate books and records, and engage in self-correction when failing to meet one or more of the exemption’s conditions