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Ahead of DOL IRA Rollover Requirements, Broadridge Fi360 Offers Enhanced Solution

To support wealth and retirement professionals as they address new requirements associated with the Department of Labor's Prohibited Transaction Exemption 2020-02 (PTE 2020-02), Broadridge Fi360 Solutions announced an enhanced Decision Optimizer software for financial advisors. The enhanced capability supports advisors with PTE 2020-02 requirements that take effect December 20, 2021, as well as ongoing IRA rollover and related compliance needs.

The Decision Optimizer tool, first launched in July 2020 in response to Regulation Best Interest, offers a highly customizable, turnkey solution to help financial advisors and home-office clients comply with evolving ERISA plan/IRA transfer regulatory requirements. Advisors can access PTE 2020-02-specific rollover analysis criteria, plan fee benchmarking data, attestations, and home office surveillance of rollover comparisons, improving workflows to better align with current and future compliance conditions.

Broadridge Fi360 Solutions worked to enhance the tool with ongoing support from the Pension Resource Institute to develop best practice criteria that is easily adaptable as the regulatory environment evolves.

"The enforcement date of December 20, 2021 and associated requirements are creating meaningful challenges for advisors and home offices. Working alongside PRI and our clients, we're excited to offer a turnkey solution to help drive compliance," said John Faustino, Head of Broadridge Fi360 Solutions. "We're thrilled to bring PRI's expertise to our client base and to continue helping advisors simplify and implement fiduciary processes."

"We're excited to work with Broadridge Fi360 Solutions to deliver services that address the technical and evolving regulatory environment," said Jason C. Roberts, Chief Executive Officer at Pension Resource Institute and Retirement Law Group. "Broadridge Fi360's deep knowledge of the fiduciary advisor landscape with 20 plus years' experience and superior technology resources, combined with our intellectual property and focus on ERISA legal and compliance issues, enables us to bring actionable and scalable solutions to serve our respective clients."