Bloomberg Law recently published “DOL Retirement Exemption Changes Signal Innovation, Risks Ahead,” examining the Department of Labor’s plans to simplify the prohibited transaction exemption process and what those changes could mean for retirement plan asset managers and fiduciaries. Groom principal Scott Mayland was quoted on how the DOL could use its exemption authority to encourage innovation while revisiting aspects of the Biden-era exemption framework.
“If the Labor Department is interested in providing guidance that allow for more innovations for new products and services for creative ways to solve problems, then using its authority to issue exemptions would be one way to do that,” Mayland said.
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