Written Disclosure of Specific Reasons

While most of the requirements for rollover recommendations in the Department of Labor’s (DOL) Prohibited
Transaction Exemption (PTE) 2020-02 became effective on February 1, 2022, one requirement was delayed until
July 1, 2022. That is the requirement to provide participants in writing with the specific reasons why a rollover
recommendation is in their best interest. Here’s how the PTE explains the requirement: