PTE 2020-02 Software Solution

In short, PTE 2020-02 is the Department of Labor’s latest ruling that requires fiduciaries who rely on transaction exemptions to only provide advice that falls within their client’s plan and is in the customer’s best interest.

RightBRIDGE Takes the Pain out of PTE 2020-02

PTE 2020-02 Requirements and RightBRIDGE

Many of the rules and requirements attached to PTE 2020-02 are addressed through functionality already included in RightBRIDGE®. RightBRIDGE® is a PTE 2020-02 software solution and has also added additional functionality to assist financial professionals in navigating PTE 2020-02.

PTE 2020-02 Requirements

Impartial Conduct Standard

• Best interest standard

• Reasonable fees

• No misleading statements

• Written acknowledgement of fiduciary status

• Description of services offered by the firm and conflicts of interest

• Delivery of rollover justification to client

• Must explain the reasons why in plain English

Financial Institutional Policies and Procedures to Ensure Compliance with Impartial Conduct Standards
• Mitigation of conflicts of interest
Retrospective Compliance Review
• Minimum annual review of policies designed to ensure Impartial Conduct Standards

RightBRIDGE Solutions

• Product Profiler™ has been optimized to assist financial professionals in meeting the needs of the Impartial Conduct Standard

• ReasonText™ automatically generates text that documents the facts and circumstances (including fees)

• RightBRIDGE® documents that fiduciary status has been delivered

• ReasonText™ explains in plain English the best interest status of the rollover

• Product Profiler™ provides pre-transaction review of compliance with the firm’s best interest policies

• The RightBRIDGE® Compliance Dashboard gives the home office the ability to identify trends and outliers. Case sampling can also be performed

RightBRIDGE Users on Getting Feedback from Regulators on Systemization