This paper examines how a plan service provider (such as a trustee, record-keeper, broker-dealer, or investment adviser) can offer participant-level distribution and rollover guidance under the US Department of Labor’s (DOL’s) Advisory Opinion to Deseret Mutual Benefit Administrators (the Deseret Letter) in compliance with the Employee Retirement Income Security Act (ERISA).

This paper was created by Morgan Lewis and written by Lindsay B. Jackson, Daniel R. Kleinman, Michael B. Richman, and Ryan R. Montgomery who focus their practices on helping financial services firms and plan sponsors comply with the fiduciary duties and other laws and regulations that apply to retirement accounts under ERISA and the Internal Revenue Code (Code).