PTE 2020-02 provides a new class exemption that allows persons who are categorized as “fiduciaries” under ERISA and the federal tax code to be paid a commission for selling products or services to qualified plan participants and IRA owners, including rollover transactions. The new PTE is generally available for insurance companies, broker-dealers, registered investment advisers, and producers, among other financial professionals and institutions. It is not available to insurance intermediaries, such as IMOs, FMOs, and BGAs. As mentioned above, at this time, Magellan Financial will not be utilizing the exemption and will not be serving as a supervising financial institution for purposes of the exemption. However, a producer’s sales organization may intend to utilize PTE 2020-02. Producers should check with their back office for guidelines.