SALT LAKE CITY, April 24, 2024 (GLOBE NEWSWIRE) — CapitalROCK, the developer of RightBRIDGE has made a preliminary assessment of the DOL’s finalized Retirement Security Rule and amended Prohibited Transaction Exemptions (PTE’s) and will be ready to implement the necessary changes by the rule effective date on or around September 23, 2024. The required changes for the Retirement Security Rule will be in the 2024 release R2 of RightBRIDGE. CapitalROCK has long been a leader in providing best-in-class technology solutions for best interest requirements. The RightBRIDGE regulatory framework provides a unified approach to regulatory requirements of federal and state regulations including Reg BI, PTE 2020-02, state regulations like NAIC Best Interest Model and NY 187 and the new Retirement Security Rule.
Since the release of the original iteration of PTE 2020-02, RightBRIDGE has been adopted by many of the financial services industry’s most recognizable firms. CapitalROCK has been selected by its partner firms due to its thorough and efficient processes, flexibility, and compliance with evolving requirements.
As part of its review process for the Retirement Security Rule and amended PTE’s, CapitalROCK engaged with the Wagner Law Group. In an opinion provided by Wagner’s Chief Legal Officer, Stephen Wilkes, Mr. Wilkes commented that the RightBRIDGE system is “wholly consistent with the PTE” and would be well-positioned once the Retirement Security Rule became final. The full opinion can be found HERE.
The modifications to the fiduciary definition will require more financial professionals and their associated financial institutions to comply with the requirements of PTE 2020-02. RightBRIDGE has developed robust and proven systems to assist firms in standardizing and automating processes for the exemption’s requirements. The financial professional is guided through a seamless workflow that captures and documents the necessary considerations for the Impartial Conduct Standards. Data sources are provided to ensure ease of use and consistency, (Form 5500 ERISA plan data, in-force policy data, investment data, etc.). RightBRIDGE ReasonText™ automates note-taking for the financial professional and provides the client with a rationale for the rollover written in “plain English”. The RightBRIDGE Dashboard equips firms with powerful data insights, critical for compliance with the annual Retrospective Review.
In response to the amendments to PTE 84-24, RightBRIDGE has enhanced its analysis around both fixed and variable insurance products. Given these enhancements, it is well-equipped to assist insurance carriers in fulfilling their new responsibilities.
About CapitalROCK: CapitalROCK, the makers of RightBRIDGE, provides financial services firms with a powerful and configurable rules engine to determine and document the suitability or best interest status of proposed rollovers, account types, and products.
Many of the country’s largest Independent, Bank, and Insurance broker-dealers rely on RightBRIDGE systems to help them meet their compliance and documentation obligations for regulations like Reg BI, Reg 187, and the DOL’s PTE 2020-02.
Each RightBRIDGE deployment is configured for the licensing financial institutions specific products, policies, and compliance requirements. Each analysis is accompanied by CapitalROCK’s exclusive ReasonText™. ReasonText™ is automatically generated, client and recommendation specific text that documents why or why not a proposed action meets the licensing firm’s best interest requirements.
Media Contact: Connor Thomas | cthomas@capitalrock.com | 804-495-3644
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