Page 24 - DCAC November 2023 Files

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Point-in-time recommendations
At Empower, our representatives’ capabilities evolve as DOL, SEC and FINRA requirements
regulations evolve. Our representatives are trained to When we provide recommendations, we must comply
speak with participants and offer point-in-time best- with a number of rules and regulations, including ERISA’s
interest recommendations on a number of topics, such as: fiduciary conduct standards, the Department of Labor (DOL)
Prohibited Transaction Exemption 2020-02, Regulation Best
• Rolling in/consolidating assets. Interest issued by the Securities and Exchange Commission

• Distribution options. (SEC) and FINRA’s suitability requirements. For example,
• Investment advice. we are required to collect participant investment profile
details and account fee data (when applicable) when
• Retirement account management.
recommendations are made. A suitability and best-interest
When developing recommendations, our representatives analysis is the core of the best-interest tool, and it requires
take into account plan design, historic market returns, specific questions be asked at the beginning of a discussion,
assumed tax rates, earned income tax credits, and even including questions about the participant’s:
earnings curve and spending changes after retirement. All • Other accounts and/or assets.
this is done to help ensure people have the support they
need to pursue the retirement they imagine. • Current financial situation.
• Annual income.
• Current tax bracket.
• Total net worth.

• Investment objectives.
• Investment experience.
• Timeline for withdrawals.

• Investor type/risk tolerance.

From there, our representative uses the data provided
to offer guidance about the topics at hand.

FOR PLAN SPONSOR OR FINANCIAL PROFESSIONAL USE ONLY.