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NAPA to Launch 401(k) Rollover Credential

Professional Development

NAPA 401(k) Summit attendees got a sneak peek at NAPA’s newest (K)RS credential currently in development on Day 1 of this year’s Summit.  

The Rollover Specialist (K)RS Credential Program is being designed for wealth management and retirement plan advisors looking to hone their skillsets and differentiate themselves as a rollover specialist. It is on target to debut this fall.

“At NAPA we’re proud of the growth of the 401(k), which has helped create the world’s largest and most successful retirement plan system,” said ARA Chief Content Officer Nevin Adams in showcasing the (K)RS Credential at an April 3 Summit general session. “But 401(k) plans must become more than a wealth accumulation tool—we need to build a system that will help Americans live a secure and dignified retirement by providing a well-managed retirement income stream. In the next 10 years, in addition to universal coverage for all Americans, we must develop a 401(k) system where every participant has access to an in-plan retirement income product. That’s why we are building the NAPA 401(k) retirement income solution.” 

The program will provide learners with a compliant and practical approach to perform rollovers. It will consist of online interactive modules covering:

  • ERISA fiduciary status; 
  • prohibited transactions and exemptions (PTs and PTEs), including PTE 2020-02, to facilitate rollovers from retirement accounts; and 
  • communicating the process to clients and prospects. 

The program will give advisors the skills they need to identify when advice for a rollover or transfer is considered a fiduciary act, as well as the skills to execute a fiduciary process consistent with the requirements of PTE 2020-02.

“IRAs hold a significant portion of America’s retirement wealth—it’s clear that the SEC, FINRA and the Department of Labor want to ensure that IRA retirement plan participants receive advice from advisors who place their client’s interests before their own,” said 2021-2022 NAPA President Alex Assaley during the Summit’s opening session. “The NAPA 401k rollover specialist credential will provide the ERISA fiduciary education and training IRA advisors need to meet their fiduciary obligations when advising clients on IRA and 401k rollovers.”