Evaluating Your OptionsOctober 15, 2016
When it comes to picking a service provider, we know you have options and hope you’ll choose to work with us for a best-in-class experience. At Alliant Qualified Plans, we guide you on every aspect of your organization’s retirement plan; we do the work so you don’t have to. We also provide professional investment management, fiduciary governance, full compliance management, and broad financial education (as well as individual plan guidance) for your participants.
But don’t just take our word for it. It’s in your best interest to compare what we have to offer with other providers’ offerings.
That’s why we created this chart, to help you make an informed decision. You can use the chart to first determine what’s most important to you in each area of your organization’s retirement plan. Then compare the level of service offered in each area by the different providers you are considering.
After doing your research, we’re confident that you’ll understand better the advantage of all Alliant has to offer. But if you still have questions, please don’t hesitate to reach out to us. We are confident we can provide you with the outstanding level of service that you deserve, and we look forward to working with you.
An Additional Word on Fiduciaries
You may hear the word fiduciary used frequently in today’s retirement plan world. To help you identify the “breed” of a fiduciary and whether a provider using the word fiduciary will actually lessen your own responsibility, we provide the following brief descriptions of four fiduciary roles:
- No fiduciary: The broker, sales person or advisor does not commit to the performance of a fiduciary role in writing. Consequently, the employer retains full responsibility and potential personal liability for the plan’s management.
- ERISA Section 3(21) “co-fiduciary”: The advisor commits in writing to meet the fiduciary standard in providing investment recommendations to the employer, but does not replace the employer in making investment decisions or assume sole responsibility for them. The employer still bears the responsibility and potential liability for such decisions.
- ERISA Section 3(38) fiduciary investment manager: The advisor commits in writing to accept delegation from the employer to fulfill the employer’s responsibility of making investment decisions and monitoring plan investments, relieving the employer of the responsibility and potential liability for those roles. Alliant Qualified Plans provides this level of fiduciary service.
- ERISA 3(38) “light” fiduciary: Beware of those who suggest they provide “services” under ERISA Section 3(38). The nature of their services varies, but generally, it involves performing investment analysis to assist in investment decisions. Much like when hiring a 3(21) co-fiduciary, however, the employer remains responsible for investment selection and monitoring.