Fiduciary Sudoku Part 3 – Comprehending ERISA 3(21), Explaining the 3(21) Fiduciary

June 19, 2017—Welcome to our third article in our fiduciary blog series, designed to clear up confusion and offer clarification regarding the nature and scope of fiduciary roles as they relate to corporate retirement plan management. In our most recent blog post we provided an overview of an ERISA 3(16) fiduciary. Today we’ll discuss the 3(21) fiduciary.

Keep in mind that the term “3(21)” in the retirement plan space has become associated with a financial advisor who helps the plan sponsor select and monitor its plan fund line up. But technically ERISA Section 3(21) defines ALL plan fiduciaries, not just those who provide outside investment advice.

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