October 26, 2017—Plan sponsors have a lot on their plate. Not only is the list of Administrative responsibilities exceptionally long, the Trustee side (where investment decisions are made) can be overwhelming when managed properly. Fortunately, the law which governs Retirement Plans – the Employee Retirement Income Security Act, or ERISA – allows plan sponsors to delegate their responsibility to outside professionals. Not only does delegation save the sponsor time and effort, the icing on the cake is that delegation, to certain providers, also removes any potential liability for the role.
July 24, 2017—In this final blog in our Fiduciary Sudoku series, our goal is to help you, the employer, understand ERISA Section 3(38) well enough so that you can properly evaluate, hire, and monitor retirement plan vendors who offer “3(38)” services. As discussed in our Introduction, “Fiduciary Sudoku – Comprehending ERISA 3(16), 3(21) & 3(38),” vendors who service retirement plans will use the term “3(38)” to describe their service offering. But what is a 3(38) service? Will it make your life easier? Does it alleviate your fiduciary responsibility? Are there levels of 3(38) service?