Fiduciary Review Process & Services

Fiduciary Review Process & ServicesERISA is very clear that every decision that is made regarding a qualified retirement plan (401k, 403b and 457) has to be made “in the best interest of the plan participants”. Nothing else matters and is likely to be viewed as a conflict of interest or worse negligence. Plan sponsors (employers / trustees) ) should take this requirement into consideration when choosing an advisor.

3-21 Co-fiduciary Advisor
A 3-21 Advisor is an investment advisor is an advisor that helps the plan sponsor (employer / trustees) manage the investments under a nondiscretionary model, which involves the seletion, monitoring and replacement of investments.


3-38 Co-fiduciary Advisor
A 3-38 investment advisor can only be a bank, insurance company or Registered Investment Advisor. This type of advisory relationship, allows the advisor to have full discretion over the selection, monitoring and replacement of investments. In many
cases, this is not a desired position with regards to the investments of a qualified defined contribution retirement plan.

Fiduciary Services
We provide a comprehensive annual fiduciary check-list, with over 40 specific items, covering the following broad categories:

  • Fiduciary Governance
  • Investment Oversight Process
  • Fiduciary Insurance & Bonding
  • Service Providers Feees and Services Review
  • Compliance
  • Fiduciary Records Management & Documentation
  • Participant Education & Communication

Additional Resources: