Fiduciary Support

Our advisors can help you understand your responsibilities and help you manage the retirement you offer your employees.

Plan Compliance & Fiduciary Support

By sponsoring a retirement plan, you’ve made an important investment in helping secure the future of your company’s most valuable asset – your employees.

As a plan sponsor and a plan fiduciary, you have taken on certain responsibilities, intended to protect the plan’s participants and beneficiaries, which were established by the Employee Retirement Income Security Act of 1974 (ERISA) and are monitored by the U. S. Department of Labor (DOL).

AssuredPartners Investment Advisors offers several services that can help you understand these responsibilities and help you manage your retirement plan, including:

  • Training and education
  • Fiduciary oversight reviews
  • Policy and procedure development
  • Plan and compliance testing
  • Reporting
  • ERISA consulting

Fiduciary Roles

Some plan sponsors feel confident making fiduciary investment decisions without assistance; however, it's not uncommon to feel uncomfortable bearing these responsibilities alone. In this case, plans sponsors may wish to transfer some or all of the related liability to a qualified investment professional. It is important to first understand the different types of fiduciary assistance that is available from financial professionals.

In this scenario, the plan sponsor makes the selection of investment options to include in the plan without outside help. The plan sponsor acts as sole 3(21) investment fiduciary to the plan and takes on full liability for the investment options chosen.

Advisor assists in a fiduciary capacity by giving the plan advice for a fee. Plan sponsor still has fiduciary discretion and functions as a prudent investment expert.

Plan sponsor delegates authority to a qualified fiduciary to provide discretionary asset management decisions for investments offered in the plan. The 3(38) manager assumes authority to fulfill the IPS, monitors investments, replaces investment choices as needed, and provides the plan sponsor adequate information to perform their monitoring duties.

Plan sponsor hires an administrative fiduciary to be legally responsible for fulfilling the contracted administrative responsibilities. When a 3(16) fiduciary is designated as the administrator, the plan sponsor is no longer responsible for the applicable ERISA reporting and disclosure obligations.

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