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Did You Know under ERISA 3(21) anyone can be a fiduciary?

That’s right! Usually this definition describes one who serves as an investment advisor (co-fiduciary role) and is responsible with the Plan Sponsor and/or Trustee regarding the management and disposition of assets for a fee. However, a 3(21) fiduciary is not limited to just those who deal with plan investments. Anyone who “has any discretionary authority or discretionary responsibility in the administration of such plan” is also a fiduciary. So a 3(21) fiduciary can be anyone, not just the advisor.

Want to know more about roles and responsibilities in a retirement plan? Give us a buzz!

CATEGORY
All News Blog & Articles
Deductions Limits
Innovations
MVP of the Month
Newsletter
Uncategorized
Let's Talk!

If you have questions about what you’re reading, we’ve got you covered. Use our Contact Us form or call:
1-866-687-6877.