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.
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