3(16), 3(21) and 3(38) Fiduciary Services – what are they all about?

Short answer – for our clients, wasting money.  See below for more info. 3(16) services are administrative services performed by someone else on behalf of the Plan Administrator (usually the employer) – essentially, outsourcing administrative duties such as maintaining and interpreting the plan document, providing notices, etc.  We do all of this for our clients, […]

Alternative investments in retirement plans

Are they a good idea?  Generally, no, let’s dive in… A simple yet usable definition of “alternative investments” is:  anything that doesn’t show up on a statement from a bank, brokerage firm or similar financial institution.  Some example are:  real estate, privately held mortgages, collectibles, and precious metals. Most plans will permit these assets, but […]

404(a) and 404(c) and 408(b)(2), oh my!

Today we get into some common regulations and required disclosures for retirement plans. Several numbers starting with “40” are often thrown around (and 99% of the population does not know what they mean), so we’re shedding light on what they are, and what they mean for you (the Plan Sponsor or the Plan Participant). 404(a) […]

What is a Fiduciary?

A plan’s fiduciary (or fiduciaries) has a very important role. They must always put the plan’s interest first and must always act for the benefit of the plan. They must provide benefits to participants (and beneficiaries) and also try to keep plan costs down. ERISA defines a fiduciary as someone: Who exercises discretionary control or […]