Plan advisor fiduciary category status: It’s more than numbers
Abstract: Like so many other facets of retirement plan management, the role of plan advisors who help you with plan investments is governed by ERISA. And it may seem that many plan sponsors speak in ERISA code sections. For plan sponsors, the question is: Do you need a 3(38) fiduciary, or is a 3(21)ii fiduciary more fitting? This article reviews the duties of each and why a plan sponsor may choose one or the other.