WHAT TO EXPECT FROM YOUR RETIREMENT PLAN ADVISOR
Sponsoring a retirement plan is one of the more challenging endeavors an employer can undertake.
Administering the plan and managing the assets require specific actions and come with considerable responsibilities. The Employee Retirement Income Security Act of 1974 (ERISA) has set standards of conduct for fiduciaries, those who manage the retirement plan and its assets, and as the sponsor of your company’s retirement plan, those standards are yours to uphold.
Fortunately, you don’t have to do it alone.
Although the retirement plan sponsor bears ultimate responsibility for making decisions about the plan and managing its investments, they also have the ability to shift some or all of the investment fiduciary responsibility by hiring fiduciary professionals. Using a prudent selection process, an employer can appoint an ERISA 3(21) fiduciary to provide advice on the selection of the plan’s investments while maintaining discretion over all the investment decisions. This results in minimizing some, but not all investment fiduciary liability. Additionally, an employer can further mitigate fiduciary liability by appointing an ERISA 3(38) investment manager who retains discretion over all investment decisions and ongoing monitoring.
At Raymond James, we have the ability to provide both which will help ensure that your plan remains compliant with ERISA regulations and delivers meaningful results for your employees.
