ERISA 3(38) Fiduciary  РWhy it matters?

ERISA 3(38) Fiduciaries have full discretion for selecting and monitoring a retirement plan’s investment options. They are subject to the highest standards of conduct and are expected to act solely on behalf of, and in the interests of, participants and their beneficiaries.

Fiduciaries to a retirement plan are personally liable if they fail to:

  • Carry out their duties prudently
  • Develop and follow the Plan’s investment policy
  • Diversify and monitor the Plan’s investment options
  • Monitor fees and expenses related to the Plan’s investment options

NestEggs will share this responsibility and liability with plan sponsors because it supports our commitment to offering the broadest scope of value-added professional services possible. We will explicitly accept, in writing, our role as an ERISA 3(38) co-Fiduciary to each of the plans for which we provide administration and investment advisory services.

ERISA 3(21) Fiduciary

For clients who prefer not to use NestEggs’ Investment Advisory Services or who choose to work with an outside Investment Manager, we will serve as an ERISA 3(21) Fiduciary. Under this limited level of Fiduciary service we 1) DO NOT accept legal liability in the event of a participant lawsuit; 2) DO NOT exercise discretion over the selection of investment options and 3) we CANNOT provide investment advice to participants but NestEggs will support and deliver the highest level of professional services with regard to recordkeeping and investments.

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