Broker Check

Co-Fiduciary Services

3(21) Co-Fiduciary

  • Appointed by named fiduciary on plan
  • Makes recommendation to plan sponsor regarding investment options
  • Monitors investments and suggests replacements as appropriate
  • Help establish 404(c) guidelines to provide fiduciary relief to plan sponsor for poor investment decisions made by participants
  • Advises the plan sponsor in following a fiduciary process, including the Investment Policy Statement
  • 3(21) advisor provides counsel and guidance, but does not have discretion

3(38) Investment Manager

  • Appointed by named fiduciary on plan
  • Assume discretionary control over the investment decisions for the plan
  • Responsible for the selection, monitoring and replacement of plan investment options
  • Help establish 404(c) guidelines to provide fiduciary relief to plan sponsor for poor investment decisions made by participants
  • Plan sponsor responsible for prudently selecting 3(38) fiduciary and making sure appointed duties are carried out

3(16) Plan Administrator

  • Act as Designated Plan Administrator under ERISA for Administration
  • Help retain a CPA, attorney, actuary or other experts to assist with additional services as needed
  • Collect and maintain copies of Plan documents, to the extent provided to Alliant
  • Advise when amendments are necessary to comply with regulatory requirements
  • Interpret the plan and document rules
  • Sign and file Form 5500/8955-SSA and related attachments
  • Review nondiscrimination testing and if necessary advise regarding corrective action
  • Upon request provide documents to participants
  • Upon request review participant notices including tax notices, enrollment kits, SARs, fee disclosure notices, and J&S notices
  • Reviewing and approving financial reports, investment reviews and other reports
  • Resolving questions of qualified plan interpretation
  • Review and render decisions regarding participant claims
  • Advise regarding any necessary corrections for plan operational errors
  • Review QDROs with regard to qualification and further action
  • Act as agent for service for the Plan