The ABA Retirement Funds Program Fiduciary Solution
Unlike most pension and 401(k) plans, the trustee of the Program, which is a large corporate trust company, has discretionary authority and control over the investment of the Program’s assets.
The Program’s Fiduciary Protection is More Comprehensive than Other Retirement Plan Platforms
In the case of the Program, because the corporate trustee (and not another fiduciary) has discretionary authority over the investment of Program assets, neither an additional 3(21) fiduciary nor a 3(38) investment manager is needed to provide fiduciary protection to the Program’s adopting employers. This fiduciary protection is already provided by the Program’s corporate trustee.
Take a Deeper Look at Your Fiduciary Responsibilities
Through a unique design, the ABA Retirement Funds Program provides employers with the most comprehensive protection from fiduciary liability under ERISA. Other providers of retirement plan platforms may claim that their platforms are the best at limiting liability under ERISA because the providers of these platforms make available fiduciaries under Section 3(21) of ERISA or investment managers as defined in Section 3(38) of ERISA. Because of the way the Program is structured, these additional fiduciaries are not necessary to protect employers from fiduciary liability under ERISA.