3(16) RETIREMENT PLAN ADMINISTRATOR
As the entity responsible for overseeing your plan’s administration and selecting investment options, you are a fiduciary. Every retirement plan must have at least one named fiduciary. For most plans, the plan sponsor serves that role and is always considered a fiduciary regardless of other named fiduciaries in the plan document or anyone hired to assist them with their duties. The Department of Labor recognizes plan fiduciaries will almost certainly require them to hire service providers willing to take on some of the fiduciary duties on their behalf. The most commonly known co-fiduciaries are:
- 3(16) – An individual who is the named plan administrator and agrees to take responsibility for all the daily plan operations or may limit their responsibility for only certain functions.
- 3(21) – An individual who has discretionary authority or control with respect to management of the plan or disposition of plan assets, renders investment advice for a fee, or has discretionary authority or responsibility for the administration of the plan.
- 3(38) – An individual who agrees to be an investment manager for the plan and has the power to manage, acquire or dispose of any assets of the plan.