Select Page

This article summarizes describe the legal distinctions between 3(38) “investment managers” and 3(21) “consulting fiduciaries” for defined contribution plans. It also includes a summary of relevant case law relating to co-fiduciary liability and practical implications of appointing a 3(38) investment manager, including the effect on investment policy statements, service agreements, and monitoring and reporting obligations and practices.

Click for Article in PDF

Click for Article in HTML