Depending on your needs, Heartland can serve as a discretionary or directed trustee, as well as an ERISA §3(38) investment fiduciary over all or a portion of your investment menu. We also offer ERISA §3(16) services for certain administrative functions.
Your plan’s objectives determine the scope of the relationship. Due to our willingness to take on this responsibility, our clients can focus on running their organization without the burden and liability of choosing and monitoring the plan's investment menu. A plan sponsor always maintains the responsibility of assessing the overall plan provider relationship, but delegating the investment liability is a major relief for our clients.
Take a moment to consider:
- Who is listed as the trustee of the retirement plan? Is it you?
- Do you fully understand the liability you hold in being named plan trustee?
- Is your current plan provider willing to take on, in writing, the responsibilities of an ERISA §3(38) investment fiduciary?
- Why wouldn't a provider be willing to take responsibility for his or her investment recommendations?
- Does your provider offer trustee services, yet include multiple proprietary funds?
- What are you paying for those proprietary funds?
Connect with a Retirement Plan Services Professional to get started.