Trustee and Fiduciary Services

Women standing in front of graphs Trustee Responsibility

  • Who is listed as the trustee of the retirement plan? Is it the plan sponsor?
  • Does the plan sponsor fully understand the liability they hold in being named plan trustee?
  • Is their current plan provider willing to take on, in writing , the responsibilities of a §3(38) investment fiduciary?

Depending on plan sponsor 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 the investment menu. We also offer ERISA §3(16) services for certain administrative functions.

The plan’s objectives determine the scope of the relationship. Due to our willingness to take on this responsibility, plan sponsors can focus on running their organization without the undue burden and liability of choosing and monitoring the plan's investment menu. A plan sponsor always maintains the responsibility of assessing the overall provider relationship, but delegating the investment liability to Heartland Retirement Plan Services is a major relief for your clients.