RPG works with many outside Fiduciaries to provide them with the necessary information to properly service your Plan. We do not provide these services directly as ERISA prohibits a fiduciary from engaging itself or an affiliate as a service provider. Furthermore, even if it wasn’t considered a “prohibited transaction”, we believe that a current service provider lacks the independence to evaluate reasonableness of its own effectiveness of its services or of those of its competitors.
Generally, Plan Sponsors can delegate certain fiduciary responsibilities to service providers serving as either a 3(16), 3(21), or 3(38) ERISA fiduciary. Please note that an Employer’s fiduciary risk is never fully eliminated by hiring outside fiduciaries.
|Fiduciary Status||Yes – All Administration||No||Yes – All Investments|
|Duties||Fiduciary – Full discretion to administer the Plan||Recommend or assist selection process||Fiduciary – full discretion to select, monitor or replace investment options|
|Short Version||A Doer||A Helper||A Doer|