Is the investment manager for the plan. So, by definition they are also a fiduciary because they take discretion, authority and control of the plan’s assets.
As your ERISA 3(38) Investment Manager, we assume full discretion for selecting, monitoring and (if necessary) replacing the investment options for your retirement plan. In this capacity, we are the named fiduciary.
Is the investment manager for the plan.
So, by definition they are also a fiduciary because they take discretion, authority and control of the plan’s assets
Duties of an ERISA Section 3(38) Fiduciary
To make investment decisions for the plan
Assumes legal responsibility and liability for the decisions it makes
To select investment options and managers
To monitor investment options and managers
To replace investment options and managers
April 6, 2010 by fi360's Bennett Aikin