Frequently Asked Questions

Who is a Fiduciary?
Anyone who exercises any discretionary authority or control over management of a plan’s assets, or who renders investment advice for a fee regarding a plan’s assets. – ERISA

Why should my retirement plan advisors sign on as a 3(21) Co-fiduciary?
As an ERISA fiduciary subject to increased standards of conduct, the Co-fiduciary must:
  • Act solely in the interest of plan participants and their beneficiaries
  • Carry out their duties prudently
  • Follow plan documents
  • Diversify plan investments, and
  • Allow only reasonable plan expenses
What is the benefit of working with an AIF designee?
It will ensure your retirement plan asset advisor has completed a rigorous training program, successfully passed an examination, conformed to a code of ethics, and continually adheres to education requirements on a yearly basis certifying they will always act in the best interests of their client, beneficiary, and retirement plan participant.

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