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Products April 27, 2011
Mutual of Omaha Expands Fiduciary Services
Mutual of Omaha said it will begin offering a plan-level fiduciary service option to its retirement plan customers.
Reported by Rebecca Moore
The firm will provide Mesirow Financial’s new investment manager service, which has been developed to address plan sponsor needs under section 3(38) of the Employee Retirement Income Security Act (ERISA) at the individual plan level. This offering, if selected by a plan sponsor, gives Mesirow Financial, an ERISA 3(38) Investment Manager, the authority to select and monitor investment options for a plan.
This solution expands and complements the existing 3(21) co-fiduciary service Mutual of Omaha has offered in conjunction with Mesirow Financial since 2007.
Mutual of Omaha said the most notable difference between the 3(21) and the 3(38) fiduciary services is that Mesirow Financial, through a menu-driven approach, provides advisers and plan sponsors with multiple investment line-ups to choose from under the 3(21) service; and with the 3(38) investment manager service, Mesirow Financial assumes full responsibility for developing investment guidelines and acts as the investment manager to the plan.